Mutual Fund Summary Prospectus (497k)
18 3월 2014 - 12:29AM
Edgar (US Regulatory)
Ivy Managed International Opportunities Fund
Summary Prospectus | July 31, 2013, as supplemented March 17, 2014
Share Class
(Ticker):
Class A Shares (IVTAX), Class B Shares (IVTBX), Class C Shares (IVTCX), Class I Shares (IVTIX), Class R Shares (IYMGX), Class Y Shares
(IVTYX)
Before you invest, you may want to review the Funds prospectus, which contains more information about the Fund and
its risks. You can find the Funds prospectus and other information about the Fund (including the Funds SAI) online at
www.ivyfunds.com/prospectus
. You can also get this information at no cost by calling 800.777.6472 or by sending
an e-mail request to
IMCompliance@waddell.com
. You can also get this information from your investment provider. The Funds prospectus and SAI dated July 31, 2013 (as each may be amended or supplemented) are incorporated herein by
reference.
Objective
To seek
to provide capital growth and appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the
future, at least $100,000 in funds within Ivy Funds, InvestEd Portfolios and/or Waddell & Reed Advisors Funds. More information about these and other discounts is available from your financial professional and in the Sales Charge
Reductions section on page 207 of the Funds prospectus and in the Purchase, Redemption and Pricing of Shares section on page 125 of the Funds statement of additional information (SAI). Effective January 1, 2014,
the Funds Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.
Shareholder Fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(fees paid directly from your investment)
|
|
Class A
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
|
Class R
|
|
|
Class Y
|
|
Maximum Sales Charge (Load) Imposed on Purchases
(as a % of offering price)
|
|
|
5.75%
|
|
|
|
None
|
|
|
|
None
|
|
|
|
None
|
|
|
|
None
|
|
|
|
None
|
|
Maximum Deferred Sales Charge (Load)
(as a % of lesser of amount invested or redemption value)
|
|
|
1.00%
|
1
|
|
|
5.00%
|
1
|
|
|
1.00%
|
1
|
|
|
None
|
|
|
|
None
|
|
|
|
None
|
|
Maximum Account Fee
|
|
|
None
|
2
|
|
|
None
|
|
|
|
None
|
2
|
|
|
None
|
|
|
|
None
|
|
|
|
None
|
|
Annual Fund Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(expenses that you pay each year as a % of the value of your investment)
|
|
Class A
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
|
Class R
|
|
|
Class Y
|
|
Management Fees
|
|
|
0.05%
|
|
|
|
0.05%
|
|
|
|
0.05%
|
|
|
|
0.05%
|
|
|
|
0.05%
|
|
|
|
0.05%
|
|
Distribution and Service (12b-1) Fees
|
|
|
0.25%
|
|
|
|
1.00%
|
|
|
|
1.00%
|
|
|
|
0.00%
|
|
|
|
0.50%
|
|
|
|
0.25%
|
|
Other Expenses
|
|
|
0.19%
|
|
|
|
0.35%
|
|
|
|
0.24%
|
|
|
|
0.11%
|
|
|
|
0.17%
|
|
|
|
0.08%
|
|
Acquired Fund Fees and Expenses
3
|
|
|
1.12%
|
|
|
|
1.12%
|
|
|
|
1.12%
|
|
|
|
1.12%
|
|
|
|
1.12%
|
|
|
|
1.12%
|
|
Total Annual Fund Operating Expenses
4
|
|
|
1.61%
|
|
|
|
2.52%
|
|
|
|
2.41%
|
|
|
|
1.28%
|
|
|
|
1.84%
|
|
|
|
1.50%
|
|
Fee Waiver and/or Expense
Reimbursement
5,6
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
|
|
0.00%
|
|
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
|
|
|
1.61%
|
|
|
|
2.52%
|
|
|
|
2.41%
|
|
|
|
1.28%
|
|
|
|
1.84%
|
|
|
|
1.50%
|
|
1
|
For Class A shares, a 1% contingent deferred sales charge (CDSC) is only imposed on Class A shares that were purchased at net asset value (NAV) for $1
million or more that are subsequently redeemed within 12 months of purchase. For Class B shares, the CDSC declines from 5% for redemptions within the first year of purchase, to 4% for redemptions within the second year, to 3% for redemptions within
the third and fourth years, to 2% for redemptions within the fifth year, to 1% for redemptions within the sixth year and to 0% for redemptions after the sixth year. For Class C shares, a 1% CDSC applies to redemptions within 12 months of purchase.
|
2
|
With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the
Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.
|
3
|
Acquired Fund Fees and Expenses sets forth the Funds pro rata portion of the cumulative expenses charged by the underlying funds in which the Fund invested
during its last fiscal year. The actual Acquired Fund Fees and Expenses will vary with changes in the allocations of the Funds assets. The Acquired Fund Fees and Expenses shown are based on the total expense ratio of each underlying fund for
the Funds most recent fiscal year.
|
4
|
The Total Annual Fund Operating Expenses ratio shown above does not correlate to the expense ratio shown in the Financial Highlights table because that ratio
does not include the Acquired Fund Fees and Expenses.
|
5
|
Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund
operating expenses of the Class A shares, Ivy Funds Distributor, Inc. (IFDI), the Funds distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Funds transfer agent, have
contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the
Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.
|
6
|
Through July 31, 2016, Ivy Investment Management Company (IICO), the Funds investment manager, IFDI and/or WISC have contractually agreed to reimburse
sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary operating expenses, excluding acquired fund fees and expenses, for the Funds Class A shares at 0.49%, Class B shares at 1.40%, Class C
shares at 1.29%, Class I shares at 0.16%, Class R shares at 0.72% and Class Y shares at 0.38%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.
|
Example
This example is
intended to help you compare the cost of investing in the shares of the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the particular class of shares of the Fund for the time periods indicated and then redeem all your
shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
3 Years
|
|
|
5 Years
|
|
|
10 Years
|
|
Class A Shares
|
|
$
|
729
|
|
|
$
|
1,054
|
|
|
$
|
1,401
|
|
|
$
|
2,376
|
|
Class B Shares
|
|
|
655
|
|
|
|
1,085
|
|
|
|
1,440
|
|
|
|
2,632
|
|
Class C Shares
|
|
|
244
|
|
|
|
751
|
|
|
|
1,285
|
|
|
|
2,746
|
|
Class I Shares
|
|
|
130
|
|
|
|
406
|
|
|
|
702
|
|
|
|
1,545
|
|
Class R Shares
|
|
|
187
|
|
|
|
579
|
|
|
|
995
|
|
|
|
2,159
|
|
Class Y Shares
|
|
|
153
|
|
|
|
474
|
|
|
|
818
|
|
|
|
1,791
|
|
You would pay the following expenses if you did not redeem your shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
3 Years
|
|
|
5 Years
|
|
|
10 Years
|
|
Class A Shares
|
|
$
|
729
|
|
|
$
|
1,054
|
|
|
$
|
1,401
|
|
|
$
|
2,376
|
|
Class B Shares
|
|
|
255
|
|
|
|
785
|
|
|
|
1,340
|
|
|
|
2,632
|
|
Class C Shares
|
|
|
244
|
|
|
|
751
|
|
|
|
1,285
|
|
|
|
2,746
|
|
Class I Shares
|
|
|
130
|
|
|
|
406
|
|
|
|
702
|
|
|
|
1,545
|
|
Class R Shares
|
|
|
187
|
|
|
|
579
|
|
|
|
995
|
|
|
|
2,159
|
|
Class Y Shares
|
|
|
153
|
|
|
|
474
|
|
|
|
818
|
|
|
|
1,791
|
|
Portfolio Turnover
The Fund will not incur transaction costs, such as commissions, when it buys and sell shares of the underlying funds (or turns over its
portfolio), but it could incur transaction costs if it were to buy and sell other types of securities directly. If the Fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction
costs and could result in higher taxes when Fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual fund operating expenses or in the example and would affect the Funds performance. During the most
recent fiscal year, the Funds portfolio turnover rate was 21% of the average value of its portfolio.
Principal Investment Strategies
Ivy Managed International Opportunities Fund seeks to provide investors a well-diversified portfolio of international stocks, as well as a modest amount of bonds, by investing primarily in Class I shares
of certain Ivy Funds global/international mutual funds, as identified below. Each underlying fund, in turn, invests in a diversified portfolio of primarily foreign equity securities of issuers in developed as well as emerging markets, and, to a
lesser extent, a mixture of investment grade bonds issued by foreign corporations and governments.
The Board of Trustees of Ivy Funds, based
upon the recommendation of Ivy Investment Management Company (IICO), the Funds investment manager, has authorized the following target allocation ranges for investment of the Funds assets in specific underlying funds, although IICO
expects the allocation will change over time:
|
|
|
|
|
|
|
|
|
Underlying Fund
|
|
Maximum
Allocation
|
|
|
Minimum
Allocation
|
|
Ivy Emerging Markets Equity Fund
|
|
|
60%
|
|
|
|
10%
|
|
Ivy European Opportunities Fund
|
|
|
60%
|
|
|
|
10%
|
|
Ivy Global Income Allocation Fund
|
|
|
60%
|
|
|
|
10%
|
|
Ivy International Core Equity Fund
|
|
|
60%
|
|
|
|
10%
|
|
Ivy International Growth Fund
|
|
|
60%
|
|
|
|
10%
|
|
The Fund also may purchase shares of any registered investment company not affiliated with Ivy Funds (an
unaffiliated fund), provided that, immediately after such purchase, the Fund does not own more than 3% of the total outstanding stock of such unaffiliated fund. The Fund anticipates that investments in unaffiliated funds will be minimal,
if any.
IICO monitors the Funds holdings and cash flow and, in general, manages them as needed in order to
maintain the Funds target allocations. IICO does not intend to trade actively among the underlying funds nor does it intend to attempt to capture short-term market opportunities. However, in seeking to enhance performance, IICO may change
allocations within the stated ranges. IICO may modify the above-specified target asset allocations for the Fund and also may modify, from time to time, the underlying funds selected for the Fund. In addition, the percentage specified at the high end
of the investment range for an underlying fund is a target, and from time to time, IICO or market movements (or a combination of both) may cause the Funds investment in an underlying fund to temporarily exceed its target percentage.
By owning shares of the underlying funds, the Fund indirectly holds primarily equity securities of international, including emerging market
and, to a lesser extent, U.S. companies of any size as well as a modest amount of fixed-income securities.
Principal Investment Risks
As with any mutual fund, the value of the Funds shares will change, and you could lose money on your investment. The Fund is not
intended as a complete investment program. A variety of factors can affect the investment performance of the Fund and prevent it from achieving its objective. These include:
n
|
|
Emerging Market Risk
. Investments in
countries with emerging economies or securities markets may carry greater risk than investments in more developed countries. Political and economic structures in many such countries may be undergoing significant evolution and rapid development, and
such countries may lack the social, political and economic stability characteristics of more developed countries. Investments in securities issued in these countries may be more volatile and less liquid than securities issued in more developed
countries.
|
n
|
|
Foreign Currency Risk
. Foreign securities
held by the underlying funds may be denominated in foreign currencies. The value of the Funds investments, as measured in U.S. dollars, may be unfavorably affected by changes in foreign currency exchange rates and exchange control regulations.
|
n
|
|
Foreign Securities Risk
. Investing in foreign
securities involves a number of economic, financial, legal, and political considerations that may not be associated with the U.S. markets and that could affect the Funds performance unfavorably, depending upon the prevailing conditions at any
given time. Among these potential risks are: greater price volatility; comparatively weak supervision and regulation of securities exchanges, brokers and issuers; higher brokerage costs; fluctuations in foreign currency exchange rates and related
conversion costs; adverse foreign tax consequences; different and/or less stringent financial reporting standards; custody; and settlement delays. In addition, key information about the issuer, the markets or the local government or economy may be
unavailable, incomplete or inaccurate.
|
n
|
|
Fund of Funds Risk
. The ability of the Fund
to meet its investment objective is directly related to its target allocations among the underlying funds and the ability of those funds to meet their investment objectives. The Funds share price will likely change daily based on the
performance of the underlying funds in which it invests. In general, the Fund is subject to the same risks as those of the underlying funds it holds. IICO has the authority to select and replace underlying funds. IICO is subject to a potential
conflict of interest in doing so because IICO serves as the investment manager to the underlying funds and the advisory fees paid by some of the underlying funds are higher than fees paid by other underlying funds. It is important to note, however,
that IICO has a fiduciary duty to the Fund and must act in the Funds best interests.
|
n
|
|
Investment Company Securities Risk
.
Investment in other investment companies typically reflects the risks of the types of securities in which the investment companies invest. When the Fund invests in another investment company, shareholders of the Fund bear their proportionate share
of the other investment companys fees and expenses as well as their share of the Funds fees and expenses, which could result in the duplication of certain fees.
|
n
|
|
Management Risk
. Fund performance is
primarily dependent on IICOs skill in evaluating and managing the Funds portfolio, and the Fund may not perform as well as other similar mutual funds. Furthermore, IICO may alter the asset allocation of the Fund at its discretion. A
material change in the asset allocation could affect both the level of risk and the potential for gain or loss.
|
n
|
|
Market Risk
. Adverse market conditions,
sometimes in response to general economic or industry news, may cause the prices of the Funds holdings to fall as part of a broad market decline. The financial crisis in the U.S. and foreign economies over the past several years, including the
European sovereign debt crisis, has resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both U.S. and foreign, and in the NAVs of many mutual funds, including to some extent the Fund. Global
economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region may adversely affect issuers in another country or region, which in turn may adversely affect
securities held by the Fund. These circumstances have also decreased liquidity in some markets and may continue to do so. In addition, certain unanticipated events, such as natural disasters, terrorist attacks, war, and other geopolitical events,
can have a dramatic adverse effect on securities held by the Fund.
|
Additional information about the risks of the underlying
funds is provided in the underlying funds prospectus in their respective sections and in the section entitled Additional Information about Principal Investment Strategies, Other Investments and Risks.
Performance
The chart and table below provide
some indication of the risks of investing in the Fund. The chart shows how performance has varied from year to year for Class A shares. The table shows the average annual total returns for each Class of the Fund and also compares the
performance with those of a broad-based securities market index. The chart does not reflect any sales charges and, if those sales charges were included, returns would be less than those shown.
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates
and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through
tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs), or to shares held by non-taxable entities. After-tax returns are shown only for Class A shares. After-tax returns for other Classes may vary. Return After
Taxes on Distributions and Sale of Fund Shares may be better than Return Before Taxes due to an assumed tax benefit from losses on a sale of the Funds shares at the end of the period.
Performance results include the effect of expense reduction arrangements for some or all of the periods shown. If those arrangements had not been in place, the performance results for those periods would
have been lower.
Effective February 11, 2014, the name of one of the Funds underlying funds, Ivy Pacific Opportunities Fund, was changed
to Ivy Emerging Markets Equity Fund and its strategy was changed to reflect a concentration in emerging market equity securities. Performance prior to such time in part reflects the Ivy Pacific Opportunities Funds former strategy to invest
primarily in Pacific region equity securities, and the Funds performance may have differed if the Ivy Emerging Markets Equity Funds current strategy had been in place.
The Funds past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Current performance may be lower or higher. Please visit
www.ivyfunds.com
or call 800.777.6472 for the Funds updated performance.
Chart of Year-by-Year Returns
as of December 31 each year
|
|
|
|
|
In the period shown in the chart, the highest quarterly return was 24.73% (the second quarter of 2009) and the lowest quarterly return was
-21.37%
(the third quarter of 2011). The Class A return for the year through June 30, 2013 was -2.13%.
|
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
|
|
|
|
as of December 31, 2012
|
|
1 Year
|
|
|
5 Years
|
|
|
Life of
Class
|
|
Class A
(began on 04-02-2007)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
9.26%
|
|
|
|
-3.13%
|
|
|
|
-0.57%
|
|
Return After Taxes on Distributions
|
|
|
9.04%
|
|
|
|
-3.49%
|
|
|
|
-1.03%
|
|
Return After Taxes on Distributions and Sale of Fund Shares
|
|
|
6.39%
|
|
|
|
-2.70%
|
|
|
|
-0.57%
|
|
Class B
(began on 04-02-2007)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
11.15%
|
|
|
|
-2.99%
|
|
|
|
-0.55%
|
|
Class C
(began on 04-02-2007)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
15.18%
|
|
|
|
-2.74%
|
|
|
|
-0.30%
|
|
Class I
(began on 04-02-2007)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
16.38%
|
|
|
|
-1.61%
|
|
|
|
0.83%
|
|
Class R
(began on 12-19-2012)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
0.56%
|
|
Class Y
(began on 04-02-2007)
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes
|
|
|
16.07%
|
|
|
|
-1.94%
|
|
|
|
0.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index
|
|
1 Year
|
|
|
5 Years
|
|
|
Life of
Class
|
|
MSCI AC World ex U.S.A Index (reflects no deduction for fees, expenses or taxes) (Life of Class index comparison begins on
April 1, 2007)
|
|
|
16.83%
|
|
|
|
-2.89%
|
|
|
|
-0.51%
|
|
Investment Adviser
The Fund is managed by Ivy Investment Management Company (IICO).
Portfolio Manager
Michael L. Avery, Executive Vice President of IICO, has managed the Fund since April 2007.
Purchase and Sale of Fund Shares
The Funds shares are redeemable. You may purchase or redeem shares at the Funds NAV per share next calculated after your order is received in proper form, subject to any applicable sales
charge, on any business day through your dealer or financial adviser (all share classes), by writing to WI Services Company, P.O. Box 29217, Shawnee Mission, Kansas 66201-9217 (all share classes), or by telephone (Class A, B and
C: 800.777.6472); fax (Class A, B and C: 800.532.2749; Class I and Y: 800.532.2784), or internet (
www.ivyfunds.com
) (Class A, B and C) if you have completed an Express Transaction Authorization Form. If your individual account is
not maintained on the Funds shareholder servicing system, such as for Class R shares, please contact your selling broker-dealer, plan administrator or third-party record keeper to sell shares of the Fund.
The Funds initial and subsequent investment minimums generally are as follows, although the Fund and/or IFDI may reduce or waive the minimums in
some cases:
|
|
|
|
|
For Class A, Class B and Class C:
|
|
|
|
|
To Open an Account
|
|
|
$500
|
*
|
For accounts opened with Automatic Investment Service (AIS)
|
|
|
$50
|
*
|
For accounts established through payroll deductions and salary deferrals
|
|
|
Any amount
|
|
To Add to an Account
|
|
|
Any amount
|
|
For AIS
|
|
|
$25
|
*
|
For Class I, Class R and Class Y:
|
|
|
|
|
Please check with your selling broker-dealer, plan administrator or third-party record keeper for information about minimum
investment requirements.
|
|
*
|
Effective January 1, 2014, for Class A and Class C shares, the minimum amount to open an account will increase to $750 from $500, the minimum amount to open an account with AIS
will increase to $150 from $50, and the minimum amount to add an AIS to an account will increase to $50 from $25.
|
|
Effective January 1, 2014, the Funds Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend
reinvestment and exchanges.
|
Tax Information
The Funds distributions are generally taxable to you as ordinary income, long-term capital gain, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a
401(k) plan or an IRA.
Payments to Broker-Dealers and other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or IICO and/or its affiliates may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial
intermediarys web site for more information.
IVSUM-IVTAX
ULURU (CE) (USOTC:ULUR)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
ULURU (CE) (USOTC:ULUR)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024