Waddell & Reed

Fund Detail

InvestEd Conservative Portfolio Fund
Class A Shares

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Fund Facts
Ticker Symbol WICAX
CUSIP 46132D204
Fund Code 803
Fund Type InvestEd
Fund Inception 10/1/2001
Class Inception 10/1/2001
Fiscal Year End December
Dividends Paid December
Fund Assets (as of 7/31/2016) $111.7 mil
Portfolio Turnover Rate (as of 6/30/2016) 54%
Lipper Category Mixed-Asset Target Alloc Consv Funds
Morningstar Category Tactical Allocation
Benchmarks S&P 500 TR USD
Barclays US Agg Bond TR USD
Daily Prices
as of 8/23/2016
Net Asset Value (NAV) $10.73
NAV Change ($) $0.01
NAV Change (%) 0.09%
Weekly NAV Change ($) $0.03
Weekly NAV Change (%) 0.28%
Public Offering Price (POP) $11.21
Historical Prices & Distributions
Please select a date
Fund Description

To seek capital preservation.


The portfolio is designed for investors who seek capital preservation from their investments, through a primary emphasis on income and a secondary emphasis on capital growth. The portfolio is also designed for investors who expect to incur expenses related to higher education within a year or two. The portfolio invests primarily in Waddell & Reed Advisors bond and income-producing mutual funds. It invests, to a lesser extent, in Waddell & Reed Advisors equity mutual funds. Each underlying fund, in turn, invests in a diversified portfolio of securities.
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. 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 7/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 2.79% -0.10% 3.62% 4.91% 4.91% 4.28%
Fund with 4.25% sales charge -1.57% -4.38% 2.14% 4.01% 4.46% 3.98%
S&P 500 TR USD 7.66% 5.61% 11.16% 13.38% 7.75% 7.22%
Barclays US Agg Bond TR USD 5.98% 5.94% 4.23% 3.57% 5.06% 4.86%
Lipper Mixed-Asset Target Alloc Consv Funds 5.93% 2.89% 4.02% 4.53% 4.38% 4.84%
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 6/30/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 0.96% -0.86% 3.84% 4.75% 4.76% 4.18%
Fund with 4.25% sales charge -3.32% -5.06% 2.36% 3.84% 4.31% 3.87%
S&P 500 TR USD 3.84% 3.99% 11.66% 12.10% 7.42% 7.00%
Barclays US Treasury Bill 1-3 Mon TR USD 0.11% 0.14% 0.06% 0.06% 0.96% 1.31%
Barclays US Agg Bond TR USD 5.31% 6.00% 4.06% 3.76% 5.13% 4.85%
Lipper Mixed-Asset Target Alloc Consv Funds 4.08% 1.51% 4.03% 4.18% 4.29% 4.74%
Expense Ratios
as of 4/30/2016
Net 0.85%
Gross 0.85%
Growth of a $10,000 Investment
through 7/31/2016
 Conservative Portfolio A
 S&P 500 TR USD
 Barclays US Agg Bond TR USD

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.

Ratings and Rankings
Lipper Rankings
as of 7/31/2016
Category: Mixed-Asset Target Alloc Consv Funds
  Rank Percentile
1 Year 341 / 353 97
3 Year 213 / 324 66
5 Year 104 / 273 38
10 Year 67 / 197 34

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

Morningstar Ratings
as of 7/31/2016
Category: Tactical Allocation
Overall (out of 284 Tactical Allocation)
3 Year (out of 284 Tactical Allocation)
5 Year (out of 188 Tactical Allocation)
10 Year (out of 78 Tactical Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 7/31/2016)
Corporate Bonds 36.72%
Domestic Common Stock 36.10%
Government Bonds 17.03%
Foreign Common Stock 4.73%
Cash and Cash Equivalents 3.71%
Other Government Securities 0.48%
Senior Loans 0.38%
Revenue Bonds 0.33%
Asset-Backed Securities 0.33%
Mortgage-Backed Securities 0.14%
General Obligation Bonds 0.05%
Underlying Fund Composition
(as a % of net assets as of 7/31/2016)
Ivy Limited-Term Bond 39.4 %
WRA Core Investment 35.5 %
WRA Global Bond 19.8 %
WRA Value 5.1 %
Sector Allocation
(as a % of equity holdings as of 7/31/2016)
Information Technology 19.8%
Health Care 17.6%
Consumer Staples 13.6%
Consumer Discretionary 12.8%
Energy 10.5%
Financials 8.7%
Industrials 7.7%
Telecommunication Services 4.8%
Materials 2.8%
Utilities 1.7%
Equity Country Allocation
(as a % of equity holdings as of 7/31/2016)
United States 88.4%
Israel 2.9%
Ireland 2.5%
Netherlands 2.1%
Canada 1.5%
United Kingdom 0.8%
Brazil 0.6%
Panama 0.5%
Belgium 0.5%
Chile 0.2%
Portfolio Allocation Ranges
(as of the most recent prospectus)
  Low High
WRA Cash Management 0.0% 100.0%
Ivy Limited-Term Bond 0.0% 100.0%
WRA Bond 0.0% 40.0%
WRA Global Bond 0.0% 40.0%
WRA Core Investment 0.0% 40.0%
WRA Government Securities 0.0% 40.0%
WRA Dividend Opportunities 0.0% 40.0%
WRA Value 0.0% 30.0%
WRA High Income 0.0% 20.0%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 7/31/2016)
Top 10 Industry Allocation
(as a % of equity holdings as of 7/31/2016)
Pharmaceuticals 10.5%
Railroads 5.3%
Packaged Foods & Meats 5.3%
Oil & Gas Exploration & Production 5.0%
Semiconductors 4.7%
Systems Software 3.5%
Data Processing & Outsourced Services 3.5%
Tobacco 3.5%
Biotechnology 3.5%
Semiconductor Equipment 3.2%
Quality
(as a % of bond holdings as of 7/31/2016)
Government Bonds 30.7 %
NonRated 2.0 %
AAA 0.3 %
AA 6.5 %
A 15.0 %
BBB 28.7 %
BB 9.7 %
B 5.7 %
CCC 1.4 %
Below CCC 0.0 %

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. 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 7/31/2016)
United States 78.4%
United Kingdom 2.8%
Luxembourg 2.2%
Netherlands 2.0%
Mexico 1.8%
Brazil 1.4%
Argentina 1.3%
Chile 1.3%
Singapore 1.1%
Columbia 0.9%
Panama 0.8%
Canada 0.8%
France 0.6%
Ireland 0.6%
Indonesia 0.4%
India 0.4%
Russia 0.4%
Cayman Islands 0.4%
British Virgin Islands 0.3%
Norway 0.3%
Supranational 0.3%
Japan 0.3%
Spain 0.3%
United Arab Emirates 0.3%
Peru 0.3%
China 0.2%
Hong Kong 0.1%
Jamaica 0.1%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Cynthia P. Prince-Fox is a senior vice president of Waddell & Reed Investment Management Company and Ivy Investment Management Company. Ms. Prince-Fox joined the firm in 1983 as an equity investment analyst. In 1991, she assumed the role of assistant portfolio manager. In 1993, she was appointed portfolio manager of Waddell & Reed Advisors Continental Income Fund. In July 2013, Ms. Prince-Fox was named portfolio manager of the Waddell & Reed Advisors Dividend Opportunities Fund. She graduated in 1982 from St. Mary's University at San Antonio, Texas with a BBA degree in finance. She earned an MBA with an emphasis in finance from Rockhurst College in 1989.Cynthia P. Prince-Fox Waddell & Reed Investment Management Company 33 <1
Chace Brundige, CFA is a Senior Vice President of Waddell & Reed Investment Management Company and Ivy Investment Management Company. 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. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. In 1996 he joined Waddell & Reed as an equity investment analyst. Mr. Brundige joined TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner in 1999. Mr. Brundige rejoined Waddell & Reed in August 2003 as an assistant portfolio manager to the large cap growth team. He managed the Waddell & Reed Advisors Tax-Managed Equity Fund from February 2006 through December 2008. Mr. Brundige assumed portfolio manager responsibility for the Waddell & Reed Advisors International Growth Fund, Ivy Funds VIP International Growth (formerly W&R Target Funds International Growth Portfolio), and the Ivy International Growth Fund in January 2009. In August 2014, Mr. Brundige was appointed portfolio manager of the Ivy Asset Strategy Fund, Ivy Funds VIP Asset Strategy Fund and Waddell & Reed Advisors Asset Strategy Fund.Chace Brundige, CFA Waddell & Reed Investment Management Company 23 <1

Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 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.

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.

Stylebox: The Morningstar Equity style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Stylebox: The Morningstar Fixed Income style box reveals a fund’s investment style. 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 a Nationally Recognized Statistical Rating Organization (NRSRO). 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. Credit quality breakdowns are shown for corporate-bond holdings and depict the quality of bonds in the underlying portfolio. The report shows the percentage of fixed-income securities that fall within each credit quality rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category. 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 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 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.

Index Description: S&P 500 - An unmanaged index of common stocks. It is not possible to invest directly in an index.

Index Description: Barclays U.S. Aggregate Bond TR USD Index - A market capitalization-weighted index, representing most U.S. traded investment grade bonds. It is not possible to invest directly in an index.

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.

Michael Avery previously was a portfolio manager on the Fund. He retired from the company effective June 30, 2016.

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.

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

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

The Fund's Board of Directors has established target ranges for the allocation of the portfolio's assets. The range of portfolio net assets invested in equity funds will be from 40% to 80%; correspondingly, the range of portfolio net assets invested in bond and income-producing funds will be from 60% to 20%. Subject to these asset allocation ranges, the Board of Directors has established these target ranges for investment of the portfolio's assets in specific underlying funds.

Investors should consider the investment objectives, risks, charges and expenses associated with the Ivy Funds InvestEd 529 Plan carefully before investing. This and other information is found in the InvestEd Portfolios prospectus, and the Ivy Funds prospectus, the Ivy Funds InvestEd 529 Plan Program Overview, and the Ivy Funds InvestEd 529 Plan Account Application. Please encourage your clients to read the prospectus carefully before investing. An investor should also consider, before investing whether the investor's or Designated Beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 college savings plan. Investment return and principal value will fluctuate, and it is possible to lose money by investing.

Quality: Our preference is to always use ratings obtained from Standard & Poor's. For securities not rated by Standard & Poor's, ratings are obtained from Moody's. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

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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