Waddell & Reed's Ivy Funds group is putting together a package for investors seeking some international spice. The funds from the Kansas City brokerage firm will invest in a mix of existing Ivy Funds products in pre-packaged model portfolios. The funds highlight the stock-picking talents of Templeton Investment Counsel and Henderson Investment Management, says Ivy Funds CEO Tom Butch. -ed.

Ivy Funds today announced that it has launched two new international funds-of-funds that will provide investors with a convenient international diversification model using different combinations of Ivy's international mutual funds.

Allocations among the underlying funds will be managed actively, with Chief Investment Officer Michael Avery serving as portfolio manager.

Ivy Managed International Opportunities Fund will invest in a blend of five funds:

-- Ivy International Balanced Fund, which offers a consistent mix of overseas stocks and high quality overseas bonds.

-- Ivy International Core Equity Fund, which targets large, undervalued companies overseas.

-- Ivy International Growth Fund, which targets large, growth-oriented companies overseas.

-- Ivy European Opportunities Fund, focusing on large and mid-size stocks across Europe's developed markets.

-- Ivy Pacific Opportunities Fund, focusing on large companies in Asia's emerging markets.

Ivy Managed EuroPacific Fund will invest in a blend of Ivy European Opportunities Fund and Ivy Pacific Opportunities Fund.

The new funds were designed to address two primary investor needs. Ivy Managed International Opportunities is broadly diversified, offering exposure to large and mid-sized companies across Europe, with some exposure to Asia and some fixed-income exposure. Ivy Managed EuroPacific Fund offers more concentrated regional exposure.

The funds bring to bear the investment capabilities of Ivy Investment Management Company, as well as Templeton Investment Counsel, which serves as subadvisor for the Ivy International Balanced Fund, and of Henderson Investment Management, which subadvises the Ivy European Opportunities Fund.

"Even with the dramatic acceleration of international fund flows over the last few years, investor exposure to international equities still hovers at about 15 percent," said Thomas W. Butch, president and CEO of Ivy Funds Distributor, Inc. "In a rapidly globalizing world, this figure is likely to increase over the coming years. Our new funds offer multiple managers and active allocation in a format that provides a simple means to gain the benefits of diversified international exposure."

The Ivy Funds ranked among the fastest growing mutual fund families in 2006, according to a recent study released by Financial Research Corporation (FRC). The Ivy Funds, with a 68 percent increase in assets under management in 2006, ranked fourth in terms of asset growth over the year among all firms with assets of $5 billion or greater. Asset growth has been strong since the Ivy Funds were relaunched in 2003, with total assets reaching $12.4 billion at year-end 2006.

The Ivy Funds are managed by Ivy Investment Management Company and distributed by its subsidiary, Ivy Funds Distributor, Inc. Please remember that, as with any mutual fund, investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus containing this and other information for any of the Ivy Funds, call your financial advisor or visit http://www.ivyfunds.com. Please read the prospectus carefully before investing.

Edited by: Erin Kello

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