<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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074 U010200 12665
074 U020200 0
074 V010200 23.53
074 V020200 0.00
074 W000200 0.0000
074 X000200 17242
074 Y000200 0
075 A000200 0
075 B000200 162214
076 000200 0.00
SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE>6
<LEGEND>
This schedule contains summary financial information extracted from the
Large Company Value Fund Annual Report for the fiscal year ended September 30,
1997 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>1
<NAME>Large Company Value Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 1,502,523,094
<INVESTMENTS-AT-VALUE> 2,214,924,348
<RECEIVABLES> 6,853,678
<ASSETS-OTHER> 34,501
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,221,812,527
<PAYABLE-FOR-SECURITIES> 3,284,374
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,795,015
<TOTAL-LIABILITIES> 9,079,389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,367,611,694
<SHARES-COMMON-STOCK> 76,343,193
<SHARES-COMMON-PRIOR> 72,934,700
<ACCUMULATED-NII-CURRENT> 22,560,347
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 110,159,843
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 712,401,254
<NET-ASSETS> 2,212,733,138
<DIVIDEND-INCOME> 44,621,845
<INTEREST-INCOME> 1,687,286
<OTHER-INCOME> 0
<EXPENSES-NET> 17,611,842
<NET-INVESTMENT-INCOME> 28,697,289
<REALIZED-GAINS-CURRENT> 134,428,197
<APPREC-INCREASE-CURRENT> 519,790,788
<NET-CHANGE-FROM-OPS> 682,916,274
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,553,936)
<DISTRIBUTIONS-OF-GAINS> (179,180,946)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,356,988
<NUMBER-OF-SHARES-REDEEMED> (15,097,334)
<SHARES-REINVESTED> 8,148,839
<NET-CHANGE-IN-ASSETS> 561,273,341
<ACCUMULATED-NII-PRIOR> 5,294,851
<ACCUMULATED-GAINS-PRIOR> 155,034,736
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,187,280
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,611,842
<AVERAGE-NET-ASSETS> 1,897,439,236
<PER-SHARE-NAV-BEGIN> 2,264.00
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 8.60
<PER-SHARE-DIVIDEND> (16.00)
<PER-SHARE-DISTRIBUTIONS> (248.00)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2,898.00
<EXPENSE-RATIO> 0.93
<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
Value Fund Annual Report for the fiscal year ended September 30, 1997 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER>2
<NAME> Scuder Value Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 260,401,690
<INVESTMENTS-AT-VALUE> 308,680,173
<RECEIVABLES> 2,549,719
<ASSETS-OTHER> 8,742
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311,238,634
<PAYABLE-FOR-SECURITIES> 12,153,104
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,105,751
<TOTAL-LIABILITIES> 13,258,855
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 229,053,714
<SHARES-COMMON-STOCK> 12,664,615
<SHARES-COMMON-PRIOR> 5,071,691
<ACCUMULATED-NII-CURRENT> 2,399,604
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,989,838
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49,536,623
<NET-ASSETS> 297,979,779
<DIVIDEND-INCOME> 2,912,147
<INTEREST-INCOME> 1,811,635
<OTHER-INCOME> 0
<EXPENSES-NET> 2,014,432
<NET-INVESTMENT-INCOME> 2,709,350
<REALIZED-GAINS-CURRENT> 17,587,309
<APPREC-INCREASE-CURRENT> 39,472,281
<NET-CHANGE-FROM-OPS> 59,768,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (370,246)
<DISTRIBUTIONS-OF-GAINS> (7,822,998)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,534,988
<NUMBER-OF-SHARES-REDEEMED> (3,388,834)
<SHARES-REINVESTED> 446,770
<NET-CHANGE-IN-ASSETS> 209,105,487
<ACCUMULATED-NII-PRIOR> 960,593
<ACCUMULATED-GAINS-PRIOR> 7,225,434
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,133,164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,073,741
<AVERAGE-NET-ASSETS> 162,213,958
<PER-SHARE-NAV-BEGIN> 1,752.00
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 7.22
<PER-SHARE-DIVIDEND> (7.00)
<PER-SHARE-DISTRIBUTIONS> (148.00)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 2,353.00
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Scudder Equity Trust
and the Shareholders of Scudder Large Company Value Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Large Company Value Fund for the year ended
September 30, 1997, we considered its internal control, including controls over
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 Scudder Large Company Value 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 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
irregularities 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 any
specific internal control component 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 internal control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of September 30,
1997.
This report is intended solely for the information and use of management of
Scudder Large Company Value Fund and the Securities and Exchange Commission.
/s/COOPERS & LYBRAND L.L.P.
---------------------------
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
November 5, 1997
Coopers Coopers & Lybrand L.L.P.
& 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 for the year ended September 30,
1997, we considered its internal control, including controls over 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 Scudder Value 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
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
irregularities 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 any
specific internal control component 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 internal control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of September 30,
1997.
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 5, 1997
