EX-99.B(g)tmcustappa

APPENDIX A

TO THE

CUSTODIAN AGREEMENT

BETWEEN

WADDELL & REED ADVISORS TAX-MANAGED EQUITY FUND, INC.

AND

UMB BANK, N.A.

Dated as of March 31, 2003

The Fund shall be responsible for providing the Custodian the net asset levels the Custodian requires to calculate the net asset portion of the Custodian's fees. Such determinations shall be based upon the average monthly assets of each Fund and shall specify the level of domestic assets and foreign assets by country, as appropriate. Domestic assets shall include all assets held in the United States including but not limited to American Depositary Receipts. Foreign assets shall include all assets held outside the United States including but not limited to securities that clear through Euroclear or CEDEL. The Custodian will provide as soon as practicable after receiving the information provided by the Fund with respect to the net asset level numbers, a bill for the Fund, including such reasonable detail in support of each bill as may be reasonably requested by the Fund. As used in this Appendix A, "Advisors Funds" shall mean all funds in the Waddell & Reed Advisors Funds, W&R Target Funds, Inc., W&R Funds, Inc., Waddell & Reed InvestEd Portfolios, Inc. and Ivy Fund.

DOMESTIC CUSTODY FEE SCHEDULE

A.	Annual Fee (combining all domestic assets):
	An annual fee to be computed as of month end and payable each month of the Fund's fiscal year (after receipt of the bill issued to each Fund based upon its portion of domestic assets), at the annual rate of:
	.00003 for the first $5,000,000,000 of the net assets of all the Advisors Funds, plus
	.0000275 for the next $10,000,000,000 of the net assets of all the Advisors Funds, plus
	.0000265 for any net assets exceeding $15,000,000,000 of the assets of all the Advisor Funds
B.	Portfolio Transaction Fees (billed to each Fund):
	(a)	For each DTC portfolio transaction*	$ 5.25
	(b)	For each Physical portfolio transaction*	$20.00
	(c)	For each future/option contract written	$25.00
	(d)	For each principal paydown	$ 5.75
	(e)	For each interfund master-note transaction*	$ 6.00
	(f)	For each Fed Book Entry portfolio transaction*	$ 8.00
	(g)	Corporate Action/Call/Reorg	$25.00
	(h)	UMB Repurchase Agreement	$ 5.00
	(i)	Wire In/Out & Check Issued (Misc. ONLY)	$ 8.00
	* A portfolio transaction includes a receive, delivery, maturity and free security movement.
C.	Earnings Credits:
	Positive earnings credits will be applied on all collected custody and cash management balances of each Fund at the Custodian to earn the Custodian's daily repurchase agreement rate less reserve requirements and FDIC premiums. Negative earnings credits will be charged on all uncollected custody and cash management balances of each Fund at the Custodian's prime rate less 150 basis points on each day a negative balance occurs. Positive and/or negative earnings credits will be monitored daily for each Fund and the net positive or negative amount for each Fund will be included in the monthly statements. Excess positive credits for each Fund will be carried forward indefinitely.
D.	Out-of-Pocket Expenses (Custodian and Special Subcustodian):
	Includes, but is not limited to, all special subcustodian charges, precious metal charges, security transfer fees, certificate fees, shipping/courier fees or charges, bank DDA service charges, FDIC insurance premiums, specialized programming charges and the legal review/processing of restricted and private placement securities.

GLOBAL CUSTODY FEE SCHEDULE

A. Global Fee Schedule:
Market:	Annual Asset Fees	Transaction Fees
Argentina	.0018	$ 55
Australia	.0003	$ 40
Austria	.000525	$ 40
Bangladesh	.0060	$140
Belgium (Equity)	.000325	$ 40
Belgium (Fixed Income)	.00034	$ 40
Bolivia	.0045	$100
Botswana	.0060	$135
Brazil	.0017	$ 55
Bulgaria	.0060	$135
Canada	.00019	$ 18
Cedel/Euroclear (Fixed Income)	.00017	$ 17
Cedel/Euroclear (Equity)	.00045	$ 17
Chile	.0015	$ 65
China	.0015	$ 65
Colombia	.0037	$100
Croatia	.0070	$135
Czech Republic (Equity)	.0023	$ 50
Czech Republic (Fixed Income)	.0014	$ 50
Denmark	.00035	$ 40
Equador	.0040	$110
Egypt	.0040	$120
Estonia	.0040	$ 90
Finland	.00035	$ 40
France	.00024	$ 23
Germany	.00024	$ 21
Greece (Equity)	.0020	$ 50
Greece (Fixed Income)	.0013	$ 50
Hong Kong	.000375	$ 48
Hungary (Physical Equity)	.0029	$ 70
Hungary (Keler Eq/Fi)	.0023	$ 70
India	.0035	$ 80
Indonesia	.0007	$ 70
Ireland	.00015	$ 18
Israel	.0015	$ 75
Italy	.00019	$ 25
Japan	.00019	$ 26
Jordan	.0040	$115
Korea	.0010	$ 48
Latvia	.0060	$ 85
Lithuania	.0050	$ 85
Malaysia	.0007	$ 60
Mauritius	.0055	$165
Mexico	.00044	$ 28
Morocco	.0040	$135
Netherlands	.00019	$ 21
New Zealand	.000375	$ 70
Norway	.000285	$ 38
Pakistan	.0040	$110
Panama	.0070	$135
Peru	.0040	$ 90
Philippines	.0015	$ 70
Poland	.0031	$ 80
Portugal	.00095	$ 65
Romania	.0035	$ 80
Russia (Equity)	.0060	$100
Russia (Fixed Income)	.0050	$100
Singapore	.000375	$ 50
Slovakia	.0035	$ 65
Slovenia	.0070	$165
South Africa	.000375	$ 45
Spain	.000375	$ 51
Sri Lanka	.0025	$ 55
Sweden	.0003	$ 40
Switzerland	.00021	$ 31
Taiwan	.0015	$ 70
Thailand	.00085	$ 65
Turkey	.0015	$ 50
U.K.	.000135	$ 14
Uruguay	.0035	$ 85
Venezuela	.0037	$ 90
Zimbabwe	.0060	$145

B.	Additional Charges, each
	Trade Correction and Cancel	$15.00
	Late Instruction	$15.00
	Non-Automated Trade Instruction	$15.00
	Additional market asset and transaction charges will be negotiated prior to investment.
C.	Out-of-Pocket Expenses (passed directly from Citibank):
	Includes, but is not limited to, all locally mandated charges, precious metal charges, depository charges, proxy fees and charges, Euroclear deposit and withdrawal charges, stamp duties, foreign investor registration charges, local taxes, certificate fees, re-registration fees and overnight and other courier services.

SUBCUSTODIAN LIST

PURSUANT TO CUSTODIAN AGREEMENT

BETWEEN

WADDELL & REED ADVISORS TAX-MANAGED EQUITY FUND, INC.

AND

UMB BANK, n.a.

Dated as of March 31, 2003

The following is a list of Foreign Subcustodians and Special Subcustodians under the Custodian Agreement as amended:

A.	Foreign Sub-Custodians
COUNTRY	SUBCUSTODIAN	DEPOSITORIES
ARGENTINA	CITIBANK, NA	CDV
		CRYL
AUSTRALIA	CITICORP NOMINEES PTY	Austraclear
		CHESS
AUSTRIA	CITIBANK, NA (through Milan)	OeKB
BANGLADESH	STANDARD CHARTERED BANK (SCB)	None
BELGIUM	FORTIS BANK	CIK
		NBB
		Euroclear
BERMUDA	BANK OF BERMUDA	BSD
BOLIVIA	CITIBANK, NA	None
BOTSWANA	BARCLAYS BANK OF BOTSWANA LIMITED	None
BRAZIL	CITIBANK, NA	CBLC
		CETIP
		SELIC
BULGARIA	SG EXPRESSBANK	BNB
		CDAD
CANADA	CITIBANK CANADA	CDS
CHILE	CITIBANK, NA	DCV
CHINA	CITIBANK, NA	CSDCC Shanghai
		CSDCC Shenzhen
COLOMBIA	CITITRUST COLOMBIA SA	DCV
		DECEVAL
COSTA RICA	BANCO BCT	CEVAL
CROATIA	PRIVREDNA BANKA ZAGREB DD.	SDA
		MoF
CZECH REPUBLIC	CITIBANK, AS	CNB
		SCP
DENMARK	NORDEA BANK	VP
ECUADOR	CITIBANK, NA	None
EGYPT	CITIBANK, NA	MCSD
ESTONIA	HENSABANK LTD	ECDS
FINLAND	NORDEA BANK FINLAND PLC	FCSD
FRANCE	CITIBANK, NA	Euroclear France
GERMANY	CITIBANK, AG	CBF
GREECE	CITIBANK, NA	CSD
		BOGS
HONG KONG	CITIBANK, NA	CMU
		HKSCC
HUNGARY	CITIBANK RT	KELER Ltd
INDIA	CITIBANK, NA	NSDL
		CDSL
		RBI
INDONESIA	CITIBANK, NA	KSEI
IRELAND	CITIBANK, NA	CREST
		Euroclear SA/NV
ISRAEL	BANK HAPOALIM	SECH
ITALY	CITIBANK, NA	MT
JAPAN	CITIBANK, NA	BOJ
		JASDEC
JORDAN	CITIBANK, NA	None
KOREA	CITIBANK, NA	KSD
LATVIA	HENSABANK	BOL
		LCD
LITHUANIA	HENSABANK	CSDL
LUXEMBOURG	CLEARSTREAM BANKING (Luxembourg)	Clearstream
MALAYSIA	CITIBANK, NA	BNM
		MCD
MAURITIUS	HONGKONG & SHANGHAI BANKING CORP	CDS
MEXICO	BANAMEX SA	Indeval
MOROCCO	CITIBANK MAGHREB	MCLR
NETHERLANDS	CITIBANK, NA	NECIGEF
		NIEC
NEW ZEALAND	CITIBANK NOMINEES	NZCSD
NORWAY	NORDEA BANK NORGE ASA	VPS
PAKISTAN	CITIBANK, NA	CDC
		SBP
PERU	CITIBANK, NA	CAVALI
PHILIPPINES	CITIBANK, NA	PCD
		ROSS
POLAND	BANK HANDLOWY W WARSZAWIE SA	NBP
		NDS
PORTUGAL	CITIBANK INTERNATIONAL PLC	Interbolsa
PUERTO RICO	CITIBANK, NA	None
ROMANIA	CITIBANK ROMANIA SA	BSE
		SNCDD
RUSSIA	ZAO CITIBANK	VTB
		NDC
SINGAPORE	CITIBANK, NA	CDP
SLOVAKIA	CESKOSLOVENSKA OBCHODNI BANK AS (CSOB)	NBS
		SCP
SLOVENIA	BANK AUSTRIA	KDD
SOUTH AFRICA	FIRST NATIONAL BANK OF SOUTH AFRICA LIMITED	CDL
		STRATE
SPAIN	CITIBANK INTERNATIONAL PLC	CADE
		SCLV
SRI LANKA	CITIBANK, NA	CDS
SWEDEN	SKANDINAVISKA ENSKILDA BANKEN (SEB)	VPC
SWITZERLAND	CITIBANK, NA	SIS
TAIWAN	CITIBANK, NA	TSCD
THAILAND	CITIBANK, NA	TSD
TURKEY	CITIBANK, NA	CBT
		Takasbank
UKRAINE	ING BANK	MFS
		NBU
UNITED KINGDOM	CITIBANK, NA	CMO
		CRESTCO
VENEZUELA	CITIBANK, NA	CVV
		BCV
ZIMBABWE	BARCLAYS BANK OF ZIMBABWE LIMITED	None

B.	Special Subcustodians:
	HSBC Bank USA

As ratified August 20, 2003.