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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
077 F000000 N
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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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015 D010128 TAIWAN
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<PAGE> PAGE 9
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015 B000139 S
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015 D010139 PERU
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015 D010140 SRI LANKA
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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070 L020100 Y
070 M010100 Y
070 M020100 Y
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070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE> PAGE 12
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<PAGE> PAGE 13
074 K000100 0
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015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02110
015 E010201 X
015 A000202 THE FIRST NATIONAL BANK OF BOSTON
015 B000202 S
015 C010202 SAO PAULO
015 D010202 BRAZIL
015 E040202 X
015 A000203 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000203 S
015 C010203 BOGOTA
015 D010203 COLOMBIA
015 E040203 X
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015 B000204 S
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015 D010204 GREECE
015 E040204 X
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015 B000205 S
015 C010205 BUDAPEST
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015 E040205 X
015 A000206 STANDARD CHARTERED BANK
015 B000206 S
<PAGE> PAGE 14
015 C010206 JAKARTA
015 D010206 INDONESIA
015 E040206 X
015 A000207 BANK OF IRELAND
015 B000207 S
015 C010207 DUBLIN
015 D010207 IRELAND
015 E040207 X
015 A000208 CITIBANK, N.A.
015 B000208 S
015 C010208 SEOUL
015 D010208 KOREA
015 E040208 X
015 A000209 CITIBANK, N.A.
015 B000209 S
015 C010209 LIMA
015 D010209 PERU
015 E040209 X
015 A000210 THE HONG KONG & SHANGHAI BANKING CORP., LTD.
015 B000210 S
015 C010210 COLUMBO
015 D010210 SRI LANKA
015 E040210 X
015 A000211 SKANDINAVISKA ENSKILDA BANKEN
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015 C010211 STOCKHOLM
015 D010211 SWEDEN
015 E040211 X
015 A000212 UNION BANK OF SWITZERLAND
015 B000212 S
015 C010212 ZURICH
015 D010212 SWITZERLAND
015 E040212 X
015 A000213 CITIBANK, N.A.
015 B000213 S
015 C010213 CARACAS
015 D010213 VENEZUELA
015 E040213 X
015 A000214 CITIBANK, N.A.
015 B000214 S
015 C010214 BUENOS AIRES
015 D010214 ARGENTINA
015 E040214 X
015 A000215 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000215 S
015 C010215 MELBOURNE
015 D010215 AUSTRALIA
015 E040215 X
015 A000216 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARK.
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015 C010216 VIENNA
<PAGE> PAGE 15
015 D010216 AUSTRIA
015 E040216 X
015 A000217 STANDARD CHARTERED BANK
015 B000217 S
015 C010217 DHAKA
015 D010217 BANGLADESH
015 E040217 X
015 A000218 BANQUE BRUXELLES LAMBERT S.A.
015 B000218 S
015 C010218 BRUSSELS
015 D010218 BELGIUM
015 E040218 X
015 A000219 THE FIRST NATIONAL BANK OF BOSTON
015 B000219 S
015 C010219 SAO PAULO
015 D010219 BRAZIL
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015 A000220 CANADA TRUSTCO MORTGAGE COMPANY
015 B000220 S
015 C010220 TORONTO
015 D010220 CANADA
015 E040220 X
015 A000221 CITIBANK, N.A.
015 B000221 S
015 C010221 SANTIAGO
015 D010221 CHILE
015 E040221 X
015 A000222 BARCLAY BANK PLC
015 B000222 S
015 C010222 NICOSIA
015 D010222 CYPRUS
015 E040222 X
015 A000223 CREDIT COMMERCIAL DE FRANCE
015 B000223 S
015 C010223 PARIS
015 D010223 FRANCE
015 E040223 X
015 A000224 BERLINER HANDELS UND FRANKFURTER BANK
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015 C010224 FRANKFURT
015 D010224 GERMANY
015 E040224 X
015 A000225 STANDARD CHARTERED BANK
015 B000225 S
015 C010225 HONG KONG
015 D010225 HONG KONG
015 E040225 X
015 A000226 THE HONG KONG AND SHANGHAI BANKING CO. LTD.
015 B000226 S
015 C010226 BOMBAY
015 D010226 INDIA
<PAGE> PAGE 16
015 E040226 X
015 A000227 BANK HAPOALIM B.M.
015 B000227 S
015 C010227 TEL AVIV
015 D010227 ISRAEL
015 E040227 X
015 A000228 CREDITO ITALIANO
015 B000228 S
015 C010228 MILAN
015 D010228 ITALY
015 E040228 X
015 A000229 SUMITOMO TRUST & BANKING COMPANY LIMITED
015 B000229 S
015 C010229 TOKYO
015 D010229 JAPAN
015 E040229 X
015 A000230 STANDARD CHARTERED BANK
015 B000230 S
015 C010230 KUALA LUMPUR
015 D010230 MALAYSIA
015 E040230 X
015 A000231 CITIBANK N.A.
015 B000231 S
015 C010231 MEXICO CITY
015 D010231 MEXICO
015 E040231 X
015 A000232 BANK MEES & HOPE, N.V.
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015 C010232 AMSTERDAM
015 D010232 NETHERLANDS
015 E040232 X
015 A000233 WESTPAC BANKING CORP.
015 B000233 S
015 C010233 WELLINGTON
015 D010233 NEW ZEALAND
015 E040233 X
015 A000234 CHRISTIANIA BANK OG KREDITKASSE
015 B000234 S
015 C010234 OSLO
015 D010234 NORWAY
015 E040234 X
015 A000235 DEUTSCHE BANK A.G.
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015 C010235 KARACHI
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015 E040235 X
015 A000236 STANDARD CHARTERED BANK
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<PAGE> PAGE 17
015 A000237 BANK POLSKA KASA OPEIKI
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015 C010237 WARSAW
015 D010237 POLAND
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015 A000238 BANCO COMERCIAL PORTUGUES
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015 C010238 LISBON
015 D010238 PORTUGAL
015 E040238 X
015 A000239 THE DEVELOPMENT BANK OF SINGAPORE
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015 C010239 SINGAPORE
015 D010239 SINGAPORE
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015 A000240 BANCO CENTRAL HISPANOAMERICANO, S.A.
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015 C010240 MADRID
015 D010240 SPAIN
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015 A000241 CENTRAL TRUST OF CHINA
015 B000241 S
015 C010241 TAIPEI
015 D010241 TAIWAN
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015 A000242 STANDARD CHARTERED BANK
015 B000242 S
015 C010242 BANGKOK
015 D010242 THAILAND
015 E040242 X
015 A000243 CITIBANK, N.A.
015 B000243 S
015 C010243 ISTANBUL
015 D010243 TURKEY
015 E040243 X
015 A000244 STATE STREET BANK & TRUST COMPANY
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015 C010244 LONDON
015 D010244 UNITED KINGDOM
015 E040244 X
015 A000245 STATE STREET LONDON LIMITED
015 B000245 S
015 C010245 LONDON
015 D010245 UNITED KINGDOM
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015 A000246 CITIBANK, N.A.
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<PAGE> PAGE 18
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045 000200 Y
046 000200 N
047 000200 Y
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<PAGE> PAGE 19
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050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
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054 A000200 Y
054 B000200 Y
054 C000200 Y
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054 E000200 N
054 F000200 N
054 G000200 N
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054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 N
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054 N000200 Y
054 O000200 Y
070 A010200 Y
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070 D010200 Y
070 D020200 N
070 E010200 Y
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070 F010200 Y
070 F020200 Y
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
Coopers & Lybrand L.L.P.
Coopers
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Equity Trust
and Shareholders of Scudder Capital Growth Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Capital Growth Fund (the "Fund") for the year
ended September 30, 1996, we considered its internal control structure,
including procedures 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 the internal control structure.
The management of Scudder Capital Growth Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 operations may deteriorate.
Our consideration of the Fund's internal control structure would not
necessarily disclose all matters in the internal control structure 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 the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of September 30, 1996.
This report is intended solely for the information and use of
management of Scudder Capital Growth Fund and the Securities and Exchange
Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
November 11, 1996
Coopers & Lybrand L.L.P.
Coopers
& Lybrand
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Equity Trust
and the Shareholders of Scudder Value Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Value Fund (the "Fund") for the year ended
September 30, 1996, we considered its internal control structure, including
procedures 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 the internal control structure.
The management of Scudder Value Fund is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 operations may deteriorate.
Our consideration of the Fund's internal control structure would not
necessarily disclose all matters in the internal control structure 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 the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of September 30, 1996.
This report is intended solely for the information and use of
management of Scudder Value Fund and the Securities and Exchange Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
November 11, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Capital Growth Fund Annual Report for the fiscal year ended September 30, 1996
and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> SCUDDER CAPITAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 1,464,374,386
<INVESTMENTS-AT-VALUE> 1,656,984,519
<RECEIVABLES> 10,504,304
<ASSETS-OTHER> 275
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,667,489,098
<PAYABLE-FOR-SECURITIES> 6,745,070
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,284,231
<TOTAL-LIABILITIES> 16,029,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,298,519,744
<SHARES-COMMON-STOCK> 72,934,700
<SHARES-COMMON-PRIOR> 65,078,938
<ACCUMULATED-NII-CURRENT> 5,294,851
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 155,034,736
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 192,610,466
<NET-ASSETS> 1,651,459,797
<DIVIDEND-INCOME> 37,561,072
<INTEREST-INCOME> 2,649,360
<OTHER-INCOME> 0
<EXPENSES-NET> 14,572,097
<NET-INVESTMENT-INCOME> 25,638,335
<REALIZED-GAINS-CURRENT> 156,485,746
<APPREC-INCREASE-CURRENT> 50,222,142
<NET-CHANGE-FROM-OPS> 232,346,223
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,186,735)
<DISTRIBUTIONS-OF-GAINS> (226,928,336)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,066,908
<NUMBER-OF-SHARES-REDEEMED> (14,006,561)
<SHARES-REINVESTED> 10,795,415
<NET-CHANGE-IN-ASSETS> 159,790,433
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 225,320,575
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,505,409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,572,097
<AVERAGE-NET-ASSETS> 1,584,782,423
<PER-SHARE-NAV-BEGIN> 22.92
<PER-SHARE-NII> 0.36
<PER-SHARE-GAIN-APPREC> 2.94
<PER-SHARE-DIVIDEND> (0.08)
<PER-SHARE-DISTRIBUTIONS> (3.50)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.64
<EXPENSE-RATIO> 0.92
<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 Value Fund Annual Report for
the fiscal year ended September 30, 1996 and is
qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> SCUDDER VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 79,249,301
<INVESTMENTS-AT-VALUE> 89,328,079
<RECEIVABLES> 303,458
<ASSETS-OTHER> 16,275
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,647,812
<PAYABLE-FOR-SECURITIES> 655,383
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118,137
<TOTAL-LIABILITIES> 773,520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,623,923
<SHARES-COMMON-STOCK> 5,071,691
<SHARES-COMMON-PRIOR> 4,288,446
<ACCUMULATED-NII-CURRENT> 960,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,225,434
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,064,342
<NET-ASSETS> 88,874,292
<DIVIDEND-INCOME> 1,784,646
<INTEREST-INCOME> 259,946
<OTHER-INCOME> 0
<EXPENSES-NET> 987,386
<NET-INVESTMENT-INCOME> 1,057,206
<REALIZED-GAINS-CURRENT> 8,670,285
<APPREC-INCREASE-CURRENT> 2,372,894
<NET-CHANGE-FROM-OPS> 12,100,385
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (175,992)
<DISTRIBUTIONS-OF-GAINS> (4,025,296)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,121,557
<NUMBER-OF-SHARES-REDEEMED> (1,601,679)
<SHARES-REINVESTED> 263,367
<NET-CHANGE-IN-ASSETS> 20,799,880
<ACCUMULATED-NII-PRIOR> 102,110
<ACCUMULATED-GAINS-PRIOR> 2,557,715
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 552,773
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,031,337
<AVERAGE-NET-ASSETS> 78,943,039
<PER-SHARE-NAV-BEGIN> 15.87
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 2.40
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.92)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.52
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
