UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM N-PX

                     ANNUAL REPORT OF PROXY VOTING RECORD OF
                    REGISTERED MANAGEMENT INVESTMENT COMPANY

                                    811-09897
                      ------------------------------------
                      (Investment Company Act file number)


                            EQUITY SECURITIES TRUST I
               --------------------------------------------------
               (Exact name of registrant as specified in charter)

           c/o The Bank of New York
              101 Barclay Street
              New York, New York                                    10286
    ----------------------------------------                      ----------
    (Address of principal executive offices)                      (Zip code)

                                Ms. Betty Cocozza
                              The Bank of New York
                               101 Barclay Street
                            New York, New York 10286
                     ---------------------------------------
                     (Name and address of agent for service)

                                  212-815-2909
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                December 31, 2004
                            -------------------------
                            (Date of fiscal year end)

                                  June 30, 2004
                           --------------------------
                           (Date of reporting period)




ITEM 1. PROXY VOTING RECORD

     Since  the sale by the  registrant  of its  Equity  Trust  Securities,  the
portfolio  securities  held by the registrant  have  consisted  solely of United
States Treasury STRIPS and a forward purchase contract for shares of Cablevision
NY Group Class A Common Stock,  neither of which entitle the  registrant to vote
on any matter.  During the  twelve-month  period ended June 30, 2004, no matters
were submitted for consideration by holders of the portfolio  securities held by
the registrant.






                                   SIGNATURES

     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.

Dated: October 18, 2004

                                         EQUITY SECURITIES TRUST I



                                         By: /s/ Donald J. Puglisi
                                             ---------------------
                                         Name:   Donald J. Puglisi
                                         Title:  Managing Trustee