SUPPLEMENT TO THE PROSPECTUS
Waddell & Reed Funds, Inc. - Class B and Class Y Shares
The following information replaces the disclosure regarding management of
Waddell & Reed Funds, Inc. Growth Fund in the section entitled "About the
Management and Expenses of the Fund":
Grant P. Sarris is primarily responsible for the day-to-day management of
the portfolio of Growth Fund. Mr. Sarris has held his Fund
responsibilities since May 1998. He is Vice President of WRIMCO which
serves as investment manager. Mr. Sarris has served as an investment
analyst with Waddell & Reed, Inc. and its successor, WRIMCO, since October
1, 1991 and has served as Assistant Portfolio Manager of Growth Fund since
January 1, 1996. He has been an employee of Waddell & Reed, Inc. and its
successor, WRIMCO, since October 1, 1991.
To be attached to the cover page of the Class B and Class Y Prospectuses of
Waddell & Reed Funds, Inc. dated January 31, 1998.
This Supplement is dated May 14, 1998.
WRS3000H44
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Waddell & Reed Funds, Inc.
The following information replaces the disclosure regarding management of
Waddell & Reed Funds, Inc. Growth Fund in the section entitled "Directors and
Officers" on page 59:
Grant P. Sarris
Vice President of the Fund and Vice President of WRIMCO. Date of
birth: September 14, 1966.
To be attached to the cover page of the Statement of Additional Information of
Waddell & Reed Funds, Inc. dated January 31, 1998.
This Supplement is dated May 14, 1998.
