<PAGE> PAGE 1
000 B000000 07/31/1999
000 C000000 0000088051
000 D000000 Y
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
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 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
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02110
<PAGE> PAGE 2
012 A00AA01 SCUDDER SERVICE CORPORATION
012 B00AA01 84-1489
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02107
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
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
<PAGE> PAGE 3
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
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 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
<PAGE> PAGE 4
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.
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
<PAGE> PAGE 5
015 B00AA28 S
015 C01AA28 NAIROBI
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
<PAGE> PAGE 6
015 C01AA38 WARSAW
015 D01AA38 POLAND
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
<PAGE> PAGE 7
015 D01AA48 TAIWAN
015 E04AA48 X
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 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
<PAGE> PAGE 8
015 C03AA59 02110
015 E01AA59 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 84
019 C00AA00 SCUDDERKEM
020 A000001 SCHROEDER WERTHEIM @ CO
020 C000001 147
020 A000002 ALEX BROWN AND SONS
020 B000002 52-1319768
020 C000002 137
020 A000003 BEAR, STERNS AND COMPANY
020 B000003 13-3299429
020 C000003 130
020 A000004 COWEN
020 B000004 13-5616116
020 C000004 118
020 A000005 SMITH BARNEY SHEARSON
020 B000005 13-1912900
020 C000005 109
020 A000006 S G WARBUG & COMPANY INC.
020 B000006 13-3243112
020 C000006 103
020 A000007 SANFORD C BERNSTIEIN & COMPANY INC.
020 B000007 13-2625874
020 C000007 97
020 A000008 GOLDMAN, SACHS AND COMPANY
020 B000008 13-5108880
020 C000008 77
020 A000009 PAINE WEBBER
020 B000009 13-2638166
020 C000009 74
020 A000010 FOX PITT KELTON
020 C000010 70
021 000000 2118
022 A000001 STATE STREET BANK
022 B000001 04-1867445
022 C000001 8076922
022 D000001 0
022 A000002 DONALDSON LUKIN & JENRETTE FIXED INC.
022 B000002 13-2741729
022 C000002 2512838
022 D000002 660
022 A000003 CREDIT SUISE FIRST BOSTON
022 B000003 13-5659485
022 C000003 2198
022 D000003 26365
022 A000004 SMITH BARNEY SHEARSON
022 B000004 13-1912900
022 C000004 2101
022 D000004 15364
<PAGE> PAGE 9
022 A000005 GOLDMAN, SACHS AND COMPANY
022 B000005 13-5108880
022 C000005 16318
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 10612954
023 D000000 44277
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
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 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
<PAGE> PAGE 10
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
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
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
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
<PAGE> PAGE 11
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
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
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 NATIONAL/CHUBB INSURANCE COMPANY
080 C00AA00 150000
081 A00AA00 Y
081 B00AA00 206
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 42274
028 A020100 1
028 A030100 0
028 A040100 51463
<PAGE> PAGE 12
028 B010100 40889
028 B020100 0
028 B030100 0
028 B040100 43805
028 C010100 56409
028 C020100 0
028 C030100 0
028 C040100 37703
028 D010100 47597
028 D020100 0
028 D030100 0
028 D040100 58378
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 187169
028 G020100 1
028 G030100 0
028 G040100 191350
028 H000100 0
045 000100 Y
046 000100 N
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
<PAGE> PAGE 13
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
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 N
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 742489
071 B000100 687060
071 C000100 2341734
071 D000100 29
072 A000100 10
072 B000100 1703
072 C000100 40731
072 D000100 0
072 E000100 0
072 F000100 12262
<PAGE> PAGE 14
072 G000100 0
072 H000100 0
072 I000100 4411
072 J000100 177
072 K000100 0
072 L000100 276
072 M000100 30
072 N000100 73
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 53
072 S000100 24
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 165
072 X000100 17471
072 Y000100 0
072 Z000100 24963
072AA000100 109585
072BB000100 0
072CC010100 401442
072CC020100 0
072DD010100 14321
072DD020100 0
072EE000100 166948
073 A010100 0.1800
073 A020100 0.0000
073 B000100 2.1000
073 C000100 0.0000
074 A000100 0
074 B000100 37050
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 2516371
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 13610
074 K000100 0
074 L000100 5137
074 M000100 17
074 N000100 2572185
074 O000100 14465
074 P000100 1278
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
<PAGE> PAGE 15
074 R040100 1280
074 S000100 0
074 T000100 2555162
074 U010100 85028
074 U020100 0
074 V010100 30.05
074 V020100 0.00
074 W000100 0.0000
074 X000100 137179
074 Y000100 0
075 A000100 0
075 B000100 2406602
076 000100 0.00
SIGNATURE JOHN MILLETTE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Large Company Value Fund Annual Report for the period ended 7/31/99 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> YEAR
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> SEP-30-1998
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 1,720,398,568
<INVESTMENTS-AT-VALUE> 2,553,420,756
<RECEIVABLES> 18,747,044
<ASSETS-OTHER> 16,842
<OTHER-ITEMS-ASSETS> 383
<TOTAL-ASSETS> 2,572,185,025
<PAYABLE-FOR-SECURITIES> 14,465,056
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,557,601
<TOTAL-LIABILITIES> 17,022,657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,628,588,585
<SHARES-COMMON-STOCK> 85,028,260
<SHARES-COMMON-PRIOR> 77,857,803
<ACCUMULATED-NII-CURRENT> 19,761,249
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 73,790,346
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 833,022,188
<NET-ASSETS> 2,555,162,368
<DIVIDEND-INCOME> 40,731,352
<INTEREST-INCOME> 1,702,725
<OTHER-INCOME> 0
<EXPENSES-NET> 17,470,888
<NET-INVESTMENT-INCOME> 24,963,189
<REALIZED-GAINS-CURRENT> 109,584,503
<APPREC-INCREASE-CURRENT> 401,441,655
<NET-CHANGE-FROM-OPS> 535,989,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,320,764)
<DISTRIBUTIONS-OF-GAINS> (166,948,064)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 533,428,766
<NUMBER-OF-SHARES-REDEEMED> (502,959,873)
<SHARES-REINVESTED> 172,807,082
<NET-CHANGE-IN-ASSETS> 557,996,494
<ACCUMULATED-NII-PRIOR> 23,122,144
<ACCUMULATED-GAINS-PRIOR> 131,121,385
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,261,953
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,470,888
<AVERAGE-NET-ASSETS> 2,406,601,968
<PER-SHARE-NAV-BEGIN> 25.65
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 6.38
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (2.10)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 30.05
<EXPENSE-RATIO> 0.87
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Value Equity Trust:
In planning and performing our audit of the financial statements and financial
highlights (hereinafter referred to as "financial statements") of Scudder Large
Company Value Fund, a series of Value Equity Trust, for the period ended July
31, 1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements 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 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, error or fraud 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
July 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Value Equity Trust and the Securities and Exchange
Commission.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
September 16, 1999
