<PAGE> PAGE 1
000 A000000 03/31/99
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 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
002 D020000 4103
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 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
012 A00AA01 SCUDDER SERVICE CORPORATION
012 B00AA01 84-1489
012 C01AA01 BOSTON
<PAGE> PAGE 2
012 C02AA01 MA
012 C03AA01 02107
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02109
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
014 A00AA06 KEMPER DISTRIBUTORS, INC.
014 B00AA06 8-47765
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 ERSTE BANK DE OESTERREICHISCHEN SPARKASSEN
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
<PAGE> PAGE 3
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
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 DELETE
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
<PAGE> PAGE 4
015 C01AA18 ACCRA
015 D01AA18 GHANA
015 E04AA18 X
015 A00AA19 NATIONAL BANK OF GREECE S.A.
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 HONG KONG
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
<PAGE> PAGE 5
015 D01AA28 KENYA
015 E04AA28 X
015 A00AA29 CITIBANK, N.A.
015 B00AA29 S
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
<PAGE> PAGE 6
015 E04AA38 X
015 A00AA39 BANCO COMERCIAL PORTUGUES
015 B00AA39 S
015 C01AA39 LISBON
015 D01AA39 PORTUGAL
015 E04AA39 X
015 A00AA40 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA40 S
015 C01AA40 SINGAPORE
015 D01AA40 SINGAPORE
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 STANDARD BANK 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 AG
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
<PAGE> PAGE 7
015 A00AA49 STANDARD CHARTERED BANK
015 B00AA49 S
015 C01AA49 BANGKOK
015 D01AA49 THAILAND
015 E04AA49 X
015 A00AA50 CITIBANK, N.A.
015 B00AA50 S
015 C01AA50 ISTANBUL
015 D01AA50 TURKEY
015 E04AA50 X
015 A00AA51 DELETE
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 HAMILTON
015 D01AA57 BERMUDA
015 E04AA57 X
015 A00AA58 CITIBANK, N.A.
015 B00AA58 S
015 C01AA58 BUENOS AIRES
015 D01AA58 ARGENTINA
015 E04AA58 X
015 A00AA59 STATE STREET BANK & TRUST COMPANY
015 B00AA59 C
015 C01AA59 BOSTON
015 C02AA59 MA
015 C03AA59 02110
<PAGE> PAGE 8
015 E01AA59 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 76
019 C00AA00 SCUDDERKEM
020 A000001 ALEX BROWN & SONS
020 B000001 0000000000
020 C000001 265
020 A000002 PAINE WEBBER
020 B000002 0000000000
020 C000002 203
020 A000003 SMITH BARNEY SHEARSON
020 B000003 0000000000
020 C000003 194
020 A000004 BEAR STEARNS
020 B000004 0000000000
020 C000004 188
020 A000005 DONALDSON LUFKIN
020 B000005 0000000000
020 C000005 179
020 A000006 GOLDMAN, SACHS & CO.
020 B000006 0000000000
020 C000006 158
020 A000007 SG WARBUG & CO.
020 B000007 0000000000
020 C000007 149
020 A000008 LEHMAN BROTHERS SECURITIES
020 B000008 0000000000
020 C000008 142
020 A000009 COWEN
020 B000009 0000000000
020 C000009 132
020 A000010 MERRILL LYNCH
020 B000010 0000000000
020 C000010 130
021 000000 3044
022 A000001 DONALDSON LUF & JEN FIXED INC.
022 B000001 13-2741729
022 C000001 11022123
022 D000001 0
022 A000002 STATE STREET BANK
022 B000002 04-1867445
022 C000002 7525886
022 D000002 660
022 A000003 SALOMON BROTHERS
022 B000003 13-3082694
022 C000003 496103
022 D000003 4375
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 159447
<PAGE> PAGE 9
022 D000004 12030
022 A000005 WILLIAMS CAPITAL
022 B000005 0000000000
022 C000005 138215
022 D000005 14979
022 A000006 FIRST CHICAGO CAP MKTS
022 B000006 36-3595942
022 C000006 133509
022 D000006 0
022 A000007 LEHMAN BROTHERS SECURITIES
022 B000007 13-2518466
022 C000007 106897
022 D000007 14963
022 A000008 DRESDNER
022 B000008 13-6172414
022 C000008 39956
022 D000008 0
022 A000009 BROWN BROTHERS HARRIMAN
022 C000009 34044
022 D000009 0
022 A000010 MESEROW
022 B000010 0000000000
022 C000010 29983
022 D000010 0
023 C000000 20006231
023 D000000 112280
024 00AA00 N
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
029 00AA00 Y
030 A00AA00 296
030 B00AA00 5.75
030 C00AA00 0.00
031 A00AA00 16
031 B00AA00 0
032 00AA00 280
033 00AA00 0
034 00AA00 Y
035 00AA00 48
036 A00AA00 Y
036 B00AA00 0
037 00AA00 N
038 00AA00 0
<PAGE> PAGE 10
039 00AA00 Y
040 00AA00 Y
041 00AA00 Y
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 100
043 00AA00 121
044 00AA00 0
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
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
<PAGE> PAGE 11
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
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 Y
078 000000 N
028 A010100 18490
028 A020100 0
028 A030100 0
028 A040100 30784
028 B010100 104130
028 B020100 0
028 B030100 0
028 B040100 29930
028 C010100 43864
028 C020100 172709
028 C030100 0
028 C040100 82623
028 D010100 47074
028 D020100 98
028 D030100 0
028 D040100 58259
028 E010100 32385
028 E020100 0
028 E030100 0
028 E040100 52288
028 F010100 100317
028 F020100 0
028 F030100 0
028 F040100 57726
028 G010100 346260
028 G020100 172807
028 G030100 0
028 G040100 311610
028 H000100 0
045 000100 Y
046 000100 N
<PAGE> PAGE 12
047 000100 Y
048 000100 0.000
048 A010100 500000
048 A020100 0.750
048 B010100 500000
048 B020100 0.650
048 C010100 500000
048 C020100 0.600
048 D010100 500000
048 D020100 0.550
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 2000000
048 K020100 0.500
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 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
<PAGE> PAGE 13
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
071 A000100 504951
071 B000100 436185
071 C000100 2225163
071 D000100 39
072 A000100 6
072 B000100 1048
072 C000100 22437
072 D000100 0
072 E000100 0
072 F000100 7013
072 G000100 0
072 H000100 0
072 I000100 2623
072 J000100 121
072 K000100 0
072 L000100 157
072 M000100 15
072 N000100 69
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 25
072 S000100 14
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 74
072 X000100 10111
072 Y000100 0
072 Z000100 13374
072AA000100 63282
072BB000100 0
072CC010100 292661
072CC020100 0
072DD010100 14320
072DD020100 0
072EE000100 166948
073 A010100 0.1800
073 A020100 0.0000
073 B000100 2.1000
073 C000100 0.0000
074 A000100 1
<PAGE> PAGE 14
074 B000100 0
074 C000100 27728
074 D000100 0
074 E000100 0
074 F000100 2374765
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 239
074 K000100 0
074 L000100 6114
074 M000100 39
074 N000100 2408886
074 O000100 11746
074 P000100 1151
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 3318
074 S000100 0
074 T000100 2392671
074 U010100 85154
074 U020100 0
074 V010100 28.10
074 V020100 0.00
074 W000100 0.0000
074 X000100 139
074 Y000100 0
075 A000100 0
075 B000100 2283383
076 000100 0.00
028 A010200 54729
028 A020200 0
028 A030200 0
028 A040200 47019
028 B010200 37223
028 B020200 0
028 B030200 0
028 B040200 33696
028 C010200 33410
028 C020200 25906
028 C030200 0
028 C040200 44822
028 D010200 48522
028 D020200 9
028 D030200 0
028 D040200 53811
028 E010200 18587
028 E020200 -2
028 E030200 0
<PAGE> PAGE 15
028 E040200 44282
028 F010200 25265
028 F020200 1
028 F030200 0
028 F040200 53381
028 G010200 217736
028 G020200 25914
028 G030200 0
028 G040200 277011
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 500000
048 A020200 0.700
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 500000
048 K020200 0.650
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
<PAGE> PAGE 16
070 F010200 Y
070 F020200 Y
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 216118
071 B000200 205133
071 C000200 520233
071 D000200 79
072 A000200 6
072 B000200 1403
072 C000200 4216
072 D000200 0
072 E000200 0
072 F000200 2003
072 G000200 81
072 H000200 0
072 I000200 1396
072 J000200 115
072 K000200 0
072 L000200 114
072 M000200 26
072 N000200 47
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 20
072 S000200 4
072 T000200 0
072 U000200 120
<PAGE> PAGE 17
072 V000200 0
072 W000200 11
072 X000200 3937
072 Y000200 0
072 Z000200 1682
072AA000200 7699
072BB000200 0
072CC010200 71035
072CC020200 0
072DD010200 4462
072DD020200 0
072EE000200 22215
073 A010200 0.1900
073 A020200 0.0000
073 B000200 0.9000
073 C000200 0.0000
074 A000200 1
074 B000200 13570
074 C000200 2321
074 D000200 0
074 E000200 0
074 F000200 531083
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 4315
074 K000200 0
074 L000200 1364
074 M000200 6
074 N000200 552660
074 O000200 9349
074 P000200 324
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 4837
074 S000200 0
074 T000200 538150
074 U010200 23044
074 U020200 0
074 V010200 23.36
074 V020200 21.19
074 W000200 0.0000
074 X000200 66
074 Y000200 0
075 A000200 0
075 B000200 510178
076 000200 0.00
SIGNATURE CAROLINE PEARSON
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Large Company Value Fund Semi-Annual Report for the six months ended 3/31/99 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> Scudder Large Company Value Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,678,251,390
<INVESTMENTS-AT-VALUE> 2,402,492,951
<RECEIVABLES> 6,352,674
<ASSETS-OTHER> 40,062
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,408,885,687
<PAYABLE-FOR-SECURITIES> 11,745,559
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,469,150
<TOTAL-LIABILITIES> 16,214,709
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,618,798,258
<SHARES-COMMON-STOCK> 85,154,220
<SHARES-COMMON-PRIOR> 77,857,803
<ACCUMULATED-NII-CURRENT> 22,175,752
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,455,407
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 724,241,561
<NET-ASSETS> 2,392,670,978
<DIVIDEND-INCOME> 22,436,801
<INTEREST-INCOME> 1,048,318
<OTHER-INCOME> 0
<EXPENSES-NET> 10,111,265
<NET-INVESTMENT-INCOME> 13,373,854
<REALIZED-GAINS-CURRENT> 63,282,086
<APPREC-INCREASE-CURRENT> 292,661,028
<NET-CHANGE-FROM-OPS> 369,316,968
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,320,246)
<DISTRIBUTIONS-OF-GAINS> (166,948,064)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 346,259,731
<NUMBER-OF-SHARES-REDEEMED> (311,609,851)
<SHARES-REINVESTED> 172,806,566
<NET-CHANGE-IN-ASSETS> 395,505,104
<ACCUMULATED-NII-PRIOR> 23,122,144
<ACCUMULATED-GAINS-PRIOR> 131,121,385
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,013,609
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,111,265
<AVERAGE-NET-ASSETS> 2,283,383,138
<PER-SHARE-NAV-BEGIN> 25.65
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 4.57
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (2.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 28.10
<EXPENSE-RATIO> 0.89
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Value Fund Semiannual Report for the six months ended
3/31/99 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> Value Fund-Scudder Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 492,214,364
<INVESTMENTS-AT-VALUE> 546,974,115
<RECEIVABLES> 5,679,754
<ASSETS-OTHER> 5,420
<OTHER-ITEMS-ASSETS> 710
<TOTAL-ASSETS> 552,659,999
<PAYABLE-FOR-SECURITIES> 9,348,864
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,160,750
<TOTAL-LIABILITIES> 14,509,614
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473,903,791
<SHARES-COMMON-STOCK> 1,643,728
<SHARES-COMMON-PRIOR> 1,331,850
<ACCUMULATED-NII-CURRENT> 1,526,945
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,959,898
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,759,751
<NET-ASSETS> 538,150,385
<DIVIDEND-INCOME> 4,216,155
<INTEREST-INCOME> 1,402,761
<OTHER-INCOME> 0
<EXPENSES-NET> 3,937,201
<NET-INVESTMENT-INCOME> 1,681,715
<REALIZED-GAINS-CURRENT> 7,698,585
<APPREC-INCREASE-CURRENT> 71,034,745
<NET-CHANGE-FROM-OPS> 80,415,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,164,872)
<DISTRIBUTIONS-OF-GAINS> (19,711,212)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87,214,459
<NUMBER-OF-SHARES-REDEEMED> (163,782,277)
<SHARES-REINVESTED> 23,313,606
<NET-CHANGE-IN-ASSETS> 20,377,116
<ACCUMULATED-NII-PRIOR> 4,306,919
<ACCUMULATED-GAINS-PRIOR> 22,475,916
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,002,774
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,937,201
<AVERAGE-NET-ASSETS> 510,177,725
<PER-SHARE-NAV-BEGIN> 21.20
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 3.18
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.90)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.36
<EXPENSE-RATIO> 1.32
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Value Fund Semiannual Report for the six months ended
3/31/99 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 21
<NAME> Value Fund-Class A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 492,214,364
<INVESTMENTS-AT-VALUE> 546,974,115
<RECEIVABLES> 5,679,754
<ASSETS-OTHER> 5,420
<OTHER-ITEMS-ASSETS> 710
<TOTAL-ASSETS> 552,659,999
<PAYABLE-FOR-SECURITIES> 9,348,864
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,160,750
<TOTAL-LIABILITIES> 14,509,614
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473,903,791
<SHARES-COMMON-STOCK> 1,643,728
<SHARES-COMMON-PRIOR> 1,331,850
<ACCUMULATED-NII-CURRENT> 1,526,945
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,959,898
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,759,751
<NET-ASSETS> 538,150,385
<DIVIDEND-INCOME> 4,216,155
<INTEREST-INCOME> 1,402,761
<OTHER-INCOME> 0
<EXPENSES-NET> 3,937,201
<NET-INVESTMENT-INCOME> 1,681,715
<REALIZED-GAINS-CURRENT> 7,698,585
<APPREC-INCREASE-CURRENT> 71,034,745
<NET-CHANGE-FROM-OPS> 80,415,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (237,364)
<DISTRIBUTIONS-OF-GAINS> (1,241,379)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 75,103,823
<NUMBER-OF-SHARES-REDEEMED> (68,675,816)
<SHARES-REINVESTED> 1,372,596
<NET-CHANGE-IN-ASSETS> 20,377,116
<ACCUMULATED-NII-PRIOR> 4,306,919
<ACCUMULATED-GAINS-PRIOR> 22,475,916
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,002,774
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,937,201
<AVERAGE-NET-ASSETS> 32,697,338
<PER-SHARE-NAV-BEGIN> 21.19
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 3.18
<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> (0.90)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.36
<EXPENSE-RATIO> 1.41
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Value
Fund Semiannual Report for the six months ended 3/31/99 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 22
<NAME> Value Fund-Class B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 492,214,364
<INVESTMENTS-AT-VALUE> 546,974,115
<RECEIVABLES> 5,679,754
<ASSETS-OTHER> 5,420
<OTHER-ITEMS-ASSETS> 710
<TOTAL-ASSETS> 552,659,999
<PAYABLE-FOR-SECURITIES> 9,348,864
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,160,750
<TOTAL-LIABILITIES> 14,509,614
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473,903,791
<SHARES-COMMON-STOCK> 1,279,284
<SHARES-COMMON-PRIOR> 860,214
<ACCUMULATED-NII-CURRENT> 1,526,945
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,959,898
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,759,751
<NET-ASSETS> 538,150,385
<DIVIDEND-INCOME> 4,216,155
<INTEREST-INCOME> 1,402,761
<OTHER-INCOME> 0
<EXPENSES-NET> 3,937,201
<NET-INVESTMENT-INCOME> 1,681,715
<REALIZED-GAINS-CURRENT> 7,698,585
<APPREC-INCREASE-CURRENT> 71,034,745
<NET-CHANGE-FROM-OPS> 80,415,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (47,930)
<DISTRIBUTIONS-OF-GAINS> (1,035,831)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,776,187
<NUMBER-OF-SHARES-REDEEMED> (5,174,758)
<SHARES-REINVESTED> 1,004,017
<NET-CHANGE-IN-ASSETS> 20,377,116
<ACCUMULATED-NII-PRIOR> 4,306,919
<ACCUMULATED-GAINS-PRIOR> 22,475,916
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,002,774
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,937,201
<AVERAGE-NET-ASSETS> 26,779,014
<PER-SHARE-NAV-BEGIN> 21.11
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 3.16
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.90)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.31
<EXPENSE-RATIO> 2.15
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Value
Fund Semiannual Report for the six months ended 3/31/99 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 23
<NAME> Value Fund - Class C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 492,214,364
<INVESTMENTS-AT-VALUE> 546,974,115
<RECEIVABLES> 5,679,754
<ASSETS-OTHER> 5,420
<OTHER-ITEMS-ASSETS> 710
<TOTAL-ASSETS> 552,659,999
<PAYABLE-FOR-SECURITIES> 9,348,864
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,160,750
<TOTAL-LIABILITIES> 14,509,614
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 473,903,791
<SHARES-COMMON-STOCK> 252,039
<SHARES-COMMON-PRIOR> 138,908
<ACCUMULATED-NII-CURRENT> 1,526,945
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,959,898
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,759,751
<NET-ASSETS> 538,150,385
<DIVIDEND-INCOME> 4,216,155
<INTEREST-INCOME> 1,402,761
<OTHER-INCOME> 0
<EXPENSES-NET> 3,937,201
<NET-INVESTMENT-INCOME> 1,681,715
<REALIZED-GAINS-CURRENT> 7,698,585
<APPREC-INCREASE-CURRENT> 71,034,745
<NET-CHANGE-FROM-OPS> 80,415,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,523)
<DISTRIBUTIONS-OF-GAINS> (226,181)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,641,111
<NUMBER-OF-SHARES-REDEEMED> (39,378,489)
<SHARES-REINVESTED> 223,904
<NET-CHANGE-IN-ASSETS> 20,377,116
<ACCUMULATED-NII-PRIOR> 4,306,919
<ACCUMULATED-GAINS-PRIOR> 22,475,916
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,002,774
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,937,201
<AVERAGE-NET-ASSETS> 5,453,606
<PER-SHARE-NAV-BEGIN> 21.13
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 3.15
<PER-SHARE-DIVIDEND> (0.04)
<PER-SHARE-DISTRIBUTIONS> (0.90)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.33
<EXPENSE-RATIO> 2.12
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder Value Fund (the
"Fund") was held on December 17, 1998, at the office of Scudder Kemper
Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the
Meeting the following matters were voted upon by the shareholders (the resulting
votes for each matter are presented below).
1. To approve a new Investment Management Agreement for the Fund with Scudder
Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
14,163,107 330,254 536,564 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
10,540,571 479,989 660,978 3,348,387
- --------------------------------------------------------------------------------
* 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.
29 - Scudder Value Fund
Shareholder Meeting Results
A Special Meeting of Shareholders (the "Meeting") of Scudder Large Company Value
Fund (the "Fund") was held on December 15, 1998, at the office of Scudder Kemper
Investments, Inc., Two International Place, Boston, Massachusetts 02110. At the
Meeting the following matters were voted upon by the shareholders (the resulting
votes for each matter are presented below).
1. To approve a new Investment Management Agreement for the Fund with
Scudder Kemper Investments, Inc.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
40,548,767 1,235,900 1,585,712 0
2. To approve the revision of the Fund's fundamental lending policy.
Number of Votes:
----------------
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
37,468,110 1,928,963 2,287,319 1,685,987
- --------------------------------------------------------------------------------
* 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.
21 - Scudder Large Company Value Fund
