Waddell & Reed

Fund Detail

WRA Asset Strategy Fund
Class Y Shares

Please select a fund and share class

Fund Facts
Ticker Symbol WYASX
CUSIP 930057195
Fund Code 785
Fund Type Specialty Funds
Fund Inception 3/9/1995
Class Inception 9/27/1995
Fiscal Year End June
Dividends Paid March, June, September, December
Fund Assets (as of 6/30/2014) $3.7 bil
Total Equity Holdings (as of 6/30/2014) 67
Total Holdings (as of 6/30/2014) 178
Portfolio Turnover Rate (as of 3/31/2014) 33%
Lipper Category Global Flexible Port 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 7/29/2014
Net Asset Value (NAV) $11.75
NAV Change ($) $0.00
NAV Change (%) 0.00%
Weekly NAV Change ($) $0.03
Weekly NAV Change (%) 0.26%
Public Offering Price (POP) $11.75
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
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.

Class Y shares are not subject to sales charges.

Monthly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -0.68% 20.04% 8.54% 11.93% 13.05% 10.76%
S&P 500 TR USD 7.14% 24.61% 16.58% 18.83% 7.78% 8.70%
Barclays US Treasury Bill 1-3 Mon TR USD 0.02% 0.04% 0.05% 0.08% 1.55% N/A
Barclays US Agg Bond TR USD 3.93% 4.37% 3.66% 4.85% 4.93% 5.83%
Lipper Global Flexible Port Funds 5.10% 13.59% 6.37% 10.85% 6.67% N/A
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -0.68% 20.04% 8.54% 11.93% 13.05% 10.76%
S&P 500 TR USD 7.14% 24.61% 16.58% 18.83% 7.78% 8.70%
Barclays US Treasury Bill 1-3 Mon TR USD 0.02% 0.04% 0.05% 0.08% 1.55% N/A
Barclays US Agg Bond TR USD 3.93% 4.37% 3.66% 4.85% 4.93% 5.83%
Lipper Global Flexible Port Funds 5.10% 13.59% 6.37% 10.85% 6.67% N/A
Expense Ratios
as of 10/31/2013
Net 0.85%
Gross 0.85%
12-Month Trailing Distribution Yield
as of 6/30/2014
NAV 0.66%
With sales charge 0.66%
Annualized 30-Day SEC Yield
as of 6/30/2014
Subsidized 0.32%
Unsubsidized 0.32%
Growth of a $10,000 Investment
through 6/30/2014
 Asset Strategy Y
 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 6/30/2014
Category: Global Flexible Port Funds
  Rank Percentile
1 Year 26 / 466 6
3 Year 67 / 291 23
5 Year 49 / 184 27
10 Year 1 / 85 2

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

Morningstar Ratings
as of 6/30/2014
Category: World Allocation
Overall (out of 344 World Allocation)
3 Year (out of 344 World Allocation)
5 Year (out of 233 World Allocation)
10 Year (out of 125 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 6/30/2014)
Domestic Common Stock 39.37%
Cash and Cash Equivalents 27.13%
Foreign Common Stock 22.48%
Other Assets 6.31%
Corporate Bonds 4.05%
Senior Loans 0.63%
Government Bonds 0.04%
Sector Allocation
(as a % of equity holdings as of 6/30/2014)
Consumer Discretionary 32.1%
Financials 21.3%
Information Technology 18.8%
Industrials 10.1%
Energy 7.4%
Health Care 5.4%
Materials 3.9%
Telecommunication Services 1.1%
Country Allocation
(as a % of equity holdings as of 6/30/2014)
United States 63.7%
Hong Kong 13.6%
Japan 7.3%
United Kingdom 4.8%
Germany 3.4%
Switzerland 2.3%
France 2.2%
China 1.8%
Taiwan 0.7%
Macau 0.3%
Top 10 Equity Holdings
(as a % of net assets as of 6/30/2014)
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 5.0%
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. 3.0%
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. 3.0%
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. 2.6%
Media Group Holdings, LLC is a private company that invests in various entertainment and media companies.Media Group Holdings LLC 2.6%
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. 1.6%
Panasonic Corporation manufactures and sells various electronic and electric products under the Panasonic brand name worldwide.Panasonic Corp. 1.4%
Occidental Petroleum Corporation, together with its subsidiaries, operates as an oil and gas exploration and production company. The company has three segments: Oil and Gas; Chemical; and Midstream, Marketing, and Other.Occidental Petroleum Corp. 1.3%
Applied Materials, Inc. provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide.Applied Materials, Inc. 1.2%
Nomura Holdings, Inc. provides various financial services to individuals, corporations, financial institutions, governments, and governmental agencies worldwide.Nomura Holdings, Inc. 1.2%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)
Quality
(as a % of bond holdings as of 6/30/2014)
Gov't 0.8 %
B 63.2 %
CCC 8.1 %
Non-Rated 27.9 %
Maturity
(as a % of bond holdings as of 6/30/2014)
<1 Year 84.1 %
1-5 Years 5.6 %
5-10 Years 1.9 %
10-20 Years 0.0 %
>20 Years 8.4 %
Average Maturity 4.28 years
Effective Duration 1.16 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 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.

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. The Fund may allocate from 0 to 100 percent of its assets between stocks, bonds and short-term instruments of issuers around the globe, as well as investments in precious metals and investments with exposure to various 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. 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. The Fund may seek to hedge market risk on various securities, increase exposure to various markets, manage exposure to various foreign currencies, precious metals and various markets, and seek to hedge certain event risks on positions held by the Fund. Such hedging involves additional risks, as the fluctuations in the values of the 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 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. 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.

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.

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