N-PX 1 npx.htm FORM N-PX - PROXY VOTING UNITED STATES

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-04963

THE BERWYN FUNDS
 1189 Lancaster Ave, Berwyn, PA 19312

Kevin M. Ryan, Agent for Service
1189 Lancaster Ave, Berwyn, PA 19312
Telephone: (610) 296-7222

Date of fiscal year end:   December 31

Date of reporting period:   July 1, 2003 - June 30, 2004

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.

Item 1 - Proxy Voting Record

BERWYN FUND                
7/01/03 to 6/30/04                
                 
Common Stock Name Ticker CUSIP Shareholder Meeting Date Agenda Item Description Issue Proposed By Did Fund Vote? Vote Cast by Fund Management Recommendation
                 
BARNES GROUP INC COM B 067806109 April 14, 2004 Election of board nominees Board Yes For all nominees For all nominees
      April 14, 2004 Approval of Barnes stock and incentive award plan Board Yes For For
      April 14, 2004 Approval of Non-employee director deferred stock plan Board Yes For For
      April 14, 2004 Ratification of PriceWaterhouseCooper as auditor Board Yes For For
                 
BERRY PETE CO CL A BRY 085789105 May 20, 2004 Election of nominee directors Board Yes For all nominees For all nominees
                 
BLAIR CORP COM BL 092828102 April 29, 2004 Approval of nominee directors Board Yes For all nominees For all nominees
      April 29, 2004 Approval of Ernst & Young as auditors Board Yes For For
                 
CALLON PETE CO DEL COM CPE 13123X102 January 23, 2004 Amend and restate certificate of incorporation, increase authorization to 30,000,000 common and 2,500,000 preferred Board Yes For For
      May 6, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of Ernst & Young as auditors Board Yes For For
                 
COURIER CORP COM CRRC 222660102 January 15, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of Deloitte & Touche as auditors Board Yes For For
                 
DIXIE GROUP INC DXYN 255519100 May 6, 2004 Election of nominee directors Board Yes For all nominees For all nominees
                 
DREW INDS INC COM NEW DW 26168L205 May 20, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approve an amendment to certificate of incorporation Board Yes For For
        Approval of KPMG as auditors Board Yes For For
                 
DUCOMMUN INC DEL COM DCO 264147109 May 5, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Amendment of 2001 stock incentive plan Board Yes For For
                 
DUQUESNE LIGHT HOLDINGS DQE 266233105 May 27, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Amendments to 2002 Long Term incentive plan Board Yes For For
        Approval of Deloitte Touche as auditor Board Yes For For
                 
EPIQ SYSTEMS INC EPIQ 26882D109 June 2, 2004 Election of nominee directors Board No   For all nominees
        Approval of 2004 equity incentive plan Board No   For
                 
ENNIS BUSINESS FORMS COM EBF 293389102 June 17, 2004 Election of nominee directors Board No   For all nominees
        Approval of 2004 LT Incentive plan Board No   For
        Amend articles of incorporation to change name to Ennis Inc. Board No   For
                 
EQUITY INNS INC COM ENN 294703103 May 13, 2004 Election of nominee directors Board No   For all nominees
                 
ESTERLINE TECHNOLOGIES COM ESL 297425100 March 3, 2004 Election of Director nominees Board Yes For all nominees For all nominees
        Approval of 2004 Equity incentive plan. Board Yes For For
                 
FPIC INS GROUP INC COM FPIC 302563101 June 2, 2004 Election of nominee directors Board No   For all nominees
        1st Amendment to stock option plan Board No   For
        2nd amendment to stock option plan Board No   For
        Amendment to Omnibus Incentive plan Board No   For
        Amendment to employee stock purchase plan Board No   For
                 
FRONTIER OIL CORP COM FTO 35914P105 April 15, 2004 Election of nominee directors Board Yes For all nominees For all nominees
      April 15, 2004 Approval of Deloitte & Touche as auditors Board Yes For For
                 
GULF ISLAND FABRICATION GIFI 402307102 April 28, 2044 Election of nominee directors Board Yes For For
      April 28, 2004 Approval of Ernst & Young as auditors Board Yes For For
                 
HANDLEMAN CO DEL COM HDL 410252100 October 14, 2003 Election of nominee directors Board Yes For For
                 
HARDINGE INC COM HDNG 412324303 May 4, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of Ernst & Young as auditors Board Yes For For
                 
IHOP CORP COM IHP 449623107 May 25, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Ratify Ernst & Young as auditors Board Yes For For
                 
IMPALA PLATINUM HLDGS ADR IMPUY 452553308 October 22, 2003 Appointment of directors Board No   For
        Directors remuneration Board No   For
        Change in articles Board No   For
        Share buyback Board No   For
                 
KENNETH COLE PRODS KCP 193294105 May 27, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of 2004 stock incentive plan Board Yes For For
        Approval of 2004 bonus plan Board Yes For For
        Ratify Ernst & Young as auditors Board Yes For For
                 
LIFEPOINT HOSPITALS LPNT 53219L109 June 15, 2004 Election of nominee directors Board No   For all nominees
        Amendment to 1998 LT Incentive plan Board No   For
        Amendment to outside directors stock and incentive plan Board No   For
        Approval of company's executive performance incentive plan Board No   For
        Approval of Ernst & Young as auditor Board No   For
                 
MTS SYS CORP COM MTSC 553777103 January 27, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of auditor KPMG Board Yes For For
                 
ODYSSEY RE HOLDINGS CORP ORH 67612W108 April 21, 2004 Election of nominee directors Board Yes For all nominees For all nominees
                 
PATRICK INDS INC COM PATK 703343103 May 14, 2004 Election of nominee directors Board No   For all nominees
        Approve amendments to 1987 stock option plan Board No   For
                 
PRINTRONIX INC COM PTNX 742578107 August 20, 2003 Election of the Board Board Yes For all nominees For all nominees
        Stock Incentive Plan Board Yes For For
      August 17, 2004 Election of nominee directors Board Yes For all nominees For all nominees
                 
QUIDEL CORP COM QDEL 74838J101 May 26, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval to increase common stock available by 2,000,000 shares Board Yes For For
                 
REHABCARE GROUP INC COM RHB 759148109 May 4, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of second amended and restated 1996 long-term performance plan Board Yes For For
        Approval of KPMG as auditors Board Yes For For
                 
SOUTHWESTERN ENERGY CO COM SWN 845467109 May 12, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Adopt 2004 stock incentive plan Board Yes For For
                 
TEREX CORP NEW COM TEX 880779103 May 25, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Ratify indpendent accountants Board Yes For For
        Approval of amendment to 2000 incentive plan Board Yes For For
        Approval of 2004 annual incentive compensation plan Board Yes For For
        Approval of employee stock purchase plan Board Yes For For
        Approval of deferred compensation plan Board Yes For For
        Approval of compensation for outside directors Board Yes For For
                 
THERANGENICS CORP COM TGX 883375107 May 11, 2004 Election of nominee directors Board No   For all nominees
                 
VITAL SIGNS INC VITL 928469105 September 29, 2003 Election of directors Board Yes For For
        2003 Investment Plan Board Yes For For
      May 4, 2004 Election of nominee directors Board Yes For all nominees For all nominees
                 
WESTMORELAND COAL CO COM WLB 960878106 May 20, 2004 Election of nominee directors Board Yes For all nominees For all nominees
                 
WISCONSIN ENERGY CORP COM WEC 976657106 May 5, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Amendment to declassify the board Board Yes For For
                 
YELLOW ROADWAY CORP COM YELL 985577105 May 20, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of company's 2004 long term incentive plan Board Yes For For
        Approval of KPMG as auditor Board Yes For For
                 


BERWYN INCOME FUND               
7/01/03 to 6/30/04                
                 
Common Stock Name Ticker CUSIP Shareholder Meeting Date Agenda Item Description Issue Proposed By Did Fund Vote? Vote Cast by Fund Management Recommendation
                 
ATMOS ENERGY CORP COM ATO 049560105 February 11, 2004 Election of Directors Directors Yes For For
                 
BERRY PETE CO CL A BRY 05789105 May 20, 2004 Election of Directors Directors Yes Yes Yes
                 
CINERGY CORP COM CIN 172474108 May 4, 2004 Election of Directors Directors Yes For For
        Ratification of Auditors Directors Yes For For
                 
ENNIS BUSINESS FORMS COM EBF 293389102 June 17, 2004 Election of Directors Directors No   For
        Incentive Plan Directors     For
        Name Change Directors     For
                 
FIRST COMWLTH FINL PA COM FCF 319829107 April 19, 2004 Election of Directors Directors Yes Yes Yes
                 
FIRST INDUSTRIAL REALTY TRUST FR 32054K103 May 12,2004 Election of Directors Directors Yes For For
        Ratify PriceWaterhouse Directors Yes For For
                 
GLAXOSMITHKLINE GSK 37733W105 May 17, 2004 Report and financial statements Directors Yes For For
        To approve the renumberation report Directors Yes For For
        To elect Directors Directors Yes For For
        Re-Appointment of Auditors Directors Yes For For
        Remuneration of Auditors Directors Yes For For
        Donation to political organizations Directors Yes For For
        Pre-emption rights Directors Yes For For
        Share repurchase Directors Yes For For
                 
HARDINGE INC COM HDNG 412324303 May 4, 2004 Election of Directors Directors Yes For For
        Ratify Ernst & Young Directors Yes For For
                 
HAWAIIAN ELEC INDS COM HE 419870100 April 20, 2004 Election of Directors Election of KPMG Yes For For
                 
HOSPITALITY PPTYS TR COM SH BEN INT HPT 44106M102 May 11, 2004 Election of Trustee Trustees No   For
                 
IMPALA PLATINUM HLDGS ADR IMPUY 452553308 October 22, 2003 Appointment of directors Board No   For
        Directors remuneration Board No   For
        Change in articles Board No   For
        Share buyback Board No   For
                 
LACLEDE GROUP INC LG 505597104 January 29, 2004 Election of Directors Directors Yes For For
        Appoint Deloitte & Touche Directors Yes For For
                 
MID-AMER APT CMNTYS COM MAA 59522J103 June 2, 2003 Election of Directors Directors Yes For For
        Ratify auditors Directors Yes For For
        Amended charter Directors Yes For For
        Approve 2004 stock plan Directors Yes For For
                 
NORTH PITTSBURGH SYS I COM NPSI 661562108 May 21, 2004 Election of Directors Directors Yes For For
                 
PUGET ENERGY INC NEW COM PSD 745310102 May 4, 2004 Election of Directors Directors Yes For For
                 
RR DONNELLEY & SONS CO DNY 257867101 April 22, 2004 Issuance of shares; Moore Wallace acquisition Directors Yes Yes Yes
        2004 performance incentive plan Directors Yes Yes Yes
                 
SEMPRA ENERGY COM SRE 816851109 May 4, 2004 Election of Directors Directors Yes For For
        Incentive Plan Directors Yes For For
        Auditors Directors Yes For For
        Election of Directors Shareholders Yes For Against
        Shareholder Rights Shareholders Yes For Against
        Auditor Services Shareholders Yes Against Against
        Chairman of the Board Shareholders Yes Against Against
                 
TOWN & COUNTRY TRUST TCT 892081100 May 5, 2004 Election of Directors Directors Yes For For
                 
VECTREN CORP. VVC 92240G101 April 28, 2004 Election of Directors Directors Yes Yes Yes
        Ratify auditors Directors Yes Yes Yes
        Option expensing Shareholders Yes Yes No
                 
Preferred Stock Name Ticker CUSIP Shareholder Meeting Date Agenda Item Description Issue Proposed By Did Fund Vote? Vote Cast by Fund Management Recommendation
                 
Southern Cal. Edison Co.pfd 7.23%   842400798 May 20, 2004 Election of Directors Directors Yes For For


BERWYN CORNERSTONE FUND             
7/01/03 to 6/30/04             
                 
Common Stock Name Ticker CUSIP Shareholder Meeting Date Agenda Item Description Issue Proposed By Did Fund Vote? Vote Cast by Fund Management Recommendation
BAXTER INTL INC COM BAX 071813109 May 4, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of auditors Board Yes For For
        Proposal regarding cumulative voting Board Yes For Against
                 
BEST BUY INC COM BBY 086516101 June 24, 2004 Election of nominee directors Board No   For all nominees
        Approval of Ernst & Young as auditor Board No   For
        Approve 2004 Omnibus stock and incentive plan Board No   For
                 
BJ'S WHOLESALE CLUB BJ 05548J106 May 20, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Amendment of 1997 stock incentive plan Board Yes For For
        Approval of PriceWaterhouseCoopers as auditor Board Yes For For
                 
BLACK & DECKER CORP BDK 091797100 April 27, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of Ernst & Young as auditors Board Yes For For
        Approval of 2004 restricted stock plan Board Yes For For
        Shareholder proposal Shareholder Yes Against Against
                 
COMCAST CORP NEW CL A CMCSA 20030N101 May 26, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of independent auditors Board Yes For For
        Approval of 2002 restricted stock plan Board Yes For For
        Amendment to articles of incorporation Board Yes For For
        Establish a 2/3 independent board Shareholder Yes For Against
        Disclose political contributions Shareholder Yes Against Against
        Nominate 2 directors for every open directorship Shareholder Yes Against Against
        Limit compensation for senior executives Shareholder Yes Against Against
        Adopt a recapitalization plan Shareholder Yes Against Against
                 
FPL GROUP INC COM FPL 302571104 May 21, 2004 Election of nominee directors Board No   For all nominees
        Approval of Deloitte & Touche as auditor Board No   For
        Approval of long-term incentive plan Board No   For
        Approval of annual incentive plan Board No   For
        Approval of performance based awards Board No   For
        Approval to increase authorized shares Board No   For
                 
GENERAL DYNAMICS COM GD 369550108 May 5, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of equity compensation plan Board Yes For For all nominees
        Shareholder proposal regarding poison pills Shareholder Yes For Against
        Shareholder proposal regarding foreign military sales Shareholder Yes Against Against
                 
HEINZ H J CO COM HNZ 423074103 September 8, 2004 Election of nomineed directors Board Yes For all nominees For all nominees
        Approval of auditors Board Yes For For
                 
LUBRIZOL CORP COM LZ 549271104 April 26, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of Deloitte & Touche as auditors Board Yes For For
                 
MATTEL CORP MAT 577081102 May 13, 2004 Election of nominee directors Board No   For all nominees
        Approval of PriceWaterHouse Coopers as auditor Board No   For
        Shareholder proposal regarding management compensation Shareholder No   Against
        Shareholder proposal regarding services performed by independent auditors Shareholder No   Against
                 
NOBLE ENERGY INC COM NBL 655044105 April 27, 2007 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of KPMG as auditors Board Yes For For
        Approve amendment to 1988 Nonqualified stock option plan Board Yes For For
        Approve performance goals for grants of restricted stock Board Yes For For
                 
PROGRESS ENERGY PGN 743263105 May 12, 2004 Election of nominee directors Board No   For all nominees
        Shareholder proposal regarding stock options Shareholder No   Against
                 
RITE AID CORP RAD 767754104 June 24, 2004 Election of nominee directors Board No   For all nominees
        Approve 2004 Omnibus equity plan Board No   For
        Shareholder proposal regarding employment diversity report Shareholder No   Against
                 
RR DONNELLEY & SONS CO DNY 257867101 February 23, 2004 Approve issuance of shares for merger with Moore Wallace Board Yes For For
        Adopt 2004 performance plan Board Yes For For
      April 14, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Shareholder proposal regarding sale of the company Shareholder Yes Against Against
        Shareholder proposal regarding expensing of stock options Shareholder Yes For Against
                 
TALBOTS INC TLB 874161102 May 27, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Ratify Deloitte & Touche as auditors Board Yes For For
                 
UNISYS CORP COM UIS 909214108 April 22, 2004 Election of nominee directors Board Yes For all nominees For all nomineees
                 
WEBSTER FINL CORP CONN COM WBS 947890109 April 22, 2004 Election of nominee directors Board No   For all nominees
        Approval of KPMG as auditor Board No   For
                 
YUM BRANDS INC COM YUM 988498101 May 20, 2004 Election of nominee directors Board Yes For all nominees For all nominees
        Approval of executive compensation plan Board Yes For For
        Approval of auditors Board Yes For For
        Shareholder proposal regarding smoke free facilities Shareholder Yes Against Against
        Shareholder proposal regarding sustainability report Shareholder Yes Against Against
        Shareholder proposal regarding Macbride principles Shareholder Yes Against Against
        Shareholder proposal regarding genetically engineered food report Shareholder Yes Against Against
        Shareholder proposal regarding animal welfare standards Shareholder Yes Against Against
                 


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 of the undersigned, thereunto duly authorized.


Registrant: The Berwyn Funds

By:      /s/ Robert E. Killen
           Robert E. Killen, President
        
Date:   August 31, 2004