Waddell & Reed Shuffles Management Ranks at Five Funds

Among those affected are the W&R Science and Technology fund.
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Waddell & Reed

announced Monday it has changed the portfolio managers on five of its funds and named assistant portfolio managers to two of those funds as well as three others.

Zachary Shafran will replace Waddell president and chief investment officer Henry Herrmann as interim portfolio manager on three science and technology funds: the

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Waddell & Reed Advisors Science and Technology Fund, the

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W&R Science and Technology Fund and the W&R Target Science and Technology Portfolio.

Herrmann had been managing the funds following the departure of Abel Garcia from Waddell & Reed for

AIM

in April of last year, according to a Waddell & Reed spokesperson.

As a result, Kimberly Scott has been promoted from analyst to portfolio manager on the two funds that Shafran formerly managed, the

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Waddell & Reed Advisors New Concepts Fund and the

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W&R Mid Cap Growth Fund.

Meanwhile, two analysts have been promoted to assistant portfolio manager. Kimberly Scott now serves in that position on the Waddell & Reed Advisors New Concepts Fund and the W&R Mid Cap Growth Fund, while Gil Scott is now assistant portfolio manager on the

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Waddell & Reed Advisors Small Cap Fund, the

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W&R Small Cap Growth Fund and the W&R Target Small Cap Portfolio.

The Waddell & Reed Advisors Science and Technology fund fell 14% in 2000 and is up 1.1% year to date, according to Morningstar. It charges a 5.75% front-end load on Class A shares and annual expenses of 1.16%. The W&R Science and Technology fund declined 25.7% in 2000 and is up 1.5% so far this year. The fund carries annual fees of 1.36% on Class A shares. The Waddell & Reed Advisors New Concepts Fund was down 15% in 2000 and has posted a 2.3% gain so far this year. Class A shares charge a 5.75% front-end load and annual expenses of 1.32%. The W&R Mid Cap Growth Fund, which was launched June 30, 2000, posted returns of 8.18% last year and is up 0.38% so far in 2001. Class A shares carry a sales load of 5.75% and annual expenses of 0.94%.

The Waddell & Reed Advisors Small Cap Fund returned 2.9% in 2000 and is up 7.6% year to date. It carries a front-end sales load of 5.75% and annual expenses of 1.61%. The W&R Small Cap Growth Fund posted gains of 22.14% in 2000 and is up 9.56% so far in 2001. It also carries a front-end sales load of 5.75% and annual expenses of 2.11%.

The W&R Target series funds are variable annuity clones of the W&R funds.