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 5/31/2016) $2.3 bil
Total Equity Holdings (as of 5/31/2016) 57
Total Holdings (as of 5/31/2016) 144
Portfolio Turnover Rate (as of 12/31/2015) 34%
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 6/24/2016
Net Asset Value (NAV) $7.89
NAV Change ($) ($0.16)
NAV Change (%) -1.99%
Weekly NAV Change ($) ($0.08)
Weekly NAV Change (%) -1.00%
Public Offering Price (POP) $7.89
Historical Prices & Distributions
Please select a date
Fund Description

Providing flexibility and discipline in changing markets


Global
Portfolio management team seeks investment opportunities worldwide. Themes currently include consumer-led growth in the U.S. economy, innovations in technology and expansion of the middle class in emerging markets.
Flexible
Unlike some traditional balanced or asset allocation strategies, the Fund is not restricted to predefined percentages in any major asset class. That flexibility also helps it manage today’s increasing market volatility.
Pioneer
The Fund is an innovator in flexible global asset allocation and is managed by an experienced team with a long-term focus.
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
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 5/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -2.56% -13.42% -0.24% 1.70% 6.00% 8.90%
S&P 500 TR USD 3.57% 1.72% 11.06% 11.67% 7.41% 8.43%
Barclays US Treasury Bill 1-3 Mon TR USD 0.09% 0.11% 0.05% 0.06% 1.00% N/A
Barclays US Agg Bond TR USD 3.45% 2.99% 2.91% 3.33% 4.97% 5.57%
Lipper Alternative Global Macro Funds 1.81% -5.75% 0.04% 1.27% 3.50% N/A
Quarterly Rates of Return
(Returns for periods of less than 1-yr are not annualized)
Average Annual Total Returns
as of 3/31/2016
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV -3.78% -12.90% 0.29% 2.18% 6.22% 8.91%
S&P 500 TR USD 1.35% 1.78% 11.82% 11.58% 7.01% 8.38%
Barclays US Treasury Bill 1-3 Mon TR USD 0.06% 0.09% 0.05% 0.05% 1.07% N/A
Barclays US Agg Bond TR USD 3.03% 1.96% 2.50% 3.78% 4.90% 5.60%
Lipper Alternative Global Macro Funds 0.77% -6.22% -0.49% 1.35% 3.39% N/A
Expense Ratios
as of 10/30/2015
Net 0.82%
Gross 0.82%
12-Month Trailing Distribution Yield
as of 5/31/2016
NAV 0.00%
With sales charge 0.00%
Annualized 30-Day SEC Yield
as of 5/31/2016
Subsidized 0.27%
Unsubsidized 0.27%
Growth of a $10,000 Investment
through 5/31/2016
 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 5/31/2016
Category: Alternative Global Macro Funds
  Rank Percentile
1 Year 306 / 334 92
3 Year 140 / 252 56
5 Year 78 / 167 47
10 Year 1 / 53 2

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

Morningstar Ratings
as of 5/31/2016
Category: World Allocation
Overall (out of 470 World Allocation)
3 Year (out of 470 World Allocation)
5 Year (out of 364 World Allocation)
10 Year (out of 176 World Allocation)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 5/31/2016)
Domestic Common Stock 38.04%
Cash and Cash Equivalents 24.97%
Government Bonds 15.25%
Foreign Common Stock 10.51%
Precious Metals 6.50%
Corporate Bonds 4.71%
Other Financial Instruments 0.02%
Sector Allocation
(as a % of equity holdings as of 5/31/2016)
Information Technology 21.4%
Consumer Discretionary 19.5%
Health Care 17.2%
Financials 13.0%
Consumer Staples 10.9%
Energy 10.7%
Industrials 4.6%
Materials 2.7%
Equity Country Allocation
(as a % of equity holdings as of 5/31/2016)
United States 78.4%
United Kingdom 3.7%
India 3.1%
Ireland 2.7%
Hong Kong 2.5%
Japan 2.0%
China 1.8%
Germany 1.7%
Israel 1.5%
Italy 1.5%
Belgium 1.2%
Fixed Income Country Allocation
(as a % of bond holdings as of 5/31/2016)
United States 76.9%
United Kingdom 23.2%
Top 10 Equity Holdings
(as a % of net assets as of 5/31/2016)
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. 1.80%
The Kraft Heinz Company is the third-largest food and beverage company in North America and the fifth-largest food and beverage company in the world, with eight $1 billion+ brands.Kraft Foods Group, Inc. 1.78%
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services.Citigroup, Inc. 1.61%
Halliburton Company provides various products and services to the energy industry for the exploration, development, and production of oil and gas properties worldwide.Halliburton Co. 1.54%
Chipotle Mexican Grill, Inc. is a chain of restaurants in the United States, United Kingdom, Canada, Germany, and France, specializing in Mission burritos and tacos.Chipotle Mexican Grill, Inc., Class A 1.52%
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company.JPMorgan Chase & Co. 1.47%
Adobe Systems Incorporated operates as a diversified software company worldwide. It operates in three segments: Digital Media, Digital Marketing, and Print and Publishing. Adobe Systems, Inc. 1.46%
The Home Depot, Inc. (The Home Depot) is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services.Home Depot, Inc. (The) 1.45%
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health and Consumer Healthcare, and Nutrition.Pfizer, Inc. 1.38%
Allergan plc 1.35%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2016)
Quality
(as a % of bond holdings as of 5/31/2016)
Government Bonds 76.4 %
NonRated 0.5 %
B 23.1 %

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 5/31/2016)
<1 Year 0.0 %
1-5 Years 54.5 %
5-10 Years 10.7 %
10-20 Years 15.0 %
>20 Years 0.0 %
Average Maturity 9.47 years
Effective Duration 4.74 years

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

Top 10 Industry Allocation
(as a % of equity holdings as of 5/31/2016)
Pharmaceuticals 10.4%
Other Diversified Financial Services 6.3%
Application Software 5.8%
Oil & Gas Exploration & Production 5.4%
Oil & Gas Equipment & Services 5.3%
Internet Software & Services 5.1%
Biotechnology 4.0%
Systems Software 3.7%
Packaged Foods & Meats 3.7%
Data Processing & Outsourced Services 3.4%
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
Michael L. Avery is Executive Vice President of Waddell & Reed 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 Waddell & Reed Investment Management Company 38 19
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 2
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 22 2

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.

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.

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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