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.