WADDELL & REED INVESTMENT MANAGEMENT CO
13F-NT, 1999-11-12
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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:  September 30, 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     November 5th, 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:

           Form 13F File Number           Name
           --------------------           ------------------------------
           28-7592                        Waddell & Reed Financial, Inc.


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