November 28, 1995
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for Scudder Equity Trust
(Securities Act Registration Statement File No. 2-78724)
for Fiscal Year Ended September 30, 1995
Gentlemen:
In accordance with the provisions of Rule 24f-2, Scudder Equity Trust (the
"Trust"), consisting of the Scudder Capital Growth Fund series and the Scudder
Value Fund series, hereby files its Rule 24f-2 Notice for the fiscal year ended
September 30, 1995.
a) No shares of beneficial interest of the Trust had been registered under the
Securities Act of 1933 (other than pursuant to Rule 24f-2) and remained
unsold at the beginning of the fiscal year.
b) No shares of beneficial interest of the Trust were registered during the
year other than pursuant to Rule 24f-2.
c) 13,309,176 shares of beneficial interest of the Trust were sold during
the fiscal year. (See Schedule A)
d) 13,309,176 shares of beneficial interest of the Trust were sold during
the fiscal year in reliance upon the Trust's declaration in its
registration statement which became effective August 5, 1982, of the
registration of an indefinite amount of securities under Rule 24f-2.
Attached to the Rule 24f-2 Notice, and made a part hereof, is an
opinion of counsel indicating that the securities, the registration of
which the notice makes definite in number, were legally issued, fully
paid and non-assessable.
In accordance with subsection (c) of Rule 24f-2, no fee is required since
the actual aggregate sale price for which such securities were sold during the
fiscal year, reduced by the difference between:
(1) The actual aggregate redemption price of the shares redeemed
by the Trust during the fiscal year, and
(2) The actual aggregate redemption price of such redeemed shares
previously applied by the Trust pursuant to Rule 24e-2(a)in filings
made pursuant to Section 24(e)(1) of the Investment Company Act of
1940.
<PAGE>
<TABLE>
<CAPTION>
<C> <C> <C>
Aggregate Sale Price For All Shares Sold $246,625,780
During Fiscal Year Pursuant to Rule 24f-2
Reduced by the Difference Between
1) Aggregate Redemption Price of Shares $343,545,730
Redeemed during the Fiscal Year
and,
2) Aggregate Redemption Price of Redeemed -0- $343,545,730
Shares Previously Applied by Fund Pursuant ------ ------------
to Rule 24e-2(a) in Filings made pursuant to
Section 24(e)(1) of Investment Company Act
of 1940
$(96,919,950)
=============
</TABLE>
<TABLE>
<CAPTION>
SCHEDULE A
Shares Sold Shares Redeemed
----------- ---------------
Series Shares Amount Shares Amount
------ ------ ------ ------ ------
<S> <C> <C> <C> <C>
Scudder Capital 9,981,199 $198,066,318 15,955,799 $317,084,600
Growth Fund
Scudder Value 3,327,977 48,559,462 1,770,375 26,461,130
Fund ---------- ----------- ---------- -----------
TOTAL 13,309,176 $246,625,780 17,726,174 $343,545,730
</TABLE>
Any questions regarding the matter should be addressed to me at Scudder,
Stevens & Clark, Inc., Two International Place, Boston, MA 02110-4103.
Very truly yours,
/s/Thomas F. McDonough
Thomas F. McDonough
Secretary
2
<PAGE>
Law Offices of
DECHERT PRICE & RHOADS
Ten Post Office Square - South
Boston, MA 02109-4603
Telephone: (617) 728-7100
November 27, 1995
Scudder Equity Trust
Two International Place
Boston, MA 02110
Re: Rule 24f-2 Notice
Gentlemen:
Scudder Equity Trust (the "Trust") is a trust created under a written
Declaration of Trust dated October 16, 1985, and executed and delivered in
Boston, Massachusetts. The Declaration of Trust was most recently amended by an
Amended and Restated Declaration of Trust dated March 17, 1988 (as amended, the
"Declaration of Trust"). The beneficial interest thereunder is represented by
transferable shares with a par value $.01 per share ("Shares"). The Trustees
have the powers set forth in the Declaration of Trust, subject to the terms,
provisions and conditions therein provided.
We are of the opinion that the legal requirements have been complied with
in the creation of the Trust and that said Declaration of Trust is legal and
valid.
Under Article V, Section 5.4 of the Declaration of Trust, the Trustees are
empowered, in their discretion, from time to time, to issue Shares for such
amount and type of consideration, at such time or times and on such terms as the
Trustees may deem best. Under Article V, Section 5.1, it is provided that the
number of Shares authorized to be issued under the Declaration of Trust is
unlimited. Under Article V, Section 5.11, the Trustees may authorize the
division of Shares into two or more series. By written instrument dated
<PAGE>
December 15, 1986, the Trustees divided the Shares into two series, designated
Scudder Capital Growth Fund and Scudder Equity Income Fund. By written
instrument dated December 12, 1991, the Trustees abolished and dissolved the
Scudder Equity Income Fund series. By written instrument dated October 6, 1992,
the Trustees established and designated an additional series, Scudder Value
Fund.
By votes adopted on December 6 and 7, 1993 and December 5 and 6, 1994 the
Trustees of the Trust authorized the President, or any Vice President, the
Secretary, and the Treasurer, from time to time, to determine the appropriate
number of Shares to be registered, and to register with the Securities and
Exchange Commission, and to issue and sell to the public, such Shares.
We understand that you are about to file a Notice pursuant to Rule 24f-2
under the Investment Company Act of 1940, as amended, making definite the
registration of 13,309,176 Shares sold in reliance upon said Rule 24f-2 during
the fiscal year ended September 30, 1995
We are of the opinion that all necessary Trust action precedent to the
issue of said 13,309,176 Shares was duly taken. We are of the further opinion
that all such Shares were legally and validly issued, fully paid and
nonassessable by the Trust. In rendering the opinion expressed in the preceding
sentence, we rely on certification by an officer of the Trust that the Trust or
its agent received consideration for such Shares in accordance with the
provisions of the Trust's Declaration of Trust, and we assume that the sale of
such Shares was effected in compliance with the Securities Act of 1933, the
Investment Company Act of 1940, and applicable state laws regulating the sale of
securities.
We consent to your filing of this opinion with the Securities and Exchange
Commission together with the Rule 24f-2 Notice referred to above.
Very truly yours,
/s/ Dechert Price & Rhoads
