Waddell & Reed

Fund Detail

WRA Asset Strategy Fund
Class A Shares

Please select a fund and share class

Fund Facts
Ticker Symbol UNASX
CUSIP 930057237
Fund Code 684
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 3/31/2012) $3.1 bil
Total Equity Holdings (as of 3/31/2012) 60
Total Holdings (as of 3/31/2012) 148
Portfolio Turnover Rate (as of 12/31/2011) 54%
Lipper Category Global Flexible Port Funds
Morningstar Category World Allocation
Benchmarks S&P 500 TR
BarCap US Treasury Bill 1-3 Mon TR USD
BarCap US Agg Bond TR USD
Daily Prices
as of 5/16/2012
Net Asset Value (NAV) $8.96
NAV Change ($) ($0.07)
NAV Change (%) -0.78%
Weekly NAV Change ($) ($0.23)
Weekly NAV Change (%) -2.50%
Public Offering Price (POP) $9.51
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 safety in uncertain times. Dependent on the outlook for the U.S. and global economies, we identify growth themes and then make top-down allocations among stocks, bonds, cash, precious metals, currency and derivatives instruments. After determining allocations, we seek attractive opportunities within each market by focusing on issuers in countries, sectors and companies with strong cash flow and low balance sheet leverage.
Morningstar Style Box
Morningstar Style Box
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 4/30/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 15.01% -4.79% 11.27% 7.52% 11.03% 10.34%
Fund with 5.75% sales charge 8.40% -10.26% 9.10% 6.25% 10.38% 9.96%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 13.95% 0.45% 11.24% 7.91% 11.07% 10.33%
Fund with 5.75% sales charge 7.40% -5.33% 9.06% 6.64% 10.41% 9.95%
S&P 500 TR 12.59% 8.54% 23.42% 2.01% 4.12% N/A
BarCap US Treasury Bill 1-3 Mon TR USD 0.01% 0.04% 0.11% 1.12% 1.81% N/A
BarCap US Agg Bond TR USD 0.30% 7.71% 6.84% 6.25% 5.80% N/A
Lipper Global Flexible Port Funds 6.96% -0.99% 15.83% 2.37% 6.61% N/A
Expense Ratios
as of 10/31/2011
Net 1.14%
Gross 1.14%
Growth of a $10,000 Investment
through 3/31/2012

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 3/31/2012
Category: Global Flexible Port Funds
  Rank Percentile
1 Year 130 / 309 42
3 Year 142 / 164 87
5 Year 3 / 96 4
10 Year 5 / 52 10

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

Morningstar Ratings
as of 3/31/2012
Category: World Allocation
Overall (out of 230 World Allocation)
3 Year (out of 230 World Allocation)
5 Year (out of 148 World Allocation)
10 Year (out of 72 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2012)
Foreign Common Stock 42.67%
Domestic Common Stock 38.75%
Other Assets 10.38%
Cash and Cash Equivalents 4.47%
Corporate Bonds 3.61%
Government Bonds 0.12%
Sector Allocation
(as a % of equity holdings as of 3/31/2012)
Consumer Discretionary 40.5%
Information Technology 18.0%
Energy 17.0%
Financials 13.0%
Industrials 7.2%
Consumer Staples 2.4%
Materials 1.1%
Health Care 0.6%
Telecommunication Services 0.2%
Country Allocation
(as a % of equity holdings as of 3/31/2012)
United States 47.6%
China 18.3%
Germany 9.6%
Hong Kong 6.0%
Norway 4.3%
Switzerland 3.9%
Netherlands 2.8%
South Korea 2.2%
United Kingdom 1.6%
France 1.5%
Italy 1.4%
Denmark 0.7%
India 0.1%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2012)
Wynn Resorts, Limited, together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts.Wynn Resorts, Limited 5.7%
ConocoPhillips operates as an integrated energy company worldwide.ConocoPhillips 4.5%
Sands China Ltd., engages in the development, ownership, and operation of integrated resorts and casinos in Macau.Sands China Ltd. 4.1%
Volkswagen AG is a Germany-based automobile manufacturer. The Company develops vehicles and components, and also produces and sells vehicles, in particular Volkswagen brand passenger cars and commercial vehicles.Volkswagen AG 3.5%
Compagnie Financiere Richemont SA (Richemont) is a luxury goods company operating in 4 segments: Jewellery Maisons, Specialist Watchmakers, Writing Instrument Maison, Others.Compagnie Financiere Richemont S.A. 3.2%
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. 3.2%
Baidu, Inc. (Baidu) is a Chinese-language Internet search provider. The Company conducts its operations in China principally through Baidu Online Network Technology (Beijing) Co., Ltd., its wholly owned subsidiary in Beijing, China.Baidu.com, Inc., ADR 3.1%
Cognizant Technology Solutions Corporation is a provider of custom information technology (IT) consulting and technology services, and outsourcing services.Cognizant Technology Solutions Corporation, Class A 2.4%
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 Limited 2.3%
BMW AG is a Germany-based holding company and automobile manufacturer that focuses on the worldwide automobile and motorcycle markets. The Company divides its activities into the three main segments Automobiles, Motorcycles and Financial Services. It owns three brands: BMW, MINI and Rolls-Royce.Bayerische Motoren Werke AG 2.3%
Quality
(as a % of bond holdings as of 3/31/2012)
Gov't 3.2 %
AA 2.1 %
BB 0.7 %
B 5.0 %
Non-Rated 89.0 %
Maturity
(as a % of bond holdings as of 3/31/2012)
<1 Year 48.5 %
1-5 Years 51.2 %
6-10 Years 0.4 %
11-20 Years 0.0 %
>20 Years 0.0 %
Average Maturity 2.36 years
Effective Duration 1.41 years

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

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 style boxes reveal a fund's investment strategy by displaying, for equity, the fund's investment style and the market capitalization of the stocks owned and for fixed income, the average credit quality of the bonds owned and the interest rate sensitivity, as measured by a bond's maturity.

Index Description: S&P 500 - An unmanaged index of common stocks.

Index Description: BarCap US Treasury Bill 1-3 Mon TR USD - Index Description: The Barclays Capital 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: BarCap US Agg Bond TR USD - The Barclays Capital Aggregate Bond Index is a market capitalization-weighted index, representing most U.S. traded investment grade bonds. It is not possible to invest directly in an index.

Fee Waiver and/or Expense Reimbursement: The expenses shown for Management Fees reflect the maximum annual fee payable; however, a reduction in the Fund's management fee rate pursuant to a management fee waiver became effective October 1, 2006, and will remain in effect through September 30, 2016. Due to rounding, these ratios are the same as they would have been for the fiscal year ended June 30, 2009 if the fee waiver were reflected.

Consider all 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. The Fund may allocate from 0-100% of its assets between stocks, bonds and short-term instruments, across domestic and foreign securities, therefore, the Fund may invest up to 100% of its assets in foreign 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. Additional Risk Factors. Investing in small or mid-cap stocks may carry more risk than investing in stocks of larger, more well-established companies. 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. The fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility. Diversification does not assure a profile or protect against loss. The Fund may use short-selling or derivatives to hedge various instruments, for risk management purposes or to increase investment income or gain in the Fund. These techniques involve additional risk, as short selling involves the risk of potentially unlimited increase in the market value of the security sold short, which could result in potentially unlimited loss for the fund, and the value of investments in derivatives may not correlate perfectly with the overall securities markets or with the underlying asset from which the derivative's value is derived. Investing in physical commodities, such as gold, exposes the Fund to other risk considerations such as potentially severe price fluctuations over short periods of time and storage costs that exceed the custodial and/or brokerage costs associated with the Fund's other holdings. These and other risks are more fully described in the fund's prospectus.

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. Please refer to the fund’s Fund Detail page.

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

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