WADDELL & REED INVESTMENT MANAGEMENT CO
13F-NT, 1999-05-17
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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, 1999

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:             Waddell & Reed Investment Management Company
Address:          6300 Lamar Avenue
                  P.O. Box 29217
                  Shawnee Mission, KS  66201-9217

Form 13F File Number:      28-4466

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:             Helge Krist Lee
Title:            Secretary
Phone:            (913) 236-1920

Signature, Place and Date of Signing:

/s/   Helge Krist Lee            Overland Park, Kansas           May 12th, 1999

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:


<TABLE>
<CAPTION>
Form 13F File Number        Name
<S>                         <C>
28-7592                     Waddell & Reed Financial, Inc.
</TABLE>



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