MFMN: Waddell & Reed has two different fund groups, the Waddell & Reed Advisors Group of Funds and the W&R Funds. What is the difference between the two groups?

Butch: The Waddell & Reed Advisors Funds are our proprietary fund family. This group of funds is sold almost exclusively through our own proprietary network of 3,000 Waddell & Reed advisers, who predominantly sell Waddell & Reed products.

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