ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

WADDELL & REED ADVISORS TAX-MANAGED EQUITY FUND, INC.
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6300 Lamar Avenue, Overland Park, Kansas 66202-4200
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Kristen A. Richards, 6300 Lamar Avenue, Overland Park, Kansas 66202-4200
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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 (§ 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.



DELL COMPUTER CORPORATION			DELL	Annual Meeting Date: 07/18/2003
Issuer: 247025		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	DECLASSIFY BOARD		Management	For	No

03	APPROVE COMPANY NAME CHANGE		Management	For	No

04	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No



CHECK POINT SOFTWARE TECHNOLOGIES LT			CHKP	Annual Meeting Date: 07/31/2003
Issuer: M22465		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	No

02	MISCELLANEOUS CORPORATE GOVERNANCE		Management	For	No

03	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management	For	No

04	RECEIVE CONSOLIDATED FINANCIAL STATEMENTS		Management	For	No

05	APPOINT AUDITORS AND APPROVE REMUNERATION		Management	For	No

06	MISCELLANEOUS CORPORATE GOVERNANCE - GLOBAL		Management	Against	Yes



FOREST LABORATORIES, INC.			FRX	Annual Meeting Date: 08/11/2003
Issuer: 345838		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



ZIMMER HOLDINGS, INC.			ZMH	Special Meeting Date: 08/21/2003
Issuer: 98956P		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	MISCELLANEOUS CORPORATE ACTIONS		Management	For	No



BOSTON SCIENTIFIC CORPORATION			BSX	Special Meeting Date: 10/06/2003
Issuer: 101137		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	APPROVE CHARTER AMENDMENT		Management	For	No



BARR LABORATORIES, INC.			BRL	Annual Meeting Date: 10/23/2003
Issuer: 068306		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	APPROVE REINCORPORATION TO DELAWARE		Management	Against	Yes

03	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	Against	Yes



TEVA PHARMACEUTICAL INDUSTRIES LIMIT			TEVA	Special Meeting Date: 10/27/2003
Issuer: 881624		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	CHANGE STOCK EXCHANGE LISTING		Management	For	No

02	CHANGE STOCK EXCHANGE LISTING		Management	For	No




FIRST DATA CORPORATION			FDC	Special Meeting Date: 10/28/2003
Issuer: 319963		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	APPROVE MERGER AGREEMENT		Management	For	No



CISCO SYSTEMS, INC.			CSCO	Annual Meeting Date: 11/11/2003
Issuer: 17275R		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	AMEND STOCK PURCHASE PLAN TO INCREASE SHARES		Management	For	No

03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

04	S/H PROPOSAL - BUSINESS/INVESTMENT		Shareholder	Against	No

05	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No



MICROSOFT CORPORATION			MSFT	Annual Meeting Date: 11/11/2003
Issuer: 594918		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	AMEND OMNIBUS STOCK OPTION PLAN		Management	Against	Yes

03	AMEND NON-EMPLOYEE DIRECTOR PLAN		Management	For	No

04	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No



BIOGEN, INC.			BGEN	Special Meeting Date: 11/12/2003
Issuer: 090597		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	APPROVE MERGER AGREEMENT		Management	For	No

02	APPROVE MOTION TO ADJOURN MEETING		Management	Against	Yes



APACHE CORPORATION			APA	Special Meeting Date: 12/18/2003
Issuer: 037411		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No



COSTCO WHOLESALE CORPORATION			COST	Annual Meeting Date: 01/29/2004
Issuer: 22160K		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	S/H PROPOSAL - DECLASSIFY BOARD		Shareholder	For	Yes

03	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No

04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



ANALOG DEVICES, INC.			ADI	Annual Meeting Date: 03/09/2004
Issuer: 032654		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



THE GOLDMAN SACHS GROUP, INC.			GS	Annual Meeting Date: 03/31/2004
Issuer: 38141G		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Yes



TEXAS INSTRUMENTS INCORPORATED			TXN	Annual Meeting Date: 04/15/2004
Issuer: 882508		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	For	Yes



GENENTECH, INC.			DNA	Consent Meeting Date: 04/16/2004
Issuer: 368710		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	APPROVE CHARTER AMENDMENT		Management	Against	Yes

02	ELECTION OF DIRECTORS		Management	For	No

2B1	CHANGE STOCK EXCHANGE LISTING		Management	For

2B2	CHANGE STOCK EXCHANGE LISTING		Management	For

2B3	CHANGE STOCK EXCHANGE LISTING		Management	For

03	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

04	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No

05	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



ELI LILLY AND COMPANY			LLY	Annual Meeting Date: 04/19/2004
Issuer: 532457		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No

04	S/H PROPOSAL - LIMIT COMPENSATION		Shareholder	Against	No

05	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No



CITIGROUP INC.			C	Annual Meeting Date: 04/20/2004
Issuer: 172967		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - LIMIT COMPENSATION		Shareholder	Against	No

04	S/H PROPOSAL - POLITICAL/GOVERNMENT		Shareholder	Against	No

05	S/H PROPOSAL - DECLASSIFY BOARD		Shareholder	Against	No

06	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	Against	No



MORGAN STANLEY			MWD	Annual Meeting Date: 04/20/2004
Issuer: 617446		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - REPORT ON EMPLOYEES EARNING OVER		Shareholder	For	Yes
	$100,000

04	S/H PROPOSAL - PUT GOLDEN PARACHUTE TO SHAREHOLDER		Shareholder	Against	No
	VOTE

05	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No



SPRINT CORPORATION			FON	Annual Meeting Date: 04/20/2004
Issuer: 852061		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - OVERRIDE CSA VOTE RESTRICTIONS		Shareholder	For	Yes

04	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No

05	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Yes

06	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No



BURLINGTON RESOURCES INC.			BR	Annual Meeting Date: 04/21/2004
Issuer: 122014		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



LEXMARK INTERNATIONAL, INC.			LXK	Annual Meeting Date: 04/22/2004
Issuer: 529771		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No

03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



PFIZER INC.			PFE	Annual Meeting Date: 04/22/2004
Issuer: 717081		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against 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	S/H PROPOSAL - HEALTH ISSUES		Shareholder	Against	No

05	S/H PROPOSAL - POLITICAL/GOVERNMENT		Shareholder	For	Yes

06	S/H PROPOSAL - POLITICAL/GOVERNMENT		Shareholder	Against	No

07	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	Against	No

08	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No

09	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	Against	No

10	S/H PROPOSAL - HEALTH ISSUES		Shareholder	Against	No



MERRILL LYNCH & CO., INC.			MER	Annual Meeting Date: 04/23/2004
Issuer: 590188		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - ADOPT CUMULATIVE VOTING		Shareholder	Against	No

04	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Yes



ALLERGAN, INC.			AGN	Annual Meeting Date: 04/28/2004
Issuer: 018490		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	For	Yes

04	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Yes



AETNA INC.			AET	Annual Meeting Date: 04/30/2004
Issuer: 00817Y		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	S/H PROPOSAL - DECLASSIFY BOARD		Shareholder	Against	No

04	S/H PROPOSAL - REINCORPORATE OUT OF DELAWARE		Shareholder	Against	No



BERKSHIRE HATHAWAY INC.			BRKA	Annual Meeting Date: 05/03/2004
Issuer: 084670		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	S/H PROPOSAL - POLITICAL/GOVERNMENT		Shareholder	Against	No



EMC CORPORATION			EMC	Annual Meeting Date: 05/05/2004
Issuer: 268648		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	AMEND STOCK OPTION PLAN TO INCREASE SHARES		Management	For	No

03	AMEND STOCK PURCHASE PLAN		Management	For	No

04	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

05	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No



ANADARKO PETROLEUM CORPORATION			APC	Annual Meeting Date: 05/06/2004
Issuer: 032511		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No

03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

04	S/H PROPOSAL - ENVIRONMENTAL		Shareholder	Against	No



APACHE CORPORATION			APA	Annual Meeting Date: 05/06/2004
Issuer: 037411		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	S/H PROPOSAL - POLITICAL/GOVERNMENT		Shareholder	Against	No



SAP AG			SAP	Annual Meeting Date: 05/06/2004
Issuer: 803054		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

02	CHANGE STOCK EXCHANGE LISTING		Management	Take No Action	Yes

03	CHANGE STOCK EXCHANGE LISTING		Management	Take No Action	Yes

04	CHANGE STOCK EXCHANGE LISTING		Management	Take No Action	Yes

05	CHANGE STOCK EXCHANGE LISTING		Management	Take No Action	Yes

06	CHANGE STOCK EXCHANGE LISTING		Management	Take No Action	Yes

07	CHANGE STOCK EXCHANGE LISTING		Management	Take No Action	Yes

08	CHANGE STOCK EXCHANGE LISTING		Management	Take No Action	Yes



ZIMMER HOLDINGS, INC.			ZMH	Annual Meeting Date: 05/10/2004
Issuer: 98956P		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	S/H PROPOSAL - RESCIND OR ALLOW SHAREHOLDER TO		Shareholder	For	Yes
	RATIFY POISON PILL

03	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	For	Yes



BOSTON SCIENTIFIC CORPORATION			BSX	Annual Meeting Date: 05/11/2004
Issuer: 101137		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



GAP, INC.			GPS	Annual Meeting Date: 05/12/2004
Issuer: 364760		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	AMEND OMNIBUS STOCK OPTION PLAN		Management	For	No

04	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No



ST. JUDE MEDICAL, INC.			STJ	Annual Meeting Date: 05/12/2004
Issuer: 790849		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against 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

04	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

05	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No



AMGEN INC.			AMGN	Annual Meeting Date: 05/13/2004
Issuer: 031162		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

3A	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No

3B	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	For	Yes



ANTHEM, INC.			ATH	Annual Meeting Date: 05/17/2004
Issuer: 03674B		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No



INTEL CORPORATION			INTC	Annual Meeting Date: 05/19/2004
Issuer: 458140		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against 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

04	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	For	Yes

05	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No

06	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No



MERCURY INTERACTIVE CORPORATION			MERQ	Annual Meeting Date: 05/19/2004
Issuer: 589405		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

03	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



SOUTHWEST AIRLINES CO.			LUV	Annual Meeting Date: 05/19/2004
Issuer: 844741		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



TEVA PHARMACEUTICAL INDUSTRIES LIMIT			TEVA	Annual Meeting Date: 05/20/2004
Issuer: 881624		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	CHANGE STOCK EXCHANGE LISTING		Management	For	No

02	CHANGE STOCK EXCHANGE LISTING		Management	Against	Yes

3A	CHANGE STOCK EXCHANGE LISTING		Management	For	No

3B	CHANGE STOCK EXCHANGE LISTING		Management	For	No

3C	CHANGE STOCK EXCHANGE LISTING		Management	For	No

3D	CHANGE STOCK EXCHANGE LISTING		Management	For	No

3E	CHANGE STOCK EXCHANGE LISTING		Management	For	No

04	CHANGE STOCK EXCHANGE LISTING		Management	Against	Yes

05	CHANGE STOCK EXCHANGE LISTING		Management	For	No



GILEAD SCIENCES, INC.			GILD	Annual Meeting Date: 05/25/2004
Issuer: 375558		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against 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

04	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No



COGNIZANT TECHNOLOGY SOLUTIONS CORP.			CTSH	Annual Meeting Date: 05/26/2004
Issuer: 192446		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	AMEND ARTICLES/BYLAW/CHARTER-ORGANIZATION RELATED		Management	For	No

03	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No

04	ADOPT STOCK PURCHASE PLAN		Management	For	No

05	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



EXXON MOBIL CORPORATION			XOM	Annual Meeting Date: 05/26/2004
Issuer: 30231G		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No

04	S/H PROPOSAL - POLITICAL/GOVERNMENT		Shareholder	Against	No

05	S/H PROPOSAL - POLITICAL/GOVERNMENT		Shareholder	Against	No

06	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No

07	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	For	Yes

08	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No

09	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No

10	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No

11	S/H PROPOSAL - ENVIRONMENTAL		Shareholder	Against	No



PANERA BREAD COMPANY			PNRA	Annual Meeting Date: 05/27/2004
Issuer: 69840W		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No



NABORS INDUSTRIES LTD.			NBR	Annual Meeting Date: 06/01/2004
Issuer: G6359F		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

03	APPROVE REINCORPORATION TO DELAWARE		Management	Against	No



WAL-MART STORES, INC.			WMT	Annual Meeting Date: 06/04/2004
Issuer: 931142		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No

03	ADOPT OMNIBUS STOCK OPTION PLAN		Management	For	No

04	ADOPT STOCK PURCHASE PLAN		Management	For	No

05	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

06	S/H PROPOSAL - BOARD OF DIRECTORS		Shareholder	Against	No

07	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No

08	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No

09	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No

10	MISCELLANEOUS SHAREHOLDER PROPOSAL		Shareholder	Against	No

11	S/H PROPOSAL - CORPORATE GOVERNANCE		Shareholder	Against	No



EBAY INC.			EBAY	Annual Meeting Date: 06/24/2004
Issuer: 278642		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	No
	SHARES

03	AMEND INCENTIVE STOCK OPTION PLAN TO INCREASE		Management	For	No
	SHARES

04	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

05	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

06	S/H PROPOSAL - FORM SHAREHOLDER ADVISORY COMMITTEE		Shareholder	For	Yes



ANTHEM, INC.			ATH	Special Meeting Date: 06/28/2004
Issuer: 03674B		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	APPROVE MERGER AGREEMENT		Management	For	No

02	APPROVE CHARTER AMENDMENT		Management	For	No



PATTERSON-UTI ENERGY, INC.			PTEN	Annual Meeting Date: 06/29/2004
Issuer: 703481		ISIN:
SEDOL:

Vote Group: GLOBAL

Proposal Number	Proposal		Proposal Type	Vote Cast	Against Mgmt.

01	ELECTION OF DIRECTORS		Management	For	No

02	APPROVE AUTHORIZED COMMON STOCK INCREASE		Shareholder	For	No

03	ADOPT INCENTIVE STOCK OPTION PLAN		Management	For	No

04	AMEND INCENTIVE STOCK OPTION PLAN		Management	For	No

05	RATIFY APPOINTMENT OF INDEPENDENT AUDITORS		Management	For	No

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.

By: /s/Henry J. Herrmann
Henry J. Herrmann, President and Principal Executive Officer