VALUE EQUITY TRUST
497, 1999-05-05
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Supplement to the combined Statement of Additional Information dated March 31,
1999 for the listed funds:

     Scudder Select 500 Fund
     Scudder Select 1000 Growth Fund

   The following language is added to the "Investment Adviser" section of the
   Funds' Statement of Additional Information:


   "The term Scudder Investments is the designation given to the services
   provided by Scudder Kemper Investments, Inc. and its affiliates to the
   Scudder Family of Funds."













April 30, 1999


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