<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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028 B030200 0
028 B040200 7294
028 C010200 16404
028 C020200 699
028 C030200 0
028 C040200 12161
028 D010200 16168
028 D020200 0
028 D030200 0
028 D040200 11838
028 E010200 17367
028 E020200 0
028 E030200 0
028 E040200 10649
028 F010200 15628
028 F020200 683
028 F030200 0
028 F040200 14337
028 G010200 97139
028 G020200 1382
028 G030200 0
028 G040200 65682
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
041 000200 N
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.150
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
<PAGE> PAGE 19
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 2500
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
<PAGE> PAGE 20
069 000200 Y
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 Y
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 6
072 B000200 0
072 C000200 1634
072 D000200 0
072 E000200 0
072 F000200 105
072 G000200 0
072 H000200 0
072 I000200 450
072 J000200 13
<PAGE> PAGE 21
072 K000200 0
072 L000200 15
072 M000200 13
072 N000200 23
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 7
072 S000200 5
072 T000200 0
072 U000200 3
072 V000200 0
072 W000200 2
072 X000200 636
072 Y000200 300
072 Z000200 1298
072AA000200 0
072BB000200 93
072CC010200 23324
072CC020200 0
072DD010200 1164
072DD020200 0
072EE000200 0
073 A010200 0.1100
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 274019
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 724
074 M000200 18
074 N000200 274761
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 926
074 S000200 0
074 T000200 273835
074 U010200 14938
<PAGE> PAGE 22
074 U020200 0
074 V010200 18.33
074 V020200 0.00
074 W000200 0.0000
074 X000200 19
074 Y000200 0
075 A000200 0
075 B000200 55836
076 000200 0.00
072 I000300 58
072 J000300 12
072 K000300 0
072 L000300 13
072 M000300 9
072 N000300 15
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 7
072 S000300 5
072 T000300 0
072 U000300 1
072 V000300 0
072 W000300 3
072 X000300 159
010 A000501 SCUDDER FUND ACCOUNTING CORPORATION
010 C010501 BOSTON
010 C020501 MA
010 C030501 02110
010 C040501 4103
024 000500 N
028 A010500 311
028 A020500 0
028 A030500 0
028 A040500 693
028 B010500 113
028 B020500 0
028 B030500 0
028 B040500 324
028 C010500 224
028 C020500 261
028 C030500 0
028 C040500 842
028 D010500 433
028 D020500 0
028 D030500 0
028 D040500 571
028 E010500 181
028 E020500 0
028 E030500 0
028 E040500 588
<PAGE> PAGE 23
028 F010500 421
028 F020500 439
028 F030500 0
028 F040500 1049
028 G010500 1683
028 G020500 700
028 G030500 0
028 G040500 4067
028 H000500 0
037 000500 Y
038 000500 11
039 000500 N
040 000500 N
041 000500 N
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.800
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 2500
<PAGE> PAGE 24
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
<PAGE> PAGE 25
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 7120
071 B000500 8248
071 C000500 17117
071 D000500 42
072 A000500 12
072 B000500 18
072 C000500 1245
072 D000500 0
072 E000500 0
072 F000500 139
072 G000500 0
072 H000500 0
072 I000500 98
072 J000500 46
072 K000500 0
072 L000500 15
072 M000500 14
072 N000500 21
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 18
072 S000500 11
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 6
072 X000500 370
072 Y000500 153
072 Z000500 1047
072AA000500 0
072BB000500 2232
072CC010500 546
072CC020500 0
072DD010500 969
<PAGE> PAGE 26
072DD020500 0
072EE000500 433
073 A010500 0.5400
073 A020500 0.0000
073 B000500 0.2500
073 C000500 0.0000
074 A000500 88
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 14761
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 195
074 M000500 8
074 N000500 15052
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 195
074 S000500 0
074 T000500 14857
074 U010500 1697
074 U020500 0
074 V010500 8.75
074 V020500 0.00
074 W000500 0.0000
074 X000500 2
074 Y000500 0
075 A000500 0
075 B000500 17319
076 000500 0.00
010 A000801 SCUDDER FUND ACCOUNTING CORPORATION
010 C010801 BOSTON
010 C020801 MA
010 C030801 02110
010 C040801 4103
024 000800 N
028 A010800 810
028 A020800 0
028 A030800 0
028 A040800 561
028 B010800 316
028 B020800 0
<PAGE> PAGE 27
028 B030800 0
028 B040800 416
028 C010800 385
028 C020800 147
028 C030800 0
028 C040800 448
028 D010800 489
028 D020800 0
028 D030800 0
028 D040800 819
028 E010800 462
028 E020800 0
028 E030800 0
028 E040800 961
028 F010800 383
028 F020800 308
028 F030800 0
028 F040800 780
028 G010800 2845
028 G020800 455
028 G030800 0
028 G040800 3985
028 H000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 N
041 000800 N
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.750
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
<PAGE> PAGE 28
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
053 B000800 Y
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 2500
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 N
066 E000800 Y
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
<PAGE> PAGE 29
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 Y
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 21821
071 B000800 25269
071 C000800 23374
071 D000800 93
072 A000800 12
072 B000800 104
072 C000800 665
072 D000800 0
072 E000800 0
072 F000800 181
072 G000800 0
072 H000800 0
072 I000800 110
072 J000800 51
072 K000800 0
072 L000800 56
072 M000800 20
072 N000800 49
072 O000800 0
072 P000800 0
072 Q000800 0
<PAGE> PAGE 30
072 R000800 22
072 S000800 7
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 3
072 X000800 499
072 Y000800 318
072 Z000800 588
072AA000800 446
072BB000800 0
072CC010800 2454
072CC020800 0
072DD010800 772
072DD020800 0
072EE000800 0
073 A010800 0.4000
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 2
074 B000800 0
074 C000800 1564
074 D000800 4927
074 E000800 2075
074 F000800 16158
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 114
074 M000800 10
074 N000800 24850
074 O000800 0
074 P000800 8
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 100
074 S000800 0
074 T000800 24742
074 U010800 1939
074 U020800 0
074 V010800 12.76
074 V020800 0.00
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074 X000800 2899
074 Y000800 0
075 A000800 0
<PAGE> PAGE 31
075 B000800 214149
076 000800 0.00
SIGNATURE JOHN MILLETTE
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Dividend & Growth Fund Annual Report for the fiscal year ended 12/31/1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> Scudder Dividend & Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 22,690,642
<INVESTMENTS-AT-VALUE> 24,724,087
<RECEIVABLES> 114,007
<ASSETS-OTHER> 10,146
<OTHER-ITEMS-ASSETS> 1,910
<TOTAL-ASSETS> 24,850,150
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,685
<TOTAL-LIABILITIES> 107,685
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,217,379
<SHARES-COMMON-STOCK> 1,939,138
<SHARES-COMMON-PRIOR> 2,170,880
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (508,359)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,033,445
<NET-ASSETS> 24,742,465
<DIVIDEND-INCOME> 664,997
<INTEREST-INCOME> 104,294
<OTHER-INCOME> 0
<EXPENSES-NET> 181,115
<NET-INVESTMENT-INCOME> 588,176
<REALIZED-GAINS-CURRENT> 445,885
<APPREC-INCREASE-CURRENT> 2,454,113
<NET-CHANGE-FROM-OPS> 3,488,174
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (771,938)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,182,288
<NUMBER-OF-SHARES-REDEEMED> 9,500,482
<SHARES-REINVESTED> 707,787
<NET-CHANGE-IN-ASSETS> 105,829
<ACCUMULATED-NII-PRIOR> 6,261
<ACCUMULATED-GAINS-PRIOR> (865,321)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181,066
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 498,907
<AVERAGE-NET-ASSETS> 214,148,674
<PER-SHARE-NAV-BEGIN> 11.35
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.40)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.76
<EXPENSE-RATIO> 0.75
[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
S & P 500 Fund Annual Report for the fiscal year ended 12/31/99 and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Scudder S & P 500 Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 389,730,164
<INVESTMENTS-AT-VALUE> 329,212,590
<RECEIVABLES> 450,043
<ASSETS-OTHER> 15,945
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 329,678,578
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,310,482
<TOTAL-LIABILITIES> 1,310,482
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272,658,572
<SHARES-COMMON-STOCK> 16,751,366
<SHARES-COMMON-PRIOR> 7,804,119
<ACCUMULATED-NII-CURRENT> 66,118
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,874,168)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,517,574
<NET-ASSETS> 328,368,096
<DIVIDEND-INCOME> 3,413,030
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 787,061
<NET-INVESTMENT-INCOME> 2,625,969
<REALIZED-GAINS-CURRENT> (680,969)
<APPREC-INCREASE-CURRENT> 45,696,637
<NET-CHANGE-FROM-OPS> 47,641,637
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,581,948)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 274,881,345
<NUMBER-OF-SHARES-REDEEMED> (122,369,588)
<SHARES-REINVESTED> 2,515,698
<NET-CHANGE-IN-ASSETS> 200,087,144
<ACCUMULATED-NII-PRIOR> 28,517
<ACCUMULATED-GAINS-PRIOR> (4,633,645)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 251,451
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,444,408
<AVERAGE-NET-ASSETS> 249,311,546
<PER-SHARE-NAV-BEGIN> 16.44
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 3.14
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.60
<EXPENSE-RATIO> 0.40
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Growth And Income Fund Annual Report for the fiscal year ended 12/31/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Growth and Income Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,045,483,255
<INVESTMENTS-AT-VALUE> 6,766,920,667
<RECEIVABLES> 29,788,917
<ASSETS-OTHER> 106,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,796,816,459
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,831,817
<TOTAL-LIABILITIES> 25,831,817
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,002,829,771
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,732,076
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,720,422,795
<NET-ASSETS> 6,764,971,164
<DIVIDEND-INCOME> 176,222,080
<INTEREST-INCOME> 9,640,197
<OTHER-INCOME> 0
<EXPENSES-NET> 58,026,767
<NET-INVESTMENT-INCOME> 127,835,510
<REALIZED-GAINS-CURRENT> 204,568,011
<APPREC-INCREASE-CURRENT> 80,707,122
<NET-CHANGE-FROM-OPS> 413,110,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (134,071,528)
<DISTRIBUTIONS-OF-GAINS> (177,592,521)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 55,610,771
<NUMBER-OF-SHARES-REDEEMED> (101,429,027)
<SHARES-REINVESTED> 11,116,741
<NET-CHANGE-IN-ASSETS> (811,266,720)
<ACCUMULATED-NII-PRIOR> 7,600,144
<ACCUMULATED-GAINS-PRIOR> 19,486,484
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,454,854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58,244,683
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 26.31
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 1.11
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 26.69
<EXPENSE-RATIO> 0.80
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Growth And Income Fund Annual Report for the fiscal year ended 12/31/99 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> Scudder Growth and Income Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,045,483,255
<INVESTMENTS-AT-VALUE> 6,766,920,667
<RECEIVABLES> 29,788,917
<ASSETS-OTHER> 106,875
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,796,816,459
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,831,817
<TOTAL-LIABILITIES> 25,831,817
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,002,829,771
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,732,076
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,720,422,795
<NET-ASSETS> 6,013,478
<DIVIDEND-INCOME> 176,222,080
<INTEREST-INCOME> 9,640,197
<OTHER-INCOME> 0
<EXPENSES-NET> 58,026,767
<NET-INVESTMENT-INCOME> 127,835,510
<REALIZED-GAINS-CURRENT> 204,568,011
<APPREC-INCREASE-CURRENT> 80,707,122
<NET-CHANGE-FROM-OPS> 413,110,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (131,770)
<DISTRIBUTIONS-OF-GAINS> (31,861)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 236,864
<NUMBER-OF-SHARES-REDEEMED> (17,229)
<SHARES-REINVESTED> 6,011
<NET-CHANGE-IN-ASSETS> (811,266,720)
<ACCUMULATED-NII-PRIOR> 7,600,144
<ACCUMULATED-GAINS-PRIOR> 19,486,484
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,454,854
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58,244,683
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 28.16
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (0.76)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.84)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 26.65
<EXPENSE-RATIO> 1.34
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
This schedule contains summary financial information extracted from the Scudder
Real Estate Investment Fund Annual Report for the review fiscal year ended
12/31/1999 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Scudder Real Estate Investment Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 17,003,684
<INVESTMENTS-AT-VALUE> 14,760,709
<RECEIVABLES> 204,383
<ASSETS-OTHER> 7,624
<OTHER-ITEMS-ASSETS> 88,318
<TOTAL-ASSETS> 15,052,034
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 194,909
<TOTAL-LIABILITIES> 194,909
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,622,976
<SHARES-COMMON-STOCK> 1,697,239
<SHARES-COMMON-PRIOR> 1,824,072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,522,876)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,242,975)
<NET-ASSETS> 14,857,125
<DIVIDEND-INCOME> 1,245,496
<INTEREST-INCOME> 17,784
<OTHER-INCOME> 0
<EXPENSES-NET> 216,626
<NET-INVESTMENT-INCOME> 1,046,654
<REALIZED-GAINS-CURRENT> (2,232,077)
<APPREC-INCREASE-CURRENT> 546,172
<NET-CHANGE-FROM-OPS> (639,251)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (969,110)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (432,774)
<NUMBER-OF-SHARES-SOLD> 5,333,159
<NUMBER-OF-SHARES-REDEEMED> (7,774,944)
<SHARES-REINVESTED> 1,225,215
<NET-CHANGE-IN-ASSETS> (3,237,253)
<ACCUMULATED-NII-PRIOR> (0)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 138,542
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 369,681
<AVERAGE-NET-ASSETS> 17,318,612
<PER-SHARE-NAV-BEGIN> 9.92
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.97)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.79)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.75
<EXPENSE-RATIO> 1.25
</TABLE>
INVESTMENT TRUST
Scudder S&P 500 Index Fund
SPECIAL MEETING OF SHAREHOLDERS
October 13, 1999
A Special Meeting of Shareholders of Scudder S&P 500 Index Fund (the
"Series"), a series of Investment Trust, (the "Fund"), was held at the offices
of Scudder Kemper Investments, Inc. ("Scudder Kemper"), 13th floor, Two
International Place, Boston, Massachusetts, on Wednesday, October 13, 1999 at
9:00 a.m.
Present were: John Millette, Vice President and Secretary and Caroline
Pearson, Assistant Secretary of the Fund; Daniel Gross, Scott D. Hogan, Timothy
Hurley and Cathleen M. Palmer, all of Scudder Kemper.
Mr. Millette acted as Chairman of the meeting and Ms. Pearson acted as
Secretary and kept the minutes of the meeting. The Chairman reported that Ms.
Pearson would also serve as Inspector of Election and receive and tabulate the
ballots and perform other duties delegated to her.
The Chairman noted that each matter before the meeting would be voted
on separately. He stated that the Inspector of Election would receive and
tabulate the votes during the meeting and that at the close of the meeting the
results of each vote would be presented.
Secretary's Report
The Secretary advised the Chairman that a preliminary count had
disclosed that proxies covering 8,830,965.564 shares or 54.903 percent of the
16,084,538.575 shares outstanding and entitled to vote at the meeting had been
received by mail or personally delivered prior to or at the meeting. The
Chairman declared that a quorum was represented at the meeting, and thus the
meeting was properly constituted to transact business.
Approval of New Investment Advisory Agreement
The Chairman stated that the first order of business was the approval
of a new Investment Advisory Agreement between Bankers Trust Company and Scudder
Kemper on behalf of the Series (the "Agreement"). The Chairman then placed
before the shareholders for their approval or disapproval the Agreement.
There being no further discussion, the vote was then taken.
<PAGE>
Election of Trustees
The Chairman stated that it was in order to proceed with the election
of eight trustees of Equity 500 Index Portfolio (the "Portfolio").
The Secretary then nominated the following persons as members of the
Board of Trustees of the Portfolio to hold office until their respective
successors have been duly elected and qualified or until their earlier
resignation or removal:
Charles P. Biggar
S. Leland Dill
Martin J. Gruber
Richard Hale
Richard J. Herring
Bruce E. Langton
Philip Saunders, Jr.
Harry Van Benschoten
The Chairman then asked if there were any further nominations. There
being no further nominations or discussion, nominations were closed. The vote
was then taken.
Ratification of Selection of Independent Auditors
The Chairman stated that it was in order to consider ratification or
rejection of the selection by the Board of Trustees of PricewaterhouseCoopers
LLP ("PwC") as independent auditors for the Series for the current fiscal year.
The Chairman stated that Christine Reynolds, a representative of PwC, was
available to respond to appropriate questions via telephone conference call.
There being no questions, the Secretary placed before the shareholders for their
ratification or rejection the selection of PwC as independent auditors for the
Series for the current fiscal year.
There being no further discussion, the vote was then taken.
Tabulation of Votes
The Chairman then received the tabulation of votes on the matters
before the meeting from the Inspector of Election and presented the preliminary
results to the meeting. He reported that by vote of the shareholders present and
voting, and by vote of the proxies representing absent shareholders:
(1) The approval of a new Investment Advisory Agreement between
the Portfolio and Scudder Kemper was approved.
(2) The eight persons nominated as trustees of the Portfolio were
duly elected as members of the Board.
2
<PAGE>
(3) The action of the Board in selecting PwC as independent public
auditors for the current fiscal year was ratified.
Adjournment
There being no further questions or business to come before the
meeting, upon motion duly made and seconded, the meeting was adjourned.
/s/Caroline Pearson
-----------------------------
Caroline Pearson
Assistant Secretary
3
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Investment Trust and the Shareholders of
Scudder Real Estate Investment Fund:
In planning and performing our audit of the financial statements of Scudder Real
Estate Investment Fund, a series of Investment Trust, (the "Fund"), for the year
ended December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
February 17, 2000
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Investment Trust and the Shareholders of Scudder Dividend &
Growth Fund:
In planning and performing our audit of the financial statements of Scudder
Dividend & Growth Fund, a series of Investment Trust, (the "Fund"), for the year
ended December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
February 25, 2000
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Investment Trust and the Shareholders of Scudder Growth and
Income Fund:
In planning and performing our audit of the financial statements of Scudder
Growth and Income Fund, a series of Investment Trust, (the "Fund"), for the year
ended December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.
/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
February 11, 2000
To the Shareholders of Scudder S&P 500 Index Fund
and Board of Directors of Investment Trust:
In planning and performing our audit of the financial statements and financial
highlights of Scudder S&P 500 Index Fund (the "Fund") for the year ended
December 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with accounting
principles generally accepted in the United States. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements and financial highlights being
audited may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Investment Trust, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 11, 2000
