<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 0000088051
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 SCUDDER EQUITY TRUST
001 B000000 811-1444
001 C000000 6172952559
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010100 1
007 C020100 SCUDDER CAPITAL GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 SCUDDER VALUE FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 461
020 A000002 GOLDMAN SACHS
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020 C000002 418
020 A000003 MORGAN STANLEY
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020 C000003 362
020 A000004 FIRST BOSTON
020 B000004 13-5659485
020 C000004 270
020 A000005 BEAR STEARNS
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<PAGE> PAGE 2
020 A000006 PAINE WEBBER
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020 A000007 LEHMAN BROS. INC.
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020 C000007 211
020 A000008 MORGAN STANLEY
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020 A000009 MONTGOMERY SECURITIES
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020 A000010 INSTINET
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021 000000 3130
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022 D000009 50222
022 A000010 DONALDSON LUFKIN
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062 A00AA00 N
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<PAGE> PAGE 3
062 D00AA00 0.0
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077 A000000 Y
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070 A010100 Y
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<PAGE> PAGE 4
070 C020100 N
070 D010100 Y
070 D020100 Y
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 1238327
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<PAGE> PAGE 5
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<PAGE> PAGE 6
075 A000100 0
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Capital Growth Fund Annual Report for the semi-annual period ended March 31,1996
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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 1,430,374,400
<INVESTMENTS-AT-VALUE> 1,616,054,598
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<PAYABLE-FOR-SECURITIES> 19,049,538
<SENIOR-LONG-TERM-DEBT> 0
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1,616,887,715
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<OTHER-INCOME> 0
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<REALIZED-GAINS-CURRENT> 112,047,769
<APPREC-INCREASE-CURRENT> 43,291,854
<NET-CHANGE-FROM-OPS> 166,970,775
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> (226,928,336)
<DISTRIBUTIONS-OTHER> (5,186,735)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Value Fund Annual Report for the semi-annual period ended March 31, 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 71,590,701
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<DISTRIBUTIONS-OF-INCOME> (175,992)
<DISTRIBUTIONS-OF-GAINS> (4,025,296)
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<NUMBER-OF-SHARES-SOLD> 1,228,474
<NUMBER-OF-SHARES-REDEEMED> (881,193)
<SHARES-REINVESTED> 263,367
<NET-CHANGE-IN-ASSETS> 12,659,873
<ACCUMULATED-NII-PRIOR> 102,110
<ACCUMULATED-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 73,623,905
<PER-SHARE-NAV-BEGIN> 15.87
<PER-SHARE-NII> 0.09
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<PER-SHARE-DIVIDEND> (0.04)
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</TABLE>
