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                                                                   Exhibit 10.11

                         WADDELL & REED FINANCIAL, INC.
                         1999 MANAGEMENT INCENTIVE PLAN
                        (EFFECTIVE AS OF JANUARY 1, 1999)

1.   PURPOSE

     The purposes of the Plan are to advance the interests of stockholders of
the Company by providing performance-based incentives to eligible Participants
and to enable the Company and its Subsidiaries to attract, retain, motivate and
reward the best qualified executive officers and key employees by providing them
with the opportunity to earn competitive compensation directly linked to the
Company's performance. The Plan is designed to assure that amounts paid to
certain executive officers of the Company will not fail to be deductible by the
Company for Federal income tax purposes because of the limitations imposed by
Section 162(m). With respect to individuals who are Covered Employees, the Plan
is intended to provide "qualified performance-based compensation," as such term
is defined in Treas. Reg. 1.162-27(e), to the extent deemed appropriate by the
Committee at the time Performance Goals are established for a Fiscal Year.
Nothing herein shall be construed as preventing the Plan from providing both
"qualified performance-based compensation" and nonqualified compensation for the
same Fiscal Year in the manner permitted under Code Section 162(m). The Plan
shall be administered and construed in a manner consistent with Code Section
162(m) and regulations thereunder for any Fiscal Year in which the Plan is
intended to provide "qualified performance-based compensation."

2.   DEFINITIONS

     Unless the context requires otherwise, the following words as used in the
Plan shall have the meanings ascribed to each below, it being understood that
masculine, feminine, and neuter pronouns are interchangeable and that each
comprehends the others.

          (a)  "Board" shall mean the Board of Directors of the Company.

          (b)  "Committee" shall mean the Compensation Committee of the Board
               (or such other committee of the Board that the Board shall
               designate from time to time) or any subcommittee thereof
               comprised of two or more directors each of whom is an "outside
               director" within the meaning of Section 162(m).

          (c)  "Company" shall mean Waddell & Reed Financial, Inc.

          (d)  "Covered Employee" shall have the meaning set forth in Section
               162(m)(3).

          (e)  "Fiscal Year" means the twelve month period beginning on each
               January 1 and ending on the following December 31.

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          (f)  "Incentive Percentage" means the pre-established award formula
               established by the Committee for each Fiscal Year which specifies
               a percentage of a Participant's rate of salary in effect for the
               last full payroll period of the Fiscal Year to be paid as an
               Incentive Plan Award. The Committee may establish different
               Incentive Percentages for individual Participants or different
               classes of Participants, and/or the achievement levels of the
               Performance Goals. Solely with respect to Covered Employees, for
               any Fiscal Year for which the Plan is intended to provide
               "qualified performance-based compensation," the Incentive
               Percentages applicable to the Covered Employees must be
               established by the Committee no later than 90 days after the
               beginning of the Fiscal Year for which the Incentive Plan Award
               pertains.

          (g)  "Incentive Plan Award" means the annual incentive compensation
               award granted under the Plan which is contingent and based upon
               the attainment of the Performance Goals with respect to a Fiscal
               Year.

          (h)  "Participant" shall mean (i) each executive officer of the
               Company and (ii) each other key employee of the Company or a
               Subsidiary who the Committee designates as a participant under
               the Plan. For each Fiscal Year, the Committee shall determine
               which of such executive officers and other key employees shall
               participate in the Plan. For any Fiscal Year for which "qualified
               performance-based compensation" is to be provided, the Committee
               shall designate the individual or classes of Covered Employees
               for such compensation no later than the 90th day of such Fiscal
               Year.

          (i)  "Performance Goals" means the pre-established objective
               performance goals established by the Committee for each Fiscal
               Year. Solely with respect to Covered Employees, for any Fiscal
               Year for which the Plan is intended to provide "qualified
               performance-based compensation," Performance Goals applicable to
               the Covered Employees must be established by the Committee no
               later than 90 days after the beginning of the Fiscal Year to
               which the Performance Goals pertain. The Performance Goals may be
               based upon the performance of the Company or any Subsidiary, or
               division thereof, using one or more of the following operating
               performance measures selected by the Committee: (a) earnings; (b)
               revenue; (c) operating or net cash flows; (d) financial return
               ratios; (e) total stockholder return; (f) market share; (g)
               pre-tax profits; (h) earnings per share; or (i) net income.
               Separate Performance Goals may be established by the Committee
               for the Company or a Subsidiary, or division thereof. With
               respect to Participants who are not Covered Employees, the
               Committee may establish such other subjective or objective goals,
               including individual Performance Goals, which it deems
               appropriate. The preceding sentence shall also apply to Covered
               Employees with respect to any Incentive Plan Award not intended
               at time of grant to be "qualified performance-based
               compensation." Performance Goals may be set at a specific level,
               or may be

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               expressed as a relative percentage to the comparable measure at
               comparison companies or a defined index.

          (j)  "Plan" shall mean the Waddell & Reed Financial, Inc. 1999
               Management Incentive Plan, as set forth herein and as may be
               amended from time to time.

          (k)  "Section 162(m)" shall mean Section 162(m) of the Internal
               Revenue Code of 1986, as amended, and any regulations promulgated
               thereunder (including any proposed regulations).

          (l)  "Subsidiary" shall mean any corporation in which the Company
               owns, directly or indirectly, stock representing more than 50% of
               the voting power of all classes of stock entitled to vote.

3.   ADMINISTRATION

     The Committee shall administer and interpret the Plan, PROVIDED THAT, in no
event, shall the Plan be interpreted in a manner which would cause any amount
payable under the Plan to any Covered Employee to fail to qualify as
performance-based compensation under Section 162(m) to the extent the Committee
intends compensation to so qualify. The Committee shall establish the
performance objectives for any calendar year in accordance with Section 4 and
certify whether such performance objectives have been obtained. Any
determination made by the Committee under the Plan shall be final and conclusive
on all parties, but shall be based on such objective information or financial
data as is relevant to the Performance Goal. Subject to the provisions of the
Plan, the Committee shall have full discretionary authority to administer and
interpret the Plan, to exercise all powers either specifically granted to it
under the Plan or as are necessary or advisable in the administration of the
Plan, to prescribe, amend and rescind rules and regulations relating to the
Plan, and to make all other determinations necessary or advisable for the
administration of the Plan, all of which shall be binding on all persons,
including the Company, the Participants (or any person claiming any rights under
the Plan from or through any Participant), and any stockholder of the Company. A
majority of the Committee shall constitute a quorum, and the Committee shall act
pursuant to a majority vote or by unanimous written consent. The Committee may
employ such legal counsel, consultants, and agents (including counsel or agents
who are employees of the Company or a Subsidiary) as it may deem desirable for
the administration of the Plan and may rely upon any opinion received from any
such counsel or consultant or agent and any computation received from such
consultant or agent. All expenses incurred in the administration of the Plan,
including, without limitation, for the engagement of any counsel, consultant, or
agent, shall be paid by the Company. No member or former member of the Board or
the Committee shall be liable for any act, omission, interpretation,
construction, or determination made in connection with the Plan other than as a
result of such individual's willful misconduct.

     The Committee may delegate its responsibilities for administering the Plan
to one or more persons as the Committee deems necessary. However, the Committee
may not delegate its

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responsibilities under the Plan relating to any Covered Employee where such
delegation is prohibited under Code Section 162(m) pertaining to "qualified
performance-based compensation."

4.   INCENTIVE PLAN AWARDS

          (a)  PERFORMANCE GOALS. On or before April 1 of each year (or such
               other date as may be required or permitted under Section 162(m)),
               the Committee shall establish the Performance Goals that must be
               satisfied in order for a Participant to receive an Incentive Plan
               Award for such year.

          (b)  CERTIFICATION AND MAXIMUM AMOUNT PAYABLE. The Committee shall,
               promptly after the date on which the necessary financial,
               individual or other information for a particular Fiscal Year
               becomes available, certify: (i) the degree to which each of the
               Performance Goals have been attained; and (ii) with respect to
               each qualifying Participant who is a Covered Employee, the amount
               of the Incentive Plan Award, if any, payable to such Participant.
               The Committee or its designee shall likewise certify the amount
               of the Incentive Plan Award, if any, payable with respect to a
               qualifying Participant who is not a Covered Employee. If the
               Committee certifies in writing that any of the performance
               objectives established for the relevant year under Section 4(a)
               have been satisfied, each Participant who is employed by the
               Company or one of its Subsidiaries on the last day of the
               calendar year for which the Incentive Plan Award is payable shall
               receive the Incentive Plan Award. The Incentive Plan Award shall
               be determined by multiplying the Incentive Percentage applicable
               to the Participant by the Participant's rate of base salary in
               effect for the last full payroll period of the Fiscal Year to
               which the Incentive Plan Award pertains. In no event, however,
               will an Incentive Plan Award for a Covered Employee exceed
               $5,000,000. To be eligible for payment of any Incentive Plan
               Award, the Participant must: (i) have performed the Participant's
               duties to the satisfaction of the Committee; (ii) have not
               engaged in any act deemed by the Committee to be contrary to the
               best interests of the Company; and (iii) otherwise complied with
               Company policies at all times prior to the date the Incentive
               Plan Award is actually paid. No Incentive Plan Award shall be
               paid to any Participant who does not satisfy each of the above.
               If a Participant's employment terminates for any reason
               (including, without limitation, his death, disability, or
               retirement under the terms of any retirement plan maintained by
               the Company or a Subsidiary) prior to the last day of the Fiscal
               Year for which the Incentive Plan Award is payable, such
               Participant shall receive an Incentive Plan Award equal to the
               maximum Incentive Plan Award payable to such Participant under
               the preceding sentence multiplied by a fraction, the numerator of
               which is the number of days that have elapsed during the calendar
               year in which the termination occurs prior to and including the
               date of the Participant's termination of employment and the
               denominator of which is 365.

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          (c)  NEGATIVE DISCRETION. Notwithstanding anything else contained in
               Section 4(b) to the contrary, the Committee shall have the right,
               in its absolute discretion, (i) to reduce or eliminate the amount
               otherwise payable to any Participant under Section 4(b) based on
               individual performance or any other factors that the Committee,
               in its discretion, shall deem appropriate and (ii) to establish
               rules or procedures that have the effect of limiting the amount
               payable to each Participant to an amount that is less than the
               maximum amount otherwise authorized under Section 4(b).

          (d)  AFFIRMATIVE DISCRETION. Notwithstanding any other provision in
               the Plan to the contrary, (i) the Committee shall have the right,
               in its discretion, to pay to any Participant who is not a Covered
               Employee an annual Incentive Plan Award for such year in an
               amount up to the maximum bonus payable under Section 4(b), based
               on individual performance or any other criteria that the
               Committee deems appropriate and (ii) in connection with the
               hiring any person who is or becomes a Covered Employee, the
               Committee may provide for a minimum Incentive Plan Award amount
               in any calendar year, regardless of whether performance
               objectives are attained.

5.   PAYMENT

     Except as otherwise provided hereunder, payment of any Incentive Plan Award
amount determined under Section 4 shall be made to each Participant as soon as
practicable after the Committee certifies that one or more of the applicable
Performance Goals have been attained (or, in the case of any Incentive Plan
Award payable under the provisions of Section 4(d), after the Committee
determines the amount of any such Incentive Plan Award). The Incentive Plan
Award may be paid in whole or in part, in the discretion of the Committee, in
Company stock options, with the remainder, if any, to be paid in cash.

6.   GENERAL PROVISIONS

          (a)  EFFECTIVENESS OF THE PLAN. The Plan shall be effective with
               respect to calendar years beginning on or after January 1, 1999,
               subject to the approval of the Company's stockholders, and ending
               on or before December 31, 2003, unless the term hereof is
               extended by action of the Board.

          (b)  AMENDMENT AND TERMINATION. Notwithstanding Section 6(a), the
               Board or the Committee may at any time amend, suspend,
               discontinue, or terminate the Plan; provided, however, that no
               such amendment, suspension, discontinuance, or termination shall
               adversely affect the rights of any Participant in respect of any
               Fiscal Year which has already commenced and no such action shall
               be effective without approval by the stockholders of the Company
               to the extent necessary to continue to qualify the amounts
               payable hereunder to Covered Employees as "qualified
               performance-based compensation" under Section 162(m).

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          (c)  DESIGNATION OF BENEFICIARY. Each Participant may designate a
               beneficiary or beneficiaries (which beneficiary may be an entity
               other than a natural person) to receive any payments which may be
               made following the Participant's death. Such designation may be
               changed or canceled at any time without the consent of any such
               beneficiary. Any such designation, change or cancellation must be
               made in a form approved by the Committee and shall not be
               effective until received by the Committee. If no beneficiary has
               been named, or the designated beneficiary or beneficiaries shall
               have predeceased the Participant, the beneficiary shall be the
               Participant's spouse or, if no spouse survives the Participant,
               the Participant's estate. If a Participant designates more than
               one beneficiary, the rights of such beneficiaries shall be
               payable in equal shares, unless the Participant has designated
               otherwise.

          (d)  NO RIGHT OF CONTINUED EMPLOYMENT. Nothing in this Plan shall be
               construed as conferring upon any Participant any right to
               continue in the employment of the Company or any of its
               Subsidiaries.

          (e)  NO LIMITATION ON CORPORATE ACTIONS. Nothing contained in the Plan
               shall be construed to prevent the Company or any Subsidiary from
               taking any corporate action which is deemed by it to be
               appropriate or in its best interest, whether or not such action
               would have an adverse effect on any awards made under the Plan.
               No employee, beneficiary or other person shall have any claim
               against the Company or any Subsidiary as a result of any such
               action.

          (f)  NONALIENATION OF BENEFITS. Except as expressly provided herein,
               no Participant or beneficiary shall have the power or right to
               transfer, anticipate, or otherwise encumber the Participant's
               interest under the Plan. The Company's obligations under this
               Plan are not assignable or transferable except to (i) a
               corporation which acquires all or substantially all of the
               Company's assets, or (ii) any corporation into which the Company
               may be merged or consolidated. The provisions of the Plan shall
               inure to the benefit of each Participant and the Participant's
               beneficiaries, heirs, executors, administrators, or successors in
               interest.

          (g)  WITHHOLDING. Any amount payable to a Participant or a beneficiary
               under this Plan shall be subject to any applicable Federal,
               state, and local income and employment taxes and any other
               amounts that the Company or a Subsidiary is required at law to
               deduct and withhold from such payment.

          (h)  SEVERABILITY. If any provision of this Plan is held
               unenforceable, the remainder of the Plan shall continue in full
               force and effect without regard to such unenforceable provision
               and shall be applied as though the unenforceable provision were
               not contained in the Plan.

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          (i)  GOVERNING LAW. The Plan shall be construed in accordance with and
               governed by the laws of the State of Kansas, without reference to
               the principles of conflict of laws except that any matters
               relating to the internal governance of the Company shall be
               governed by the general corporate laws of the state of Delaware.

          (j)  HEADINGS. Headings are inserted in this Plan for convenience of
               reference only and are to be ignored in a construction of the
               provisions of the Plan.

          (k)  PLAN NOT FUNDED. Plan awards shall be made solely from the
               general assets of the Company. To the extent any person acquires
               a right to receive payments from the Company under the Plan, the
               right is no greater than the right of any other unsecured general
               creditor.

          (l)  NO GUARANTEE. While a discretionary Incentive Plan Award may have
               been paid in the past, whether such payments will be made in the
               future will depend upon various factors, such as the Company's
               financial condition and performance. There is no guarantee that
               the Company will pay any such incentive. The Committee may, in
               its sole discretion, reduce, eliminate or increase, any Incentive
               Plan Award, except that the amount of any Incentive Plan Award
               intended to be "qualified performance-based compensation" may not
               be increased above the amount established for the Performance
               Goal and Incentive Percentage. The Company may withhold an
               Incentive Plan Award, or portions thereof, for any reason
               including gross misconduct (e.g., theft, dishonesty/compromised
               integrity, fraud, harassment, etc.) or any actions deemed to be
               contrary to the best interests of the Company by the Committee.

          (m)  RIGHTS TO PAYMENTS. No absolute right to any Incentive Plan Award
               shall be considered as having accrued to any Participant prior to
               the close of the Fiscal Year with respect to which the award is
               made. No Participant shall have any enforceable right to receive
               any Incentive Plan Award made with respect to a Fiscal Year or to
               retain any payment made with respect thereto if for any reason
               the requirements of Section 4 are not satisfied.

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                                                                  Exhibit 10.16

                         INVESTMENT MANAGEMENT AGREEMENT

THIS AGREEMENT, made this 22nd day of August, 2001, by and between WADDELL &
REED INVESTED PORTFOLIOS, INC. (the "Fund"), and WADDELL & REED INVESTMENT
MANAGEMENT COMPANY (hereinafter called "WRIMCO"),

                                   WITNESSETH:

In consideration of the mutual promises and agreements herein contained and
other good and valuable consideration, the receipt of which is hereby
acknowledged, it is hereby agreed by and between the parties hereto as follows:

I.        IN GENERAL

          WRIMCO agrees to act as investment adviser to the Fund with respect to
the investment of its assets and in general to supervise the investments of the
Fund, subject at all times to the direction and control of the Board of
Directors of the Fund, all as more fully set forth herein.

II.       DUTIES OF WRIMCO WITH RESPECT TO INVESTMENT OF ASSETS OF THE FUND

          A. WRIMCO shall regularly provide investment advice to the Fund and
shall, subject to the succeeding provisions of this section, continuously
supervise the investment and reinvestment of cash, securities or other property
comprising the assets of the investment portfolios of the Fund; and in
furtherance thereof, WRIMCO shall:

               1. obtain and evaluate pertinent information about significant
developments and economic, statistical and financial data, domestic, foreign or
otherwise, whether affecting the economy generally or one or more of the
portfolios of the Fund, and whether concerning the individual companies whose
securities are included in one or more of the Fund's portfolios or the
industries in which they engage, or with respect to securities which WRIMCO
considers desirable for inclusion in one or more of the Fund's portfolios;

               2. furnish continuously an investment program for each of the
portfolios of the Fund;

               3. determine what securities shall be purchased or sold by the
Fund;

               4. take, on behalf of the Fund, all actions which appear to
WRIMCO necessary to carry into effect such investment programs and supervisory
functions as aforesaid, including the placing of purchase and sale orders.

          B. WRIMCO shall make appropriate and regular reports to the Board of
Directors of the Fund on the actions it takes pursuant to Section II.A. above.
Any investment programs furnished by WRIMCO under this section, or any
supervisory function taken hereunder by

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WRIMCO shall at all times conform to and be in accordance with any requirements
imposed by:

          1. the provisions of the Investment Company Act of 1940 and any rules
or regulations in force thereunder;

          2. any other applicable provision of law;

          3. the provisions of the Articles of Incorporation of the Fund as
amended from time to time;

          4. the provisions of the Bylaws of the Fund as amended from time to
time;

          5. the terms of the registration statement of the Fund, as amended
from time to time, under the Securities Act of 1933 and the Investment Company
Act of 1940.

     C. Any investment programs furnished by WRIMCO under this section or any
supervisory functions taken hereunder by WRIMCO shall at all times be subject to
any directions of the Board of Directors of the Fund, its Executive Committee,
or any committee or officer of the Fund acting pursuant to authority given by
the Board of Directors.

III. ALLOCATION OF EXPENSES

     The expenses of the Fund and the expenses of WRIMCO in performing its
functions under this Agreement shall be divided into two classes, to wit: (i)
those expenses which will be paid in full by WRIMCO as set forth in subparagraph
"A" hereof, and (ii) those expenses which will be paid in full by the Fund, as
set forth in subparagraph "B" hereof.

     A. With respect to the duties of WRIMCO under Section II above, it shall
pay in full, except as to the brokerage and research services acquired through
the allocation of commissions as provided in Section IV hereinafter, for (a) the
salaries and employment benefits of all employees of WRIMCO who are engaged in
providing these advisory services; (b) adequate office space and suitable office
equipment for such employees; and (c) all telephone and communications costs
relating to such functions. In addition, WRIMCO shall pay the fees and expenses
of all directors of the Fund who are affiliated with WRIMCO or an affiliated
corporation and the salaries and employment benefits of all officers of the Fund
who are affiliated persons of WRIMCO.

     B. The Fund shall pay in full for all of its expenses which are not listed
above (other than those assumed by WRIMCO or one of its affiliates in its
capacity as principal underwriter of the shares of the Fund, as Administrative
and Shareholder Servicing Agent or as Accounting Services Agent for the Fund),
including (a) the costs of preparing and printing prospectuses and reports to
shareholders of the Fund, including mailing costs; (b) the costs of printing all
proxy statements and all other costs and expenses of meetings of shareholders of
the Fund (unless the Fund and WRIMCO shall otherwise agree); (c) interest,
taxes, brokerage commissions and premiums on fidelity and other insurance; (d)
audit fees and expenses of independent accountants and legal fees and expenses
of attorneys, but not of attorneys who are employees of WRIMCO or an affiliated
company; (e) fees and expenses of its directors

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not affiliated with Waddell & Reed, Inc.; (f) custodian fees and expenses; (g)
fees payable by the Fund under the Securities Act of 1933, the Investment
Company Act of 1940, and the securities or "Blue-Sky" laws of any jurisdiction;
(h) fees and assessments of the Investment Company Institute or any successor
organization; (i) such nonrecurring or extraordinary expenses as may arise,
including litigation affecting the Fund, and any indemnification by the Fund of
its officers, directors, employees and agents with respect thereto; (j) the
costs and expenses provided for in any Administrative and Shareholder Servicing
Agreement or Accounting Services Agreement, including amendments thereto,
contemplated by subsection C of this Section III. In the event that any of the
foregoing shall, in the first instance, be paid by WRIMCO, the Fund shall pay
the same to WRIMCO on presentation of a statement with respect thereto.

     C. WRIMCO, or an affiliate of WRIMCO, may also act as (i) transfer agent or
administrative and shareholder servicing agent of the Fund and/or as (ii)
accounting services agent of the Fund if at the time in question there is a
separate agreement, "Administrative and Shareholder Servicing Agreement" and/or
"Accounting Services Agreement," covering such functions between the Fund and
WRIMCO, or such affiliate. The entity, whether WRIMCO, or its affiliate, which
is the party to either such Agreement with the Fund is referred to as the
"Agent." Each such Agreement shall provide in substance that it shall go into
effect, or be amended, or a new agreement covering the same topics between the
Fund and the Agent may be entered into, only if the terms of such Agreement,
such amendment or such new agreement have been approved by the Board of
Directors of the Fund, including the vote of a majority of the directors who are
not "interested persons" as defined in the Investment Company Act of 1940, of
either party to the Agreement, such amendment or such new agreement (considering
WRIMCO to be such a party even if at the time in question the Agent is an
affiliate of WRIMCO), cast in person at a meeting called for the purpose of
voting on such approval. Such a vote is referred to as a "disinterested
director" vote. Each such Agreement shall also provide in substance for its
continuance, unless terminated, for a specified period which shall not exceed
two years from the date of its execution and from year to year thereafter only
if such continuance is specifically approved at least annually by a
disinterested director vote, and that any disinterested director vote shall
include a determination that (a) the Agreement, amendment, new agreement or
continuance in question is in the best interests of the Fund and its
shareholders; (b) 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 Fund; (c) 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 (d) the fees for such services are
fair and reasonable in light of the usual and customary charges made by others
for services of the same nature and quality. Any such Agreement may also provide
in substance that any disinterested director vote may be conditioned on the
favorable vote of the holders of a majority (as defined in or under the
Investment Company Act of 1940) of the outstanding shares of each class or
series of the Fund. Any such Agreement shall also provide in substance that it
may be terminated by the Agent at any time without penalty upon giving the Fund
one hundred twenty (120) days' written notice (which notice may be waived by the
Fund) and may be terminated by the Fund 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 Fund shall be directed or approved
by the vote of a majority of the Board of Directors of the Fund in office

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at the time or by the vote of the holders of a majority (as defined in or under
the Investment Company Act of 1940) of the outstanding shares of each class or
series of the Fund.

IV.  BROKERAGE

     A. WRIMCO may select brokers to effect the portfolio transactions of the
Fund on the basis of its estimate of their ability to obtain, for reasonable and
competitive commissions, the best execution of particular and related portfolio
transactions. For this purpose, "best execution" means prompt and reliable
execution at the most favorable price obtainable. Such brokers may be selected
on the basis of all relevant factors including the execution capabilities
required by the transaction or transactions, the importance of speed,
efficiency, or confidentiality, and the willingness of the broker to provide
useful or desirable investment research and/or special execution services.
WRIMCO shall have no duty to seek advance competitive commission bids and may
select brokers based solely on its current knowledge of prevailing commission
rates.

     B. Subject to the foregoing, WRIMCO shall have discretion, in the interest
of the Fund, to direct the execution of its portfolio transactions to brokers
who provide brokerage and/or research services (as such services are defined in
Section 28(e) of the Securities Exchange Act of 1934) for the Fund and/or other
accounts for which WRIMCO exercises "investment discretion" (as that term is
defined in Section 3(a)(35) of the Securities Exchange Act of 1934); and in
connection with such transactions, to pay commission in excess of the amount
another adequately qualified broker would have charged if WRIMCO determines, in
good faith, that such commission is reasonable in relation to the value of the
brokerage and/or research services provided by such broker, viewed in terms of
either that particular transaction or the overall responsibilities of WRIMCO
with respect to the accounts for which it exercises investment discretion. In
reaching such determination, WRIMCO will not be required to attempt to place a
specified dollar amount on the brokerage and/or research services provided by
such broker; provided that WRIMCO shall be prepared to demonstrate that such
determinations were made in good faith, and that all commissions paid by the
Fund over a representative period selected by its Board of Directors were
reasonable in relation to the benefits to the Fund.

     C. Subject to the foregoing provisions of this Paragraph "IV," WRIMCO may
also consider sales of the Fund's shares and shares of other investment
companies distributed by Waddell & Reed, Inc. or one of its affiliates, and
portfolio valuation or pricing services as a factor in the selection of brokers
to execute brokerage and principal portfolio transactions.

V.   COMPENSATION OF WRIMCO

     A. As compensation in full for services rendered and for the facilities and
personnel furnished under sections I, II, and IV of this Agreement, the Fund
will pay to WRIMCO for each day the fee specified in Exhibit A hereto.

     B. The amounts payable to WRIMCO shall be determined as of the close of
business each day; shall, except as set forth below, be based upon the value of
net assets computed in accordance with the Articles of Incorporation of the
Fund; and shall be paid in arrears whenever requested by WRIMCO. In computing
the value of the net assets of the Fund,

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there shall be excluded the amount owed to the Fund with respect to shares which
have been sold but not yet paid to the Fund by Waddell & Reed, Inc.

VI.  UNDERTAKINGS OF WRIMCO; LIABILITIES

     A. WRIMCO shall give to the Fund the benefit of its best judgment, efforts
and facilities in rendering advisory services hereunder.

     B. WRIMCO shall at all times be guided by and be subject to the Fund's
investment policies, the provisions of its Articles of Incorporation and Bylaws
as each shall from time to time be amended, and to the decision and
determination of the Fund's Board of Directors.

     C. This Agreement shall be performed in accordance with the requirements of
the Investment Company Act of 1940, the Investment Advisers Act of 1940, the
Securities Act of 1933, and the Securities Exchange Act of 1934, to the extent
that the subject matter of this Agreement is within the purview of such Acts.
Insofar as applicable to WRIMCO, as an investment adviser and affiliated person
of the Fund, WRIMCO shall comply with the provisions of the Investment Company
Act of 1940, the Investment Advisers Act of 1940 and the respective rules and
regulations of the Securities and Exchange Commission thereunder.

     D. In the absence of willful misfeasance, bad faith, gross negligence or
reckless disregard of obligations or duties hereunder on the part of WRIMCO, it
shall not be subject to liability to the Fund or to any stockholder of the Fund
for any act or omission in the course of or connected with rendering services
thereunder or for any losses that may be sustained in the purchase, holding or
sale of any security.

VII. DURATION OF THIS AGREEMENT

     This Agreement shall become effective at the start of business on the date
hereof and shall continue in effect, unless terminated as hereinafter provided,
for a period of one year and from year-to-year thereafter only if such
continuance is specifically approved at least annually by the Board of
Directors, including the vote of a majority of the directors who are not parties
to this Agreement or "interested persons" (as defined in the Investment Company
Act of 1940) of any such party, cast in person at a meeting called for the
purpose of voting on such approval, or by the vote of the holders of a majority
(as so defined) of the outstanding voting securities of each class or series of
the Fund and by the vote of a majority of the directors who are not parties to
this Agreement or "interested persons" (as so defined) of any such party, cast
in person at a meeting called for the purpose of voting on such approval.

VIII.TERMINATION

     This Agreement may be terminated by WRIMCO at any time without penalty upon
giving the Fund one hundred twenty (120) days written notice (which notice may
be waived by the Fund) and may be terminated by the Fund at any time without
penalty upon giving WRIMCO sixty (60) days written notice (which notice may be
waived by WRIMCO), provided that such termination by the Fund shall be directed
or approved by the vote of a majority of the Board of Directors of the Fund in
office at the time or by the vote of a majority (as defined in the Investment
Company Act of 1940) of the outstanding voting

                                        5
<Page>

securities of the Fund. This Agreement shall automatically terminate in the
event of its assignment, the term "assignment" for this purpose having the
meaning defined in Section 2(a)(4) of the Investment Company Act of 1940 and the
rules and regulations thereunder.

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to
be executed by their duly authorized officers and their corporate seal to be
hereunto affixed, all as of the day and year first above written.

(Seal)                                  WADDELL & REED INVESTED PORTFOLIOS, INC.

                                        By:    /s/  Daniel C. Schulte
                                               ---------------------------------
                                               Daniel C. Schulte, Vice President

ATTEST:

By:    /s/  Kristen A. Richards
       ------------------------------
       Kristen A. Richards, Secretary

(Seal)                                  WADDELL & REED INVESTMENT
                                        MANAGEMENT COMPANY

                                        By:    /s/  Henry J. Herrmann
                                               ----------------------------
                                               Henry J. Herrmann, President

ATTEST:

By:    /s/  Daniel C. Schulte
       ----------------------------
       Daniel C. Schulte, Secretary

                                        6
<Page>

                  EXHIBIT A TO INVESTMENT MANAGEMENT AGREEMENT

                    WADDELL & REED INVESTED PORTFOLIOS, INC.

                                  FEE SCHEDULE*

GROWTH PORTFOLIO

A cash fee computed each day on the net assets of the Fund at the annual rate of
0.05% of net assets.

BALANCED PORTFOLIO

A cash fee computed each day on the net assets of the Fund at the annual rate of
0.05% of net assets.

CONSERVATIVE PORTFOLIO

A cash fee computed each day on the net assets of the Fund at the annual rate of
0.05% of net assets.

*If a Portfolio's net assets are less than $25 million, WRIMCO has agreed to
  waive the management fee, subject to its right to change or modify this
  waiver.

                                       7

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