VALUE EQUITY TRUST
497, 1998-12-29
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SCUDDER                                                                   [logo]


Scudder Large Company Value Fund

Supplement to Prospectus
Dated February 1, 1998

The following  supplements  the  information  under A team approach to investing
under "Shareholder benefits" on page 15.

The position of Kathleen T. Millard has been changed from Lead Portfolio Manager
to co-Lead  Portfolio  Manager.  The position of Lois R. Friedman Roman has been
changed from Portfolio Manager to co-Lead Portfolio Manager.



December 28, 1998



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