<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Value
Fund Annual Report for the fiscal year ended 9/30/2000 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000088051
<NAME> VALUE EQUITY TRUST
<SERIES>
<NUMBER> 01
<NAME> VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 350,340,381
<INVESTMENTS-AT-VALUE> 410,341,961
<RECEIVABLES> 12,790,630
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29,344
<TOTAL-ASSETS> 423,161,935
<PAYABLE-FOR-SECURITIES> 1,377,209
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,922,038
<TOTAL-LIABILITIES> 3,299,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 315,202,292
<SHARES-COMMON-STOCK> 1,968,732
<SHARES-COMMON-PRIOR> 1,845,326
<ACCUMULATED-NII-CURRENT> 1,995,574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42,663,242
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60,001,580
<NET-ASSETS> 419,862,688
<DIVIDEND-INCOME> 8,226,085
<INTEREST-INCOME> 468,074
<OTHER-INCOME> 0
<EXPENSES-NET> 6,682,968
<NET-INVESTMENT-INCOME> 2,011,191
<REALIZED-GAINS-CURRENT> 52,726,443
<APPREC-INCREASE-CURRENT> 13,596,001
<NET-CHANGE-FROM-OPS> 68,333,635
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (267,406)
<DISTRIBUTIONS-OF-GAINS> (1,426,862)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,085,807
<NUMBER-OF-SHARES-REDEEMED> (36,365,690)
<SHARES-REINVESTED> 1,625,719
<NET-CHANGE-IN-ASSETS> (63,897,005)
<ACCUMULATED-NII-PRIOR> 2,922,969
<ACCUMULATED-GAINS-PRIOR> 6,427,161
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,001,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,755,433
<AVERAGE-NET-ASSETS> 42,978,870
<PER-SHARE-NAV-BEGIN> 22.89
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 3.78
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (0.85)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.75
<EXPENSE-RATIO> 1.68
</TABLE>
