SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Waddell & Reed Advisors Municipal Bond Fund, Inc.
The cover page of the Statement of Additional Information is revised to reflect
the date of June 30, 2000.
The disclosure regarding the respective Distribution and Service Plans ("Plans")
for Class A shares, Class B shares and Class C shares is revised to reflect that
such shares are offered through Waddell & Reed, Inc. and also through certain
other broker-dealers. In addition to the dealer reallowance that may be
applicable to Class A share purchases, as described in the Prospectus, Waddell &
Reed, Inc. may pay such broker-dealers a portion of the fees it receives under
the respective Plans as well as other compensation in connection with the
distribution of Fund shares, including the following: i) for the purchase of
Class A shares purchased at net asset value by clients of Legend Equities
Corporation ("Legend"), Waddell & Reed, Inc. (or its affiliate) may pay Legend
1.00% of net assets invested; ii) for the purchase of Class B shares, Waddell &
Reed, Inc. (or its affiliate) may pay Legend 4.00% of net assets invested; iii)
for the purchase of Class C shares, Waddell & Reed, Inc. (or its affiliate) may
pay Legend 1.00% of net assets invested.
To be attached to the cover page of the Statement of Additional Information of:
Waddell & Reed Advisors Municipal Bond Fund, Inc. - Dated June 30, 1999
This Supplement is dated July 3, 2000
