OVERLAND PARK, Kan.--(BUSINESS WIRE)--In response to inquiries the company has received about the credit quality of its High Income funds, Waddell & Reed Financial, Inc. (NYSE:WDR) issued the following statement:
Our high income portfolios are not distressed credit funds. In addition, the CCC rated portion of the portfolios is weighted toward the higher-quality segment of bonds of that rating. The Ivy High Income fund currently is positioned as follows:
|Below CCC||< 1%|
*Information is subject to change and is not intended to represent any past or future investment recommendations. Ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings obtained from Moody's. Ratings are not evaluated, but simply assigned to the appropriate credit quality category as determined by the rating agency.
About the Company
Waddell & Reed, Inc., founded in 1937, is one of the oldest mutual fund complexes in the United States, having introduced the Waddell & Reed Advisors Group of Mutual Funds in 1940. Today, we distribute our investment products through the Waddell & Reed Wholesale channel (encompassing broker/dealer, retirement, and registered investment advisors), our Advisors channel (our network of financial advisors), and our Institutional channel (including defined benefit plans, pension plans and endowments, and our subadvisory partnership with Mackenzie in Canada).
Through its subsidiaries, Waddell & Reed Financial, Inc. provides investment management and financial planning services to clients throughout the United States and internationally. Waddell & Reed Investment Management Company serves as investment advisor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios, while Ivy Investment Management Company serves as investment advisor to Ivy Funds and investment advisor and global distributor to the Ivy Global Investors SICAV, an umbrella UCITS fund range domiciled in Luxembourg. Waddell & Reed, Inc. serves as principal underwriter and distributor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios, while Ivy Funds Distributor, Inc. serves as principal underwriter and distributor to Ivy Funds.