Fund Detail

Ivy Wilshire Global Allocation Fund

Track Fund
$8.64 NAV as of 5/22/2018
$0.00 / 0.00% Daily NAV Change
1.05% YTD (NAV) as of 5/22/2018 i

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Fund 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
Value Blend Growth
Large
Medium
Small
LTD MOD EXT
High
Medium
Low
Portfolio Management
  • Nathan Palmer, CFA

    • — Wilshire Associates, Inc. (Sub-adviser)
    • — <1 Years with Fund
    • — 21 Years in Industry
  • Anthony Wicklund, CAIA , CFA

    • — Wilshire Associates, Inc. (Sub-adviser)
    • — <1 Years with Fund
    • — 17 Years in Industry
  • Elizabeth Yakes, CFA

    • — Wilshire Associates, Inc. (Sub-adviser)
    • — <1 Years with Fund
    • — 10 Years in Industry
  • Chace Brundige, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 24 Years in Industry
  • W. Jeffery Surles, CFA

    • — Ivy Investment Management Company
    • — <1 Years with Fund
    • — 16 Years in Industry
Growth of a $10,000 Investment through 4/30/2018

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
Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL
Daily Prices as of 5/22/2018
Net Asset Value (NAV) $8.64  
Daily NAV Change $0.00 0.00%
Weekly NAV Change $0.04 0.47%
Public Offering Price (POP) $9.17
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 4/30/2018)
$1.6 bil
Portfolio Turnover Rate
(as of 12/31/2017)
26%
Lipper Category Flexible Portfolio Funds
Morningstar Category World Allocation
Benchmark65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged
BenchmarkBloomberg Barclays Multiverse Bond USD Hedged
BenchmarkMSCI ACWI Index

Fund 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 4/30/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -0.12% 8.53% 0.34% 3.09% 3.11% 8.68%
Fund with 5.75% sales charge -5.84% 2.25% -1.61% 1.88% 2.50% 8.40%
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged -0.10% 9.69% 5.74% 6.77% 5.10% N/A
Bloomberg Barclays Multiverse Bond USD Hedged -0.47% 1.57% 2.29% 2.76% 4.15% N/A
MSCI ACWI Index -0.02% 14.17% 7.43% 8.80% 5.10% N/A
Lipper Flexible Portfolio Funds -0.98% 6.51% 3.56% 4.67% 4.68% 7.85%

Quarterly Rates of Return Average Annual Total Returns as of 3/31/2018

(Returns for periods of less than 1-yr are not annualized)
YTD 1YR 3YR 5YR 10YR LIFE
Fund at NAV -0.35% 9.44% 0.55% 3.20% 3.17% 8.70%
Fund with 5.75% sales charge -6.06% 3.16% -1.41% 1.98% 2.57% 8.42%
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged -0.60% 10.53% 6.17% 7.14% 5.41% N/A
Bloomberg Barclays Multiverse Bond USD Hedged -0.13% 2.65% 2.25% 3.07% 4.14% N/A
MSCI ACWI Index -0.96% 14.85% 8.12% 9.20% 5.57% N/A
Lipper Flexible Portfolio Funds -1.22% 7.30% 3.83% 4.95% 4.98% 7.87%

Morningstar Ratings as of 4/30/2018

Category: World Allocation

Overall out of 386 ★★
3 Year out of 386
5 Year out of 330 ★★
10 Year out of 152 ★★

Ratings are based on risk-adjusted returns

Lipper Ranking through 4/30/2018

Category: Flexible Portfolio Funds

  Rank Percentile
1 Year 152 /636 24
3 Year 441 /486 91
5 Year 290 /370 79
10 Year 154 /173 89

Rankings are based on average annual total returns, but do not consider sales charges.

Expense Ratios as of 1/8/2018

Net 1.14%
Gross 1.21%

5-Year Standard Deviation as of 4/30/2018

Fund 8.94
MSCI ACWI Index N/A
Bloomberg Barclays Multiverse Bond USD Hedged 2.59
65% MSCI ACWI / 35% Bloomberg Barclays Multiverse USD Hedged 6.84

5-Year MPT* Statistics as of 4/30/2018

Alpha -4.24
Beta 1.13
R-Squared 75.01
Sharpe Ratio 0.31
Capture Ratio

Upside: 88.73%

Downside: 132.13%

*Modern Portfolio Theory

Growth of a $10,000 Investment through 4/30/2018

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.

Fund Distributions

Historical Prices Inception 3/9/1995

Date Price Dividend Reinvest Date Capital Gain Reinvest Date

Historical Distributions Inception 3/9/1995

Ex-date Income Capital Gains Reinvest Gains Payment Date

*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 4/30/2018

NAV 1.78%
With Sales Charge 1.68%

Fund Documents

Top 10 Industry Allocation (as a % of Equity Holdings as of 4/30/2018)
Diversified Banks 5.7%
Internet Software & Services 3.9%
Integrated Oil & Gas 3.7%
Pharmaceuticals 2.7%
Semiconductors 2.5%
Integrated Telecommunication Services 2.3%
Packaged Foods & Meats 2.2%
Aerospace & Defense 2.2%
Industrial Machinery 2.1%
Oil & Gas Exploration & Production 2.0%
Fixed Income Country Allocation (as a % of bond holdings as of 4/30/2018)
United States 75.6%
Canada 2.1%
United Kingdom 1.7%
Mexico 1.2%
Germany 1.2%
Thailand 1.0%
Norway 0.9%
Netherlands 0.9%
France 0.9%
Luxembourg 0.8%
Brazil 0.8%
Chile 0.7%
South Africa 0.6%
Australia 0.6%
Argentina 0.6%
Turkey 0.6%
Sweden 0.6%
Columbia 0.6%
Indonesia 0.6%
Uruguay 0.5%
Poland 0.5%
Peru 0.5%
Spain 0.5%
Malaysia 0.5%
Japan 0.4%
Romania 0.4%
Czech Republic 0.4%
Cayman Islands 0.4%
Russia 0.4%
Hungary 0.4%
Bermuda 0.4%
Philippines 0.3%
Ireland 0.3%
Nigeria 0.3%
Italy 0.3%
United Arab Emirates 0.2%
China 0.2%
India 0.2%
South Korea 0.1%
Switzerland 0.1%
Saudi Arabia 0.1%
Panama 0.1%
Qatar 0.1%
Austria 0.1%
Hong Kong 0.1%
Belgium 0.1%
Sri Lanka 0.1%
Denmark 0.1%
Singapore 0.1%
Senegal 0.1%
Jersey 0.0%
Dominican Republic 0.0%
Croatia 0.0%
Guernsey 0.0%
Bahrain 0.0%
Lebanon 0.0%
Venezuela 0.0%
Egypt 0.0%
British Virgin Islands 0.0%
Israel 0.0%
Isle Of Man 0.0%
Macau 0.0%
Euro 0.0%
Mauritius 0.0%
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 4/30/2018
Financials 17.46%
Information Technology 17.24%
Industrials 12.78%
Consumer Discretionary 11.92%
Consumer Staples 9.35%
Health Care 8.52%
Energy 8.08%
Materials 6.43%
Real Estate 4.39%
Telecommunication Services 2.70%
Utilities 1.13%
Quality as a % of fixed income assets as of 4/30/2018
Government Bonds 38.90%
NonRated 5.10%
AAA 3.10%
AA 3.20%
A 10.70%
BBB 22.50%
BB 8.20%
B 7.00%
CCC 1.30%
Below CCC 0.00%

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.

Portfolio Composition as a % of net assets as of 4/30/2018
Foreign Common Stock 34.39%
Domestic Common Stock 28.86%
Government Bonds 12.95%
Corporate Bonds 12.33%
Other Government Securities 4.36%
Cash and Cash Equivalents 3.16%
Asset-Backed Securities 1.59%
Mortgage-Backed Securities 1.24%
Senior Loans 0.57%
Other Financial Instruments 0.29%
Revenue Bonds 0.17%
Preferred Stock 0.07%
General Obligation Bonds 0.02%
Equity Country Allocation as a % of equity assets as of 4/30/2018
United States 45.8%
United Kingdom 7.1%
Japan 6.9%
France 6.8%
China 5.7%
Germany 3.5%
Brazil 2.5%
Switzerland 2.4%
South Korea 2.3%
Netherlands 2.0%
Canada 1.6%
Australia 1.5%
Ireland 1.4%
Hong Kong 1.4%
India 1.3%
Taiwan 1.1%
Russia 1.0%
Italy 0.8%
Luxembourg 0.8%
Spain 0.6%
Norway 0.6%
South Africa 0.6%
Sweden 0.5%
Denmark 0.4%
Mexico 0.3%
Isle Of Man 0.2%
Indonesia 0.2%
Argentina 0.2%
Turkey 0.1%
Macau 0.1%
Chile 0.1%
Jersey 0.1%
Singapore 0.1%
Belgium 0.1%
Thailand 0.1%
Austria 0.1%

Fund Documents

Documents

Fact Sheet
Prospectus
Summary Prospectus
Statement of Additional Information
Annual Report
Semi-Annual Report
Quarterly Commentary
XBRL

Additional Fund Literature

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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.