0001105607-07-000123 Sample Contracts

FIDELITY BOND INSURANCE ALLOCATION AGREEMENT
Fidelity Bond Insurance Allocation Agreement • May 22nd, 2007 • Waddell & Reed Advisors Municipal Bond Fund Inc

This Agreement is dated as of May 24, 2006, and is entered into by and among Waddell & Reed Advisors Asset Strategy Fund, Inc., Waddell & Reed Advisors Cash Management, Inc., Waddell & Reed Advisors Continental Income Fund, Inc., Waddell & Reed Advisors Global Bond Fund, Inc., Waddell & Reed Advisors High Income Fund, Inc., Waddell & Reed Advisors International Growth Fund, Inc., Waddell & Reed Advisors Municipal Bond Fund, Inc., Waddell & Reed Advisors Municipal High Income Fund, Inc., Waddell & Reed Advisors New Concepts Fund, Inc., Waddell & Reed Advisors Retirement Shares, Inc., Waddell & Reed Advisors Small Cap Fund, Inc., Waddell & Reed Advisors Tax-Managed Equity Fund, Inc., Waddell & Reed Advisors Vanguard Fund, Inc., Waddell & Reed Advisors Fixed Income Funds, Inc., Waddell & Reed Advisors Funds, Inc., Waddell & Reed Advisors Select Funds, Inc., W&R Target Funds, Inc., Waddell & Reed InvestEd Portfolios, Inc., Ivy Funds, Inc. and Ivy Funds (each of such parties being referred

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