Ivy Emerging Markets Local Currency Debt Fund to launch late January

By Toni Weeks

San Luis Obispo, Calif., Oct. 28 - Ivy Funds announced plans to launch a new fixed-income fund, the Ivy Emerging Markets Local Currency Debt Fund. The launch date is expected in late January.

According to an N-1A filing with the Securities and Exchange Commission, the fund will seek to provide total return through a combination of current income and capital appreciation. Under normal circumstances, it will invest at least 80% of its net assets, plus any borrowings for investment purposes, in debt securities that are denominated in emerging market currencies as well as in derivative instruments that provide investment exposure to those debt securities.

Simon Lue-Fong, Orlean Yee, Mary-Theresa Barton, Wee-Ming Ting, Philippe Petit and Guido Chamorro will comprise the portfolio management team.

The fund plans to offer class A, class C, class E, class I, class R and class Y shares. Ticker symbols have not been announced.

Shareholder fees consist of a 5.75% sales load for all share classes and a 1% maximum deferred sales load for class A and class C shares.

Including management fees of 0.9%, total annual fund operating expense are expected to be 1.25% for class A and class Y, 2% for class C, 1.4% for class E, 1% for class I and 1.5% for class R shares.

Shawnee Mission, Kan.-based Ivy Investment Management Co., a subsidiary of Waddell & Reed Financial, Inc., is the fund's investment manager.

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