OVERLAND PARK, KS, February 4, 2008 – Waddell & Reed Advisors Funds and Ivy Funds are featured prominently in the list of “Best Mutual Fund Families of 2007,” as ranked and published by Barron’s. According to the newspaper, Waddell & Reed Advisors Funds were the top ranked fund family, and Ivy Funds ranked number eight. A total of 67 fund families were ranked. As it states in the article, “Waddell & Reed rode strong showings in all five categories to victory…”

Barron’s rankings are based on asset-weighted returns in five categories: domestic equity, world equity (including international and global portfolios), mixed equity (stocks and bonds), taxable bonds and tax exempt funds. Rankings also take into account an individual fund’s performance within its Lipper peer group.

“We never lose sight of the idea that we are managing other people’s money, and it is gratifying to see validation of our long-term approach,” said Henry J. Herrmann, CEO of Waddell & Reed Financial Inc. “This kind of ranking points to the strength and depth of our investment team and of each of our fund families.”

According to the article, over the most recent 5-years, Waddell & Reed ranked #23 and Ivy Funds ranked # 7. Over the most recent 10 years, Waddell & Reed ranked 9th and Ivy Funds ranked 15th. Both fund families consistently ranked in the top third or better for all periods measured.

The further category breakdown for the Waddell & Reed Advisors family includes U.S. Equity, ranked #4; World Equity ranked #1; Mixed Equity ranked #2; Taxable Bond ranked #16; U.S. Tax-Exempt Bond ranked #7. The further category breakdown for the Ivy Funds (listed as Ivy Investments) includes U.S. Equity, ranked #8; World Equity, ranked #20; Mixed Equity, ranked #3; Taxable Bond, ranked #51; U.S. Tax-Exempt Bond, ranked #31.

“Every day, we try to look at the world from 50,000 feet and drill down to individual stocks,” said Mike Avery, chief investment officer for Waddell & Reed Investment Management Company and Ivy Investment Management Company. “We constantly study market conditions and put an appropriate focus on managing risk while seeking to capture the potential upside.”

The Waddell & Reed Advisors Funds are offered through Waddell & Reed advisors, the company’s network of personal financial planners with offices around the country. Ivy Funds are offered through the company’s wholesale channel, which includes national and regional broker/dealers, registered investment advisors and retirement platforms. Both the Waddell & Reed Advisors and Ivy Fund families offer a broad fund lineup covering all major asset categories, including international and domestic equity funds, specialty funds, fixed income funds and money market funds. The Ivy Funds were named the second fastest growing fund family in 2007, among families with at least $5 billion in total assets under management, according to Financial Research Corporation (FRC).

To qualify for the Lipper/Barron’s Fund Survey, a fund group must have at least three funds in Lipper’s general U.S.-stock category, as well as one in world equity, which combines global and international funds. They also required at least one mixed-equity fund, which holds both stocks and bonds. Fund shops must also then have at least two taxable bond funds and one tax-exempt offering. For a complete discussion of the ranking methodology, visit the link above.

Through its subsidiaries, Waddell & Reed Financial, Inc. provides investment management and financial planning services to clients throughout the United States. Waddell & Reed Investment Management Company serves as investment advisor to the Waddell & Reed Advisors Group of Mutual Funds, W&R Target Funds, Inc. and Waddell & Reed InvestEd Portfolios, Inc., while Ivy Investment Management Company serves as investment advisor to Ivy Funds, Inc. and the Ivy Funds portfolios. Waddell & Reed, Inc. serves as principal underwriter and distributor to the Waddell & Reed Advisors Group of Mutual Funds, W&R Target Funds, Inc. and Waddell & Reed InvestEd Portfolios, Inc., while Ivy Funds Distributor, Inc. serves as principal underwriter and distributor to Ivy Funds, Inc. and the Ivy Funds portfolios.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus containing this and other information for any of the Waddell & Reed Advisors or Ivy Funds, call your financial advisor or visit www.waddell.com or www.ivyfunds.com. Please read the prospectus carefully before investing.

To learn more about Ivy Funds or other mutual fund companies, visit Fund Companies. For particular fund information, visit Fund Selector.