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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 21
048 J020400 0.000
048 K010400 0
048 K020400 0.000
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061 000400 50
062 A000400 Y
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062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.1
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
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062 O000400 95.6
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062 Q000400 0.0
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063 B000400 13.3
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 N
070 A020400 N
070 B010400 N
070 B020400 N
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070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
<PAGE> PAGE 22
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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071 B000400 7269
071 C000400 33605
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072 A000400 6
072 B000400 1055
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<PAGE> PAGE 23
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015 A000501 UMB BANK, N.A.
015 B000501 C
015 C010501 KANSAS CITY
015 C020501 MO
015 C030501 64141
015 C040501 6226
015 E010501 X
015 A000502 UNITED MISSOURI TRUST COMPANY OF NEW YORK
<PAGE> PAGE 24
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10004
015 E010502 X
015 A000503 BROWN BROTHERS HARRIMAN & CO.
015 B000503 S
015 C010503 BOSTON
015 C020503 MA
015 C030503 02109
015 E010503 X
015 A000504 NATIONAL NOMINEES, LTD.
015 B000504 S
015 C010504 MELBOURNE
015 D010504 AUSTRALIA
015 E040504 X
015 A000505 DEUTSCHE BANK, AG
015 B000505 S
015 C010505 FRANKFURT
015 D010505 GERMANY
015 E040505 X
015 A000506 DEN DANSKE BANK
015 B000506 S
015 C010506 COPENHAGEN
015 D010506 DENMARK
015 E040506 X
015 A000507 MERITA BANK
015 B000507 S
015 C010507 HELSINKI
015 D010507 FINLAND
015 E040507 X
015 A000508 BHF BANK
015 B000508 S
015 C010508 FRANKFURT
015 D010508 GERMANY
015 E040508 X
015 A000509 BANQUE INDOSUEZ
015 B000509 S
015 C010509 PARIS
015 D010509 FRANCE
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015 A000510 ABN AMRO BANK
015 B000510 S
015 C010510 AMSTERDAM
015 D010510 NETHERLANDS
015 E040510 X
015 A000511 CITIBANK, N.A.
015 B000511 S
015 C010511 JAKARTA
015 D010511 INDONESIA
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<PAGE> PAGE 25
015 A000512 MIDLAND BANK PLC
015 B000512 S
015 C010512 LONDON
015 D010512 ENGLAND
015 E040512 X
015 A000513 BANK OF TOKYO
015 B000513 S
015 C010513 TOKYO
015 D010513 JAPAN
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015 A000514 DELETE
015 A000515 DELETE
015 A000516 CHRISTIANA BANK
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015 C010516 OSLO
015 D010516 NORWAY
015 E040516 X
015 A000517 CITIBANK, N.A.
015 B000517 S
015 C010517 MANILA
015 D010517 PHILIPPINES
015 E040517 X
015 A000518 BANCO SANTANDER
015 B000518 S
015 C010518 MADRID
015 D010518 SPAIN
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015 A000519 SKANDINAVISKA ENSKILDA BANKEN
015 B000519 S
015 C010519 STOCKHOLM
015 D010519 SWEDEN
015 E040519 X
015 A000520 HONGKONG & SHANGHAI BANKING CORP.
015 B000520 S
015 C010520 HONG KONG
015 D010520 HONG KONG
015 E040520 X
015 A000521 BANCA COMMERCIALE
015 B000521 S
015 C010521 MILAN
015 D010521 ITALY
015 E040521 X
015 A000522 CITIBANK MEXICO
015 B000522 S
015 C010522 MEXICO CITY
015 D010522 MEXICO
015 E040522 X
015 A000523 UNION BANK OF SWITZERLAND
015 B000523 S
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<PAGE> PAGE 26
015 E040523 X
024 000500 N
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<PAGE> PAGE 27
048 B010500 0
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066 F000500 N
<PAGE> PAGE 28
066 G000500 N
067 000500 N
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069 000500 N
070 A010500 Y
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070 E020500 N
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070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
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070 J020500 N
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070 K020500 N
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070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
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070 P020500 Y
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070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 19155
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<PAGE> PAGE 29
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<PAGE> PAGE 30
074 R040500 46
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015 A000601 UMB BANK, N.A.
015 B000601 C
015 C010601 KANSAS CITY
015 C020601 MO
015 C030601 64141
015 C040601 6226
015 E010601 X
015 A000602 UNITED MISSOURI TRUST COMPANY OF NEW YORK
015 B000602 S
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015 C020602 NY
015 C030602 10004
015 E010602 X
015 A000603 CITIBANK MEXICO
015 B000603 S
015 C010603 MEXICO CITY
015 D010603 MEXICO
015 E040603 X
015 A000604 BROWN BROTHERS HARRIMAN & CO.
015 B000604 S
015 C010604 BOSTON
015 C020604 MA
015 C030604 02109
015 E010604 X
015 A000605 ABN AMRO BANK
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015 C010605 AMSTERDAM
015 D010605 NETHERLANDS
015 E040605 X
015 A000606 UNION BANK OF SWITZERLAND
015 B000606 S
015 C010606 ZURICH
015 D010606 SWITZERLAND
015 E040606 X
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015 B000607 S
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<PAGE> PAGE 31
015 E040607 X
024 000600 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
066 A000600 Y
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE THEODORE W. HOWARD
TITLE V.P. & TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE SEMIANNUAL REPORT
TO SHAREHOLDERS DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000883622
<NAME> WADDELL & REED FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> TOTAL RETURN FUND
<S> <C>
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<PER-SHARE-NII> (.01)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE SEMIANNUAL REPORT
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</LEGEND>
<CIK> 0000883622
<NAME> WADDELL & REED FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> GROWTH FUND
<S> <C>
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<PER-SHARE-NII> (.02)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE SEMIANNUAL REPORT
TO SHAREHOLDERS DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000883622
<NAME> WADDELL & REED FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> LIMITED-TERM BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 19,254,997
<INVESTMENTS-AT-VALUE> 19,034,600
<RECEIVABLES> 487,183
<ASSETS-OTHER> 6,838
<OTHER-ITEMS-ASSETS> 22,273
<TOTAL-ASSETS> 19,550,894
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 148,310
<TOTAL-LIABILITIES> 148,310
<SENIOR-EQUITY> 19,478
<PAID-IN-CAPITAL-COMMON> 19,686,099
<SHARES-COMMON-STOCK> 1,947,835
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (82,596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (220,397)
<NET-ASSETS> 19,402,584
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 627,449
<OTHER-INCOME> 0
<EXPENSES-NET> (208,288)
<NET-INVESTMENT-INCOME> 419,161
<REALIZED-GAINS-CURRENT> (98,433)
<APPREC-INCREASE-CURRENT> (14,020)
<NET-CHANGE-FROM-OPS> 306,708
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (419,161)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 283,551
<NUMBER-OF-SHARES-REDEEMED> (745,529)
<SHARES-REINVESTED> 41,274
<NET-CHANGE-IN-ASSETS> (4,279,946)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54,764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 208,288
<AVERAGE-NET-ASSETS> 19,537,048
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 2.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE SEMIANNUAL REPORT
TO SHAREHOLDERS DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000883622
<NAME> WADDELL & REED FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 33,383,043
<INVESTMENTS-AT-VALUE> 34,264,719
<RECEIVABLES> 1,624,483
<ASSETS-OTHER> 6,918
<OTHER-ITEMS-ASSETS> 9,506
<TOTAL-ASSETS> 35,905,626
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115,455
<TOTAL-LIABILITIES> 115,455
<SENIOR-EQUITY> 33,284
<PAID-IN-CAPITAL-COMMON> 35,421,787
<SHARES-COMMON-STOCK> 3,328,358
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (546,576)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 881,676
<NET-ASSETS> 35,790,171
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,055,406
<OTHER-INCOME> 0
<EXPENSES-NET> (345,560)
<NET-INVESTMENT-INCOME> 709,846
<REALIZED-GAINS-CURRENT> 10,566
<APPREC-INCREASE-CURRENT> 392,034
<NET-CHANGE-FROM-OPS> 1,112,446
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (709,846)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 341,866
<NUMBER-OF-SHARES-REDEEMED> (258,482)
<SHARES-REINVESTED> 59,499
<NET-CHANGE-IN-ASSETS> 1,920,320
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 97,280
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 345,560
<AVERAGE-NET-ASSETS> 34,704,893
<PER-SHARE-NAV-BEGIN> 10.63
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> (.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.75
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE SEMIANNUAL REPORT
TO SHAREHOLDERS DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000883622
<NAME> WADDELL & REED FUNDS, INC.
<SERIES>
<NUMBER> 5
<NAME> INTERNATIONAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 25,185,267
<INVESTMENTS-AT-VALUE> 28,398,391
<RECEIVABLES> 1,693,413
<ASSETS-OTHER> 6,822
<OTHER-ITEMS-ASSETS> 4,761
<TOTAL-ASSETS> 30,103,387
<PAYABLE-FOR-SECURITIES> 827,043
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73,146
<TOTAL-LIABILITIES> 900,189
<SENIOR-EQUITY> 27,232
<PAID-IN-CAPITAL-COMMON> 26,902,323
<SHARES-COMMON-STOCK> 2,723,245
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 32,246
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (969,102)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,210,499
<NET-ASSETS> 29,203,198
<DIVIDEND-INCOME> 239,094
<INTEREST-INCOME> 158,092
<OTHER-INCOME> 0
<EXPENSES-NET> (319,741)
<NET-INVESTMENT-INCOME> 77,445
<REALIZED-GAINS-CURRENT> (589,567)
<APPREC-INCREASE-CURRENT> 2,457,473
<NET-CHANGE-FROM-OPS> 1,945,351
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 720,897
<NUMBER-OF-SHARES-REDEEMED> (98,963)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,322,192
<ACCUMULATED-NII-PRIOR> (33,657)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 100,155
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 319,741
<AVERAGE-NET-ASSETS> 24,753,100
<PER-SHARE-NAV-BEGIN> 9.94
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .74
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.72
<EXPENSE-RATIO> 2.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE SEMIANNUAL REPORT
TO SHAREHOLDERS DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000883622
<NAME> WADDELL & REED FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> ASSET STRATEGY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 15,036,663
<INVESTMENTS-AT-VALUE> 15,046,985
<RECEIVABLES> 138,103
<ASSETS-OTHER> 853
<OTHER-ITEMS-ASSETS> 12,910
<TOTAL-ASSETS> 15,198,851
<PAYABLE-FOR-SECURITIES> 97,852
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85,066
<TOTAL-LIABILITIES> 182,918
<SENIOR-EQUITY> 14,825
<PAID-IN-CAPITAL-COMMON> 15,168,377
<SHARES-COMMON-STOCK> 1,482,477
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18,998
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (196,589)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,322
<NET-ASSETS> 15,015,933
<DIVIDEND-INCOME> 19,615
<INTEREST-INCOME> 315,240
<OTHER-INCOME> 0
<EXPENSES-NET> (191,916)
<NET-INVESTMENT-INCOME> 152,939
<REALIZED-GAINS-CURRENT> (385,356)
<APPREC-INCREASE-CURRENT> 333,473
<NET-CHANGE-FROM-OPS> 91,056
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (129,435)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 426,976
<NUMBER-OF-SHARES-REDEEMED> (259,585)
<SHARES-REINVESTED> 12,717
<NET-CHANGE-IN-ASSETS> 1,793,476
<ACCUMULATED-NII-PRIOR> 18,998
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 57,803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 191,916
<AVERAGE-NET-ASSETS> 14,301,871
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> .1
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 2.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
