Administration February 7, 2003

Waddell & Reed Completes Ivy Funds Merger

July 2, 2003 (PLANSPONSOR.com) - Waddell & Reed Financial, Inc. has announced the launch of its expanded Ivy Fund family after approval by shareholders of the merger of several Ivy Funds into similar offerings in its W&R Funds group.
Reported by

The firm announced six Ivy funds will be integrated into existing W&R funds and all W&R funds would operate under the Ivy Funds brand.  Following the mergers, the new Ivy Funds family would comprise 19 funds with current assets of approximately $1.6 billion, according to a news release.

The outcomes are as follows:

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Domestic equity funds

  • Merged Ivy US Blue Chip into W&R Core Equity, managed by Jim Wineland of Waddell & Reed
  • Merged Ivy US Emerging Growth into W&R Mid Cap Growth, managed by Kimberly Scott of Waddell & Reed
  • Merged Ivy Growth into Waddell & Reed Advisors Accumulative, managed by Tony Intagliata of Waddell & Reed.

International/Global equity funds

  • Merged Ivy International Small Companies into W&R International Growth, managed by Thomas Mengel of Waddell & Reed
  • Merged Ivy Global into W&R International Growth, managed by Thomas Mengel of Waddell & Reed
  • Merged Ivy Developing Markets into Ivy Pacific Opportunities, managed by Thomas Mengel of Waddell & Reed.

Specialty funds

  • Merged Ivy Global Science & Technology into W&R Science and Technology, managed by Zachary Shafran of Waddell & Reed.

Fixed income funds

  • Merged Ivy Bond into Waddell & Reed Advisors Bond, managed by Jim Cusser of Waddell & Reed
  • Merge Ivy Money Market into W&R Money Market, managed by Mira Stevovich of Waddell & Reed.

The following W&R Funds will become Ivy Funds (all managed by Waddell & Reed):

  • W&R Large Cap Growth Fund, managed by Dan Becker
  • W&R Small Cap Growth Fund, managed by Grant Sarris
  • W&R Asset Strategy Fund, managed by Mike Avery and Dan Vrabac
  • W&R Tax-Managed Equity Fund, managed by Barry Ogden
  • W&R High Income Fund, managed by Louise Rieke
  • W&R Limited-Term Bond Fund, managed by Pat Sterner
  • W&R Municipal Bond Fund, managed by Bryan Bailey.

The following Ivy Funds remain as they were:

  • Ivy Cundill Global Value Fund, subadvised by PeterCundill, of Cundill & Associates
  • Ivy Global Natural Resources Fund, subadvised by FredSturm, of Mackenzie Financial Corp.
  • Ivy European Opportunities Fund, subadvised by StephenPeak, of Henderson Global Investors
  • Ivy International Fund, managed by Thomas Mengel, ofWaddell & Reed
  • Ivy International Value Fund, managed by Thomas Mengel, ofWaddell & Reed
  • Ivy Pacific Opportunities Fund (after absorbing IvyDeveloping Markets Fund), managed by Thomas Mengel, ofWaddell & Reed.

The Ivy Funds were previously managed by Mackenzie Investment Management, Inc., the US investment management subsidiary of Toronto-based Mackenzie Financial Corporation, which was acquired by Waddell & Reed Financial, Inc. last December. The Ivy Funds now carry the same share classes and the same sales load structure as the previous W&R Funds (A,B,C &Y).

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