N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10431

Waddell & Reed InvestEd Portfolios

(Exact name of registrant as specified in charter)

6300 Lamar Avenue, Overland Park, Kansas 66202

(Address of principal executive offices) (Zip code)

Kristen A. Richards

6300 Lamar Avenue

Overland Park, Kansas 66202

(Name and address of agent for service)

Registrant's telephone number, including area code: 913-236-2000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2009

ITEM 1. REPORTS TO STOCKHOLDERS.

Semiannual Report

June 30, 2009

Waddell & Reed InvestEd Growth Portfolio

Waddell & Reed InvestEd Balanced Portfolio

Waddell & Reed InvestEd Conservative Portfolio

CONTENTS

Waddell & Reed InvestEd Portfolios

President's Letter	3
Illustration of Portfolio Expenses	4
Portfolio Highlights	6
Schedule of Investments	7
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	16
Notes to Financial Statements	18
Approval of Investment Management Agreement	24
Shareholder Meeting Results	25
Proxy Voting Information	26
Quarterly Portfolio Schedule Information	26

This report is submitted for the general information of the shareholders of Waddell & Reed InvestEd Portfolios. It is not authorized for distribution to prospective investors in the Portfolios unless preceded or accompanied by a current Waddell & Reed InvestEd Portfolios prospectus, along with the InvestEd Program Overview and InvestEd Plan Account Application.

Non-residents of Arizona or taxpayers of states other than Arizona should consider participating in the 529 plan(s) available in their state of residence, as such plan(s) may offer more favorable state income tax or other benefits than those offered under the InvestEd Plan. Please consult your CPA or other tax advisor regarding your personal tax situation.

PRESIDENT'S LETTER

Waddell & Reed InvestEd Portfolios

JUNE 30, 2009 (UNAUDITED)

Henry J. Herrmann, CFA

Dear Shareholder:

Every generation faces great challenges and opportunities. A person born in 1909 would have faced huge obstacles two decades later as America's economy crashed into the Great Depression. At the time, at a point in life when many are trying to progress in life, the painful reality was a decade of structural unemployment, loss of hope, and increasing global instability.

Over the last six months, America has continued to be tested once again, in our jobs, as investors, for our country as a global leader and as a culture. Greed, indifference and incompetence shook the global financial system to its core, while fear paralyzed markets. Unemployment rose rapidly.

However, during the last three months, the global equity market has enjoyed an encouraging rally. But, we have not yet returned to normal times. Unprecedented government policy actions may result in unintended consequences, but we do appear to be on the mend. Corporate earnings are likely to remain weak in many sectors for several quarters, although it is possible that the trough has been seen.

As you review this semiannual report, it is important to remember that a long-term perspective is an integral part of a successful investment program. For the six months ended June 30, 2009, the Standard & Poor's 500 Index, generally reflecting the performance of the domestic equity market, increased 3.17 percent, while the Citigroup Broad Investment Grade Index, generally reflecting the performance of the fixed income market, rose 1.42 percent. The slight increases for the period show that markets can come back from difficulty.

As with many aspects of life, financial decisions driven by emotion often do not generate the best results. An objective reading of history has shown that yielding to despair over economic downturns is usually a losing strategy.

The investment crisis of seven decades ago eventually brought out the best of America as well as a legacy of financial reform that, in 1940, included the law that created the modern mutual fund industry. It's not yet clear what new regulatory framework for the industry may emerge in Washington, but we hope it is balanced and fair.

Economic Snapshot

	6-30-09		12-31-08
U.S. unemployment rate	9.50	%		7.20	%
Inflation (U.S. Consumer Price Index)	- -1.40	%		0.10	%
U.S. GDP	- -1.00	%		- -3.80	%
30-year fixed mortgage rate	5.25	%		5.10	%
Oil price per barrel	$69.82			$44.60

Sources: Bloomberg, U.S. Department of Labor

All government statistics shown are subject to periodic revision.

The U.S. Consumer Price Index is the government's measure of the change in the retail cost of goods and services. Gross domestic product measures year-over-year changes in the output of goods and services. Mortgage rates shown reflect the average rate on a conventional loan with a 60-day lender commitment. Oil prices reflect the market price of West Texas intermediate grade crude.

As shown in the Economic Snapshot table above, the U.S. economy at June 30, 2009 remains weak. The unemployment rate is higher than it was six months ago. The economy is shrinking. For consumers, the good news is that overall inflation is low. However, oil prices are substantially higher. Mortgage rates are higher. So are tuition rates at most colleges.

We believe that the investing and economic climate will get better in time. With perseverance, initiative and ingenuity, we believe the strengths of our nation's character will surface. In this uncertain environment, we believe a very strong effort to manage risk is paramount. With that approach in mind, we will strive to earn your continued confidence as you strive to meet your family's long-term educational funding needs.

Respectfully,

Henry J. Herrmann, CFA
President

The opinions expressed in this letter are those of the President of Waddell & Reed InvestEd Portfolios and are current only through the end of the period of the report, as stated on the cover. The President's views are subject to change at any time, based on market and other conditions, and no forecasts can be guaranteed.

ILLUSTRATION OF PORTFOLIO EXPENSES

Waddell & Reed InvestEd Portfolios

(UNAUDITED)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees and exchange fees; and (2) ongoing costs, including management fees, distribution and service fees, and other Portfolio expenses. The following tables are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. As a shareholder in the underlying Waddell & Reed Advisors Funds, your Portfolio will indirectly bear its pro rata share of the expenses incurred by the underlying funds. These expenses are not included in a Portfolio's annualized expense ratio or the expenses paid during the period. These expenses are, however, included in the effective expenses paid during the period. The example is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended June 30, 2009.

Actual Expenses

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. There may be additional fees charged to holders of certain accounts that are not included in the expenses shown in the table. As of the close of the six months covered by the tables, a customer is charged an initial fee of ten dollars for each new account. You should consider the additional fees that were charged to your Portfolio account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value as such additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Hypothetical Example for Comparison Purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of five percent per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this five percent hypothetical example with the five percent hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line of the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

For the Six Months Ended June 30, 2009	Beginning Account Value 12-31-08	Ending Account Value 6-30-09	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During Period*
InvestEd Growth Portfolio
Based on Actual Portfolio Return(1)	$1,000	$1,061.90	0.25%	$1.24
Based on 5% Return(2)	$1,000	$1,023.56	0.25%	$1.21

For the Six Months Ended June 30, 2009	Beginning Account Value 12-31-08	Ending Account Value 6-30-09	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During Period*
InvestEd Balanced Portfolio
Based on Actual Portfolio Return(1)	$1,000	$1,031.80	0.25%	$1.22
Based on 5% Return(2)	$1,000	$1,023.56	0.25%	$1.21

For the Six Months Ended June 30, 2009	Beginning Account Value 12-31-08	Ending Account Value 6-30-09	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During Period*
InvestEd Conservative Portfolio
Based on Actual Portfolio Return(1)	$1,000	$1,003.80	0.25%	$1.20
Based on 5% Return(2)	$1,000	$1,023.56	0.25%	$1.21

*Portfolio expenses are equal to the Portfolio's annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by 181 days in the six-month period ended June 30, 2009, and divided by 365.

(1)This line uses the Portfolio's actual total return and actual Portfolio expenses. It is a guide to the actual expenses paid by the Portfolio in the period. The "Ending Account Value" shown is computed using the Portfolio's actual return and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Portfolio. A shareholder may use the information here, together with the dollar amount invested, to estimate the expenses that were paid over the period. For every thousand dollars a shareholder has invested, the expenses are listed in the last column.

(2)This line uses a hypothetical five percent annual return and actual Portfolio expenses. It helps to compare the Portfolio's ongoing costs with other mutual funds. A shareholder can compare the Portfolio's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The above illustration is based on ongoing costs only and does not include any transactional costs, such as sales loads, redemption fees or exchange fees.

PORTFOLIO HIGHLIGHTS

Waddell & Reed InvestEd Portfolios

ALL DATA IS AS OF JUNE 30, 2009 (UNAUDITED)

InvestEd Growth Portfolio - Asset Allocation

Waddell & Reed Advisors Core Investment Fund, Class Y	13.94%
Waddell & Reed Advisors International Growth Fund, Class Y	13.89%
Waddell & Reed Advisors Cash Management, Class A	13.59%
Waddell & Reed Advisors Value Fund, Class Y	12.56%
Waddell & Reed Advisors Global Bond Fund, Class Y	10.20%
Waddell & Reed Advisors Small Cap Fund, Class Y	8.98%
Waddell & Reed Advisors Vanguard Fund, Class Y	7.94%
Waddell & Reed Advisors High Income Fund, Class Y	5.83%
Waddell & Reed Advisors Bond Fund, Class Y	4.74%
Waddell & Reed Advisors Dividend Opportunities Fund, Class Y	4.74%
Waddell & Reed Advisors New Concepts Fund, Class Y	3.39%
Cash and Cash Equivalents	0.20%

InvestEd Balanced Portfolio - Asset Allocation

Waddell & Reed Advisors Cash Management, Class A	23.68%
Waddell & Reed Advisors Government Securities Fund, Class Y	18.93%
Waddell & Reed Advisors Core Investment Fund, Class Y	11.69%
Waddell & Reed Advisors Value Fund, Class Y	10.11%
Waddell & Reed Advisors Vanguard Fund, Class Y	6.22%
Waddell & Reed Advisors High Income Fund, Class Y	6.05%
Waddell & Reed Advisors International Growth Fund, Class Y	5.58%
Waddell & Reed Advisors Global Bond Fund, Class Y	5.31%
Waddell & Reed Advisors Dividend Opportunities Fund, Class Y	4.96%
Waddell & Reed Advisors Bond Fund, Class Y	4.95%
Waddell & Reed Advisors New Concepts Fund, Class Y	2.35%
Cash and Cash Equivalents	0.17%

InvestEd Conservative Portfolio - Asset Allocation

Waddell & Reed Advisors Cash Management, Class A	99.72%
Cash and Cash Equivalents	0.28%

SCHEDULE OF INVESTMENTS

Waddell & Reed InvestEd Portfolios (in thousands)

June 30, 2009 (UNAUDITED)

InvestEd Growth Portfolio

AFFILIATED MUTUAL FUNDS	Shares		Value
Waddell & Reed Advisors Bond Fund, Class Y		838	$	4,995
Waddell & Reed Advisors Cash Management, Class A	14,313			14,313
Waddell & Reed Advisors Core Investment Fund, Class Y		3,582		14,687
Waddell & Reed Advisors Dividend Opportunities Fund, Class Y		450		4,989
Waddell & Reed Advisors Global Bond Fund, Class Y		2,904		10,744
Waddell & Reed Advisors High Income Fund, Class Y		1,018		6,139
Waddell & Reed Advisors International Growth Fund, Class Y		2,053		14,635
Waddell & Reed Advisors New Concepts Fund, Class Y		486		3,574
Waddell & Reed Advisors Small Cap Fund, Class Y		971		9,461
Waddell & Reed Advisors Value Fund, Class Y		1,598		13,232
Waddell & Reed Advisors Vanguard Fund, Class Y		1,342		8,361
TOTAL AFFILIATED MUTUAL FUNDS - 99.80%			$	105,130
(Cost: $123,240)
SHORT-TERM SECURITIES - 0.27%	Principal
Master Note
Toyota Motor Credit Corporation,
0.197%, 7-1-09 (A)	$285		$	285
(Cost: $285)
TOTAL INVESTMENT SECURITIES - 100.07%			$	105,415
(Cost: $123,525)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.07%)				(75	)
NET ASSETS - 100.00%			$	105,340

Notes to Schedule of Investments

(A)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2009.

For Federal income tax purposes, cost of investments owned at June 30, 2009 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	123,609
Gross unrealized appreciation		1,574
Gross unrealized depreciation		(19,768	)
Net unrealized depreciation	$	(18,194	)

See Accompanying Notes to Financial Statements.




InvestEd Balanced Portfolio

AFFILIATED MUTUAL FUNDS	Shares		Value
Waddell & Reed Advisors Bond Fund, Class Y		661	$	3,938
Waddell & Reed Advisors Cash Management, Class A	18,834			18,834
Waddell & Reed Advisors Core Investment Fund, Class Y		2,267		9,295
Waddell & Reed Advisors Dividend Opportunities Fund, Class Y		356		3,943
Waddell & Reed Advisors Global Bond Fund, Class Y		1,142		4,226
Waddell & Reed Advisors Government Securities Fund, Class Y		2,678		15,052
Waddell & Reed Advisors High Income Fund, Class Y		797		4,808
Waddell & Reed Advisors International Growth Fund, Class Y		622		4,434
Waddell & Reed Advisors New Concepts Fund, Class Y		254		1,872
Waddell & Reed Advisors Value Fund, Class Y		971		8,043
Waddell & Reed Advisors Vanguard Fund, Class Y		793		4,943
TOTAL AFFILIATED MUTUAL FUNDS - 99.83%			$	79,388
(Cost: $87,077)
SHORT-TERM SECURITIES - 0.29%	Principal
Master Note
Toyota Motor Credit Corporation,
0.197%, 7-1-09 (A)	$227		$	227
(Cost: $227)
TOTAL INVESTMENT SECURITIES - 100.12%			$	79,615
(Cost: $87,304)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.12%)				(90	)
NET ASSETS - 100.00%			$	79,525

Notes to Schedule of Investments

(A)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2009.

For Federal income tax purposes, cost of investments owned at June 30, 2009 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	87,324
Gross unrealized appreciation		938
Gross unrealized depreciation		(8,647	)
Net unrealized depreciation	$	(7,709	)

See Accompanying Notes to Financial Statements.

InvestEd Conservative Portfolio

AFFILIATED MUTUAL FUNDS - 99.72%	Shares	Value
Waddell & Reed Advisors Cash Management, Class A (A)	54,837	$	54,837
(Cost: $54,837)
SHORT-TERM SECURITIES - 0.45%	Principal
Master Note
Toyota Motor Credit Corporation,
0.197%, 7-1-09 (B)	$250	$	250
(Cost: $250)
TOTAL INVESTMENT SECURITIES - 100.17%		$	55,087
(Cost: $55,087)
LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.17%)			(97	)
NET ASSETS - 100.00%		$	54,990

Notes to Schedule of Investments

(A)See the complete Schedule of Investments of Waddell & Reed Advisors Cash Management beginning on page 10.

(B)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2009.

For Federal income tax purposes, cost of investments owned at June 30, 2009 and the related unrealized appreciation (depreciation) were as follows:
Cost	$	55,087
Gross unrealized appreciation		––
Gross unrealized depreciation		––
Net unrealized appreciation	$	––

See Accompanying Notes to Financial Statements.

SCHEDULE OF INVESTMENTS

Cash Management (in thousands)

JUNE 30, 2009 (UNAUDITED)

CORPORATE OBLIGATIONS	Principal		Value
Commercial Paper
Baxter International Inc.:
0.280%, 7-8-09	$	20,000	$	19,999
0.300%, 7-9-09		23,000		22,998
Corporacion Andina de Fomento:
0.750%, 9-1-09		40,000		39,948
0.750%, 9-3-09		10,000		9,987
0.730%, 9-9-09		2,900		2,896
1.400%, 2-12-10		21,300		21,113
IBM International Group Capital LLC (International Business       Machines Corporation):
1.394%, 7-29-09 (A)		35,800		35,788
0.881%, 8-26-09 (A)		11,000		11,000
Kitty Hawk Funding Corp.:
0.280%, 7-10-09		5,000		5,000
0.260%, 7-27-09		12,800		12,797
SBC Communications Inc. (AT&T Inc.),
4.125%, 9-15-09		17,030		17,021
Straight-A Funding, LLC (Federal Financing Bank):
0.330%, 8-17-09		10,000		9,996
0.390%, 8-24-09		8,000		7,995
Unilever Capital Corporation,
0.321%, 7-10-09 (A)		4,300		4,300
Verizon Communications Inc.:
0.340%, 7-8-09		29,500		29,498
0.360%, 7-20-09		12,000		11,998
Total Commercial Paper - 17.88%				262,334
Commercial Paper (backed by irrevocable bank letter of credit)
River Fuel Funding Company #3, Inc. (Bank of New York (The)),
0.580%, 7-31-09		14,800		14,793
River Fuel Trust #1 (Bank of New York (The)):
0.280%, 7-2-09		7,000		7,000
0.280%, 7-15-09		20,682		20,679
Total Commercial Paper (backed by irrevocable bank letter       of credit) - 2.90%				42,472
Master Note - 1.89%
Toyota Motor Credit Corporation,
0.197%, 7-1-09 (A)		27,772		27,772
Notes
3M Company,
7.139%, 12-14-09 (C)		61,500		62,700
American Honda Finance Corp.:
1.404%, 7-29-09 (A)(C)		27,500		27,054
1.416%, 8-5-09 (A)		7,500		7,400
1.006%, 8-10-09 (A)		10,600		10,412
1.306%, 8-10-09 (A)		5,000		4,968
1.496%, 8-14-09 (A)		21,500		21,500
0.835%, 8-20-09 (A)		3,800		3,768
Bank of America Corporation (Federal Deposit Insurance Corporation),
0.659%, 9-14-09 (A)(B)		73,900		73,900
Bank of America, N.A.,
1.538%, 8-12-09 (A)		28,000		27,726
BellSouth Corporation (AT&T Inc.),
4.950%, 4-26-10 (A)		53,300		54,353
Bear Stearns Companies Inc. (The) (JPMorgan Chase & Co.),
0.974%, 8-18-09 (A)		15,475		15,458
BP Capital Markets p.l.c.,
0.768%, 9-11-09 (A)		17,100		17,100
Caterpillar Financial Services Corporation:
1.199%, 7-9-09 (A)		17,500		17,322
1.202%, 7-27-09 (A)		15,000		15,005
1.006%, 8-11-09 (A)		4,625		4,620
Caterpillar Inc.,
7.250%, 9-15-09		8,500		8,589
Citibank, N.A. (Federal Deposit Insurance Corporation),
0.648%, 9-30-09 (A)(B)		37,200		37,200
Citigroup Funding Inc. (Federal Deposit Insurance Corporation),
1.139%, 7-30-09 (A)(B)		19,100		19,100
Countrywide Home Loans, Inc. (Bank of America Corporation):
5.625%, 7-15-09		9,661		9,670
4.125%, 9-15-09		36,400		36,496
Electronic Data Systems Corporation (Hewlett-Packard Company),
7.125%, 10-15-09		70,120		71,154
GTE California Incorporated (Verizon Communications Inc.),
6.700%, 9-1-09		4,500		4,533
Honeywell International Inc.,
1.142%, 7-27-09 (A)		7,000		6,997
International Business Machines Corporation:
0.320%, 7-6-09 (A)		5,500		5,500
0.348%, 7-8-09 (A)		18,750		18,750
John Deere Capital Corporation:
4.400%, 7-15-09		5,825		5,831
1.412%, 7-16-09 (A)		13,400		13,283
1.111%, 8-26-09 (A)		7,500		7,478
0.708%, 9-1-09 (A)		22,720		22,638
JPMorgan Chase & Co.:
1.176%, 8-19-09 (A)		4,000		3,990
0.843%, 8-21-09 (A)		6,000		5,988
0.688%, 9-25-09 (A)		7,500		7,476
7.625%, 12-7-09		29,700		30,259
PACCAR Financial Corp.,
0.649%, 9-21-09 (A)		19,000		18,968
Praxair Inc.,
0.751%, 8-26-09 (A)		11,400		11,400
Procter & Gamble Company (The),
0.996%, 8-7-09 (A)		7,500		7,500
Procter & Gamble International Funding S.C.A. (Procter & Gamble       Company (The)):
1.176%, 7-6-09 (A)		10,000		9,999
5.300%, 7-6-09 (C)		4,600		4,602
1.224%, 8-8-09 (A)		3,750		3,750
1.046%, 8-19-09 (A)		25,000		24,989
Roche Holdings, Inc.,
1.661%, 8-25-09 (A)		48,500		48,543
Toyota Motor Credit Corporation:
1.650%, 9-3-09 (A)		3,500		3,500
1.663%, 9-18-09 (A)		30,000		30,000
Wal-Mart Stores, Inc.,
6.875%, 8-10-09		18,810		18,912
Wells Fargo & Company:
0.782%, 9-23-09 (A)		14,500		14,449
4.200%, 1-15-10		7,000		7,074
Total Notes - 60.11%				881,904
Notes (backed by irrevocable bank letter of credit)
Conestoga Wood Specialties Corporation, Variable/Fixed Rate       Taxable Demand Revenue Bonds, Series 2000 (Wachovia       Bank, N.A.),
0.600%, 7-1-09 (A)		2,360		2,360
Don Greene Poultry, Inc., Incremental Taxable Variable Rate       Demand Bonds, Series 2003 (Wachovia Bank, N.A.),
0.600%, 7-1-09 (A)		7,200		7,200
EPC - Allentown, LLC, Incremental Taxable Variable Rate       Demand Bonds, Series 2005 (Wachovia Bank, N.A.),
0.600%, 7-1-09 (A)		8,840		8,840
P&W Holdings, LLC, Taxable Variable Rate Demand Bonds,       Series 2005 (Wachovia Bank, National Association),
1.350%, 7-1-09 (A)		4,125		4,125
The Academy of the New Church, Taxable Variable Rate       Demand Bonds, Series 2008 (Wachovia Bank, N.A.),
0.450%, 7-1-09 (A)		20,000		20,000
Trap Rock Industries, Inc., Taxable Variable Demand Bonds,       Series 2005 (Wachovia Bank, N.A.),
0.450%, 7-1-09 (A)		13,410		13,410
Total Notes (backed by irrevocable bank letter of credit) - 3.81%				55,935
TOTAL CORPORATE OBLIGATIONS - 86.59%			$	1,270,417
(Cost: $1,270,417)
MUNICIPAL OBLIGATIONS - TAXABLE
California - 4.95%
California Pollution Control Financing Authority, Environmental       Improvement Revenue Bonds (Atlantic Richfield Company       Project), Series 1997, (BP p.l.c.),
0.650%, 9-  4-09		65,800		65,800
City of Los Angeles, Wastewater System Subordinate Revenue       Bonds, Variable Rate Refunding, Series 2008-G (Bank of       America, N.A.),
0.190%, 7-1-09 (A)		6,800		6,800
				72,600
Colorado - 0.21%
Castle Pines North Finance Corporation, Variable Rate Certificates       of Participation, Series 2009 (Wells Fargo Bank, National       Association),
0.300%, 7-1-09 (A)		3,075		3,075
Georgia - 0.44%
Development Authority of Talbot County, Incremental Taxable       Industrial Development Revenue Bonds (Junction City Mining       Company, LLC Project), Series 2000 (Wachovia Bank, N.A.),
0.550%, 7-1-09 (A)		6,410		6,410

Illinois - 0.48%
State of Illinois, General Obligation Certificates of May, 2009,
4.000%, 4-26-10	7,000		7,138
Maryland - 0.57%
Maryland Health and Higher Educational Facilities Authority,       Revenue Bonds, Anne Arundel Health Systems Issue,       Series 2009A (Wachovia Bank, N.A.),
0.450%, 7-1-09 (A)	8,305		8,305
Mississippi - 1.56%
Mississippi Business Finance Corporation, Adjustable Mode       Industrial Development Revenue Bonds (Belk, Inc. Project),       Series 2005 (Wachovia Bank, N.A.),
0.450%, 7-1-09 (A)	7,919		7,919
Mississippi Business Finance Corporation, Taxable Industrial       Development Revenue Bonds, Series 2000 (Telapex, Inc.       Project) (Wachovia Bank, N.A.),
0.450%, 7-1-09 (A)	15,000		15,000
			22,919
Missouri - 0.48%
City of Kansas City, Missouri, Variable Rate Demand Taxable       Special Obligation Refunding Bonds (President Hotel       Redevelopment Project), Series 2009B       (JPMorgan Chase & Co.),
0.700%, 7-1-09 (A)	7,000		7,000
New York - 0.34%
The City of New York, General Obligation Bonds, Fiscal 2006       Series E (Bank of America, N.A.),
0.230%, 7-1-09 (A)	5,000		5,000
TOTAL MUNICIPAL OBLIGATIONS - TAXABLE - 9.03%		$	132,447
(Cost: $132,447)
UNITED STATES GOVERNMENT AND GOVERNMENT       AGENCY OBLIGATIONS
United States Government Agency Obligations
Overseas Private Investment Corporation:
0.250%, 8-17-09 (A)	14,023		14,023
0.250%, 9-15-09 (A)	11,000		11,000
0.250%, 9-22-09 (A)	3,382		3,382
0.250%, 11-16-09 (A)	6,000		6,000
Totem Ocean Trailer Express, Inc. (United States Government       Guaranteed Ship Financing Obligations),
0.879%, 10-15-09 (A)	26,436		26,436
TOTAL UNITED STATES GOVERNMENT AND       GOVERNMENT AGENCY OBLIGATIONS - 4.15%		$	60,841
(Cost: $60,841)

TOTAL INVESTMENT SECURITIES - 99.77%	$	1,463,705
(Cost: $1,463,705)
CASH AND OTHER ASSETS, NET OF LIABILITIES - 0.23%		3,396
NET ASSETS - 100.00%	$	1,467,101

Notes to Schedule of Investments

(A)Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2009.

(B)Security is fully guaranteed by the Federal Deposit Insurance Corporation for both interest and principal under the Debt Guarantee Program of the Temporary Liquidity Guarantee Program.

(C)Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers.  These securities have been determined to be liquid under guidelines established by the Board of Trustees.  At June 30, 2009, the total value of these securities amounted to $94,356 or 6.43% of net assets. See footnotes on page 5.

See Accompanying Notes to Financial Statements.

STATEMENT OF ASSETS AND LIABILITES

Waddell & Reed InvestEd Portfolios

AS OF JUNE 30, 2009 (UNAUDITED)

(In thousands, except per share amounts)	InvestEd Growth Portfolio				InvestEd Balanced Portfolio				InvestEd Conservative Portfolio
ASSETS
Investments in affiliated mutual funds at market value+		$	105,130			$	79,388			$	54,837
Investments in unaffiliated securities at market value+			285				227				250
Investments at Market Value			105,415				79,615				55,087
Cash			17				16				15
Investment securities sold receivable			––				––				125
Dividends and interest receivable			6				8				2
Capital shares sold receivable			230				50				42
Prepaid and other assets			––				––				1
Total Assets			105,668				79,689				55,272
LIABILITIES
Investment securities purchased payable			230				45				––
Capital shares redeemed payable			90				115				281
Trustees' fees payable			3				2				1
Distribution and service fees payable			1				––	*			––	*
Other liabilities			4				2				––
Total Liabilities			328				164				282
Total Net Assets		$	105,340			$	79,525			$	54,990
NET ASSETS
Capital paid in (shares authorized - unlimited)		$	122,031			$	86,957			$	54,926
Undistributed net investment income			657				700				218
Accumulated net realized gain (loss)			762				(443	)			(154	)
Net unrealized depreciation			(18,110	)			(7,689	)			––
Total Net Assets		$	105,340			$	79,525			$	54,990
CAPITAL SHARES OUTSTANDING			10,965				8,153				5,252
NET ASSET VALUE PER SHARE		$9.61				$9.75				$10.47
+COST
Investments in affiliated mutual funds at cost		$	123,240			$	87,077			$	54,837
Investments in unaffiliated securities at cost			285				227				250

*Not shown due to rounding.

See Accompanying Notes to Financial Statements.

STATEMENT OF OPERATIONS

Waddell & Reed InvestEd Portfolios

FOR THE SIX MONTHS ENDED JUNE 30, 2009 (UNAUDITED)

(In thousands)	InvestEd Growth Portfolio			InvestEd Balanced Portfolio			InvestEd Conservative Portfolio
INVESTMENT INCOME
Dividends from affiliated mutual funds		$	781		$	790		$	283
Interest and amortization			1			1			1
Total Investment Income			782			791			284
EXPENSES
Distribution and service fees			124			93			65
Net Investment Income			658			698			219
REALIZED AND UNREALIZED GAIN
Net realized gain on investments in affiliated mutual funds			120			6			––
Net change in unrealized appreciation on investments in      affiliated mutual funds			5,189			1,735			––
Net Realized and Unrealized Gain			5,309			1,741			––
Net Increase in Net Assets Resulting from Operations		$	5,967		$	2,439		$	219

See Accompanying Notes to Financial Statements.

STATEMENT OF CHANGES IN NET ASSETS

Waddell & Reed InvestEd Portfolios

	InvestEd Growth Portfolio							InvestEd Balanced Portfolio					InvestEd Conservative Portfolio
(In thousands)	Six months ended 6-30-09 (Unaudited)				Fiscal year ended 12-31-08			Six months ended 6-30-09 (Unaudited)		Fiscal year ended 12-31-08			Six months ended 6-30-09 (Unaudited)		Fiscal year ended 12-31-08
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income		$	658		$	2,171		$	698	$	1,841		$	219	$	889
Net realized gain (loss) on investments			120			2,360			6		259			––		(153	)
Net change in unrealized      appreciation (depreciation)			5,189			(41,091	)		1,735		(19,660	)		––		(60	)
Net Increase (Decrease) in           Net Assets Resulting           from Operations			5,967			(36,560	)		2,439		(17,560	)		219		676
Distributions to Shareholders From:
Net investment income			––			(2,410	)		––		(1,959	)		––		(905	)
Net realized gains			––			(8,274	)		––		(3,443	)		––		(277	)
Total Distributions to Shareholders			––			(10,684	)		––		(5,402	)		––		(1,182	)
Capital Share Transactions			(3,692	)		4,785			1,126		2,284			5,186		8,936
Net Increase (Decrease) in           Net Assets			2,275			(42,459	)		3,565		(20,678	)		5,405		8,430
Net Assets, Beginning of Period			103,065			145,524			75,960		96,638			49,585		41,155
Net Assets, End of Period		$	105,340		$	103,065		$	79,525	$	75,960		$	54,990	$	49,585
Undistributed (distributions in      excess of) net investment income		$	657		$	(2	)	$	700	$	3		$	218	$	(1	)

See Accompanying Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

Waddell & Reed InvestEd Portfolios

FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD

	Net Asset Value, Beginning of Period		Net Investment Income		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Distributions From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
InvestEd Growth Portfolio
Six-month period ended      6-30-2009 (unaudited)		$9.05		$0.06		$0.50			$0.56			$  ––			$  ––			$  ––
Fiscal year ended 12-31-2008		13.63		0.22		(3.75	)		(3.53	)		(0.24	)		(0.81	)		(1.05	)
Fiscal year ended 12-31-2007		13.92		0.21		1.48			1.69			(0.27	)		(1.71	)		(1.98	)
Fiscal year ended 12-31-2006		12.92		0.17		1.42			1.59			(0.20	)		(0.39	)		(0.59	)
Fiscal year ended 12-31-2005		12.06		0.10		0.99			1.09			(0.10	)		(0.13	)		(0.23	)
Fiscal year ended 12-31-2004		11.14		0.08		1.03			1.11			(0.08	)		(0.11	)		(0.19	)
InvestEd Balanced Portfolio
Six-month period ended      6-30-2009 (unaudited)		9.45		0.09		0.21			0.30			––			––			––
Fiscal year ended 12-31-2008		12.49		0.25		(2.57	)		(2.32	)		(0.26	)		(0.46	)		(0.72	)
Fiscal year ended 12-31-2007		12.71		0.28		1.08			1.36			(0.32	)		(1.26	)		(1.58	)
Fiscal year ended 12-31-2006		11.95		0.24		1.08			1.32			(0.25	)		(0.31	)		(0.56	)
Fiscal year ended 12-31-2005		11.42		0.15		0.65			0.80			(0.15	)		(0.12	)		(0.27	)
Fiscal year ended 12-31-2004		10.85		0.12		0.70			0.82			(0.12	)		(0.13	)		(0.25	)
InvestEd Conservative Portfolio
Six-month period ended      6-30-2009 (unaudited)		10.43		0.04		0.00			0.04			––			––			––
Fiscal year ended 12-31-2008		10.52		0.19		(0.03	)		0.16			(0.19	)		(0.06	)		(0.25	)
Fiscal year ended 12-31-2007		10.66		0.36		0.29			0.65			(0.37	)		(0.42	)		(0.79	)
Fiscal year ended 12-31-2006		10.44		0.32		0.32			0.64			(0.33	)		(0.09	)		(0.42	)
Fiscal year ended 12-31-2005		10.43		0.17		0.09			0.26			(0.17	)		(0.08	)		(0.25	)
Fiscal year ended 12-31-2004		10.35		0.12		0.18			0.30			(0.13	)		(0.09	)		(0.22	)

(1)Total return calculated without taking into account the sales load deducted on an initial purchase.
(2)Ratios excluding expense waivers are included only for periods in which the Portfolio had waived or reimbursed expenses.
(3)Annualized.

See Accompanying Notes to Financial Statements.

	Net Asset Value, End of Period		Total Return(1)			Net Assets, End of Period (in millions)		Ratio of Expenses to Average Net Assets Including Expense Waiver			Ratio of Net Investment Income to Average Net Assets Including Expense Waiver			Ratio of Expenses to Average Net Assets Excluding Expense Waiver(2)			Ratio of Net Investment Income to Average Net Assets Excluding Expense Waiver(2)			Portfolio Turnover Rate
InvestEd Growth Portfolio
Six-month period ended      6-30-2009 (unaudited)		$9.61		6.19	%		$105		0.25	%(3)		1.33	%(3)		––	%		––	%		3	%
Fiscal year ended 12-31-2008		9.05		- -25.87			103		0.25			1.73			––			––			18
Fiscal year ended 12-31-2007		13.63		12.41			146		0.25			1.34			––			––			29
Fiscal year ended 12-31-2006		13.92		12.33			130		0.25			1.30			––			––			5
Fiscal year ended 12-31-2005		12.92		8.99			86		0.74			0.81			1.00			0.55			5
Fiscal year ended 12-31-2004		12.06		9.99			69		0.82			0.77			1.03			0.56			11
InvestEd Balanced Portfolio
Six-month period ended      6-30-2009 (unaudited)		9.75		3.18			80		0.25	(3)		1.87	(3)		––			––			1
Fiscal year ended 12-31-2008		9.45		- -18.50			76		0.25			2.11			––			––			33
Fiscal year ended 12-31-2007		12.49		10.84			97		0.25			2.06			––			––			17
Fiscal year ended 12-31-2006		12.71		11.08			87		0.25			1.99			––			––			11
Fiscal year ended 12-31-2005		11.95		7.00			58		0.71			1.32			0.98			1.05			5
Fiscal year ended 12-31-2004		11.42		7.55			49		0.78			1.13			0.99			0.92			12
InvestEd Conservative Portfolio
Six-month period ended      6-30-2009 (unaudited)		10.47		0.38			55		0.25	(3)		0.84	(3)		––			––			2
Fiscal year ended 12-31-2008		10.43		1.56			50		0.25			1.94			––			––			47
Fiscal year ended 12-31-2007		10.52		6.15			41		0.25			3.65			––			––			30
Fiscal year ended 12-31-2006		10.66		6.12			31		0.25			3.21			––			––			56
Fiscal year ended 12-31-2005		10.44		2.53			18		0.85			1.83			1.12			1.56			22
Fiscal year ended 12-31-2004		10.43		2.91			14		0.85			1.27			1.07			1.05			19

NOTES TO FINANCIAL STATEMENTS

Waddell & Reed InvestEd Portfolios (amounts in thousands)

JUNE 30, 2009 (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Waddell & Reed InvestEd Plan (InvestEd Plan) was established under the Arizona Family College Savings Program (the Program). Waddell & Reed InvestEd Portfolios (InvestEd Portfolios) is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Program was established by the State of Arizona as a qualified state tuition program in accordance with Section 529 of the Internal Revenue Code. InvestEd Plan is offered to Arizona residents and nationally. InvestEd Plan accounts are held in the name and for the benefit of the Arizona Commission for Post-Secondary Education in its capacity as Trustee of the Family College Savings Program Trust Fund. An investment in the Program constitutes a purchase of an interest in the Trust, a municipal fund security. The Trust invests in the InvestEd Portfolios and other underlying investment options. InvestEd Portfolios issues three series of capital shares; each series represents ownership of a separate mutual f und (a Portfolio). The assets belonging to each Portfolio are held separately by the transfer agent for the underlying funds and the custodian. The capital shares of each Portfolio represent a pro rata beneficial interest in the principal, net income and realized and unrealized capital gains or losses of its respective investments and other assets.

Accounts opened through the InvestEd Plan are not insured by the State of Arizona, the Family College Savings Program Trust Fund, the Arizona Commission for Post Secondary Education, or any other governmental entity, Waddell & Reed, Inc. (W&R), or any affiliated or related party and neither the principal invested nor the investment return is guaranteed by any of the above referenced parties. InvestEd Plan accounts are subject to the Federal tax laws and the laws, rules and regulations governing the Program. Any changes in such laws, rules or regulations may affect participation in, and the benefits of, the InvestEd Plan. The InvestEd Plan may be modified to comply with such changes.

On April 30, 2009, the three series of Waddell & Reed InvestEd Portfolios, Inc., a Maryland corporation, were reorganized as a corresponding series of Waddell & Reed InvestEd Portfolios, a Delaware statutory trust (the Trust), pursuant to a Plan of Reorganization and Termination that was approved by shareholders. The Reorganizations were accomplished through tax-free exchanges of shares, which had no impact on net assets, operations and number of shares outstanding. The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company.

The following is a summary of significant accounting policies consistently followed by each portfolio.

Securities Valuation. Investments in affiliated mutual funds within the Waddell & Reed Advisors Funds family are valued at their net asset value as reported by the underlying funds. Short-term debt securities are valued at amortized cost, which approximates market value.

Security Transactions and Related Investment Income. Security transactions are accounted for on the trade date (date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis.

Repurchase Agreements. Each Portfolio may purchase securities subject to repurchase agreements, which are instruments under which the Portfolio purchases a security and the seller (normally a commercial bank or broker-dealer) agrees, at the time of purchase, that it will repurchase the security at a specified time and price. Repurchase agreements are collateralized by the value of the resold securities which, during the entire period of the agreement, generally remains at least equal to the value of the loan, including accrued interest thereon. The collateral for the repurchase agreement is held by a custodian bank.

Income Taxes. It is the policy of each Portfolio to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. In addition, each Portfolio intends to pay distributions as required to avoid imposition of excise tax. Accordingly, no provision has been made for Federal income taxes. Management of the Trust periodically reviews all tax positions to assess that it is more likely than not that the position would be sustained upon examination by the relevant tax authority based on the technical merits of each position. As of June 30, 2009, management believes that under this standard no liability for unrecognized tax positions is required. The Portfolios are subject to examination by U.S. federal and state authorities for returns filed for years after 2004.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded by each Portfolio on the business day following record date. Net investment income dividends and capital gains distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America.

Indemnifications. The Trust's organizational documents provide current and former Trustees and Officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown and is dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote.

Concentration of Risk. Certain of the underlying funds may have a significant investment in international securities. International investing involves additional risks including, but not limited to, currency fluctuations, political or economic conditions affecting the foreign country and differences in accounting standards and foreign regulations.

Other. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Management has performed a review for subsequent events through August 28, 2009, the date this report was issued.

2. INVESTMENT MANAGEMENT AND PAYMENTS TO AFFILIATED PERSONS

Like all mutual funds, the Portfolios pay fees related to their daily operations. Expenses paid out of each Portfolio's net assets are reflected in its share price (and dividends if any); they are neither billed directly to shareholders nor deducted from shareholder accounts. Effective January 1, 2006, all fees which would have been paid by each Portfolio have been eliminated, with the exception of the distribution and service fee.

Under a Distribution and Service Plan for each Portfolio's shares adopted by the InvestEd Portfolios pursuant to Rule 12b-1 under the Investment Company Act of 1940, each Portfolio pays a distribution and/or service fee to W&R in an amount not to exceed 0.25% of each Portfolio's average annual net assets. The fee is paid to compensate W&R for amounts it expends in connection with the distribution of the shares and/or provision of personal services to Portfolio shareholders and/or maintenance of shareholder accounts.

The Portfolios pay no management fees; however, Waddell & Reed Investment Management Company (WRIMCO) receives management fees from the underlying funds. Each Portfolio pays advisory fees to WRIMCO indirectly, as shareholders in the underlying funds. Likewise, each Portfolio indirectly pays other expenses related to the daily operations of the underlying funds.

As principal underwriter for each Portfolio's shares, W&R receives gross sales commissions (which are not an expense of the Portfolios) for each Portfolio's shares. A contingent deferred sales charge (CDSC) may be assessed against a shareholder's redemption amount and paid to W&R. During the fiscal period ended June 30, 2009, W&R received the following amounts in gross sales commissions and CDSC:

	Gross Sales Commissions			CDSC
InvestEd Growth Portfolio		$	283		$	––
InvestEd Balanced Portfolio			167			––
InvestEd Conservative Portfolio			64			––

With respect to each Portfolio's shares, W&R pays sales commissions and all expenses in connection with the sale of the InvestEd Plan's shares, except for registration fees and related expenses. During the fiscal period ended June 30, 2009, W&R paid the following amounts: InvestEd Growth Portfolio - $155; InvestEd Balanced Portfolio - $91 and InvestEd Conservative Portfolio - $35.

3. INVESTMENT VALUATIONS

In accordance with Accounting Standards Codification (ASC) Section 820-10 (formerly Financial Accounting Standard 157), fair value is defined as the price that each Portfolio would receive upon selling an asset or paying to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the factors that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. An individual investment's fair value measurement is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

Level 1 - unadjusted quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including each Portfolio's own assumptions in determining the fair value of investments)

The following tables summarize the valuation of each Portfolio's investments by the above ASC 820-10 fair value hierarchy levels as of June 30, 2009:

InvestEd Growth Portfolio	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	105,130	$	––	$	––
Short-Term Securities		––		285		––
		105,130		285		––
Other Financial Instruments+		––		––		––
Total	$	105,130	$	285	$	––

InvestEd Balanced Portfolio	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	79,388	$	––	$	––
Short-Term Securities		––		227		––
		79,388		227		––
Other Financial Instruments+		––		––		––
Total	$	79,388	$	227	$	––

InvestEd Conservative Portfolio	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	54,837	$	––	$	––
Short-Term Securities		––		250		––
		54,837		250		––
Other Financial Instruments+		––		––		––
Total	$	54,837	$	250	$	––

+Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as written options, futures, forward foreign currency contracts and swap contracts.

There were no Level 3 securities owned during the fiscal period ended June 30, 2009.

4. INVESTMENT SECURITIES TRANSACTIONS

For the fiscal period ended June 30, 2009, the cost of purchases and the proceeds from maturities and sales of investments securities, other than U.S. Government and short-term securities, were as follows:

	Purchases			Sales
InvestEd Growth Portfolio		$	3,038	$	5,935
InvestEd Balanced Portfolio			2,931		996
InvestEd Conservative Portfolio			6,527		1,101

5. FEDERAL INCOME TAX MATTERS

For Federal income tax purposes, the Portfolios' distributed and undistributed earnings and profit for the fiscal year ended December 31, 2008 and the related net capital losses and post-October activity were as follows:

	InvestEd Growth Portfolio			InvestEd Balanced Portfolio		InvestEd Conservative Portfolio
Net ordinary income		$	2,320	$	1,899	$	889
Distributed ordinary income			2,414		1,972		909
Undistributed ordinary income			10		4		––
Realized long term capital gains			2,282		615		––
Distributed long term capital gains			8,270		3,430		273
Undistributed long term capital gains			732		––		––
Tax return of capital			––		––		––	*
Post-October losses deferred			––		426		––

*Not shown due to rounding.

Internal Revenue Code regulations permit each Portfolio to defer into its next fiscal year net capital losses or net long-term capital losses and currency losses incurred between each November 1 and the end of its fiscal year (post-October losses).

Capital loss carryovers are available to offset future realized capital gain net income incurred in the eight taxable years succeeding the loss year for Federal income tax purposes. The following shows the totals by year in which the capital loss carryovers will expire if not utilized.

	InvestEd Conservative Portfolio
December 31, 2016		$	153

6. CAPITAL SHARE TRANSACTIONS

Transactions in capital stock are summarized below.

	Six months ended 6-30-09					Fiscal year ended 12-31-08
InvestEd Growth Portfolio	Shares		Value			Shares		Value
Shares issued from sale of shares	764		$	6,778		1,507		$	18,097
Shares issued in reinvestment of dividends       and/or capital gains distribution	––			––		1,185			10,684
Shares redeemed	(1,186	)		(10,470	)	(1,979	)		(23,996	)
Net increase (decrease)	(422	)	$	(3,692	)	713		$	4,785

	Six months ended 6-30-09					Fiscal year ended 12-31-08
InvestEd Balanced Portfolio	Shares		Value			Shares		Value
Shares issued from sale of shares	1,018		$	9,500		1,694		$	19,437
Shares issued in reinvestment of dividends       and/or capital gains distribution	––			––		574			5,402
Shares redeemed	(901	)		(8,374	)	(1,968	)		(22,555	)
Net increase	117		$	1,126		300		$	2,284

	Six months ended 6-30-09					Fiscal year ended 12-31-08
InvestEd Conservative Portfolio	Shares		Value			Shares		Value
Shares issued from sale of shares	895		$	9,356		1,687		$	17,877
Shares issued in reinvestment of dividends       and/or capital gains distribution	––			––		114			1,182
Shares redeemed	(399	)		(4,170	)	(956	)		(10,123	)
Net increase	496		$	5,186		845		$	8,936

7. AFFILIATED COMPANY TRANSACTIONS

A summary of the transactions in affiliated companies during the fiscal period ended June 30, 2009 follows:

	12-31-08 Share Balance		Purchases at Cost		Sales at Cost		Realized Gain/(Loss)			Distributions Received(1)			6-30-09 Share Balance		6-30-09 Market Value
InvestEd Growth Portfolio
Waddell & Reed Advisors       Bond Fund, Class Y		851	$	222	$	300	$	(3	)		$	109		838	$	4,995
Waddell & Reed Advisors       Cash Management, Class A		14,785		418		890		––				79		14,313		14,313
Waddell & Reed Advisors       Core Investment Fund,       Class Y		3,706		426		916		(26	)			86		3,582		14,687
Waddell & Reed Advisors       Dividend Opportunities       Fund, Class Y		465		146		301		(5	)			33		450		4,989
Waddell & Reed Advisors       Global Bond Fund, Class Y		2,946		444		573		20				218		2,904		10,744
Waddell & Reed Advisors       High Income Fund, Class Y		1,006		364		262		35				256		1,018		6,139
Waddell & Reed Advisors       International Growth Fund,       Class Y		2,130		294		710		62				––		2,053		14,635
Waddell & Reed Advisors       New Concepts Fund, Class Y		504		68		168		10				––		486		3,574
Waddell & Reed Advisors       Small Cap Fund, Class Y		1,007		181		444		31				––		971		9,461
Waddell & Reed Advisors       Value Fund, Class Y		1,662		294		791		(19	)			––		1,598		13,232
Waddell & Reed Advisors       Vanguard Fund, Class Y		1,394		181		460		15				––		1,342		8,361
											$	781			$	105,130

(1)Distributions received includes distributions from net investment income and/or from capital gains from the underlying funds.

	12-31-08 Share Balance		Purchases at Cost		Sales at Cost		Realized Gain/(Loss)			Distributions Received(1)			6-30-09 Share Balance		6-30-09 Market Value
InvestEd Balanced Portfolio
Waddell & Reed Advisors Bond       Fund, Class Y		637	$	191	$	50	$	––	*		$	84		661	$	3,938
Waddell & Reed Advisors       Cash Management, Class A		18,445		637		249		––				101		18,834		18,834
Waddell & Reed Advisors       Core Investment Fund, Class Y		2,219		312		123		(4	)			53		2,267		9,295
Waddell & Reed Advisors Dividend       Opportunities Fund, Class Y		348		133		50		(1	)			25		356		3,943
Waddell & Reed Advisors Global       Bond Fund, Class Y		1,103		191		47		3				84		1,142		4,226
Waddell & Reed Advisors       Government Securities Fund,       Class Y		2,594		673		199		––	*			246		2,678		15,052
Waddell & Reed Advisors       High Income Fund, Class Y		753		299		44		6				197		797		4,808
Waddell & Reed Advisors       International Growth Fund,       Class Y		613		108		48		1				––		622		4,434
Waddell & Reed Advisors       New Concepts Fund, Class Y		251		43		20		––	*			––		254		1,872
Waddell & Reed Advisors       Value Fund, Class Y		957		215		100		(1	)			––		971		8,043
Waddell & Reed Advisors       Vanguard Fund, Class Y		782		129		59		1				––		793		4,943
											$	790			$	79,388

	12-31-08 Share Balance		Purchases at Cost		Sales at Cost		Realized Gain/(Loss)		Distributions Received(1)		6-30-09 Share Balance		6-30-09 Market Value
InvestEd Conservative Portfolio
Waddell & Reed Advisors       Cash Management, Class A		49,411		6,527		1,101		––		283		54,837		54,837

*Not shown due to rounding.

(1)Distributions received includes distributions from net investment income and/or from capital gains from the underlying funds.

8. CHANGE IN STRUCTURE

On April 3, 2009, a special shareholder meeting for the Corporation was held to approve an Agreement and Plan of Reorganization and Termination, pursuant to which each Portfolio would be reorganized into a corresponding series of a newly established Delaware statutory trust. On April 30, 2009, that reorganization took place. See page 25 for the shareholder meeting results.

9. REGULATORY AND LITIGATION MATTERS

On July 24, 2006, WRIMCO, W&R and WRSCO (collectively, Waddell & Reed) reached a settlement with each of the SEC, the New York Attorney General (NYAG) and the Securities Commissioner of the State of Kansas to resolve proceedings brought by each regulator in connection with its investigation of frequent trading and market timing in certain Waddell & Reed Advisors Funds.

Under the terms of the SEC's cease-and desist order (SEC Order), pursuant to which Waddell & Reed neither admitted nor denied any of the findings contained therein, among other provisions Waddell & Reed has agreed to: pay $40 million in disgorgement and $10 million in civil money penalties; cease and desist from violations of the antifraud provisions and certain other provisions of the federal securities laws; maintain certain compliance and ethics oversight structures; retain an independent consultant to periodically review Waddell & Reed's supervisory, compliance, control and other policies and procedures; and retain an independent distribution consultant (described below). According to the SEC Order, the SEC found that some market timers made profits in some of the Waddell & Reed Advisors Funds, and that this may have caused some dilution in those Funds. Also, the SEC found that Waddell & Reed failed to make certain disclosures to the Waddell & Reed Advisors Funds' Boards of Direct ors and shareholders regarding the market timing activity and Waddell & Reed's acceptance of service fees from some market timers.

The Assurance of Discontinuance with the NYAG (NYAG Settlement), pursuant to which Waddell & Reed neither admitted nor denied any of the findings contained therein, among its conditions requires that Waddell & Reed: reduce the aggregate investment management fees paid by certain of the Waddell & Reed Advisors Funds and certain of the Ivy Funds Variable Insurance Portfolios (the Funds) by $5 million per year for five years, for a projected total of $25 million in investment management fee reductions; bear the costs of an independent fee consultant to be retained by the Funds to review and consult regarding the Funds' investment management fee arrangements; and make additional investment management fee-related disclosures to Fund shareholders. The NYAG Settlement also effectively requires that the Funds implement certain governance measures designed to maintain the independence of the Funds' Boards of Directors and appoint an independent compliance consultant responsible for monitoring the Funds' a nd WRIMCO's compliance with applicable laws.

The consent order issued by the Securities Commissioner of the State of Kansas (Kansas Order), pursuant to which Waddell & Reed neither admitted nor denied any of the findings contained therein, requires Waddell & Reed to pay a fine of $2 million to the Office of the Commissioner.

The SEC Order further requires that the $50 million in settlement amounts described above will be distributed in accordance with a distribution plan developed by an independent distribution consultant, in consultation with Waddell & Reed, and that is agreed to by the SEC staff and the Funds' Disinterested Directors. The SEC Order requires that the independent distribution consultant develop a methodology and distribution plan pursuant to which Fund shareholders shall receive their proportionate share of losses, if any, suffered by the Funds due to market timing. Therefore, it is not currently possible to specify which particular Fund shareholders or groups of Fund shareholders will receive distributions of those settlement monies or in what proportion and amounts.

The foregoing is only a summary of the SEC Order, NYAG Settlement and Kansas Order. A copy of the SEC Order is available on the SEC's website at www.sec.gov. A copy of the SEC Order, NYAG Settlement and Kansas Order is available as part of the Waddell & Reed Financial, Inc. Form 8-K as filed on July 24, 2006.

In addition, pursuant to the terms of agreement in the dismissal of separate litigation, Waddell & Reed has also agreed to extend the reduction in the aggregate investment management fees paid by the Funds, as described above, for an additional five years.

APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

Waddell & Reed InvestEd Portfolios

Waddell & Reed InvestEd Portfolios (Trust) is a series fund organized as a Delaware statutory trust. Each of its series is the successor to a series of a Maryland corporation (each, a Predecessor Fund) pursuant to reorganizations that occurred on April 30, 2009 (each, a Reorganization). Each Reorganization of a Predecessor Fund was approved by its shareholders and by its board of directors.

In anticipation of the Reorganizations, at its meeting on February 4, 2009, the Trust's Board of Trustees, including all of the Disinterested Trustees, considered and approved a new Investment Management Agreement (Management Agreement) between WRIMCO and the Trust with respect to each of Waddell & Reed InvestEd Growth Portfolio, Waddell & Reed InvestEd Balanced Portfolio and Waddell & Reed InvestEd Conservative Portfolio (each, a Fund). The Management Agreement will continue 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 Trustees, including the vote of a majority of the Disinterested Trustees. The Management Agreement with respect to each Fund is substantially the same as the Investment Management Agreement with WRIMCO previously in effect with respect to each corresponding Predecessor Fund (Predecessor Management Agreement). At its meeting on February 4, 2009, the Trust's Board of Trustees, whose memb ers were the same as the board of directors of each Predecessor Fund, based its consideration and approval of the Management Agreement with respect to each Fund on (i) the information provided to the boards of directors of the Predecessor Funds in connection with these boards' approvals, at their joint meetings on August 11, 12 and 13, 2008, of the continuance of their respective Predecessor Management Agreements and (ii) the information which these boards received subsequent to the August meetings. For further information about the renewal of a Predecessor Management Agreement for the Predecessor Fund, please see the Predecessor Fund's Annual Report to Shareholders dated December 31, 2008.

A copy of each Predecessor Fund's Annual Report may be obtained, without charge, from the Trust or Waddell & Reed, Inc. by calling 1.888.WADDELL or at www.waddell.com.

SHAREHOLDER MEETING RESULTS

Waddell & Reed InvestEd Portfolios

On April 3, 2009, a special shareholder meeting (Meeting) for Waddell & Reed InvestEd Portfolios, Inc. was held at the offices of Waddell & Reed Financial, Inc., 6300 Lamar Avenue, Overland Park, Kansas, 66202. The Meeting was held for the following purpose (and with the following results):

Proposal 1: To elect thirteen Directors for Waddell & Reed InvestEd Portfolios, Inc.

Michael L. Avery
	For	Against
	23,588,955.153	0
Jarold W. Boettcher
	For	Against
	23,588,955.153	0
James M. Concannon
	For	Against
	23,588,955.153	0
John A. Dillingham
	For	Against
	23,588,955.153	0
David P. Gardner
	For	Against
	23,588,955.153	0
Joseph Harroz, Jr.
	For	Against
	23,588,955.153	0
John F. Hayes
	For	Against
	23,588,955.153	0
Robert L. Hechler
	For	Against
	23,588,955.153	0
Albert W. Herman
	For	Against
	23,588,955.153	0
Henry J. Herrmann
	For	Against
	23,588,955.153	0
Glendon E. Johnson, Sr.
	For	Against
	23,588,955.153	0
Frank J. Ross, Jr.
	For	Against
	23,588,955.153	0
Eleanor B. Schwartz
	For	Against
	23,588,955.153	0

Proposal 2: To approve for each series of the Fund a proposed Agreement and Plan of Reorganization and Termination, pursuant to which the Fund would be reorganized into a corresponding series of a newly established Delaware statutory trust, to be named Waddell & Reed InvestEd Portfolios.

Fund	For	Against	Abstain
InvestEd Balanced Portfolio	7,994,123.079	0	0
InvestEd Conservative Portfolio	4,803,943.551	0	0
InvestEd Growth Portfolio	11,066,171.364	0	0

PROXY VOTING INFORMATION

Waddell & Reed InvestEd Portfolios

Proxy Voting Guidelines

A description of the policies and procedures the underlying Waddell & Reed Advisors Funds uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1.888.WADDELL and (ii) on the Securities and Exchange Commission's (SEC) website at www.sec.gov.

Proxy Voting Records

Information regarding how the InvestEd Portfolios and the underlying funds, as applicable, voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on Form N-PX through Waddell & Reed's website at www.waddell.com and on the SEC's website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE INFORMATION

Waddell & Reed InvestEd Portfolios

A complete schedule of portfolio holdings for the first and third quarters of each fiscal year is filed with the Securities and Exchange Commission (SEC) on the InvestEd Portfolio's Form N-Q. This form may be obtained in the following ways:

• On the SEC's website at www.sec.gov.
• For review and copy at the SEC's Public Reference Room in Washington, DC. Information on the operations of the Public Reference Room may be obtained by calling 1.800.SEC.0330.
• On Waddell & Reed's website at www.waddell.com.

Waddell & Reed InvestEd Portfolios

Waddell & Reed InvestEd Growth Portfolio

Waddell & Reed InvestEd Balanced Portfolio

Waddell & Reed InvestEd Conservative Portfolio

1.888.WADDELL
Visit us online at www.waddell.com

Investors should consider the investment objectives, risks, charges and expenses associated with the InvestEd Plan carefully before investing. This and other information is found in the Waddell & Reed InvestEd Portfolios' prospectus, the InvestEd Plan Program overview and the InvestEd Plan Account Application, an additional copy of which can be obtained from your financial advisor. Please read these materials carefully before investing.

An investor should also consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 college savings plan.

SEMIAN-INVESTED (6-09)

ITEM 2. CODE OF ETHICS.
Required in annual report only.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Required in annual report only.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Required in annual report only.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Item 1 Shareholder Report.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees.
ITEM 11. CONTROLS AND PROCEDURES.
(a)	The Registrant's Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, have concluded that such controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective and adequately designed to ensure that information required to be disclosed by the Registrant in its reports that it files or submits is accumulated and communicated to the Registrant's management, including the Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
(b)	There were no significant changes in the registrant's internal controls over financial reporting that occurred over the registrant's second fiscal quarter of the period covered by this report that has affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).
Attached hereto as Exhibit 99.CERT.
(b)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)).
Attached hereto as Exhibit 99.906CERT.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WADDELL & REED INVESTED PORTFOLIOS
(Registrant)
By:	/s/Mara D. Herrington
	Mara D. Herrington, Vice President and Secretary
Date: September 3, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer
Date: September 3, 2009
By:	/s/Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer
Date: September 3, 2009

EX-99.CERT

EXHIBIT 99.CERT

CERTIFICATION

I, Henry J. Herrmann, certify that:

1.     I have reviewed this report on Form N-CSR of Waddell & Reed InvestEd Portfolios;

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.     The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

     a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

     c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

     d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.     The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions):

     a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

     b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 3, 2009	/s/Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer

CERTIFICATION

I, Joseph W. Kauten, certify that:

1.     I have reviewed this report on Form N-CSR of Waddell & Reed InvestEd Portfolios;

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.     The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

     a)     Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that the material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     b)     Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

     c)     Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

     d)     Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.     The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions):

     a)     All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

     b)     Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 3, 2009	/s/Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer

EX-99.906CERT

EXHIBIT 99.906 CERT

CERTIFICATION UNDER SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

Henry J. Herrmann, Principal Executive Officer, and Joseph W. Kauten, Principal Financial Officer of Waddell & Reed InvestEd Portfolios (the "Registrant"), each certify to the best of his knowledge that:

     1.     The Registrant's periodic report on Form N-CSR for the period covered by the report (the "Form N-CSR") fully complies with the requirements of section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and

     2.     The information contained in the Form N-CSR fairly represents, in all material respects, the financial condition and results of operation of the Registrant.

This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document. A signed original of this written statement required by 18 U.S.C. Section 1350 has been provided to the Registrant and will be retained and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

By:	/s/Henry J. Herrmann
	Henry J. Herrmann, Principal Executive Officer
Date: September 3, 2009
By:	/s/Joseph W. Kauten
	Joseph W. Kauten, Principal Financial Officer
Date: September 3, 2009