<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0000088051
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 VALUE EQUITY TRUST
001 B000000 811-1444
001 C000000 2123266200
002 A000000 345 PARK AVENUE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10154
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 SCUDDER LARGE COMPANY VALUE 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
008 A00AA01 SCUDDER KEMPER INVESTMENTS, INC.
008 B00AA01 A
008 C00AA01 801-252
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10154
010 A00AA01 SCUDDER FUND ACCOUNTING CORPORATION
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02107
010 C04AA01 2291
013 A00AA01 COOPERS AND LYBRAND L.L.P.
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
<PAGE> PAGE 2
014 A00AA01 SCUDDER INVESTOR SERVICES, INC.
014 B00AA01 8-44899
014 A00AA02 GRUNTAL & CO., INC.
014 B00AA02 8-31022
014 A00AA03 GMS GROUP LLC (A GRUNTAL AFFILIATE)
014 B00AA03 8-23936
014 A00AA04 ZURICH CAPITAL MARKETS
014 B00AA04 8-49827
014 A00AA05 BANK HANDLOWY
014 B00AA05 8-24613
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 WESTPAC BANKING CORPORATION
015 B00AA02 S
015 C01AA02 SYDNEY
015 D01AA02 AUSTRALIA
015 E04AA02 X
015 A00AA03 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARK
015 B00AA03 S
015 C01AA03 VIENNA
015 D01AA03 AUSTRIA
015 E04AA03 X
015 A00AA04 STANDARD CHARTERED BANK
015 B00AA04 S
015 C01AA04 DHAKA
015 D01AA04 BANGLADESH
015 E04AA04 X
015 A00AA05 GENERALE BANK
015 B00AA05 S
015 C01AA05 BRUSSELS
015 D01AA05 BELGIUM
015 E04AA05 X
015 A00AA06 BARCLAYS BANK OF BOTSWANA LIMITED
015 B00AA06 S
015 C01AA06 GABORONE
015 D01AA06 BOTSWANA
015 E04AA06 X
015 A00AA07 BANKBOSTON, N.A.
015 B00AA07 S
015 C01AA07 SAO PAULO
015 D01AA07 BRAZIL
015 E04AA07 X
015 A00AA08 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA08 S
015 C01AA08 TORONTO
015 D01AA08 CANADA
015 E04AA08 X
<PAGE> PAGE 3
015 A00AA09 CITIBANK, N.A.
015 B00AA09 S
015 C01AA09 SANTIAGO
015 D01AA09 CHILE
015 E04AA09 X
015 A00AA10 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B00AA10 S
015 C01AA10 SHANGHAI & SHENZHEN
015 D01AA10 CHINA
015 E04AA10 X
015 A00AA11 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA11 S
015 C01AA11 BOGOTA
015 D01AA11 COLOMBIA
015 E04AA11 X
015 A00AA12 BARCLAYS BANK PLC
015 B00AA12 S
015 C01AA12 NICOSIA
015 D01AA12 CYPRUS
015 E04AA12 X
015 A00AA13 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA13 S
015 C01AA13 PRAGUE
015 D01AA13 CZECH REPUBLIC
015 E04AA13 X
015 A00AA14 DEN DANSKE BANK
015 B00AA14 S
015 C01AA14 COPENHAGEN
015 D01AA14 DENMARK
015 E04AA14 X
015 A00AA15 MERITA BANK LIMITED
015 B00AA15 S
015 C01AA15 HELSINKI
015 D01AA15 FINLAND
015 E04AA15 X
015 A00AA16 BANQUE PARIBAS
015 B00AA16 S
015 C01AA16 PARIS
015 D01AA16 FRANCE
015 E04AA16 X
015 A00AA17 DRESDNER BANK A.G.
015 B00AA17 S
015 C01AA17 BERLIN
015 D01AA17 GERMANY
015 E04AA17 X
015 A00AA18 BARCLAYS BANK OF GHANA LIMITED
015 B00AA18 S
015 C01AA18 ACCRA
015 D01AA18 GHANA
015 E04AA18 X
015 A00AA19 NATIONAL BANK OF GREECE S.A.
<PAGE> PAGE 4
015 B00AA19 S
015 C01AA19 ATHENS
015 D01AA19 GREECE
015 E04AA19 X
015 A00AA20 STANDARD CHARTERED BANK
015 B00AA20 S
015 C01AA20 HONG KONG
015 D01AA20 CHINA
015 E04AA20 X
015 A00AA21 CITIBANK BUDAPEST RT.
015 B00AA21 S
015 C01AA21 BUDAPEST
015 D01AA21 HUNGARY
015 E04AA21 X
015 A00AA22 DEUTSCHE BANK AG
015 B00AA22 S
015 C01AA22 BOMBAY
015 D01AA22 INDIA
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK
015 B00AA23 S
015 C01AA23 JAKARTA
015 D01AA23 INDONESIA
015 E04AA23 X
015 A00AA24 BANK OF IRELAND
015 B00AA24 S
015 C01AA24 DUBLIN
015 D01AA24 IRELAND
015 E04AA24 X
015 A00AA25 BANK HAPOALIM B.M.
015 B00AA25 S
015 C01AA25 TEL AVIV
015 D01AA25 ISRAEL
015 E04AA25 X
015 A00AA26 BANQUE PARIBAS
015 B00AA26 S
015 C01AA26 MILAN
015 D01AA26 ITALY
015 E04AA26 X
015 A00AA27 SUMITOMO TRUST & BANKING CO. LTD.
015 B00AA27 S
015 C01AA27 TOKYO
015 D01AA27 JAPAN
015 E04AA27 X
015 A00AA28 BARCLAYS BANK OF KENYA LIMITED
015 B00AA28 S
015 C01AA28 NAIROBI
015 D01AA28 KENYA
015 E04AA28 X
015 A00AA29 CITIBANK, N.A.
015 B00AA29 S
<PAGE> PAGE 5
015 C01AA29 SEOUL
015 D01AA29 KOREA
015 E04AA29 X
015 A00AA30 STANDARD CHARTERED BANK
015 B00AA30 S
015 C01AA30 BERHAD KUALA LUMPUR
015 D01AA30 MALAYSIA
015 E04AA30 X
015 A00AA31 CITIBANK MEXICO, S.A.
015 B00AA31 S
015 C01AA31 MEXICO CITY
015 D01AA31 MEXICO
015 E04AA31 X
015 A00AA32 MEESPIERSON N.V.
015 B00AA32 S
015 C01AA32 AMSTERDAM
015 D01AA32 NETHERLANDS
015 E04AA32 X
015 A00AA33 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B00AA33 S
015 C01AA33 WELLINGTON
015 D01AA33 NEW ZEALAND
015 E04AA33 X
015 A00AA34 CHRISTIANA BANK OG KREDITKASSE
015 B00AA34 S
015 C01AA34 OSLO
015 D01AA34 NORWAY
015 E04AA34 X
015 A00AA35 DEUTSCHE BANK AG
015 B00AA35 S
015 C01AA35 KARACHI
015 D01AA35 PAKISTAN
015 E04AA35 X
015 A00AA36 CITIBANK, N.A.
015 B00AA36 S
015 C01AA36 LIMA
015 D01AA36 PERU
015 E04AA36 X
015 A00AA37 STANDARD CHARTERED BANK
015 B00AA37 S
015 C01AA37 MANILA
015 D01AA37 PHILIPPINES
015 E04AA37 X
015 A00AA38 CITIBANK POLAND, S.A.
015 B00AA38 S
015 C01AA38 WARSAW
015 D01AA38 POLAND
015 E04AA38 X
015 A00AA39 BANCO COMERCIAL PORTUGUES
015 B00AA39 S
015 C01AA39 LISBON
<PAGE> PAGE 6
015 D01AA39 PORTUGAL
015 E04AA39 X
015 A00AA40 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA40 S
015 C01AA40 SINGAPORE
015 D01AA40 SINGAPORE REPUBLIC
015 E04AA40 X
015 A00AA41 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA41 S
015 C01AA41 BRATISLAVA
015 D01AA41 SLOVAK REPUBLIC
015 E04AA41 X
015 A00AA42 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA42 S
015 C01AA42 JOHANNESBURG
015 D01AA42 SOUTH AFRICA
015 E04AA42 X
015 A00AA43 BANCO SANTANDER, S.A.
015 B00AA43 S
015 C01AA43 MADRID
015 D01AA43 SPAIN
015 E04AA43 X
015 A00AA44 THE HONG KONG & SHANGHAI BANKING CORP., LTD.
015 B00AA44 S
015 C01AA44 COLOMBO
015 D01AA44 SRI LANKA
015 E04AA44 X
015 A00AA45 BARCLAYS BANK OF SWAZILAND, LIMITED
015 B00AA45 S
015 C01AA45 MBABANE
015 D01AA45 SWAZILAND
015 E04AA45 X
015 A00AA46 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA46 S
015 C01AA46 STOCKHOLM
015 D01AA46 SWEDEN
015 E04AA46 X
015 A00AA47 UNION BANK OF SWITZERLAND
015 B00AA47 S
015 C01AA47 ZURICH
015 D01AA47 SWITZERLAND
015 E04AA47 X
015 A00AA48 CENTRAL TRUST OF CHINA
015 B00AA48 S
015 C01AA48 TAIPEI
015 D01AA48 TAIWAN
015 E04AA48 X
015 A00AA49 STANDARD CHARTERED BANK
015 B00AA49 S
015 C01AA49 BANGKOK
015 D01AA49 THAILAND
<PAGE> PAGE 7
015 E04AA49 X
015 A00AA50 CITIBANK, N.A.
015 B00AA50 S
015 C01AA50 ISTANBUL
015 D01AA50 TURKEY
015 E04AA50 X
015 A00AA51 STATE STREET LONDON LIMITED
015 B00AA51 S
015 C01AA51 LONDON
015 D01AA51 UNITED KINGDOM
015 E04AA51 X
015 A00AA52 STATE STREET BANK AND TRUST COMPANY
015 B00AA52 S
015 C01AA52 LONDON
015 D01AA52 UNITED KINGDOM
015 E04AA52 X
015 A00AA53 CITIBANK, N.A.
015 B00AA53 S
015 C01AA53 MONTEVIDEO
015 D01AA53 URUGUAY
015 E04AA53 X
015 A00AA54 CITIBANK, N.A.
015 B00AA54 S
015 C01AA54 CARACAS
015 D01AA54 VENEZUELA
015 E04AA54 X
015 A00AA55 BARCLAYS BANK OF ZAMBIA LIMITED
015 B00AA55 S
015 C01AA55 LUSAKA
015 D01AA55 ZAMBIA
015 E04AA55 X
015 A00AA56 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B00AA56 S
015 C01AA56 HARARE
015 D01AA56 ZIMBABWE
015 E04AA56 X
015 A00AA57 THE BANK OF BERMUDA LIMITED
015 B00AA57 S
015 C01AA57 BERMUDA
015 D01AA57 BERMUDA ISLANDS
015 E04AA57 X
015 A00AA58 CITIBANK, N.A.
015 B00AA58 S
015 C01AA58 BUENOS AIRES
015 D01AA58 ARGENTINA
015 E04AA58 X
015 A00AA59 DELETE
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 62
019 C00AA00 SCUDDERKEM
<PAGE> PAGE 8
020 A000001 PAINE WEBBER
020 B000001 13-2638166
020 C000001 134
020 A000002 DONALDSON LUFKIN
020 B000002 13-2741729
020 C000002 112
020 A000003 ALEX BROWN & SONS
020 B000003 52-1319768
020 C000003 113
020 A000004 SMITH BARNEY SHEARSON
020 B000004 13-1912900
020 C000004 103
020 A000005 BEAR, STEARNS & CO.
020 B000005 13-3299429
020 C000005 88
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 75
020 A000007 GOLDMAN, SACHS & CO.
020 B000007 13-5108880
020 C000007 83
020 A000008 COWEN
020 B000008 13-5616116
020 C000008 55
020 A000009 LEHMAN BROTHERS SECURITIES
020 B000009 13-2518466
020 C000009 54
020 A000010 J.P. MORGAN SECURITIES
020 B000010 13-3224016
020 C000010 37
021 000000 1435
022 A000001 DONALDSON LUF & JEN FIXED INC.
022 B000001 13-2741729
022 C000001 7285626
022 D000001 0
022 A000002 STATE STREET BANK
022 B000002 04-1867445
022 C000002 1558566
022 D000002 0
022 A000003 SALOMON BROTHERS
022 B000003 13-3082694
022 C000003 496103
022 D000003 4376
022 A000004 GENERAL ELECTRIC CREDIT CORP.
022 B000004 13-1500700
022 C000004 93777
022 D000004 0
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 83963
022 D000005 1065
<PAGE> PAGE 9
022 A000006 FIRST CHICAGO CAP MKTS
022 B000006 36-3595942
022 C000006 81498
022 D000006 0
022 A000007 LEHMAN BROTHERS SECURITIES
022 B000007 13-2518466
022 C000007 59764
022 D000007 14963
022 A000008 DRESDNER
022 B000008 13-6172414
022 C000008 39956
022 D000008 0
022 A000009 HOUSEHOLD FINANCE SYSTEM
022 C000009 29983
022 D000009 0
022 A000010 MESSEROW
022 C000010 29820
022 D000010 0
023 C000000 9944008
023 D000000 41934
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
062 A00AA00 N
<PAGE> PAGE 10
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
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062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
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077 Q010000 N
077 Q020000 N
077 Q030000 Y
078 000000 N
028 A010100 32039
028 A020100 0
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028 B020100 0
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028 C010100 29959
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<PAGE> PAGE 11
028 D030100 0
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028 G020100 152378
028 G030100 0
028 G040100 48138
028 H000100 0
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
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 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE> PAGE 12
071 A000100 443731
071 B000100 445020
071 C000100 2213214
071 D000100 20
072 A000100 6
072 B000100 967
072 C000100 22478
072 D000100 0
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072 I000100 2299
072 J000100 140
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072 M000100 22
072 N000100 99
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072 V000100 0
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072 X000100 9866
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072DD020100 0
072EE000100 141425
073 A010100 0.2400
073 A020100 0.0000
073 B000100 1.8600
073 C000100 0.0000
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074 D000100 0
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<PAGE> PAGE 13
074 K000100 0
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074 N000100 2465442
074 O000100 9570
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074 V020100 0.00
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076 000100 0.00
028 A010200 29891
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<PAGE> PAGE 14
028 H000200 0
070 A010200 Y
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<PAGE> PAGE 15
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<PAGE> PAGE 16
074 U020200 0
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SIGNATURE THOMAS F. MCDONOUGH
TITLE VICE PRESIDENT
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder Large Company Value
Fund (the "Fund") was held on October 27, 1997, at the office of Scudder Kemper
Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), 345 Park Avenue (at
51st Street), New York, New York 10154. At the Meeting, as adjourned and
reconvened, the following matters were voted upon by the shareholders (the
resulting votes for each matter are presented below). With regard to certain
proposals, it was recommended that the Meeting be reconvened in order to provide
shareholders with an additional opportunity to return their proxies. The date of
the reconvened meeting at which the matters were decided is noted after the
proposed matter.
1. To elect Trustees.
Number of Votes:
----------------
Trustee For Withheld
------- --- --------
Paul Bancroft III 38,085,081 1,786,033
Sheryle J. Bolton 38,105,435 1,765,679
William T. Burgin 38,107,768 1,763,345
Thomas J. Devine 38,067,804 1,803,309
Keith R. Fox 38,119,861 1,751,253
William H. Luers 38,075,827 1,795,287
Wilson Nolen 38,066,239 1,804,874
Daniel Pierce 38,083,758 1,787,356
Kathryn L. Quirk 38,038,271 1,832,842
2. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
37,089,819 1,627,272 1,154,022 0
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise. (Approved on December 2, 1997.)
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
45,797,505 3,595,547 2,212,122 59,837
22 - Scudder Large Company Value Fund
<PAGE>
4. To approve certain amendments to the Declaration of Trust. Sufficient
proxies had not been received by December 2, 1997 to approve the
amendments to the Declaration of Trust. Management has determined not to
continue to seek shareholder approval for this item.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
46,189,325 3,144,356 2,331,331 0
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<S> <C> <C> <C> <C>
5.1 Diversification 34,005,343 2,454,013 1,960,455 1,451,302
5.2 Borrowing 33,835,774 2,622,719 1,961,318 1,451,302
5.3 Senior securities 33,982,067 2,478,081 1,959,663 1,451,302
5.4 Concentration 33,968,745 2,492,434 1,958,632 1,451,302
5.5 Underwriting of securities 34,002,167 2,454,125 1,963,520 1,451,302
5.6 Investment in real estate 33,982,290 2,222,307 2,215,214 1,451,302
5.7 Purchase of physical commodities 33,949,335 2,253,051 2,217,425 1,451,302
5.8 Lending 33,988,413 2,219,997 2,211,401 1,451,302
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's independent
accountants.
Number of Votes:
----------------
For Against Abstain
--- ------- -------
37,758,458 721,353 1,391,302
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
23 - Scudder Large Company Value Fund
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder Value Fund (the
"Fund") was held on October 27, 1997, at the office of Scudder Kemper
Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), 345 Park Avenue (at
51st Street), New York, New York 10154. At the Meeting, as adjourned and
reconvened, the following matters were voted upon by the shareholders (the
resulting votes for each matter are presented below). With regard to certain
proposals, it was recommended that the Meeting be reconvened in order to provide
shareholders with an additional opportunity to return their proxies. The date of
the reconvened meeting at which the matters were decided is noted after the
proposed matter.
1. To elect Trustees.
Number of Votes:
----------------
Trustee For Withheld
------- --- --------
Paul Bancroft III 7,374,734 296,370
Sheryle J. Bolton 7,370,764 300,340
William T. Burgin 7,380,651 290,454
Thomas J. Devine 7,374,280 296,824
Keith R. Fox 7,382,919 288,185
William H. Luers 7,368,945 302,160
Wilson Nolen 7,369,662 301,442
Daniel Pierce 7,375,998 295,106
Kathryn L. Quirk 7,366,753 304,352
2. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
7,133,456 347,899 189,749 0
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise. (Approved on December 2, 1997.)
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
6,504,809 604,851 264,630 296,814
25 - Scudder Value Fund
<PAGE>
4. To approve certain amendments to the Declaration of Trust. Sufficient
proxies had not been received by December 2, 1997 to approve the
amendments to the Declaration of Trust. Management has determined not to
continue to seek shareholder approval for this item.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
6,742,226 492,412 304,599 296,364
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
----------------
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<S> <C> <C> <C> <C>
5.1 Diversification 6,608,120 480,410 285,760 296,814
5.2 Borrowing 6,566,059 522,912 285,319 296,814
5.3 Senior securities 6,588,600 485,700 299,990 296,814
5.4 Concentration 6,570,339 502,139 301,813 296,814
5.5 Underwriting of securities 6,598,477 478,044 297,769 296,814
5.6 Investment in real estate 6,605,166 409,872 359,251 296,814
5.7 Purchase of physical commodities 6,581,987 433,818 358,484 296,814
5.8 Lending 6,528,831 482,461 362,997 296,814
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's independent
accountants.
Number of Votes:
----------------
For Against Abstain
--- ------- -------
7,296,147 117,004 257,953
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
26 - Scudder Value Fund
<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 3/31/98 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,612,482,754
<INVESTMENTS-AT-VALUE> 2,460,546,845
<RECEIVABLES> 4,866,467
<ASSETS-OTHER> 28,333
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,465,441,645
<PAYABLE-FOR-SECURITIES> 9,569,614
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,783,142
<TOTAL-LIABILITIES> 14,352,756
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,513,594,780
<SHARES-COMMON-STOCK> 81,766,060
<SHARES-COMMON-PRIOR> 76,343,193
<ACCUMULATED-NII-CURRENT> 17,890,121
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 71,539,897
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 848,064,091
<NET-ASSETS> 2,451,088,889
<DIVIDEND-INCOME> 22,477,588
<INTEREST-INCOME> 966,685
<OTHER-INCOME> 0
<EXPENSES-NET> 9,866,111
<NET-INVESTMENT-INCOME> 13,578,162
<REALIZED-GAINS-CURRENT> 102,805,066
<APPREC-INCREASE-CURRENT> 135,662,837
<NET-CHANGE-FROM-OPS> 252,046,065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,248,388)
<DISTRIBUTIONS-OF-GAINS> (141,425,012)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,585,016
<NUMBER-OF-SHARES-REDEEMED> (7,862,775)
<SHARES-REINVESTED> 5,700,626
<NET-CHANGE-IN-ASSETS> 238,355,751
<ACCUMULATED-NII-PRIOR> 22,560,347
<ACCUMULATED-GAINS-PRIOR> 110,159,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,094,365
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,866,111
<AVERAGE-NET-ASSETS> 2,199,688,676
<PER-SHARE-NAV-BEGIN> 28.98
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 2.93
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (1.86)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 29.98
<EXPENSE-RATIO> 0.90
<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>
