UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    FORM N-PX
                     ANNUAL REPORT OF PROXY VOTING RECORD OF
                      Scudder RREEF Real Estate Fund, Inc.

Investment Company Act file number  811-21172

                      Scudder RREEF Real Estate Fund, Inc.
               (Exact name of registrant as specified in charter)


                                One South Street
                               Baltimore, MD 21202
               (Address of principal executive offices) (Zip code)

                                  John Millette
                                    Secretary
                             Two International Place
                                Boston, MA 02110
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 617-295-1000

Date of fiscal year end:  12/31
                          -----

Date of reporting period:  7/1/03-6/30/04
                         ----------------

Form N-PX is to be used by a registered management investment company, other
than a small business investment company registered on Form N-5 (ss.ss. 239.24
and 274.5 of this chapter), to file reports with the Commission, not later than
August 31 of each year, containing the registrant's proxy voting record for the
most recent twelve-month period ended June 30, pursuant to section 30 of the
Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4).
The Commission may use the information provided on Form N-PX in its regulatory,
disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-PX, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-PX unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.




ProxyEdge -  Investment Company Report                   Report Date: 07/19/2004
Meeting Date Range: 07/01/2003 to 06/30/2004
Selected Accounts: Scudder RREEF Real Est Fund



- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN FINANCIAL REALTY TRUST                                                                      Annual Meeting Date: 09/25/2003
Issuer: 02607P                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------
                         

   01     AMENDMENT OF THE TRUST S AMENDED AND RESTATED                         Management            For               No
          DECLARATION OF TRUST TO DE-STAGGER THE BOARD
          OF TRUSTEES AND PROVIDE THAT ALL TRUSTEES WILL BE SUBJECT TO
          RE-ELECTION ON AN ANNUAL BASIS.

   02     DIRECTOR                                                              Management            For               No

   03     AMENDMENT AND RESTATEMENT OF THE TRUST S 2002                         Management          Against             Yes
          EQUITY INCENTIVE PLAN, INCLUDING A 6,750,000
          INCREASE IN THE NUMBER OF COMMON SHARES AUTHORIZED FOR ISSUANCE UNDER
          THE 2002 EQUITY INCENTIVE PLAN.



- ------------------------------------------------------------------------------------------------------------------------------------
NATIONAL HEALTH INVESTORS, INC.                                                 NHI                  Annual Meeting Date: 04/20/2004
Issuer: 63633D                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

    I     DIRECTOR                                                              Management            For               No

   II     PROPOSAL TO RATIFY THE AUDIT COMMITTEE S SELECTION                    Management            For               No
          OF ERNST & YOUNG LLP AS INDEPENDENT AUDITOR



- ------------------------------------------------------------------------------------------------------------------------------------
AMLI RESIDENTIAL PROPERTIES TRUST                                               AML                  Annual Meeting Date: 04/26/2004
Issuer: 001735                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO RATIFY THE APPOINTMENT OF KPMG LLP AS THE                          Management            For               No
          COMPANY S INDEPENDENT AUDITORS FOR THE FISCAL
          YEAR ENDING DECEMBER 31, 2004.



- ------------------------------------------------------------------------------------------------------------------------------------
REGENCY CENTERS CORPORATION                                                     REG                  Annual Meeting Date: 04/28/2004
Issuer: 758849                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     AMENDMENT TO REGENCY S RESTATED ARTICLES OF INCORPORATION             Management            For               No
          TO ELIMINATE CLASSIFICATION OF THE BOARD OF DIRECTORS.

   03     AMENDMENT TO REGENCY S RESTATED ARTICLES OF INCORPORATION             Shareholder         Against             Yes
          TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF
          PREFERRED STOCK.

   04     AMENDMENT TO REGENCY S RESTATED ARTICLES OF INCORPORATION             Management            For               No
          TO DELETE MATTERS OF HISTORICAL INTEREST RELATING
          TO SECURITY CAPITAL S OWNERSHIP LIMIT.



- ------------------------------------------------------------------------------------------------------------------------------------
CARRAMERICA REALTY CORPORATION                                                  CRE                  Annual Meeting Date: 04/29/2004
Issuer: 144418                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO LIMIT THE LENGTH OF SERVICE OF THE MEMBERS                         Shareholder         Against             No
          OF THE BOARD OF DIRECTORS TO SIX YEARS



- ------------------------------------------------------------------------------------------------------------------------------------
APARTMENT INVESTMENT AND MANAGEMENT                                             AIV                  Annual Meeting Date: 04/30/2004
Issuer: 03748R                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO RATIFY THE SELECTION OF ERNST & YOUNG LLP                          Management            For               No
          TO SERVE AS INDEPENDENT AUDITORS FOR THE COMPANY
          FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.

   03     TO APPROVE THE SALE OF HIGH PERFORMANCE UNITS.                        Management            For               No

   04     TO URGE THE COMPENSATION AND HUMAN RESOURCES                          Shareholder           For               Yes
          COMMITTEE OF THE BOARD TO ESTABLISH A POLICY
          TO SEEK STOCKHOLDER APPROVAL OF CERTAIN EXECUTIVE
          SEVERANCE ARRANGEMENTS.



- ------------------------------------------------------------------------------------------------------------------------------------
AVALONBAY COMMUNITIES, INC.                                                     AVB                  Annual Meeting Date: 05/05/2004
Issuer: 053484                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO CONSIDER AND ACT UPON A STOCKHOLDER PROPOSAL                       Shareholder           For               Yes
          DESCRIBED IN THE PROXY STATEMENT IF PROPERLY
          PRESENTED AT THE ANNUAL MEETING.



- ------------------------------------------------------------------------------------------------------------------------------------
GLENBOROUGH REALTY TRUST INCORPORATE                                            GLB                  Annual Meeting Date: 05/05/2004
Issuer: 37803P                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
LIBERTY PROPERTY TRUST                                                          LRY                  Annual Meeting Date: 05/05/2004
Issuer: 531172                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     APPROVAL OF THE PROPOSAL TO AMEND THE DECLARATION                     Management            For               No
          OF TRUST OF THE TRUST TO AMEND AND RESTATE IN
          ITS ENTIRETY ARTICLE VII OF THE DECLARATION OF
          TRUST.

   03     APPROVAL OF THE PROPOSAL TO AMEND THE DECLARATION                     Management          Against             Yes
          OF TRUST TO AMEND SECTIONS 6.2, 6.3 AND 10.1
          (D) OF THE DECLARATION OF TRUST.

   04     APPROVAL OF THE PROPOSAL TO AMEND THE TRUST S                         Management          Against             Yes
          AMENDED AND RESTATED SHARE INCENTIVE PLAN, INCLUDING AN AMENDMENT TO
          INCREASE THE NUMBER OF SHARES AVAILABLE FOR AWARDS THEREUNDER BY
          1,500,000 SHARES TO 11,426,256 SHARES.



- ------------------------------------------------------------------------------------------------------------------------------------
SIMON PROPERTY GROUP, INC.                                                      SPG                  Annual Meeting Date: 05/05/2004
Issuer: 828806                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG                      Management            For               No
          LLP AS INDEPENDENT ACCOUNTANTS FOR 2004.

   03     TO CONSIDER AND VOTE ON A STOCKHOLDER PROPOSAL.                       Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
TOWN & COUNTRY TRUST                                                            TCT                  Annual Meeting Date: 05/05/2004
Issuer: 892081                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
PUBLIC STORAGE, INC.                                                            PSA                  Annual Meeting Date: 05/06/2004
Issuer: 74460D                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF APPOINTMENT OF ERNST & YOUNG                          Management            For               No
          LLP, INDEPENDENT AUDITORS, TO AUDIT THE ACCOUNTS
          OF PUBLIC STORAGE, INC. FOR THE FISCAL YEAR ENDING
          DECEMBER 31, 2004.



- ------------------------------------------------------------------------------------------------------------------------------------
GLIMCHER REALTY TRUST                                                           GRT                  Annual Meeting Date: 05/07/2004
Issuer: 379302                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS             Management            For               No
          LLP AS THE COMPANY S INDEPENDENT PUBLIC ACCOUNTANTS
          FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.

   03     APPROVAL OF THE 2004 INCENTIVE COMPENSATION PLAN.                     Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
HERITAGE PROPERTY INVESTMENT TRUST,                                             HTG                  Annual Meeting Date: 05/07/2004
Issuer: 42725M                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO VOTE AND ACT WITH DISCRETIONARY AUTHORITY                          Management          Against             Yes
          UPON, OR IN REGARD TO, ANY OTHER MATTERS WHICH
          MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNED OR
          POSTPONED SESSION THEREOF.



- ------------------------------------------------------------------------------------------------------------------------------------
ARDEN REALTY, INC.                                                              ARI                  Annual Meeting Date: 05/11/2004
Issuer: 039793                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     STOCKHOLDER PROPOSAL REGARDING SEVERANCE AGREEMENTS                   Shareholder           For               Yes
          FOR SENIOR EXECUTIVES.



- ------------------------------------------------------------------------------------------------------------------------------------
HRPT PROPERTIES TRUST                                                           HRP                  Annual Meeting Date: 05/11/2004
Issuer: 40426W                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
SENIOR HOUSING PROPERTIES TRUST                                                 SNH                  Annual Meeting Date: 05/11/2004
Issuer: 81721M                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT PROPERTIES TRUST                                                  EPR                  Annual Meeting Date: 05/12/2004
Issuer: 29380T                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     PROPOSAL TO AMEND THE 1997 SHARE INCENTIVE PLAN                       Management            For               No

   03     PROPOSAL TO RATIFY THE APPOINTMENT OF KPMG, LLP                       Management            For               No
          AS THE COMPANY S INDEPENDENT AUDITORS FOR 2004



- ------------------------------------------------------------------------------------------------------------------------------------
FIRST INDUSTRIAL REALTY TRUST, INC.                                             FR                   Annual Meeting Date: 05/12/2004
Issuer: 32054K                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF THE SELECTION OF PRICEWATERHOUSECOOPERS               Management            For               No
          LLP AS THE COMPANY S INDEPENDENT AUDITORS.



- ------------------------------------------------------------------------------------------------------------------------------------
NEW PLAN EXCEL REALTY TRUST, INC.                                               NXL                  Annual Meeting Date: 05/12/2004
Issuer: 648053                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
HIGHWOODS PROPERTIES, INC.                                                      HIW                  Annual Meeting Date: 05/18/2004
Issuer: 431284                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG                      Management            For               No
          LLP AS INDEPENDENT AUDITORS FOR THE FISCAL YEAR
          ENDING DECEMBER 31, 2004.

   03     OTHER BUSINESS: IN HIS DISCRETION, THE PROXY                          Management          Against             Yes
          IS AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
          AS MAY PROPERLY COME BEFORE THE MEETING OR ANY
          ADJOURNMENTS THEREOF.



- ------------------------------------------------------------------------------------------------------------------------------------
KILROY REALTY CORPORATION                                                       KRC                  Annual Meeting Date: 05/18/2004
Issuer: 49427F                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
ARCHSTONE-SMITH TRUST                                                           ASN                  Annual Meeting Date: 05/20/2004
Issuer: 039583                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF APPOINTMENT OF KPMG LLP AS AUDITORS                   Management            For               No
          FOR CURRENT FISCAL YEAR.

   03     SHAREHOLDER PROPOSAL REGARDING SEVERANCE AGREEMENTS.                  Shareholder           For               Yes



- ------------------------------------------------------------------------------------------------------------------------------------
MACK-CALI REALTY CORPORATION                                                    CLI                  Annual Meeting Date: 05/20/2004
Issuer: 554489                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS             Management            For               No
          LLP AS THE INDEPENDENT AUDITORS OF THE COMPANY
          FOR THE FISCAL YEAR ENDING DECEMBER 31, 2004.

   03     APPROVAL AND ADOPTION OF THE MACK-CALI REALTY                         Management            For               No
          CORPORATION 2004 INCENTIVE STOCK PLAN.

   04     APPROVAL AND ADOPTION OF A SHAREHOLDER PROPOSAL,                      Shareholder         Against             No
          IF PRESENTED AT THE ANNUAL MEETING, REQUESTING THAT THE COMPANY
          IMPLEMENT A COMPREHENSIVE POLICY GOVERNING RELATED PARTY TRANSACTIONS.



- ------------------------------------------------------------------------------------------------------------------------------------
GABLES RESIDENTIAL TRUST                                                        GBP                  Annual Meeting Date: 05/21/2004
Issuer: 362418                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO APPROVE THE GABLES RESIDENTIAL TRUST 2004                          Management            For               No
          EQUITY INCENTIVE PLAN AUTHORIZING THE ISSUANCE OF UP TO 1,250,000
          COMMON SHARES OF BENEFICIAL INTEREST.



- ------------------------------------------------------------------------------------------------------------------------------------
VENTAS, INC.                                                                    VTR                  Annual Meeting Date: 05/21/2004
Issuer: 92276F                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO RATIFY THE SELECTION OF ERNST & YOUNG LLP                          Management            For               No
          AS THE COMPANY S INDEPENDENT AUDITORS FOR FISCAL
          YEAR 2004.

   03     TO ADOPT THE COMPANY S 2004 STOCK PLAN FOR DIRECTORS                  Management            For               No
          WHICH AMENDS AND RESTATES THE COMPANY S 2000
          STOCK OPTION PLAN FOR DIRECTORS.



- ------------------------------------------------------------------------------------------------------------------------------------
MID-AMERICA APARTMENT COMMUNITIES, I                                            MAA                  Annual Meeting Date: 05/24/2004
Issuer: 59522J                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF KPMG LLP AS THE COMPANY S INDEPENDENT                 Management            For               No
          AUDITORS FOR 2004.

   03     APPROVAL OF THE AMENDED AND RESTATED CHARTER.                         Management          Against             Yes

   04     APPROVAL OF THE 2004 STOCK PLAN.                                      Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
ISTAR FINANCIAL INC.                                                            SFI                  Annual Meeting Date: 05/25/2004
Issuer: 45031U                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     AUTHORIZATION OF ISSUANCE OF COMMON STOCK EQUIVALENTS                 Management            For               No
          TO DIRECTORS UNDER A NON-EMPLOYEE DIRECTORS
          DEFERRAL PROGRAM.

   03     APPROVAL OF EXTENDING THE ISTAR FINANCIAL INC.                        Management            For               No
          HIGH PERFORMANCE UNIT PROGRAM TO ADD 2007 HPU PLAN AND 2008 HPU PLAN.

   04     RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS             Management            For               No
          LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS FOR THE FISCAL YEAR
          ENDING DECEMBER 31, 2004.



- ------------------------------------------------------------------------------------------------------------------------------------
LEXINGTON CORPORATE PROPERTIES TRUST                                            LXP                  Annual Meeting Date: 05/26/2004
Issuer: 529043                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO TRANSACT SUCH OTHER BUSINESS AS MAY PROPERLY                       Management          Against             Yes
          COME BEFORE THE 2004 ANNUAL MEETING.



- ------------------------------------------------------------------------------------------------------------------------------------
EASTGROUP PROPERTIES, INC.                                                      EGP                  Annual Meeting Date: 05/27/2004
Issuer: 277276                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF THE EASTGROUP PROPERTIES, INC.                        Management            For               No
          2004 EQUITY INCENTIVE PLAN.

   03     IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED                       Management          Against             Yes
          TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY
          COME BEFORE THE MEETING OR ANY ADJOURNMENTS THEREOF.



- ------------------------------------------------------------------------------------------------------------------------------------
THE MACERICH COMPANY                                                            MAC                  Annual Meeting Date: 05/28/2004
Issuer: 554382                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS             Management            For               No
          LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS FOR THE YEAR ENDING
          DECEMBER 31, 2004.



- ------------------------------------------------------------------------------------------------------------------------------------
KEYSTONE PROPERTY TRUST                                                         KTR                  Annual Meeting Date: 06/03/2004
Issuer: 493596                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     APPROVAL OF AMENDMENT TO THE COMPANY S DECLARATION                    Management            For               No
          OF TRUST TO DECLASSIFY THE BOARD OF TRUSTEES
          OVER A THREE-YEAR PERIOD.



- ------------------------------------------------------------------------------------------------------------------------------------
KOGER EQUITY, INC.                                                              KE                   Annual Meeting Date: 06/03/2004
Issuer: 500228                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     RATIFY THE SELECTION OF DELOITTE & TOUCHE LLP                         Management            For               No
          AS INDEPENDENT ACCOUNTANTS FOR THE FISCAL YEAR
          ENDING DECEMBER 31, 2004.

   03     APPROVE THE AMENDED AND RESTATED ARTICLES OF                          Management            For               No
          INCORPORATION TO CHANGE THE COMPANY S NAME TO
           CRT PROPERTIES, INC.

   04     APPROVE THE COMPANY S PROPOSAL TO AMEND THE COMPANY                   Management            For               No
          S AMENDED AND RESTATED 1998 EQUITY AND CASH INCENTIVE
          PLAN TO AUTHORIZE GRANTS OF A NEW TYPE OF STOCK-BASED
          AWARD.



- ------------------------------------------------------------------------------------------------------------------------------------
AMERICAN FINANCIAL REALTY TRUST                                                 AFR                  Annual Meeting Date: 06/09/2004
Issuer: 02607P                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No



- ------------------------------------------------------------------------------------------------------------------------------------
CRESCENT REAL ESTATE EQUITIES COMPAN                                            CEI                  Annual Meeting Date: 06/28/2004
Issuer: 225756                                 ISIN:
SEDOL:
- ------------------------------------------------------------------------------------------------------------------------------------

Vote Group: UNASSIGNED

 Proposal                                                                       Proposal             Vote             Against
 Number   Proposal                                                              Type                 Cast              Mgmt.
- ------------------------------------------------------------------------------------------------------------------------------------

   01     DIRECTOR                                                              Management            For               No

   02     TO APPROVE THE APPOINTMENT OF ERNST & YOUNG LLP                       Management            For               No
          AS THE INDEPENDENT AUDITORS OF THE COMPANY FOR
          THE FISCAL YEAR ENDING DECEMBER 31, 2004







                                   SIGNATURES

                           [See General Instruction F]

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

(Registrant) Scudder RREEF Real Estate Fund, Inc.



By (Signature and Title)* /s/Julian Sluyters
                          -----------------------------------------------
                           Julian Sluyters, Chief Executive Officer

Date    8/18/04
       ---------
* Print the name and title of each signing officer under his or her signature.