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Waddell & Reed Targets Supermarket, Retirement Channels

Waddell & Reed of Overland Park, Kan., will add two new share classes to its Waddell & Reed fund family in order to target supermarkets, 401(k) plans and wrap programs, the company announced last week.

A and B shares will be added to the Waddell & Reed family of funds which will change its name to W&R Funds. The firm has also filed with the SEC to add four funds to the family. Currently, W&R Funds offer only C and Y shares.

The W&R Funds include four domestic and international stock funds, three bond funds and one balanced and total return fund. The four new funds include a large-cap growth fund, a mid-cap growth fund, a tax-managed equity fund and a money market fund.