UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-PX ANNUAL REPORT OF PROXY VOTING RECORD OF Scudder-Dreman Financial Services Fund A Series of Scudder Equity Trust Investment Company Act file number 811-08599 Scudder Equity Trust (Exact name of registrant as specified in charter) 222 South Riverside Plaza Chicago, IL 60606 (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: 11/30 ------- Date of reporting period: 7/1/04-6/30/05 ---------------- 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: 08/07/2005 Meeting Date Range: 07/01/2004 to 06/30/2005 Selected Accounts: Scudder - Dreman Financial Services Fund - ---------------------------------------------------------------------------------------------------------------------------- THE ST. PAUL TRAVELERS COMPANIES, IN SPC Annual Meeting Date: 07/28/2004 Issuer: 792860 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 ADOPT INCENTIVE STOCK OPTION PLAN Management For No - ---------------------------------------------------------------------------------------------------------------------------- WACHOVIA CORPORATION WB Special Meeting Date: 10/28/2004 Issuer: 929903 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 APPROVE MERGER AGREEMENT Management For No - ---------------------------------------------------------------------------------------------------------------------------- FEDERAL HOME LOAN MORTGAGE CORPORATI FRE Annual Meeting Date: 11/04/2004 Issuer: 313400 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 ADOPT STOCK OPTION PLAN Management For No 04 AMEND STOCK PURCHASE PLAN Management For No - ---------------------------------------------------------------------------------------------------------------------------- FRANKLIN RESOURCES, INC. BEN Annual Meeting Date: 01/25/2005 Issuer: 354613 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 AMEND INCENTIVE STOCK OPTION PLAN Management For No 04 APPROVE AUTHORIZED COMMON STOCK INCREASE Shareholder Against Yes - ---------------------------------------------------------------------------------------------------------------------------- BANKNORTH GROUP, INC. BNK Special Meeting Date: 02/18/2005 Issuer: 06646R ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 APPROVE MERGER AGREEMENT Management For No 02 APPROVE REINCORPORATION TO DELAWARE Management Against Yes 03A APPROVE CHARTER AMENDMENT Management For No 03B APPROVE CHARTER AMENDMENT Management For No 03C VOTING RIGHTS Management Against Yes 03D VOTING RIGHTS Management Against Yes 03E DECLASSIFY BOARD Management For No 03F APPROVE CHARTER AMENDMENT Management For No 03G VOTING RIGHTS Management For No 03H APPROVE CHARTER AMENDMENT Management For No 03I APPROVE CHARTER AMENDMENT Management For No 03J APPROVE CHARTER AMENDMENT Management Against Yes 03K APPROVE CHARTER AMENDMENT Management Against Yes 03L APPROVE CHARTER AMENDMENT Management For No 04 APPROVE MOTION TO ADJOURN MEETING Management Against Yes - ---------------------------------------------------------------------------------------------------------------------------- NATIONAL BANK OF CANADA NTIOF Annual Meeting Date: 03/02/2005 Issuer: 633067 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 APPOINT AUDITORS Management For No 03 MISCELLANEOUS SHAREHOLDER PROPOSAL Shareholder Against No 04 MISCELLANEOUS SHAREHOLDER PROPOSAL Shareholder Against No 05 MISCELLANEOUS SHAREHOLDER PROPOSAL Shareholder Against No 06 MISCELLANEOUS SHAREHOLDER PROPOSAL Shareholder Against No 07 MISCELLANEOUS SHAREHOLDER PROPOSAL Shareholder Against No - ---------------------------------------------------------------------------------------------------------------------------- MORGAN STANLEY MWD Annual Meeting Date: 03/15/2005 Issuer: 617446 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 CLASSIFY/STAGGER BOARD OF DIRECTORS Management For No 04 S/H PROPOSAL - BOARD OF DIRECTORS Shareholder Against No - ---------------------------------------------------------------------------------------------------------------------------- LEHMAN BROTHERS HOLDINGS INC. LEH Annual Meeting Date: 04/05/2005 Issuer: 524908 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 ADOPT INCENTIVE STOCK OPTION PLAN Management Against Yes 04 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No - ---------------------------------------------------------------------------------------------------------------------------- THE GOLDMAN SACHS GROUP, INC. GS Annual Meeting Date: 04/06/2005 Issuer: 38141G ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 APPROVE CHARTER AMENDMENT Management For No 03 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No - ---------------------------------------------------------------------------------------------------------------------------- THE BEAR STEARNS COMPANIES INC. BSC Annual Meeting Date: 04/07/2005 Issuer: 073902 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 AMEND OMNIBUS STOCK OPTION PLAN Management For No 03 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No - ---------------------------------------------------------------------------------------------------------------------------- CITIGROUP INC. C Annual Meeting Date: 04/19/2005 Issuer: 172967 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 AMEND INCENTIVE STOCK OPTION PLAN Management For No 04 S/H PROPOSAL - LIMIT COMPENSATION Shareholder Against No 05 S/H PROPOSAL - POLITICAL/GOVERNMENT Shareholder Against No 06 S/H PROPOSAL - BOARD OF DIRECTORS Shareholder For Yes 07 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 08 S/H PROPOSAL - BOARD OF DIRECTORS Shareholder Against No 09 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 10 S/H PROPOSAL - BOARD OF DIRECTORS Shareholder For Yes - ---------------------------------------------------------------------------------------------------------------------------- U.S. BANCORP USB Annual Meeting Date: 04/19/2005 Issuer: 902973 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 SUPERMAJORITY Management For No 04 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 05 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No - ---------------------------------------------------------------------------------------------------------------------------- WACHOVIA CORPORATION WB Annual Meeting Date: 04/19/2005 Issuer: 929903 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No - ---------------------------------------------------------------------------------------------------------------------------- WASHINGTON MUTUAL, INC. WM Annual Meeting Date: 04/19/2005 Issuer: 939322 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No - ---------------------------------------------------------------------------------------------------------------------------- MERRILL LYNCH & CO., INC. MER Annual Meeting Date: 04/22/2005 Issuer: 590188 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 ADOPT DIRECTOR STOCK OPTION PLAN Management Against Yes 04 S/H PROPOSAL - ADOPT CUMULATIVE VOTING Shareholder Against No 05 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No - ---------------------------------------------------------------------------------------------------------------------------- GOLDEN WEST FINANCIAL CORPORATION GDW Annual Meeting Date: 04/26/2005 Issuer: 381317 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 ADOPT INCENTIVE STOCK OPTION PLAN Management Against Yes 03 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No - ---------------------------------------------------------------------------------------------------------------------------- NATIONAL CITY CORPORATION NCC Annual Meeting Date: 04/26/2005 Issuer: 635405 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No - ---------------------------------------------------------------------------------------------------------------------------- WELLS FARGO & COMPANY WFC Annual Meeting Date: 04/26/2005 Issuer: 949746 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 AMEND LONG TERM INCENTIVE PLAN Management For No 03 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 04 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 05 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 06 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 07 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 08 S/H PROPOSAL - BOARD OF DIRECTORS Shareholder For Yes - ---------------------------------------------------------------------------------------------------------------------------- AMERICAN EXPRESS COMPANY AXP Annual Meeting Date: 04/27/2005 Issuer: 025816 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No 03 S/H PROPOSAL - CORPORATE GOVERNANCE Shareholder Against No 04 S/H PROPOSAL - POLITICAL/GOVERNMENT Shareholder Against No - ---------------------------------------------------------------------------------------------------------------------------- POPULAR, INC. BPOP Annual Meeting Date: 04/27/2005 Issuer: 733174 ISIN: SEDOL: - ---------------------------------------------------------------------------------------------------------------------------- Vote Group: UNASSIGNED Proposal Proposal Vote Against Number Proposal Type Cast Mgmt. - ---------------------------------------------------------------------------------------------------------------------------- 01 ELECTION OF DIRECTORS Management For No 02 RATIFY APPOINTMENT OF INDEPENDENT AUDITORS Management For No Vote Summary Report (Long) 07/01/04 to 06/30/05 Sovereign Bancorp, Inc. Shares Voted 93,300 Security 845905108 Meeting Date 4/21/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director P. Michael Ehlerman Mgmt For For 1.2 Elect Director Marian L. Heard Mgmt For For 1.3 Elect Director Jay S. Sidhu Mgmt For For 2 Ratify Auditors Mgmt For For PNC Financial Services Group, Shares Voted Security Inc. 48,300 693475105 Meeting Date 4/26/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Paul W. Chellgren Mgmt For For 1.2 Elect Director Robert N. Clay Mgmt For For 1.3 Elect Director J. Gary Cooper Mgmt For For 1.4 Elect Director George A. Davidson, Jr. Mgmt For For 1.5 Elect Director Richard B. Kelson Mgmt For For 1.6 Elect Director Bruce C. Lindsay Mgmt For For 1.7 Elect Director Anthony A. Massaro Mgmt For For 1.8 Elect Director Thomas H. O'Brien Mgmt For For 1.9 Elect Director Jane G. Pepper Mgmt For For 1.1 Elect Director James E. Rohr Mgmt For For 1.11 Elect Director Lorene K. Steffes Mgmt For For 1.12 Elect Director Dennis F. Strigl Mgmt For For 1.13 Elect Director Stephen G. Thieke Mgmt For For 1.14 Elect Director Thomas J. Usher Mgmt For For 1.15 Elect Director Milton A. Washington Mgmt For For 1.16 Elect Director Heldge H. Wehmeier Mgmt For For 2 Ratify Auditors Mgmt For For The Chubb Corp. Shares Voted 20,600 Security 171232101 Meeting Date 4/26/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director ZOE BAIRD Mgmt For For 1.2 Elect Director SHEILA P. BURKE Mgmt For For 1.3 Elect Director JAMES I. CASH, JR. Mgmt For For 1.4 Elect Director JOEL J. COHEN Mgmt For For 1.5 Elect Director JAMES M. CORNELIUS Mgmt For For 1.6 Elect Director JOHN D. FINNEGAN Mgmt For For 1.7 Elect Director KLAUS J. MANGOLD Mgmt For For 1.8 Elect Director SIR DAVID G SCHOLEY CBE Mgmt For For 1.9 Elect Director RAYMOND G.H. SEITZ Mgmt For For 1.1 Elect Director LAWRENCE M. SMALL Mgmt For For 1.11 Elect Director DANIEL E. SOMERS Mgmt For For 1.12 Elect Director KAREN HASTIE WILLIAMS Mgmt For For 1.13 Elect Director ALFRED W. ZOLLAR Mgmt For For 2 Ratify Auditors Mgmt For For Bank of America Corp. Shares Voted 192,756 Security 60505104 Meeting Date 4/27/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director William Barnet, III Mgmt For For 1.2 Elect Director Charles W. Coker Mgmt For For 1.3 Elect Director John T. Collins Mgmt For For 1.4 Elect Director Gary L. Countryman Mgmt For For 1.5 Elect Director Paul Fulton Mgmt For For 1.6 Elect Director Charles K. Gifford Mgmt For For 1.7 Elect Director W. Steven Jones Mgmt For For 1.8 Elect Director Kenneth D. Lewis Mgmt For For 1.9 Elect Director Walter E. Massey Mgmt For For 1.1 Elect Director Thomas J. May Mgmt For For 1.11 Elect Director Patricia E. Mitchell Mgmt For For 1.12 Elect Director Edward L. Romero Mgmt For For 1.13 Elect Director Thomas M. Ryan Mgmt For For 1.14 Elect Director O. Temple Sloan, Jr. Mgmt For For 1.15 Elect Director Meredith R. Spangler Mgmt For For 1.16 Elect Director Robert L. Tillman Mgmt For For 1.17 Elect Director Jackie M. Ward Mgmt For For 2 Ratify Auditors Mgmt For For 3 Report on Political Contributions ShrHoldr Against Against 4 Director Nominee Amendment ShrHoldr Against Against KeyCorp Shares Voted 143,700 Security 493267108 Meeting Date 5/5/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Edward P. Campbell Mgmt For For 1.2 Elect Director H. James Dallas Mgmt For For 1.3 Elect Director Charles R. Hogan Mgmt For For 1.4 Elect Director Lauralee E. Martin Mgmt For For 1.5 Elect Director Bill R. Sanford Mgmt For For 2 Ratify Auditors Mgmt For For Mercantile Bankshares Corp. Shares Voted 27,700 Security 587405101 Meeting Date 5/10/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Eddie C. Brown Mgmt For For 1.2 Elect Director Anthony W. Deering Mgmt For For 1.3 Elect Director Freeman A. Hrabowski, III Mgmt For For 1.4 Elect Director Jenny G. Morgan Mgmt For For 1.5 Elect Director Clayton S. Rose Mgmt For For 1.6 Elect Director Donald J. Shepard Mgmt For For 1.7 Elect Director Jay M. Wilson Mgmt For For 2 Ratify Auditors Mgmt For For Approve Outside Director Stock Awards/Options 3 in Lieu of Cash Mgmt For For CIT Group Inc Shares Voted 56,000 Security 125581108 Meeting Date 5/11/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Jeffrey M. Peek Mgmt For For 1.2 Elect Director Gary C. Butler Mgmt For For 1.3 Elect Director William A. Farlinger Mgmt For For 1.4 Elect Director William M. Freeman Mgmt For For 1.5 Elect Director Hon. Thomas H. Kean Mgmt For For 1.6 Elect Director Marianne Miller Parrs Mgmt For For 1.7 Elect Director Timothy M. Ring Mgmt For For 1.8 Elect Director John R. Ryan Mgmt For For 1.9 Elect Director Peter J. Tobin Mgmt For For 1.1 Elect Director Lois M. Van Deusen Mgmt For For 2 Ratify Auditors Mgmt For For 3 Other Business Mgmt For Against The Allstate Corp. Shares Voted 30,500 Security 20002101 Meeting Date 5/17/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director F. Duane Ackerman Mgmt For For 1.2 Elect Director James G. Andress Mgmt For For 1.3 Elect Director Edward A. Brennan Mgmt For For 1.4 Elect Director W. James Farrell Mgmt For For 1.5 Elect Director Jack M. Greenberg Mgmt For For 1.6 Elect Director Ronald T. LeMay Mgmt For For 1.7 Elect Director Edward M. Liddy Mgmt For For 1.8 Elect Director J. Christopher Reyes Mgmt For For 1.9 Elect Director H. John Riley, Jr. Mgmt For For 1.1 Elect Director Joshua I. Smith Mgmt For For 1.11 Elect Director Judith A. Sprieser Mgmt For For 1.12 Elect Director Mary Alice Taylor Mgmt For For 2 Ratify Auditors Mgmt For For 3 Provide for Cumulative Voting ShrHoldr Against Against JPMorgan Chase & Co. Shares Voted 88,384 Security 46625H100 Meeting Date 5/17/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Director Hans W. Becherer Mgmt For For 1.2 Elect Director Director John H. Biggs Mgmt For For 1.3 Elect Director Director Lawrence A. Bossidy Mgmt For For 1.4 Elect Director Director Stephen B. Burke Mgmt For For 1.5 Elect Director Director James S. Crown Mgmt For For 1.6 Elect Director Director James Dimon Mgmt For For 1.7 Elect Director Director Ellen V. Futter Mgmt For For 1.8 Elect Director Director William H. Gray, III Mgmt For For 1.9 Elect Director Director William B. Harrison, Jr Mgmt For For 1.1 Elect Director Director Laban P. Jackson, Jr. Mgmt For For 1.11 Elect Director Director John W. Kessler Mgmt For For 1.12 Elect Director Director Robert I. Lipp Mgmt For For 1.13 Elect Director Director Richard A. Manoogian Mgmt For For 1.14 Elect Director Director David C. Novak Mgmt For For 1.15 Elect Director Director Lee R. Raymond Mgmt For For 1.16 Elect Director Director William C. Weldon Mgmt For For 2 Ratify Auditors Mgmt For For 3 Approve Omnibus Stock Plan Mgmt For Against 4 Establish Term Limits for Directors ShrHoldr Against Against 5 Separate Chairman and CEO Positions ShrHoldr Against For 6 Limit Executive Compensation ShrHoldr Against Against 7 Adopt Executive Benefit Policy ShrHoldr Against Against Allied Capital Corporation Shares Voted 6,500 Security 01903Q108 Meeting Date 5/17/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director John D. Firestone Mgmt For For 1.2 Elect Director Anthony T. Garcia Mgmt For For 1.3 Elect Director Lawrence I. Hebert Mgmt For For 1.4 Elect Director Marc F. Racicot Mgmt For For 1.5 Elect Director Laura W. van Roijen Mgmt For For 2 Ratify Auditors Mgmt For For SLM Corp. Shares Voted 22,200 Security 78442P106 Meeting Date 5/19/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Charles L. Daley Mgmt For For 1.2 Elect Director William M. Diefenderfer, III Mgmt For For 1.3 Elect Director Thomas J. Fitzpatrick Mgmt For For 1.4 Elect Director Diane Suitt Gilleland Mgmt For For 1.5 Elect Director Earl A. Goode Mgmt For For 1.6 Elect Director Ann Torre Grant Mgmt For For 1.7 Elect Director Ronald F. Hunt Mgmt For For 1.8 Elect Director Benjamin J. Lambert, III Mgmt For For 1.9 Elect Director Albert L. Lord Mgmt For For 1.1 Elect Director Barry A. Munitz Mgmt For For 1.11 Elect Director A. Alexander Porter, Jr. Mgmt For For 1.12 Elect Director Wolfgang Schoellkopf Mgmt For For 1.13 Elect Director Steven L. Shapiro Mgmt For For 1.14 Elect Director Barry L. Williams Mgmt For For 2 Amend Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For Regions Financial Corp. Shares Voted 20,500 Security 7591EP100 Meeting Date 5/19/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Allen B. Morgan, Jr. Mgmt For For 1.2 Elect Director Jorge M. Perez Mgmt For For 1.3 Elect Director Spence L. Wilson Mgmt For For 1.4 Elect Director Harry W. Witt Mgmt For For 2 Approve Executive Incentive Bonus Plan Mgmt For For 3 Ratify Auditors Mgmt For For The PMI Group, Inc. Shares Voted 27,100 Security 69344M101 Meeting Date 5/19/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Mariann Byerwalter Mgmt For For 1.2 Elect Director Dr. James C. Castle Mgmt For For 1.3 Elect Director Carmine Guerro Mgmt For For 1.4 Elect Director W. Roger Haughton Mgmt For For 1.5 Elect Director Wayne E. Hedien Mgmt For For 1.6 Elect Director Louis G. Lower II Mgmt For For 1.7 Elect Director Raymond L. Ocampo Jr. Mgmt For For 1.8 Elect Director John D. Roach Mgmt For For 1.9 Elect Director Dr. Kenneth T. Rosen Mgmt For For 1.1 Elect Director Steven L. Scheid Mgmt For For 1.11 Elect Director L. Stephen Smith Mgmt For For 1.12 Elect Director Richard L. Thomas Mgmt For For 1.13 Elect Director Jose H. Villarreal Mgmt For For 1.14 Elect Director Mary Lee Widener Mgmt For For 1.15 Elect Director Ronald H. Zech Mgmt For For 2 Ratify Auditors Mgmt For For NovaStar Financial, Inc. Shares Voted 4,300 Security 669947400 Meeting Date 5/20/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1 Elect Director Scott F. Hartman Mgmt For For 2 Ratify Auditors Mgmt For For Independence Community Bank Shares Voted Security Corp. 13,500 453414104 Meeting Date 5/26/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Willard N. Archie Mgmt For For 1.2 Elect Director Robert B. Catell Mgmt For For 1.3 Elect Director Harry P. Doherty Mgmt For For 1.4 Elect Director John R. Morris Mgmt For For 2 Approve Omnibus Stock Plan Mgmt For For 3 Ratify Auditors Mgmt For For Friedman, Billings, Ramsey, Shares Voted Security Group, Inc. 67,200 358434108 Meeting Date 6/9/2005 Meeting Type AGM Ballot Issues Proponent Mgmt Vote Rec Cast 1.1 Elect Director Eric F. Billings Mgmt For For 1.2 Elect Director W. Russell Ramsey Mgmt For For 1.3 Elect Director Daniel J. Altobello Mgmt For For 1.4 Elect Director Peter A. Gallagher Mgmt For For 1.5 Elect Director Stephen D. Harlan Mgmt For For 1.6 Elect Director Russell C. Lindner Mgmt For For 1.7 Elect Director Wallace L. Timmeny Mgmt For For 1.8 Elect Director John T. Wall Mgmt For For 2 Ratify Auditors Mgmt For For 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 Equity Trust By (Signature and Title)* /s/Julian Sluyters ----------------------------------------------- Julian Sluyters, Chief Executive Officer Date 8/15/05 --------- * Print the name and title of each signing officer under his or her signature.