Waddell & Reed

Fund Detail

Delaware Ivy Wilshire Global Allocation Fund
Class A Shares

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Fund Facts
Ticker Symbol IWGAX
CUSIP 46600G788
Fund Code 2683
Fund Type Specialty Funds
Fund Inception 3/9/1995
Class Inception 3/11/1995
Fiscal Year End June
Dividends Paid March, June, September, December
Fund Assets (as of 1/31/2022) $1.0 bil
Portfolio Turnover Rate (as of 6/30/2021) 20%
Lipper Category Flexible Portfolio Funds
Morningstar Category World Allocation
Benchmarks MSCI ACWI Index
Bloomberg Multiverse Bond USD Hedged
65% MSCI ACWI / 35% Bloomberg Multiverse USD Hedged
Daily Prices
Data not available
Fund Description

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
Source: Morningstar
Returns and Expenses

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
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 1/31/2022
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
MSCI ACWI Index -4.91% 13.23% 15.42% 12.64% 10.66% N/A
Bloomberg Multiverse Bond USD Hedged -1.59% -2.32% 3.23% 3.24% 3.37% N/A
65% MSCI ACWI / 35% Bloomberg Multiverse USD Hedged -3.75% 7.68% 11.35% 9.53% 8.27% N/A
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 12/31/2021
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV N/A N/A N/A N/A N/A N/A
Fund at Offer* N/A N/A N/A N/A N/A N/A
MSCI ACWI Index 18.54% 18.54% 20.38% 14.40% 11.85% N/A
Bloomberg Multiverse Bond USD Hedged -1.25% -1.25% 4.20% 3.51% 3.64% N/A
65% MSCI ACWI / 35% Bloomberg Multiverse USD Hedged 11.35% 11.35% 14.83% 10.74% 9.13% N/A
Expense Ratios
as of 10/30/2021
Net 1.13%
Gross 1.14%
Holdings
Portfolio Composition
(as a % of net assets as of 9/30/2021)
Domestic Common Stock 33.34%
Foreign Common Stock 30.17%
Corporate Bonds 17.12%
Government Bonds 8.70%
Other Government Securities 3.84%
Cash and Cash Equivalents 3.44%
Mortgage-Backed Securities 2.04%
Asset-Backed Securities 1.12%
Revenue Bonds 0.15%
Preferred Stock 0.06%
General Obligation Bonds 0.01%
Other Financial Instruments 0.01%
Underlying Fund Composition
(as a % of net assets as of 1/31/2022)
Delaware Ivy International Core Equity 13.0 %
Delaware Ivy Value 11.1 %
Delaware Ivy Securian Core Bond 9.6 %
Delaware Ivy Large Cap Growth 8.7 %
Delaware Ivy Systematic Emerging Markets Equity 7.8 %
Delaware Ivy Global Bond 7.1 %
Delaware Ivy S&P 500 Dividend Aristocrats Index 5.7 %
Delaware Ivy Core Equity 5.4 %
Delaware Ivy Total Return Bond 5.1 %
Delaware Ivy International Value 4.4 %
Delaware Ivy Government Securities 3.6 %
Delaware Ivy Limited-Term Bond 3.1 %
Delaware Ivy Smid Cap Core 2.8 %
Delaware Ivy High Yield 2.5 %
Delaware Ivy International Small Cap 2.3 %
Delaware Ivy Emerging Markets Local Currency Debt 2.1 %
Delaware Ivy Corporate Bond 2.0 %
Delaware Ivy Mid Cap Growth 1.3 %
Delaware Ivy LaSalle Global Real Estate 1.0 %
Delaware Ivy Mid Cap Income Opportunities 1.0 %
Sector Allocation
(as a % of equity holdings as of 9/30/2021)
Information Technology 16.6%
Financials 15.3%
Consumer Discretionary 13.8%
Industrials 12.4%
Health Care 11.4%
Communication Services 7.8%
Consumer Staples 7.7%
Materials 5.1%
Energy 4.8%
Real Estate 3.1%
Utilities 2.1%
Equity Country Allocation
(as a % of equity holdings as of 9/30/2021)
United States 52.5%
Japan 5.8%
United Kingdom 5.6%
China 4.6%
France 4.3%
Germany 4.3%
South Korea 2.5%
Netherlands 2.5%
India 2.5%
Taiwan 2.2%
Brazil 1.7%
Canada 1.3%
Switzerland 1.2%
Russia 1.1%
Australia 0.9%
South Africa 0.7%
Denmark 0.7%
Hong Kong 0.7%
Ireland 0.6%
Bermuda 0.5%
Singapore 0.5%
Mexico 0.5%
Spain 0.5%
Sweden 0.5%
Italy 0.4%
Norway 0.3%
Panama 0.3%
Vietnam 0.3%
Finland 0.3%
Cayman Islands 0.1%
Luxembourg 0.1%
Isle of Man 0.1%
Belgium 0.1%
Israel 0.1%
Malta 0.0%
Portfolio Allocation Ranges
(as of the most recent prospectus)
  Low High
Top 10 Industry Allocation
(as a % of equity holdings as of 9/30/2021)
Diversified Banks 4.5%
Interactive Media & Services 3.7%
Semiconductors 3.6%
Internet & Direct Marketing Retail 3.2%
Pharmaceuticals 2.9%
Technology Hardware, Storage & Peripherals 2.9%
Data Processing & Outsourced Services 2.4%
Systems Software 2.4%
Health Care Equipment 2.2%
Automobile Manufacturers 2.0%
Quality
(as a % of bond holdings as of 9/30/2021)
Government Bonds 26.1 %
NonRated 1.9 %
AAA 7.4 %
AA 3.8 %
A 12.6 %
BBB 26.4 %
BB 13.5 %
B 6.5 %
CCC 1.8 %
Below CCC 0.0 %

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.

Fixed Income Country Allocation
(as a % of bond holdings as of 9/30/2021)
United States 68.0%
China 2.7%
Canada 2.1%
United Kingdom 1.9%
Mexico 1.7%
Norway 1.4%
Japan 1.3%
Brazil 1.3%
Chile 1.1%
Indonesia 1.1%
Peru 1.0%
Germany 1.0%
Luxembourg 1.0%
Spain 0.9%
Netherlands 0.8%
France 0.8%
India 0.7%
Australia 0.6%
South Africa 0.6%
United Arab Emirates 0.6%
Colombia 0.6%
South Korea 0.4%
New Zealand 0.4%
Italy 0.4%
Malaysia 0.4%
British Virgin Islands 0.4%
Thailand 0.4%
Hong Kong 0.3%
Russia 0.3%
Cayman Islands 0.3%
Sweden 0.3%
Austria 0.3%
Switzerland 0.3%
Saudi Arabia 0.3%
Czech Republic 0.3%
Egypt 0.3%
Bermuda 0.3%
Hungary 0.3%
Panama 0.2%
Romania 0.2%
Turkey 0.2%
Argentina 0.2%
Ireland 0.2%
Nigeria 0.2%
Uzbekistan 0.1%
Isle of Man 0.1%
Venezuela 0.1%
Israel 0.1%
Serbia 0.1%
Qatar 0.1%
Morocco 0.1%
Denmark 0.1%
Uruguay 0.1%
Mauritius 0.1%
Macau 0.1%
Vietnam 0.1%
Ivory Coast 0.1%
Supranational 0.1%
Ghana 0.1%
Philippines 0.0%
Dominican Republic 0.0%
Costa Rica 0.0%
Poland 0.0%
Ukraine 0.0%
Bulgaria 0.0%
Greece 0.0%
Sri Lanka 0.0%
Tunisia 0.0%
Belgium 0.0%
Columbia 0.0%
Europe 0.0%
Guernsey 0.0%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
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.Nathan Palmer, CFA Wilshire Associates, Inc. (Sub-adviser) 25 4
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.Anthony Wicklund, CAIA , CFA Wilshire Associates, Inc. (Sub-adviser) 21 4

[1917052]


Significant Event On September 13, 2021, the Board of Trustees (Board) of the Ivy Funds approved the appointment of Macquarie Investment Management Austria Kapitalanlage AG portfolio managers Stefan Löwenthal and Jürgen Wurzer and Aaron D. Young of Delaware Management Company (DMC) to join F. Chace Brundige of DMC as Fund portfolio managers. In connection with this change, the Board approved applicable revisions to the Fund’s investment strategies. All changes took effect on or about November 15, 2021.

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: Investing involves risk, including the possible loss of principal. The value of the Fund’s shares will change, and you could lose money on your investment. The Fund may allocate its assets among different asset classes of varying correlation around the globe. The Fund’s Equity Sleeve typically holds a limited number of stocks (generally 50 to 70). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund’s NAV than it would if it invested in a larger number of securities. 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. The Fund’s Diversifying Sleeve includes fixed-income securities, that 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. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently on the secondary market. The Fund may seek to hedge market risk via the use of derivative instruments. Such investments involve additional risks. Investing in commodities is generally considered speculative because of the significant potential for investment loss due to cyclical economic conditions, sudden political events, and adverse international monetary policies. Markets for commodities are likely to be volatile and the Fund may pay more to store and accurately value its commodity holdings than it does with the Fund’s other holdings. Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance. 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.

The Morningstar World Allocation Category compares funds that seek to provide both capital appreciation and income by investing in stocks, bonds, and cash. While these funds may invest globally, most focus on the United States, Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets, and typically have at least 10% of their assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-US stocks or bonds.

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.

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

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 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 Global Aggregate Index and the Bloomberg Global High-Yield Index and capture investment grade and high yield securities in all eligible currencies. It is not possible to invest directly in an index.

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 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.

The Fund’s investment manager, Delaware Management Company (Manager), may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited, to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. The Fund’s investment manager, Delaware Management Company (Manager), may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited (MIMEL), Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute Fund security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2021, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust, the Fund’s investment manager, Delaware Distributors, L.P. (Distributor), 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-1fees 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 1.13%; Class B shares at 2.12%; Class C shares at 1.96%; 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 (Board). 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.

Through October 31, 2021, Delaware Distributors, L.P. (Distributor) and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary und operating expenses of the Class R6 shares do not exceed the total annual ordinary fund operating expenses of the Class I 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 (WRA) 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. 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.

Effective July 1, 2021, the Maximum Sales Charge (Load) imposed on purchases (as a % of offering price) for Class A shares changed from 3.50% to 5.75%. Additionally, the low balance fee for Class A Shares of the Fund was eliminated and accounts will NOT be assessed an account fee of $20 if the account balance is below $650 at the start of business on the Friday prior to the last full week of September 2020 (i.e., September 18, 2020).

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

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.

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

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.

Please remember that an investment in a mutual fund involves risk. Investment return and principal value of a mutual fund investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

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

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