SUPPLEMENT TO THE PROSPECTUS
Waddell & Reed Funds, Inc. - Class B and Class Y Shares
The following information is included in the disclosure regarding management of
Waddell & Reed Funds, Inc. Growth Fund in the section entitled "About the
Management and Expenses of the Fund":
Mark G. Seferovich and Grant P. Sarris are primarily responsible for the
day-to-day management of the portfolio of Growth Fund. Mr. Seferovich has
held his Fund responsibilities since September 1992. He is Senior Vice
President of WRIMCO, Vice President of the Corporation and Vice President
of another investment company for which WRIMCO serves as investment
manager. Mr. Seferovich has served as the portfolio manager of investment
companies managed by Waddell & Reed, Inc. and its successor, WRIMCO, since
February 1989 and has been an employee of Waddell & Reed, Inc. and its
successor, WRIMCO, since February 1989. From March 1996 to March 1998, Mr.
Seferovich was Vice President of Waddell & Reed Asset Management Company,
an affiliate of WRIMCO.
To be attached to the cover page of the Class B and Class Y Prospectuses of
Waddell & Reed Funds, Inc. dated June 30, 1998.
This Supplement is dated July 31, 1998.
WRS4000AO
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SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Waddell & Reed Funds, Inc.
The following information is included in the disclosure regarding management of
Waddell & Reed Funds, Inc. Growth Fund in the section entitled "Directors and
Officers" on page 59:
Mark G. Seferovich
Vice President of the Corporation and one other fund in the Fund
Complex; Senior Vice President of WRIMCO; formerly Vice President of
Waddell & Reed Asset Management Company. Date of birth: April 6, 1947.
To be attached to the cover page of the Statement of Additional Information of
Waddell & Reed Funds, Inc. dated June 30, 1998.
This Supplement is dated July 31, 1998.
