EXHIBIT 11

                        DECHERT PRICE & RHOADS LETTERHEAD

                                  March 3, 2000

Investment Trust on behalf of
Scudder S&P 500 Index Fund
Two International Place
Boston, Massachusetts 02110-4103

Dear Sirs:

      We have acted as counsel to Investment Trust, a Massachusetts business
trust (the "Trust"), and we have a general familiarity with the Trust's
business operations, practices and procedures. You have asked for our opinion
regarding the issuance of AARP Shares class of shares of beneficial interest
by the Trust in connection with the acquisition by Scudder S&P 500 Index
Fund, a series of the Trust, of the assets of AARP U.S. Stock Index Fund, a
series of AARP Growth Trust, which shares are registered on a Form N-14
Registration Statement (the "Registration Statement") filed by the Trust with
the Securities and Exchange Commission.

      We have examined originals or certified copies, or copies otherwise
identified to our satisfaction as being true copies, of various trust records of
the Trust and such other instruments, documents and records as we have deemed
necessary in order to render this opinion. We have assumed the genuineness of
all signatures, the authenticity of all documents examined by us and the
correctness of all statements of fact contained in those documents.

      On the basis of the foregoing, we are of the opinion that the AARP
Shares class of shares of beneficial interest of the Trust being registered
under the Securities Act of 1933 in the Registration Statement, subject to
the creation of the AARP Shares class of shares in accordance with the laws
of the Commonwealth of Massachusetts, will be legally and validly issued,
fully paid and non-assessable by the Trust, upon transfer of the assets of
AARP U.S. Stock Index Fund pursuant to the terms of the Agreement and Plan of
Reorganization included in the Registration Statement.

      We hereby consent to the filing of this opinion with and as part of the
Registration Statement.

                                        Very truly yours,


                                        /s/ DECHERT PRICE & RHOADS


                                      -69-