<PAGE> PAGE 1
000 A000000 08/31/1999
000 C000000 0000088051
000 D000000 N
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 6172952567
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 4
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 SCUDDER SELECT 500 FUND
007 C030300 N
007 C010400 4
007 C020400 SCUDDER SELECT 1000 GROWTH FUND
007 C030400 N
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 02110
011 A00AA01 SCUDDER INVESTOR SERVICES, INC.
011 B00AA01 8-298
011 C01AA01 BOSTON
011 C02AA01 MA
<PAGE> PAGE 2
011 C03AA01 02110
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 KEMPER DISTRIBUTORS
014 B00AA02 8-47765
014 A00AA03 ZURICH CAPITAL MARKETS
014 B00AA03 8-49827
014 A00AA04 LIS SECURITIES, LLC
014 B00AA04 8-31022
014 A00AA05 INVESTORS BROKERAGE SERVICE, INC.
014 B00AA05 8-14989
014 A00AA06 DELETE
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 74
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
<PAGE> PAGE 3
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
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
<PAGE> PAGE 4
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
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
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 Y
053 A00AA00 Y
053 B00AA00 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
<PAGE> PAGE 5
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
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 N
066 D00AA00 N
066 E00AA00 Y
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
<PAGE> PAGE 6
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 A010300 28184
028 A020300 0
028 A030300 0
028 A040300 95
028 B010300 4545
028 B020300 52
028 B030300 0
028 B040300 772
028 C010300 2507
028 C020300 0
028 C030300 0
028 C040300 1970
028 D010300 3072
028 D020300 0
028 D030300 0
028 D040300 1005
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 38308
028 G020300 52
028 G030300 0
028 G040300 3842
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.700
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
<PAGE> PAGE 7
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
<PAGE> PAGE 8
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 38559
071 B000300 4370
071 C000300 31201
071 D000300 42
072 A000300 4
072 B000300 22
072 C000300 147
072 D000300 0
072 E000300 0
072 F000300 64
072 G000300 0
072 H000300 0
072 I000300 87
072 J000300 33
072 K000300 0
072 L000300 4
072 M000300 5
072 N000300 23
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 5
072 S000300 2
072 T000300 0
072 U000300 15
072 V000300 0
072 W000300 3
072 X000300 241
072 Y000300 172
072 Z000300 100
072AA000300 0
072BB000300 330
072CC010300 147
072CC020300 0
072DD010300 53
072DD020300 0
072EE000300 0
073 A010300 0.0200
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 318
074 D000300 0
074 E000300 0
074 F000300 35006
074 G000300 0
<PAGE> PAGE 9
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 85
074 M000300 0
074 N000300 35409
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 27
074 S000300 0
074 T000300 35382
074 U010300 2887
074 U020300 0
074 V010300 11.91
074 V020300 0.00
074 W000300 0.0000
074 X000300 4378
074 Y000300 0
075 A000300 0
075 B000300 31114
076 000300 0.00
028 A010400 15423
028 A020400 0
028 A030400 0
028 A040400 65
028 B010400 2537
028 B020400 0
028 B030400 0
028 B040400 219
028 C010400 3008
028 C020400 0
028 C030400 0
028 C040400 352
028 D010400 1161
028 D020400 0
028 D030400 0
028 D040400 539
028 E010400 0
028 E020400 0
028 E030400 0
028 E040400 0
028 F010400 0
028 F020400 0
028 F030400 0
028 F040400 0
028 G010400 22129
<PAGE> PAGE 10
028 G020400 0
028 G030400 0
028 G040400 1175
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.700
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
<PAGE> PAGE 11
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 22908
071 B000400 2294
071 C000400 18465
071 D000400 37
072 A000400 4
072 B000400 13
072 C000400 92
072 D000400 0
072 E000400 0
072 F000400 37
072 G000400 0
072 H000400 0
072 I000400 60
072 J000400 21
072 K000400 0
072 L000400 3
072 M000400 5
072 N000400 21
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 5
072 S000400 2
072 T000400 0
072 U000400 15
072 V000400 0
072 W000400 3
072 X000400 172
072 Y000400 132
072 Z000400 65
072AA000400 0
072BB000400 89
072CC010400 426
072CC020400 0
072DD010400 0
072DD020400 0
<PAGE> PAGE 12
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 345
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 20951
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 6
074 L000400 58
074 M000400 0
074 N000400 21360
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 3
074 S000400 0
074 T000400 21357
074 U010400 1736
074 U020400 0
074 V010400 12.30
074 V020400 0.00
074 W000400 0.0000
074 X000400 2988
074 Y000400 0
075 A000400 0
075 B000400 18395
076 000400 0.00
SIGNATURE JOHN MILLETTE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Select 500 Fund Semiannual Report for the period ended
8/31/1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Scudder Select 500 Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-2000
<PERIOD-START> MAY-17-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 34,176,918
<INVESTMENTS-AT-VALUE> 34,323,638
<RECEIVABLES> 84,799
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 419
<TOTAL-ASSETS> 34,408,856
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,637
<TOTAL-LIABILITIES> 26,637
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,518,693
<SHARES-COMMON-STOCK> 2,887,317
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 46,634
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (329,828)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 146,720
<NET-ASSETS> 34,382,219
<DIVIDEND-INCOME> 146,584
<INTEREST-INCOME> 21,640
<OTHER-INCOME> 0
<EXPENSES-NET> 68,407
<NET-INVESTMENT-INCOME> 99,817
<REALIZED-GAINS-CURRENT> (329,828)
<APPREC-INCREASE-CURRENT> 146,720
<NET-CHANGE-FROM-OPS> (83,291)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (53,183)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,308,132
<NUMBER-OF-SHARES-REDEEMED> (3,842,334)
<SHARES-REINVESTED> 51,695
<NET-CHANGE-IN-ASSETS> 34,381,019
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63,847
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 240,712
<AVERAGE-NET-ASSETS> 31,113,595
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> (0.11)
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.91
<EXPENSE-RATIO> 0.75
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
Scudder Select 1000 Fund Semiannual Report for the period ended
8/31/1999 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Scudder Select 1000 Fund
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-2000
<PERIOD-START> MAY-17-1999
<PERIOD-END> AUG-31-1999
<INVESTMENTS-AT-COST> 20,870,231
<INVESTMENTS-AT-VALUE> 21,295,742
<RECEIVABLES> 63,685
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 498
<TOTAL-ASSETS> 21,359,925
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,788
<TOTAL-LIABILITIES> 2,788
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,954,844
<SHARES-COMMON-STOCK> 1,735,713
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 65,428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (88,646)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 425,511
<NET-ASSETS> 21,357,137
<DIVIDEND-INCOME> 92,320
<INTEREST-INCOME> 13,175
<OTHER-INCOME> 0
<EXPENSES-NET> 40,067
<NET-INVESTMENT-INCOME> 65,428
<REALIZED-GAINS-CURRENT> (88,646)
<APPREC-INCREASE-CURRENT> 425,511
<NET-CHANGE-FROM-OPS> 402,293
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,128,916
<NUMBER-OF-SHARES-REDEEMED> (1,175,272)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,355,937
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 172,138
<AVERAGE-NET-ASSETS> 18,395,481
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.25
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.30
<EXPENSE-RATIO> 0.75
</TABLE>
