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Waddell & Reed announces elimination of redemption fee for funds
By Toni Weeks
San Diego, Nov. 16 - Waddell & Reed Advisors Funds announced it will no longer impose a redemption fee for its Waddell & Reed Advisors Fixed Income and Money Market Funds as of Jan. 1, according to a 497 filing with the Securities and Exchange Commission.
The company also made changes to investment restrictions for several of its funds. The changes are as follows:
The Waddell & Reed Advisors Global Bond Fund may now invest up to 100% of its total assets in junk bonds, primarily of foreign issuers, or unrated securities determined by Waddell & Reed Investment Management Co., the investment manager, to be of comparable quality;
The High Income Fund's net assets will no longer be invested in bonds that are below investment grade;
The Asset Strategy Fund now may not invest more than 35% of its total assets in non-investment grade debt securities;
The Continental Income Fund may not invest more than 20% of its total assets in non-investment-grade debt securities, which may include floating-rate notes or secured bank loans;
The Bond Fund and the Science and Technology Fund may not invest more than 20% of their total assets in non-investment-grade debt securities;
The Global Bond Fund may invest up to 100% of its total assets in non-investment-grade debt securities;
At least 65% of the Municipal High Income Fund's total assets will be invested in medium- and lower-quality municipal bonds under normal circumstances, although at other times, the fund may invest in high-quality municipal bonds and have less than 65% of its total assets in medium- and lower-quality bonds; and
The Accumulative Fund, Core Investment Fund, Dividend Opportunities Fund, Energy Fund, International Growth Fund, New Concepts Fund, Small Cap Fund, Tax-Managed Equity Fund, Value Fund and Vanguard Fund do not intend to invest more than 10% of its total assets in non-investment grade debt securities.
Waddell & Reed is based in Shawnee Mission, Kan.
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