VALUE EQUITY TRUST
NSAR-B, 2000-05-10
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<PAGE>      PAGE  1
000 B000000 02/29/2000
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
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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070 A010300 Y
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070 D020300 N
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<PAGE>      PAGE  8
070 E020300 N
070 F010300 Y
070 F020300 N
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070 H020300 N
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070 I020300 N
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070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
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070 M020300 N
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070 N020300 N
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070 O020300 N
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070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
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<PAGE>      PAGE  9
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073 A020300   0.0000
073 B000300   0.0200
073 C000300   0.0000
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074 V020300     0.00
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076  000300     0.00
028 A010400      1016
<PAGE>      PAGE  10
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028 B010400       829
028 B020400         0
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045  000400 Y
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048 J010400        0
<PAGE>      PAGE  11
048 J020400 0.000
048 K010400        0
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070 A010400 Y
070 A020400 Y
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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
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
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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SIGNATURE   JOHN MILLETTE
TITLE       VICE PRESIDENT


                        REPORT OF INDEPENDENT ACCOUNTANTS


To the Trustees of Value Equity Trust and the Shareholders of Scudder Select 500
Fund and Scudder Select 1000 Growth Fund:

In planning and  performing  our audit of the  financial  statements  of Scudder
Select 500 Fund and  Scudder  Select 1000  Growth  Fund,  both a series of Value
Equity Trust, (the "Funds"),  for the period from May 17, 1999  (commencement of
operations) to February 29, 2000, 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 the Funds 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,  errors 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  controls  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
February 29, 2000.

This  report is intended  solely for the  information  and use of the  Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts
March 24, 2000

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
Select 500 Fund Annual Report for the fiscal year ended February 29, 2000 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>                        YEAR
<FISCAL-YEAR-END>                  FEB-29-2000
<PERIOD-START>                     MAY-17-2000
<PERIOD-END>                       FEB-29-2000
<INVESTMENTS-AT-COST>                     29,764,321
<INVESTMENTS-AT-VALUE>                    32,951,503
<RECEIVABLES>                              1,090,760
<ASSETS-OTHER>                                     0
<OTHER-ITEMS-ASSETS>                               0
<TOTAL-ASSETS>                            34,042,263
<PAYABLE-FOR-SECURITIES>                     164,833
<SENIOR-LONG-TERM-DEBT>                            0
<OTHER-ITEMS-LIABILITIES>                    909,251
<TOTAL-LIABILITIES>                        1,074,084
<SENIOR-EQUITY>                                    0
<PAID-IN-CAPITAL-COMMON>                  30,915,142
<SHARES-COMMON-STOCK>                      2,611,328
<SHARES-COMMON-PRIOR>                            100
<ACCUMULATED-NII-CURRENT>                         (0)
<OVERDISTRIBUTION-NII>                             0
<ACCUMULATED-NET-GAINS>                   (1,134,145)
<OVERDISTRIBUTION-GAINS>                           0
<ACCUM-APPREC-OR-DEPREC>                   3,187,182
<NET-ASSETS>                              32,968,179
<DIVIDEND-INCOME>                            307,713
<INTEREST-INCOME>                             25,586
<OTHER-INCOME>                                     0
<EXPENSES-NET>                               196,745
<NET-INVESTMENT-INCOME>                      136,554
<REALIZED-GAINS-CURRENT>                  (1,134,145)
<APPREC-INCREASE-CURRENT>                  3,187,182
<NET-CHANGE-FROM-OPS>                      2,189,591
<EQUALIZATION>                                     0
<DISTRIBUTIONS-OF-INCOME>                   (178,394)
<DISTRIBUTIONS-OF-GAINS>                           0
<DISTRIBUTIONS-OTHER>                        (40,055)
<NUMBER-OF-SHARES-SOLD>                   47,406,748
<NUMBER-OF-SHARES-REDEEMED>              (16,621,897)
<SHARES-REINVESTED>                          210,986
<NET-CHANGE-IN-ASSETS>                    32,966,979
<ACCUMULATED-NII-PRIOR>                            0
<ACCUMULATED-GAINS-PRIOR>                          0
<OVERDISTRIB-NII-PRIOR>                            0
<OVERDIST-NET-GAINS-PRIOR>                         0
<GROSS-ADVISORY-FEES>                        183,253
<INTEREST-EXPENSE>                               662
<GROSS-EXPENSE>                              521,587
<AVERAGE-NET-ASSETS>                      33,154,104
<PER-SHARE-NAV-BEGIN>                          12.00
<PER-SHARE-NII>                                 0.07
<PER-SHARE-GAIN-APPREC>                         0.64
<PER-SHARE-DIVIDEND>                           (0.06)
<PER-SHARE-DISTRIBUTIONS>                       0.00
<RETURNS-OF-CAPITAL>                           (0.02)
<PER-SHARE-NAV-END>                            12.63
<EXPENSE-RATIO>                                 0.75
[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 Scudder
Select 1000 Annual  Report for the fiscal  year ended  February  29, 2000 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> Scudder Select 1000

<S>                          <C>
<PERIOD-TYPE>                        YEAR
<FISCAL-YEAR-END>                  FEB-29-2000
<PERIOD-START>                     MAY-17-2000
<PERIOD-END>                       FEB-29-2000
<INVESTMENTS-AT-COST>                     23,433,685
<INVESTMENTS-AT-VALUE>                    29,264,951
<RECEIVABLES>                                757,304
<ASSETS-OTHER>                                   565
<OTHER-ITEMS-ASSETS>                               0
<TOTAL-ASSETS>                            30,022,820
<PAYABLE-FOR-SECURITIES>                     871,764
<SENIOR-LONG-TERM-DEBT>                            0
<OTHER-ITEMS-LIABILITIES>                    224,000
<TOTAL-LIABILITIES>                        1,095,764
<SENIOR-EQUITY>                                    0
<PAID-IN-CAPITAL-COMMON>                  23,286,032
<SHARES-COMMON-STOCK>                      1,913,407
<SHARES-COMMON-PRIOR>                            100
<ACCUMULATED-NII-CURRENT>                         (0)
<OVERDISTRIBUTION-NII>                             0
<ACCUMULATED-NET-GAINS>                     (190,242)
<OVERDISTRIBUTION-GAINS>                           0
<ACCUM-APPREC-OR-DEPREC>                   5,831,266
<NET-ASSETS>                              28,927,056
<DIVIDEND-INCOME>                            132,117
<INTEREST-INCOME>                             22,957
<OTHER-INCOME>                                     0
<EXPENSES-NET>                               137,292
<NET-INVESTMENT-INCOME>                       17,782
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<PER-SHARE-NII>                                 0.01
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<EXPENSE-RATIO>                                 0.76
[AVG-DEBT-OUTSTANDING]                             0
[AVG-DEBT-PER-SHARE]                               0


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