Waddell & Reed Financial, Inc. (NYSE: WDR) announced today that William
Nelson, portfolio manager of its high income mutual funds — Ivy High
Income Fund, Waddell & Reed Advisors High Income Fund, Ivy Variable
Insurance Portfolio High Income, and the closed-end Ivy High Income
Opportunities Fund (NYSE: IVH) — has been terminated for “cause” as set
forth in his employment agreement.
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