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W&R Funds to Take Ivy Name

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March 5, 2003 — Waddell & Reed Finl`A` (WDR), which has agreed to acquire the Ivy mutual funds, plans to combine them with is own W&R funds and operate most of the offerings under the Ivy name.

In the reorganization, Waddell & Reed said six Ivy stock, bond and money market funds will be merged into similar W&R funds, subject to shareholder approval. The resulting Ivy family will have 18 funds with assets of about $1.5 billion. The mergers are expected to be completed by June 30.

In addition, Waddell & Reed said two Ivy funds will be absorbed into Waddell & Reed Advisors Funds, its largest fund unit, which will retain its name. The Waddell & Reed Advisors Funds had $18.2 billion in assets as of the end of December, and is comprised of twenty funds.

Waddell & Reed announced in August that it agreed to acquire Mackenzie Investment Management Inc., a subsidiary of Mackenzie Financial Corp. that oversees the Ivy funds, in a transaction valued at about $74 million.