Document:

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                                                               Exhibit 10.22

                         SHAREHOLDER SERVICING AGREEMENT

         THIS AGREEMENT, made as of the ____ day of _____________, 2000, by and
between ________________________________________ (the "Company"), and Waddell &
Reed Services Company (the "Agent"),

                              W I T N E S S E T H :

         WHEREAS, The Company wishes, as applicable, to appoint the Agent or to
continue the appointment of the Agent to be its shareholder servicing agent
upon, and subject to, the terms and provisions of this Agreement;

         NOW THEREFORE, in consideration of the mutual covenants contained in
this Agreement, the parties agree as follows:

         1.       Appointment of Agent as Shareholder Servicing Agent for the
                  Company; Acceptance.

                  (1)      The Company hereby appoints the Agent to act as
Shareholder Servicing Agent for the Company upon, and subject to, the terms and
provisions of this Agreement.

                  (2)      The Agent hereby accepts the appointment as
Shareholder Servicing Agent for the Company and agrees to act as such upon, and
subject to, the terms and provisions of this Agreement.

                  (3)      The Agent may appoint an entity or entities approved
by the Company in writing to perform any portion of Agent's duties hereunder
(the "Subagent").

         2.       Definitions.

                  (1)      In this Agreement -

                           (a)      The term the "Act" means the Investment
Company Act of 1940 as amended from time to time;

                           (b)      The term "account" means the shares of the
Company registered on the books of the Company in the name of a shareholder
under a particular account registration number and includes shares subject to
instructions by the shareholder with respect to periodic redemptions and/or
reinvestment in additional shares of any dividends payable on said shares;

                           (c)      The term "affiliate" of a person shall mean
a person controlling, controlled by, or under common control with that person;

                           (d)      The term "Class" shall mean each separate
sub-class of a class of shares of the Company, as may now or in the future
exist;

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                           (e)      The term "Fund" shall mean each separate
class of shares of the Company, as may now or in the future exist;

                           (f)      The term "officers' instruction" means an
instruction given on behalf of the Company to the Agent and signed on behalf of
the Company by any one or more persons authorized to do so by the Company's
Board of Directors;

                           (g)      The term "prospectus" means the prospectus
and Statement of Additional Information of the applicable Fund or Class from
time to time in effect;

                           (h)      The term "shares" means shares including
fractional shares of capital stock of the Company, whether or not such shares
are evidenced by an outstanding stock certificate issued by the Company;

                           (i)      The term "shareholder" shall mean the owner
of record of shares of the Company;

                           (j)      The term "stock certificate" means a
certificate representing shares in the form then currently in use by the
Company.

         3.       Duties of the Agent.

                  The Agent shall perform such duties as shall be set forth in
this paragraph 3 and in accordance with the practice stated in Exhibit A of this
Agreement or any amendment thereof, any or all of which duties may be delegated
to or performed by one or more Subagents pursuant to Paragraph (3) above.

                  (1)      Transfers.

                           Subject to the provisions of this Agreement the Agent
hereby agrees to perform the following functions as transfer agent for the
Company:

                           (a)      Recording the ownership, transfer, exchange
and cancellation of ownership of shares of the Company on the books of the
Company;

                           (b)      Causing the issuance, transfer, exchange and
cancellation of stock certificates;

                           (c)      Establishing and maintaining records of
accounts;

                           (d)      Computing and causing to be prepared and
mailed or otherwise delivered to shareholders payment checks and notices of
reinvestment in additional shares of dividends, stock dividends or stock splits
declared by the Company on shares and of redemption proceeds due by the Company
on redemption of shares;

                           (e)      Furnishing to shareholders such information
as may be reasonably required by the Company, including appropriate income tax
information;

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                           (f)      Addressing and mailing to shareholders
prospectuses, annual and semi-annual reports and proxy materials for shareholder
meetings prepared by or on behalf of the Company;

                           (g)      Replacing allegedly lost, stolen or
destroyed stock certificates in accordance with and subject to procedures and
conditions agreed upon and set out in officers' instructions;

                           (h)      Maintaining such books and records relating
to transactions effected by the Agent pursuant to this Agreement as are required
by the Act, or by rules or regulations thereunder, or by any other applicable
provisions of law, to be maintained by the Company or its transfer agent with
respect to such transactions; preserving, or causing to be preserved, any such
books and records for such periods as may be required by any such law, rule or
regulation; furnishing the Company such information as to such transactions and
at such time as may be reasonably required by it to comply with applicable laws
and regulations;

                           (i)      Providing such services and carrying out
such responsibilities on behalf of the Company, or imposed on the Agent as the
Company's transfer agent, not otherwise expressly provided for in this Paragraph
3, as may be required by or be reasonably necessary to comply with any statute,
act, governmental rule, regulation or directive or court order, including,
without limitation, the requirements imposed by the Tax Equity and Fiscal
Responsibility Act of 1982 and the Income and Dividend Tax Compliance Act of
1983 relating to the withholding of tax from distributions to shareholders.

                  (2)      Correspondence.

                           The Agent agrees to deal with and answer all
correspondence from or on behalf of shareholders relating to its functions under
this Agreement.

         4.       Compensation of the Agent.

                  The Company agrees to pay the Agent for its services under
this Agreement in accordance with the schedule as then in effect set forth in
Exhibit B of this Agreement or any amendment thereof. In addition, the Company
agrees to reimburse the Agent for the following "out-of-pocket" expenses of the
Agent within five days after receipt of an itemized statement of such expenses,
to the extent that payment of such expenses has not been or is not to be made
directly by the Company: (i) costs of stationery, appropriate forms, envelopes,
checks, postage, printing (except cost of printing prospectuses, annual and
semi-annual reports and proxy materials) and mailing charges, including returned
mail and proxies, incurred by the Agent with respect to materials and
communications sent to shareholders in carrying out its duties to the Company
under this Agreement; (ii) long distance telephone costs incurred by the Agent
for telephone communications and microfilm and storage costs for transfer agency
records and documents; (iii) costs of all ancillary and supporting services and
related expenses (other than insurance premiums) reasonably required by and
provided to the Agent, other than by its employees or employees of an affiliate,
with respect to functions of the Company being performed by it in its capacity
as Agent hereunder, including legal advice and representation in litigation to
the extent that such payments are permitted under Paragraph 7 of this Agreement

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and charges to Agent made by any Subagent; (iv) costs for special reports or
information furnished on request pursuant to this Agreement and not specifically
required by the Agent by Paragraph 3 of this Agreement; and (v) reasonable costs
and expenses incurred by the Agent in connection with the duties of the Agent
described in Paragraph (3)(1)(i). In addition, the Company agrees to promptly
pay over to the Agent any fees or payment of charges it may receive from a
shareholder for services furnished to the shareholder by the Agent.

                  Services and operations incident to the sale and distribution
of the Company's shares, including sales communications, confirmations of
investments (not including reinvestment of dividends) and the clearing or
collection of payments will not be for the account or at the expense of the
Company under this Agreement.

         5.       Right of Company to Inspect Records, etc.

                  The Company will have the right under this Agreement to
perform on site inspection of records and accounts and to perform audits
directly pertaining to the Company shareholder accounts serviced by the Agent
hereunder at the Agent's or any Subagent's facilities in accordance with
reasonable procedures at the frequency necessary to assure proper administration
of the Agreement. The Agent will cooperate with the Company's auditors or
representatives of appropriate regulatory agencies and furnish all reasonably
requested records and data.

         6.       Insurance.

                  The Agent now has the insurance coverage described in Exhibit
C, attached hereto, and the Agent will not take any action to eliminate or
decrease such coverage during the term of this Agreement without receiving the
approval of the Fund in advance of any change, except the Agent, after giving
reasonable notice to the Company, may eliminate or decrease any coverage if the
premiums for such coverage are substantially increased.

         7.       Standard of Care; Indemnification.

                  The Agent will at all times exercise due diligence and good
faith in performing its duties hereunder. The Agent will make every reasonable
effort and take all reasonably available measures to assure the adequacy of its
personnel and facilities as well as the accurate performance of all services to
be performed by it hereunder within, at a minimum, the time requirements of any
applicable statutes, rules or regulations or as set forth in the prospectus.

                  The Agent shall not be responsible for, and the Company agrees
to indemnify the Agent for any losses, damages or expenses (including reasonable
counsel fees and expenses) (i) resulting from any claim, demand, action or suit
not resulting from the Agent's failure to exercise good faith or due diligence
and arising out of or in connection with the Agent's duties on behalf of the
Company hereunder; (ii) for any delay, error or omission by reason of
circumstances beyond its control, including acts of civil or military authority,
national emergencies, labor difficulties (except with respect to the Agent's
employees), fire, mechanical breakdown beyond its control, flood or catastrophe,
acts of God, insurrection, war, riots, or failure beyond its control of
transportation, communication or power supply; or (iii) for any action taken or
omitted to be taken by the Agent in good faith in reliance on (a) the

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authenticity of any instrument or communication reasonably believed by it to be
genuine and to have been properly made and signed or endorsed by an appropriate
person, (b) the accuracy of any records or information provided to it by the
Company, (c) any authorization or instruction contained in any officers'
instruction, or (d) with respect to the functions performed for the Company
listed under Paragraph 3(1) of this Agreement, any advice of counsel approved by
the Company who may be internally employed counsel or outside counsel, in either
case for the Company and/or the Agent.

                  In order for the rights to indemnification to apply, it is
understood that if in any case the Company may be asked to indemnify or hold the
Agent harmless, the Company shall be advised of all pertinent facts concerning
the situation in question, and it is further understood that the Agent will use
reasonable care to identify and notify the Company promptly concerning any
situation which presents or appears likely to present a claim for
indemnification against the Company. The Company shall have the option to defend
the Agent against any claim which may be the subject of this indemnification
and, in the event that the Company so elects, it will so notify the Agent and
thereupon the Company shall take over complete defense of the claim and the
Agent shall sustain no further legal or other expenses in such situation for
which the Agent shall seek indemnification under this paragraph. The Agent will
in no case confess any claim or make any compromise in any case in which the
Company will be asked to indemnify the Agent except with the Company's prior
written consent.

         8.       Term of the Agreement; Taking Effect; Amendments.

                  This Agreement shall become effective at the start of business
on the date hereof and shall continue, unless terminated as hereinafter
provided, for a period of one year and from year to year thereafter, provided
that such continuance shall be specifically approved as provided below.

                  This Agreement shall go into effect, or may be continued, or
may be amended or a new agreement between the Company and the Agent covering the
substance of this Agreement may be entered into only if the terms of this
Agreement, such continuance, the terms of such amendment or the terms of such
new agreement have been approved by the Board of Directors of the Company,
including the vote of a majority of the directors who are not "interested
persons," as defined in the Act, of either party to this Agreement or of Waddell
& Reed Investment Management Company, cast in person at a meeting called for the
purpose of voting on such approval. Such a vote is hereinafter referred to as a
"disinterested director vote."

                  Any disinterested director vote shall include a determination
that: (i) the Agreement, amendment, new agreement or continuance in question is
in the best interests of the Company and its shareholders; (ii) the services to
be performed under the Agreement, the Agreement as amended, new agreement or
agreement to be continued, are services required for the operation of the
Company; (iii) the Agent can provide services the nature and quality of which
are at least equal to those provided by others offering the same or similar
services; and (iv) the fees for such services are fair and reasonable in the
light of the usual and customary charges made by others for services of the same
nature and quality.

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         9.       Termination.

                  (1)      This Agreement may be terminated by the Agent at any
time without penalty upon giving the Company 120 days' written notice (which
notice may be waived by the Company) and may be terminated by the Company at any
time without penalty upon giving the Agent sixty (60) days' written notice
(which notice may be waived by the Agent), provided that such termination by the
Company shall be directed or approved by the vote of a majority of the Board of
Directors of the Company in office at the time or by the vote of the holders of
a majority (as defined in or under the Act) of the outstanding voting securities
of the Company.

                  (2)      On termination, the Agent will deliver to the Company
or its designee all files, documents and records of the Company used, kept or
maintained by the Agent in the performance of its services hereunder, including
such of the Company's records in machine readable form as may be maintained by
the Agent, as well as such summary and/or control data relating thereto used by
or available to the Agent.

                  (3)      In the event of any termination which involves the
appointment of a new shareholder servicing agent, including the Company's acting
as such on its own behalf, the Company shall have the non-exclusive right to the
use of the data processing programs used by the Agent in connection with the
performance of its duties under this Agreement without charge.

                  (4)      In addition, on such termination or in preparation
therefore, at the request of the Company and at the Company's expense the Agent
shall provide to the extent that its capabilities then permit such
documentation, personnel and equipment as may be reasonably necessary in order
for a new agent or the Company to fully assume and commence to perform the
agency functions described in this Agreement with a minimum disruption to the
Company's activities.

         10.      Construction; Governing Law.

                  The headings used in this Agreement are for convenience only
and shall not be deemed to constitute a part hereof. Whenever the context
requires, words denoting singular shall be read to include the plural. This
Agreement and the rights and obligations of the parties hereunder, shall be
construed and interpreted in accordance with the laws of the State of Kansas,
except to the extent that the laws of the State of Maryland apply with respect
to share transactions.

         11.      Representations and Warranties of Agent.

                  Agent represents and warrants that it is a corporation duly
organized and existing and in good standing under the laws of the State of
Missouri, that it is duly qualified to carry on its business in the State of
Kansas and wherever its duties require, that it has the power and authority
under laws and by its Articles of Incorporation and Bylaws to enter into this
Shareholder Servicing Agreement and to perform the services contemplated by this
Agreement.

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         12.      Entire Agreement.

                  This Agreement and the Exhibits annexed hereto constitutes the
entire and complete agreement between the parties hereto relating to the subject
matter hereof, supersedes and merges all prior discussions between the parties
hereto, and may not be modified or amended orally.

                  IN WITNESS WHEREOF, the parties have hereto caused this
Agreement to be duly executed on the day and year first above written.

                                            ------------------------------
                                                     (name of Fund)

                                            By:
                                            --------------------------
                                            Name, Title

         ATTEST:

         By:
         ----------------------------------
         Name, Title

                                            WADDELL & REED SERVICES COMPANY

                                            By:
                                            --------------------------------
                                            Name, Title

         ATTEST:

         By:
         ---------------------------
               Name, Title

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                                    EXHIBIT A

A.       DUTIES IN SHARE TRANSFERS AND REGISTRATION

         1.       The Agent in carrying out its duties shall follow general
commercial practices and the Rules of the Stock Transfer Association, Inc.
except as they may conflict or be inconsistent with the specific provisions of
the Company's Articles of Incorporation and Bylaws, prospectus, applicable
Federal and state laws and regulations and this Agreement.

         2.       The Agent shall not require that the signature of the
appropriate person be guaranteed, witnessed or verified in order to effect a
redemption, transfer, exchange or change of address except as may from time to
time be directed by the Company as set forth in an officers' instruction. In the
event a signature guarantee is required by the Company, the Agent shall not
inquire as to the genuineness of the guarantee.

         3.       The Agent shall not replace a lost, stolen or misplaced stock
certificate without requiring and being furnished with an open penalty surety
bond protecting the Company and the Agent against loss.

B.       The practices, procedures and requirements specified in A above may be
modified, altered, varied or supplemented as from time to time may be mutually
agreed upon by the Company and the Agent and evidenced on behalf of the Company
by an officers' instruction. Any such change shall not be deemed to be an
amendment to the Agreement within the meaning of Paragraph 8 of the Agreement.

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                        SHAREHOLDER SERVICING AGREEMENTS

                                    EXHIBIT B
                                  COMPENSATION

                    FOR EACH OF THE FUNDS IN THE FUND COMPLEX

                WADDELL & REED ADVISORS ASSET STRATEGY FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                  WADDELL & REED ADVISORS CASH MANAGEMENT, INC.

Class A Shares        An amount payable on the first day of each month of $1.75
                      for each account of the Company which was in existence
                      during any portion of the immediately preceding month and,
                      in addition, the Company also pays the Agent a monthly fee
                      of $.75 for each shareholder check it processes.

Class B Shares        An amount payable on the first day of each month of $1.75
                      for each account of the Company which was in existence
                      during any portion of the immediately preceding month.

Class C Shares        An amount payable on the first day of each month of $1.75
                      for each account of the Company which was in existence
                      during any portion of the immediately preceding month.

Waddell & Reed Money Market C Shares        An amount payable on the first day
                      of each month of $1.75 for each account of the Company
                      which was in existence during any portion of the
                      immediately preceding month.

Effective August 18, 1999

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              WADDELL & REED ADVISORS CONTINENTAL INCOME FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                       WADDELL & REED ADVISORS FUNDS, INC.

CLASS A SHARES-ACCUMULATIVE FUND AND SCIENCE AND TECHNOLOGY FUND (each a "Fund")
                      An amount payable on the first day of each month of
                      $1.3625 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS A SHARES-BOND FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.6125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS A SHARES-CORE INVESTMENT FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.4125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS B SHARES-ACCUMULATIVE FUND AND SCIENCE AND TECHNOLOGY FUND (each a "Fund")
                      An amount payable on the first day of each month of
                      $1.3625 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS B SHARES-BOND FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.6125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS B SHARES-CORE INVESTMENT FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.4125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

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CLASS C SHARES-ACCUMULATIVE FUND AND SCIENCE AND TECHNOLOGY FUND (each a "Fund")
                      An amount payable on the first day of each month of
                      $1.3625 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS C SHARES-BOND FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.6125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS C SHARES-CORE INVESTMENT FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.4125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS Y SHARES-ALL FUNDS
                      An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                 WADDELL & REED ADVISORS GLOBAL BOND FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

            WADDELL & REED ADVISORS GOVERNMENT SECURITIES FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month and, in addition, to pay to the Agent the sum of
                      $.75 for each check drawn on the checking account of the
                      Company maintained for its shareholders presented to the
                      Agent for review during the immediately preceding month.

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Class B Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                 WADDELL & REED ADVISORS HIGH INCOME FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

             WADDELL & REED ADVISORS INTERNATIONAL GROWTH FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.3625 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.3625 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.3625 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

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                WADDELL & REED ADVISORS MUNICIPAL BOND FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

            WADDELL & REED ADVISORS MUNICIPAL HIGH INCOME FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.6125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

            WADDELL & REED ADVISORS MUNICIPAL MONEY MARKET FUND, INC.

Class A Shares        An amount payable on the first day of each month of $1.75
                      for each account of the Company which was in existence
                      during any portion of the immediately preceding month and,
                      in addition, the Company also pays the Agent a monthly fee
                      of $.75 for each shareholder check it processes.

Class B Shares        An amount payable on the first day of each month of $1.75
                      for each account of the Company which was in existence
                      during any portion of the immediately preceding month.

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Class C Shares        An amount payable on the first day of each month of $1.75
                      for each account of the Company which was in existence
                      during any portion of the immediately preceding month.

Effective November 15, 2000

                 WADDELL & REED ADVISORS NEW CONCEPTS FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                 WADDELL & REED ADVISORS RETIREMENT SHARES, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.4125 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                  WADDELL & REED ADVISORS SMALL CAP FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

                                       14
<PAGE>

Class B Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

              WADDELL & REED ADVISORS TAX-MANAGED EQUITY FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                    WADDELL & REED ADVISORS VALUE FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.3375 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

                                       15
<PAGE>

Effective November 15, 2000

                   WADDELL & REED ADVISORS VANGUARD FUND, INC.

Class A Shares        An amount payable on the first day of each month of
                      $1.3625 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class B Shares        An amount payable on the first day of each month of
                      $1.3625 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class C Shares        An amount payable on the first day of each month of
                      $1.3625 for each account of the Company which was in
                      existence during any portion of the immediately preceding
                      month.

Class Y Shares        An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                                 W&R FUNDS, INC.

CLASS A SHARES-ASSET STRATEGY FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.4125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS A SHARES-HIGH INCOME FUND, LIMITED-TERM BOND FUND AND MUNICIPAL BOND FUND
(each a "Fund")
                      An amount payable on the first day of each month of
                      $1.6125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS A SHARES-INTERNATIONAL GROWTH FUND, LARGE CAP GROWTH FUND, MID CAP GROWTH
FUND, SCIENCE AND TECHNOLOGY FUND, SMALL CAP GROWTH FUND, TAX-MANAGED EQUITY
FUND AND CORE EQUITY FUND (each a "Fund")
                      An amount payable on the first day of each month of
                      $1.3375 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS A SHARES-MONEY MARKET FUND ("Fund")
                      An amount payable on the first day of each month of $1.75
                      for each account of the Fund which was in existence during
                      any portion of the immediately preceding month and, in
                      addition, the Fund also pays the Agent a monthly fee of
                      $0.75 for each shareholder check it processes.

CLASS B SHARES-ASSET STRATEGY FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.4125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

                                       16
<PAGE>

CLASS B SHARES-HIGH INCOME FUND, LIMITED-TERM BOND FUND AND MUNICIPAL BOND FUND
(each a "Fund")
                      An amount payable on the first day of each month of
                      $1.6125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS B SHARES-INTERNATIONAL GROWTH FUND, LARGE CAP FUND, MID CAP FUND, SCIENCE
AND TECHNOLOGY FUND, SMALL CAP GROWTH FUND, TAX-MANAGED EQUITY FUND AND CORE
EQUITY FUND (each a "Fund")
                      An amount payable on the first day of each month of
                      $1.3375 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS B SHARES-MONEY MARKET FUND ("Fund")
                      An amount payable on the first day of each month of $1.75
                      for each account of the Fund which was in existence during
                      any portion of the immediately preceding month.

CLASS C-ASSET STRATEGY FUND ("Fund")
                      An amount payable on the first day of each month of
                      $1.4125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS C SHARES-HIGH INCOME FUND, LIMITED-TERM BOND FUND AND MUNICIPAL BOND FUND
(each a "Fund")
                      An amount payable on the first day of each month of
                      $1.6125 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS C SHARES-INTERNATIONAL GROWTH FUND, LARGE CAP GROWTH FUND, MID CAP GROWTH
FUND, SCIENCE AND TECHNOLOGY, SMALL CAP GROWTH FUND, TAX-MANAGED EQUITY FUND AND
CORE EQUITY FUND (each a "Fund")
                      An amount payable on the first day of each month of
                      $1.3375 for each account of the Fund which was in
                      existence during any portion of the immediately preceding
                      month.

CLASS C SHARES-MONEY MARKET FUND ("Fund")
                      An amount payable on the first day of each month of $1.75
                      for each account of the Fund which was in existence during
                      any portion of the immediately preceding month.

CLASS Y SHARES-ALL FUNDS
                      An amount payable on the first day of each month equal to
                      1/12 of .15 of 1% of the average daily net assets of the
                      Class for the preceding month.

Effective September 1, 2000

                                       17
<PAGE>

                                   EXHIBIT C*

<TABLE>
<CAPTION>
                                                                      Bond or
Name of Bond                                                          Policy No.      Insurer
<S>                                             <C>                   <C>             <C>
Investment Company                                                    87015100B       ICI
Blanket Bond Form                                                                     Mutual
                                                                                      Insurance
                                                                                      Company
     Fidelity                                   $23,500,000
     Audit Expense                                   50,000
     On Premises                                 23,500,000
     In Transit                                  23,500,000
     Forgery or Alteration                       23,500,000
     Securities                                  23,500,000
     Counterfeit Currency                        23,500,000
     Uncollectible Items of
         Deposit                                     25,000
     Phone-Initiated Transactions                23,500,000

Directors and Officers/                                               87015100D       ICI
Errors and Omissions Liability                                                        Mutual
Insurance Form                                                                        Insurance
     Total Limit                                $15,000,000                           Company

Blanket Lost Instrument Bond (Mail Loss)                              30S100639551    Travelers

Blanket Undertaking Lost Instrument
     Waiver of Probate                                                42SUN339806     Hartford
                                                                                      Casualty
                                                                                      Insurance
</TABLE>

--------------------

*The above coverages to become effective upon SEC effectiveness.

                                       18<PAGE>

                                                               Exhibit 10.25

                          DISTRIBUTION AND SERVICE PLAN
                               FOR CLASS A SHARES

                          (Adopted on October 1, 1993,
                        Restated on February 8, 1995 and
                            amended on July 29, 1997)

This Plan is adopted by _____________________ (the "Fund"), pursuant to Rule
12b-1 under the Investment Company Act of 1940, as amended (the "Act") to
provide for payment by the Fund of certain expenses in connection with the
distribution of the Fund's Class A shares, provision of personal services to the
Fund's Class A shareholders and/or maintenance of its Class A shareholder
accounts. Payments under the Plan are to be made to Waddell & Reed, Inc. ("W&R")
which serves as the principal underwriter for the Fund under the terms of the
Underwriting Agreement pursuant to which W&R offers and sells the shares of the
Fund.

DISTRIBUTION FEE AND SERVICE FEE
The Fund is authorized to pay to W&R an amount not to exceed on an annual basis
 .25 of 1% of the Fund's average net assets of the Class A shares as either (1) a
"distribution fee" to finance the distribution of the Fund's Class A shares, or
(2) a "service fee" to finance shareholder servicing by W&R, its affiliated
companies, broker-dealers who may sell Class A shares and other third-parties to
encourage and foster the maintenance of Class A shareholder accounts, or as a
combination of the two fees. The amounts shall be payable to W&R monthly or at
such other intervals as the board of directors may determine to reimburse W&R
for costs and expenses incurred.

NASD DEFINITION
For purposes of this Plan, the "distribution fee" may be considered as a sales
charge that is deducted from the Class A net assets of the Fund and does not
include the service fee. The "service fee" shall be considered a payment made by
the Fund for personal service and/or maintenance of Class A shareholder
accounts, as such is now defined by the National Association of Securities
Dealers, Inc. ("NASD"), provided, however, if the NASD adopts a definition of
"service fee" for purposes of Rule 2830 of the NASD Conduct Rules that differs
from the definition of "service fee" as presently used, or if the NASD adopts a
related definition intended to define the same concept, the definition of
"service fee" as used herein shall be automatically amended to conform to the
NASD definition.

<PAGE>

QUARTERLY REPORTS
W&R shall provide to the board of directors of the Fund and the board of
directors shall review at least quarterly a written report of the amounts so
expended of the distribution fee and/or service fee paid or payable to it under
this Plan and the purposes for which such expenditures were made.

APPROVAL OF PLAN
This Plan shall become effective when it has been approved by a vote of at least
a majority of the outstanding Class A voting securities of the Fund (as defined
in the Act) and by a vote of the board of directors of the Fund and of the
directors who are not interested persons of the Fund and have no direct or
indirect financial interest in the operation of the Plan or any agreement
related to this Plan (other than as directors or shareholders of the Fund)
("independent directors") cast in person at a meeting called for the purposes of
voting on such Plan.

CONTINUANCE
This Plan shall continue in effect for a period of one (1) year and thereafter
from year to year only so long as such continuance is approved by the directors,
including the independent directors, as specified hereinabove for the adoption
of the Plan by the directors and independent directors.

DIRECTOR CONTINUATION
In considering whether to adopt, continue or implement this Plan, the directors
shall have a duty to request and evaluate, and W&R shall have a duty to furnish,
such information as may be reasonably necessary to an informed determination of
whether this Plan should be adopted, implemented or continued.

TERMINATION
This Plan may be terminated at any time by a vote of a majority of the
independent directors of the Fund or by a vote of the majority of the
outstanding Class A voting securities of the Fund without penalty. On
termination, the payment of all distribution fees and service fees shall cease,
and the Fund shall have no obligation to W&R to reimburse it for any cost or
expenditure it has made or may make to distribute the Class A shares or service
Class A shareholder accounts.

AMENDMENTS
This Plan may not be amended to increase materially the amount to be spent for
distribution of Class A shares,

<PAGE>

personal service and/or maintenance of shareholder accounts without approval of
the Class A shareholders, and all material amendments of this Plan must be
approved in the manner prescribed for the adoption of the Plan as provided
hereinabove.

DIRECTORS
While this Plan is in effect, the selection and nomination of the directors who
are not interested persons of the Fund shall be committed to the discretion of
the directors who are not interested persons of the Fund.

RECORDS
Copies of this Plan, the Underwriting Agreement and reports made pursuant to
this Plan shall be preserved as provided in Rule 12b-1(f) under the Act.

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