Select a Fund Family and Share Class
Go

Ivy Wilshire Global Allocation Fund

  • $7.32 NAV as of 12/18/2018
  • ($-0.60) / -7.58% Daily NAV Change
  • -7.33% YTD (NAV)

Summary

Bringing the world to a single fund

GLOBAL VIEW
A "fund-of-funds" that allocates assets among a diverse group of affiliated equity and fixed income mutual funds with both domestic and foreign investment strategies.
BROAD ALLOCATION
Asset allocation methodology provides diversified exposure to a broad array of asset classes and investment strategies via the underlying funds.
LONG-TERM APPROACH
Investment philosophy focuses on a disciplined, long-term approach to strategic asset allocation.

Morningstar Style Box

Blend
Large
MOD
Low
Source: Morningstar

Portfolio Management

Nathan Palmer, CFA

  • Wilshire Associates, Inc. (Sub-adviser)
  • 1 Year with Fund
  • 21 Years in Industry
Toggle Section

Nathan Palmer is a managing director of Wilshire Associates and heads Wilshire Funds Management's portfolio management group. Mr. Palmer is responsible for creating multi-asset class, multi-manager investment solutions for financial intermediary clients. He is the Chair of Wilshire Funds Management's Retirement Oversight Committee and a voting member of its Investment Committee. Prior to joining Wilshire Associates, Mr. Palmer provided investment advice to endowment, foundation, and family office clients at Convergent Wealth Advisors. Previously, he managed the public market investment portfolios for the endowment at the California Institute of Technology and for the defined benefit and defined contribution retirement assets at Intel Corporation. Mr. Palmer began his career as a securities analyst in New York, where he published equity research on the technology, media, and telecom industries. Mr. Palmer graduated Phi Beta Kappa and cum laude from the University of Washington with a BA in business administration. He holds an MBA with High Distinction from the Stern School of Business, New York University, graduating as an Armando John Garville Memorial Scholar. Mr. Palmer holds the Chartered Financial Analyst designation and is an active member of the CFA Institute and the CFA Society of Los Angeles.

Anthony Wicklund, CAIA , CFA

  • Wilshire Associates, Inc. (Sub-adviser)
  • 1 Year with Fund
  • 17 Years in Industry
Toggle Section

Tony Wicklund is a managing director of Wilshire Associates and a portfolio manager with Wilshire Funds Management. Mr. Wicklund is a portfolio manager for multi-manager, multi-asset class portfolios, including target-risk, target-date, and alternative investment portfolios for a range of financial intermediary clients. He is also a voting member of the Wilshire Funds Management Investment Committee. Prior to joining Wilshire Associates in 2013, Mr. Wicklund was the Director of Risk Management at Convergent Wealth Advisors, where he led the firm’s investment risk management and operational due diligence efforts. Additionally, he served as chairman of the firm’s Risk Management Oversight Committee and was a voting member of the Investment Committee. Mr. Wicklund also developed extensive experience researching alternatives investment strategies and investment managers and building customized investment portfolios for Convergent Wealth Advisor clients. Mr. Wicklund earned his BS in business administration, with a concentration in finance from the University of Oregon. He also holds an MBA from the Marshall School of Business, University of Southern California, with a concentration in investments and financial markets. Mr. Wicklund holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations, and is a member of the CFA Society of Los Angeles and serves as a chapter executive for CAIA Los Angeles.

Chace Brundige, CFA

  • Ivy Investment Management Company
  • 4 Years with Fund
  • 25 Years in Industry
Toggle Section

Chace Brundige is co-portfolio manager of Ivy Asset Strategy Fund, Ivy VIP Asset Strategy and institutional accounts. He was named co-portfolio manager of these investment products in 2014. He was named a portfolio manager of Ivy VIP Pathfinder Portfolios and InvestEd Portfolios in 2016. He became a member of the portfolio management team of Ivy Wilshire Global Allocation Fund, sub-advised by Wilshire Associates, Inc., in 2017. Mr. Brundige joined the organization in 2003 as vice president and assistant portfolio manager to the Large Cap Growth team after a previous tenure with the firm as an equity analyst from 1996 to 1999. He was portfolio manager of the firm’s Tax-Managed Equity Fund from 2006 to 2008 and the Global Growth funds from 2009 to 2014. He was appointed senior vice president in 2012. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. He joined Waddell & Reed as an equity investment analyst in 1996. He joined TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner in 1999. He was an original member of Trust Company of the West’s venture capital arm. In 2001 he was a vice president and sector head for Citadel Investment Group. Mr. Brundige graduated from Kansas State University in 1991 with a BS in Finance. He earned an MBA with an emphasis in Finance and Accounting from the University of Chicago Graduate School of Business in 1996. He is a CFA? charterholder.

W. Jeffery Surles, CFA

  • Ivy Investment Management Company
  • <1 Year with Fund
  • 17 Years in Industry
Toggle Section

Jeffery Surles is co-portfolio manager of Ivy Asset Strategy Fund, Ivy VIP Asset Strategy, Ivy VIP Pathfinder Portfolios and InvestEd Portfolios since 2018. He is a member of the portfolio management team of Ivy Wilshire Global Allocation Fund, sub-advised by Wilshire Associates, Inc., since 2018. He was portfolio manager of the former Ivy Global Income Allocation Fund from 2012 to 2018. Mr. Surles joined the organization in 2007 as a fixed income investment analyst. He was appointed assistant vice president in 2012 and vice president in 2014. He was appointed senior vice president in 2018. Prior to joining the firm, Mr. Surles was a portfolio manager from 2003 to 2005, and an investment analyst from 2001 to 2003, for Surles Development Corp. In the fall of 2000 he was a sales analyst for Enterprise Development Services, Inc. Mr. Surles graduated from Vanderbilt University in 2000 with a BS in Organizational Development. He earned an MBA with an emphasis in Finance from the University of Wisconsin in 2007. While attending the University of Wisconsin, he was actively involved in the Applied Security Analysis Program and completed an internship at Provident Trust Company in 2006. Mr. Surles is a CFA charterholder.

Growth of a $10,000 Investment
through 11/30/2018

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Documents

Perspectives

Quarterly Fund Commentary

Daily Prices as of 12/18/2018

Net Asset Value (NAV) $7.32
Daily NAV Change ($) ($-0.60) -7.58%
Weekly NAV Change ($) $-0.71 -8.84%
Public Offering Price (POP) $7.77

Fund Facts

Ticker Symbol IWGAX
CUSIP 46600G788
Fund Code 683
Fund Type Specialty Funds
Fund Inception 3/9/1995
Class Inception 3/9/1995
Fiscal Year End June
Dividends Paid March, June, September, December
Fund Assets (as of 11/30/2018) $1.4 bil
Portfolio Turnover Rate (as of 6/30/2018) 35%
Morningstar Category World Allocation
Lipper Category Flexible Portfolio Funds
Benchmark 65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged
Benchmark Bloomberg Barclays Multiverse Bond USD Hedged
Benchmark MSCI ACWI Index

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return

Average Annual Total Returns as of 11/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -9.04% -7.89% -0.04% -1.57% 5.68% 8.02%
Morningstar World Allocation -4.47% -3.38% 4.73% 2.86% 7.79%
Fund at NAV -3.51% -2.32% 1.95% -0.39% 6.31% 8.30%
MSCI ACWI Index -2.55% -0.98% 8.57% 6.16% 10.66%
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged -1.44% -0.32% 6.55% 5.22% 8.59%
Bloomberg Barclays Multiverse Bond USD Hedged 0.24% 0.48% 2.57% 3.14% 4.16%

Quarterly Rates of Return

Average Annual Total Returns as of 9/30/2018
(Returns for periods of less than 1-yr are not annualized)
 
Fund with 5.75% sales charge -4.85% -1.71% 3.33% 0.50% 4.64% 8.29%
Morningstar World Allocation 0.02% 3.46% 7.38% 4.42% 6.18%
Bloomberg Barclays Multiverse Bond USD Hedged 0.04% 0.85% 2.67% 3.27% 4.28%
Fund at NAV 0.94% 4.25% 5.37% 1.69% 5.26% 8.57%
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged 2.57% 6.66% 9.64% 6.87% 7.11%
MSCI ACWI Index 3.83% 9.77% 13.40% 8.67% 8.19%

Morningstar Ratings as of 11/30/2018 Morningstar Logo

Category: World Allocation
Ratings are based on risk-adjusted returns
Overall out of 392
3 Year out of 392
5 Year out of 325
10 Year out of 161

Morningstar Ranking as of 11/30/2018 Morningstar Logo

Category: World Allocation
 
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category. The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
1 Year 121/456 32
3 Year 381/392 95
5 Year 303/325 95
10 Year 140/161 87

Expense Ratios as of 10/31/2018

Net 1.15%
Gross 1.19%

5-Year Standard Deviation as of 11/30/2018

MSCI ACWI Index N/A
Bloomberg Barclays Multiverse Bond USD Hedged 2.32
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged 6.79

5-Year MPT* Statistics as of 11/30/2018

*Modern Portfolio Theory
Alpha -5.96
Beta 1.12
R-Squared 80.29
Sharpe Ratio -0.11
Capture Ratio Upside: 79.10%
Downside: 146.11%

Distributions

Historical Prices Inception 3/9/1995

12/3/2018 $8.32 NO NO
12/4/2018 $8.18 NO NO
12/6/2018 $8.11 NO NO
12/7/2018 $8.05 NO NO
12/10/2018 $8.02 NO NO
12/11/2018 $8.03 NO NO
12/12/2018 $8.08 NO NO
12/13/2018 $8.08 NO NO
12/14/2018 $8.00 NO NO
12/17/2018 $7.92 NO NO
12/18/2018 $7.32 YES YES

Historical Distributions Inception 3/9/1995

12/18/2018 $0.1716 Long: $0.215 Short: $0.217 $7.32 12/18/2018
12/11/2014 $0.0798 Long: $2.201 Short: $0.000 $8.96 12/11/2014
12/12/2013 $0.0484 Long: $0.497 Short: $0.000 $11.35 12/12/2013

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this fund's selected share class. NAV is the amount per share you would receive if you sold shares that day.

12-Month Trailing Dist. Yield as of 11/30/2018

NAV 1.84%
With Sales Charge 1.74%

Portfolio

Total Portfolio Holdings

Updated quarterly, upon availability.

Top 10 Industry Allocation
as a % of Equity Holdings as of 11/30/2018

Diversified Banks 6.7%
Pharmaceuticals 4.0%
Integrated Oil & Gas 2.9%
Internet & Direct Marketing Retail 2.5%
Semiconductors 2.4%
Interactive Media & Services 2.1%
Integrated Telecommunication Services 2.1%
Industrial Machinery 2.1%
Aerospace & Defense 2.0%
Technology Hardware, Storage & Peripherals 1.9%

Maturity
as a % of fixed income assets as of

Average Maturity 4.16 years
Effective Duration 3.06 years

Fixed Income Country Allocation
as a % of bond holdings as of 11/30/2018

United States 70.9%
Japan 2.1%
Italy 2.1%
Canada 1.6%
United Kingdom 1.4%
Netherlands 1.3%
Germany 1.1%
Thailand 1.0%
Luxembourg 1.0%
Mexico 1.0%
France 0.9%
Norway 0.9%
Brazil 0.9%
South Africa 0.9%
Indonesia 0.9%
Portugal 0.6%
Columbia 0.6%
Turkey 0.6%
Spain 0.6%
Malaysia 0.6%
Romania 0.5%
Russia 0.5%
Chile 0.5%
Peru 0.5%
Uruguay 0.5%
Hungary 0.5%
Czech Republic 0.4%
Dominican Republic 0.4%
Sweden 0.4%
Cayman Islands 0.4%
China 0.4%
Philippines 0.4%
Australia 0.4%
Ireland 0.3%
Poland 0.3%
Hong Kong 0.2%
Qatar 0.2%
Bermuda 0.2%
Argentina 0.2%
Panama 0.2%
United Arab Emirates 0.2%
India 0.2%
South Korea 0.1%
Egypt 0.1%
Saudi Arabia 0.1%
Nigeria 0.1%
Austria 0.1%
British Virgin Islands 0.1%
Switzerland 0.1%
Israel 0.1%
Greece 0.1%
Sri Lanka 0.1%
Jersey 0.1%
Denmark 0.1%
Singapore 0.1%
Tunisia 0.1%
Senegal 0.1%
Slovakia 0.0%
Bahrain 0.0%
Oman 0.0%
Venezuela 0.0%
Croatia 0.0%
Macau 0.0%
Euro 0.0%
Jamaica 0.0%
Angola 0.0%
Guernsey 0.0%
Saint Lucia 0.0%
Isle Of Man 0.0%

Underlying Fund Composition
as a % of net assets as of 11/30/2018

Ivy International Core Equity 14.1 %
Ivy Emerging Markets Equity 10.1 %
Ivy Value 8.1 %
Ivy Government Securities 7.0 %
Ivy Securian Core Bond 6.5 %
Ivy Pictet Targeted Return Bond 5.9 %
Ivy Large Cap Growth 5.0 %
Ivy Pzena International Value 4.9 %
Ivy ProShares S&P 500 Dividend Aristocrats Index 4.6 %
Ivy IG International Small Cap 4.3 %
Ivy Limited-Term Bond 4.0 %
Ivy Apollo Strategic Income 3.5 %
Ivy Core Equity 3.0 %
Ivy Pictet Emerging Markets Local Currency Debt 3.0 %
Ivy Corporate Bond 2.5 %
Ivy ProShares Russell 2000 Dividend Growers Index 2.1 %
Ivy Mid Cap Income Opportunities 2.0 %
Ivy Mid Cap Growth 2.0 %
Ivy Small Cap Core 2.0 %
Ivy PineBridge High Yield 2.0 %
Ivy LaSalle Global Real Estate 1.6 %
Ivy Small Cap Growth 1.0 %

Portfolio Allocation Ranges
(as of the most recent prospectus)

  Low High
Ivy Value Fund 10.0 % 60.0 %
Ivy Large Cap Growth Fund 10.0 % 60.0 %
Ivy Small Cap Core Fund 10.0 % 60.0 %
Ivy ProShares Russell 2000 Dividend Growers Index Fund 10.0 % 60.0 %
Ivy ProShares S&P 500 Dividend Aristocrats Index Fund 10.0 % 60.0 %
Ivy Corporate Bond Fund 10.0 % 60.0 %
Ivy Government Securities Fund 10.0 % 60.0 %
Ivy IG International Small Cap Fund 10.0 % 60.0 %
Ivy Mid Cap Growth Fund 10.0 % 60.0 %
Ivy Apollo Strategic Income Fund 10.0 % 60.0 %
Ivy European Opportunities Fund 10.0 % 60.0 %
Ivy Core Equity Fund 10.0 % 60.0 %
Ivy Small Cap Growth Fund 10.0 % 60.0 %
Ivy International Core Equity Fund 10.0 % 60.0 %
Ivy Pictet Emerging Markets Local Currency Debt Fund 10.0 % 60.0 %
Ivy Securian Core Bond Fund 10.0 % 60.0 %
Ivy PineBridge High Yield Fund 10.0 % 60.0 %
Ivy Pictet Targeted Return Bond Fund 10.0 % 60.0 %
Ivy LaSalle Global Real Estate Fund 10.0 % 60.0 %
Ivy Emerging Markets Equity Fund 10.0 % 60.0 %
Ivy Mid Cap Income Opportunities Fund 10.0 % 60.0 %

Sector Allocation
as a % of equity assets as of 11/30/2018

Financials 16.99%
Information Technology 13.48%
Consumer Discretionary 12.29%
Industrials 12.16%
Health Care 9.66%
Consumer Staples 7.98%
Communication Services 7.10%
Energy 6.52%
Real Estate 5.62%
Materials 5.60%
Utilities 2.60%

Quality
as a % of fixed income assets as of 11/30/2018

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.
Government Bonds 35.70%
NonRated 3.90%
AAA 4.30%
AA 3.20%
A 10.80%
BBB 25.90%
BB 8.60%
B 6.40%
CCC 1.20%
Below CCC 0.00%

Portfolio Composition
as a % of net assets as of 11/30/2018

Foreign Common Stock 33.16%
Domestic Common Stock 29.72%
Corporate Bonds 12.20%
Government Bonds 11.69%
Other Government Securities 5.31%
Cash and Cash Equivalents 4.56%
Asset-Backed Securities 1.33%
Mortgage-Backed Securities 1.19%
Senior Loans 0.55%
Revenue Bonds 0.11%
General Obligation Bonds 0.10%
Other Financial Instruments 0.05%
Preferred Stock 0.03%

Equity Country Allocation
as a % of equity assets as of 11/30/2018

United States 46.9%
Japan 7.4%
China 6.5%
United Kingdom 6.4%
France 4.8%
Germany 3.2%
Switzerland 3.2%
Brazil 2.7%
India 2.5%
South Korea 2.2%
Hong Kong 1.6%
Taiwan 1.3%
Australia 1.2%
Russia 1.2%
Ireland 1.0%
South Africa 0.9%
Netherlands 0.8%
Canada 0.8%
Italy 0.7%
Luxembourg 0.6%
Denmark 0.6%
Sweden 0.6%
Singapore 0.5%
Vietnam 0.3%
Spain 0.3%
Norway 0.3%
Mexico 0.3%
Thailand 0.2%
Indonesia 0.2%
Macau 0.2%
Austria 0.1%
Argentina 0.1%
Belgium 0.1%
Isle Of Man 0.1%
Estonia 0.1%
Jersey 0.0%

Total Portfolio Holdings

Updated quarterly, upon availability.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. The performance of the Fund will depend on the success of the allocations among the chosen underlying funds, and in general, the Fund is subject to the same risks as those of its underlying funds. 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. Fixed-income securities are subject to interest-rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in high-income securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds.Restricted securities, which include private placements, are securities that are subject to legal or contractual restrictions on resale, and there can be no assurance of a ready market for resale. Privately placed securities and other restricted securities will have the effect of increasing the level of Fund illiquidity to the extent that the Fund finds it difficult to sell these securities when management believes it is desirable to do so, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, and the prices realized could be less than those originally paid or less than the fair market value. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Diversification does not guarantee a profit or protect against loss in a declining market. It is a method to manage risk.

Prior to May 18, 2017, the Fund compared its performance to the S&P 500 Index, Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Treasury Bills: 1-3 Month Index. Effective May 18, 2017, the Fund changed its principal investment strategies to invest in underlying affiliated funds. Underlying affiliated funds consist of IVY FUNDS® mutual funds, distributed by Ivy Distributors, Inc., an affiliate of Waddell & Reed, Inc. Going forward, the Fund will show its performance compared to other, more applicable benchmark indices as shown and will no longer compare its performance to the three prior indexes.

Index description: The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. The developed market country indexes included are: Australia,Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary,India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey* and United Arab Emirates.

Index Description: The Bloomberg Barclays Multiverse Bond Index (USD Hedged) provides a broad-based measure of the global fixed-income bond market. The index represents the union of the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global High-Yield Index and capture investment grade and high yield securities in all eligible currencies.

Index description: The Ivy Wilshire Global Allocation Fund Custom Benchmark is a blend of 65% MSCI ACWI, a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets and 35% Bloomberg Barclays Multiverse Bond Index (USD Hedged), an index that provides a broad-based measure of the global fixed-income bond market.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions and extraordinary expenses, if any) as follows: Class A Shares at 1.16%; Class B shares at 2.25%; Class C shares at 2.01%; and Class I Shares at 0.83%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees. Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes below its respective expense cap.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, IDI and/or WISC 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 without the consent of the Board.

Effective May 18, 2017, the name of the Fund changed from Waddell & Reed Advisors Asset Strategy Fund to Waddell & Reed Advisors Wilshire Global Allocation Fund, and the Fund changed its investment strategy to operate as a “fund of funds.” The Fund’s performance prior to that date reflects the Fund’s former strategy; its performance may have differed if the Fund’s current strategy had been in place.

Waddell & Reed Advisors (WRA) Wilshire Global Allocation Fund merged into Ivy Wilshire Global Allocation Fund on Feb. 26, 2018. The returns shown prior to this date reflect the performance of WRA Wilshire Global Allocation Fund, which was incepted on March 9, 1995. Ivy Wilshire Global Allocation Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Wilshire Global Allocation Fund. Prior to the reorganization, the Ivy Wilshire Global Allocation Fund had no assets and had not commenced operations.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

12-Month Trailing Distribution Yield: at NAV refers to the 12-month historical cash flow paid over the past 12 months in dividends, divided by the past months ending NAV.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The Fund is sub-advised by Wilshire Associates, Inc., through its Wilshire Funds Management business unit.

Co-Portfolio Manager Cynthia Prince-Fox retired from the firm on April 30, 2018.

Effective June 7, 2018, Elizabeth Yakes of Wilshire Associates, Inc., no longer is a portfolio manager on the Ivy Wilshire Global Allocation Fund.

YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.