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<TYPE>13F-NT
<SEQUENCE>1
<FILENAME>a2136394z13f-nt.txt
<DESCRIPTION>13F-NT
<TEXT>
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  March 31, 2004

Check here if Amendment [  ]; Amendment No. ____

      This Amendment (check one only):   [  ] is a restatement.
                                         [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:         Austin, Calvert & Flavin, Inc.
Address:      755 East Mulberry
              Suite 400
              San Antonio, Texas  78212

Form 13F File Number:      28-3226

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Persons Signing this Report on Behalf of Reporting Manager:

Name:         Sarah C. Doerr
Title:        Chief Operations Officer
Phone:        (210) 353-0525


Signature, Place and Date of Signing:

/s/  Sarah C. Doerr          San Antonio, Texas              May 12, 2004

Report Type (check only one):

[ ] 13F HOLDINGS. (Check here if all holdings of this reporting manager are
reported in this report.)

[X] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)

[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)

List of Other Managers Reporting for this Manager:

         Form 13F File Number               Name
         --------------------               ------

         28-7592                            Waddell & Reed Financial, Inc.

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