Waddell & Reed

Fund Detail

Ivy Asset Strategy Fund
Class A Shares

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Fund Facts
Ticker Symbol WASAX
CUSIP 466000759
Fund Code 606
Fund Type Specialty Funds
Fund Inception 4/20/1995
Class Inception 7/10/2000
Fiscal Year End March
Dividends Paid March, June, September, December
Fund Assets (as of 9/30/2014) $32.7 bil
Total Equity Holdings (as of 9/30/2014) 66
Total Holdings (as of 9/30/2014) 370
Portfolio Turnover Rate (as of 6/30/2014) 65%
Lipper Category Alternative Global Macro Funds
Morningstar Category World Allocation
Benchmarks S&P 500 TR USD
Barclays US Treasury Bill 1-3 Mon TR USD
Barclays US Agg Bond TR USD
Daily Prices
as of 10/24/2014
Net Asset Value (NAV) $30.32
NAV Change ($) $0.02
NAV Change (%) 0.07%
Weekly NAV Change ($) $0.71
Weekly NAV Change (%) 2.40%
Public Offering Price (POP) $32.17
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return.

Investment Approach
The Fund may invest in any market that we believe offers a high probability of return or, alternatively, that provides a high degree of relative safety in uncertain times. Dependent on the outlook for the U.S. and global economies, we identify investment themes and then make allocations among stocks, bonds, cash, precious metals, currency and derivatives instruments. After determining allocations, we seek attractive opportunities within each market by focusing generally on issuers in countries, sectors and companies with strong cash flow, the ability to return capital to shareholders and low balance sheet leverage. The manager may allocate the Fund's investments among these different types of securities in different proportions at different times, including up to 100% in stocks, bonds, or short-term investments, respectively.
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 Average Annual Total Returns
as of 9/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -4.72% 4.42% 14.75% 8.16% 11.47% 8.71%
Fund with 5.75% sales charge -10.18% -1.58% 12.50% 6.89% 10.81% 8.25%
S&P 500 TR USD 8.34% 19.73% 22.99% 15.70% 8.11% 4.05%
Barclays US Treasury Bill 1-3 Mon TR USD 0.02% 0.03% 0.05% 0.07% 1.51% 1.81%
Barclays US Agg Bond TR USD 4.10% 3.96% 2.43% 4.12% 4.62% 5.57%
Lipper Alternative Global Macro Funds 1.80% 4.42% 6.12% 5.52% 6.26% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 9/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -4.72% 4.42% 14.75% 8.16% 11.47% 8.71%
Fund with 5.75% sales charge -10.18% -1.58% 12.50% 6.89% 10.81% 8.25%
S&P 500 TR USD 8.34% 19.73% 22.99% 15.70% 8.11% 4.05%
Barclays US Treasury Bill 1-3 Mon TR USD 0.02% 0.03% 0.05% 0.07% 1.51% 1.81%
Barclays US Agg Bond TR USD 4.10% 3.96% 2.43% 4.12% 4.62% 5.57%
Lipper Alternative Global Macro Funds 1.80% 4.42% 6.12% 5.52% 6.26% N/A
Expense Ratios
as of 7/31/2014
Net 0.96%
Gross 0.96%
12-Month Trailing Distribution Yield
as of 9/30/2014
NAV 0.49%
With sales charge 0.46%
Annualized 30-Day SEC Yield
as of 9/30/2014
Subsidized 0.15%
Unsubsidized 0.15%
Growth of a $10,000 Investment
through 9/30/2014
 Asset Strategy 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 9/30/2014
Category: Alternative Global Macro Funds
  Rank Percentile
1 Year 170 / 303 56
3 Year 5 / 191 3
5 Year 15 / 110 14
10 Year 4 / 41 10

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

Morningstar Ratings
as of 9/30/2014
Category: World Allocation
Overall (out of 366 World Allocation)
3 Year (out of 366 World Allocation)
5 Year (out of 247 World Allocation)
10 Year (out of 124 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 9/30/2014)
Domestic Common Stock 53.11%
Cash and Cash Equivalents 20.06%
Foreign Common Stock 17.84%
Other Assets 5.65%
Corporate Bonds 3.33%
Government Bonds 0.01%
Sector Allocation
(as a % of equity holdings as of 9/30/2014)
Information Technology 26.6%
Consumer Discretionary 24.9%
Financials 13.9%
Industrials 10.0%
Energy 8.7%
Materials 5.7%
Health Care 5.6%
Consumer Staples 4.7%
Country Allocation
(as a % of equity holdings as of 9/30/2014)
United States 74.9%
Hong Kong 9.9%
United Kingdom 6.6%
China 3.3%
Japan 1.6%
Taiwan 1.4%
Germany 1.2%
Switzerland 0.6%
Netherlands 0.4%
Macau 0.1%
Top 10 Equity Holdings
(as a % of net assets as of 9/30/2014)
Galaxy Entertainment Group Limited is an investment holding company. The Company, along with its subsidiaries, is engaged in operation in casino games of chance or games of other forms, provision of hospitality and related services in Macau, and the manufacture, sale and distribution of construction materials in Hong Kong, Macau and Mainland China.Galaxy Entertainment Group 4.1%
AIA Group Limited is an investment holding company. The Company and its subsidiaries are engaged in provision of products and services to individuals and businesses for their insurance, protection, savings, investment and retirement needs. AIA Group Ltd. 2.9%
Las Vegas Sands Corp. (LVSC), a global developer of destination properties (integrated resorts), features accommodations, gaming, entertainment, retail, convention and exhibition facilities, celebrity chef restaurant, etc. The company operates in 3 geographic areas: Macao, Singapore, United States.Las Vegas Sands, Inc. 2.6%
Media Group Holdings, LLC is a private company that invests in various entertainment and media companies.Media Group Holdings LLC 2.5%
Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices.Microsoft Corp. 2.2%
Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide.Apple, Inc. 2.2%
Delta Topco Limited through its subsidiaries provides information relating to Formula One, controls the worldwide distribution and management rights of the Formula One circuit, and provides media distribution and promotion services to the FIA Formula One World Championship.Delta Topco Ltd. 1.8%
Nielsen Holdings N.V., an information and measurement company, provides media and marketing information, analytics, and industry expertise about what consumers watch and listen on a global and local basis. The company operates in two segments, Buy and Watch.Nielsen Holdings N.V. 1.7%
Caterpillar Inc. (Caterpillar) provides construction and mining equipment, diesel and natural gas engines, and industrial gas turbines.Caterpillar, Inc. 1.5%
Cognizant Technology Solutions Corporation is a provider of custom information technology (IT) consulting and technology services, and outsourcing services.Cognizant Technology Solutions Corp., Class A 1.5%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)
Quality
(as a % of bond holdings as of 9/30/2014)
Gov't 0.2 %
B 55.3 %
CCC 12.5 %
Non-Rated 32.1 %

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.

Maturity
(as a % of bond holdings as of 9/30/2014)
<1 Year 84.5 %
1-5 Years 6.5 %
5-10 Years 0.0 %
10-20 Years 0.0 %
>20 Years 9.1 %
Average Maturity 4.48 years
Effective Duration 1.18 years

Average maturity and effective duration include bonds, cash and cash equivalents.

Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Michael L. Avery is Executive Vice President of Ivy Investment Management Co. Mr. Avery graduated with a BS from the University of Missouri and earned an MBA with an emphasis in finance from Saint Louis University in 1981.Michael L. Avery Ivy Investment Management Company 36 17
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 Ivy Investment Management Company 31 <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 Ivy Investment Management Company 21 <1

Risk Factors: As with any mutual fund, 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.

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

Index Description: The Barclays U.S. Treasury Bills: 1-3 Month Index - Includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities are denominated in U.S. dollars and are fixed rate and non-convertible. 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.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Funds Distributor, Inc. (IFDI), 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 for the Fund’s Class E shares at 1.00%. Prior to that date, the expense limitation may not be terminated by IICO, IFDI, WISC or the Board of Trustees.

Fee Waiver and/or Expense Reimbursement:Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, IFDI 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 by IFDI, WISC or the Board of Trustees.

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.

30-Day SEC Yield: is calculated based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

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.

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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