Waddell & Reed

Fund Detail

WRA Dividend Opportunities Fund
Class A Shares

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Fund Facts
Ticker Symbol WDVAX
CUSIP 93005P104
Fund Code 676
Fund Type Domestic Equity
Fund Inception 7/1/2003
Class Inception 7/1/2003
Fiscal Year End June
Dividends Paid March, June, September, December
Fund Assets (as of 3/31/2012) $750.7 mil
Total Equity Holdings (as of 3/31/2012) 54
Total Holdings (as of 3/31/2012) 58
Portfolio Turnover Rate (as of 12/31/2011) 42%
Lipper Category Equity Income Funds
Morningstar Category Large Blend
Benchmarks Russell 1000 TR USD
Daily Prices
as of 5/16/2012
Net Asset Value (NAV) $14.41
NAV Change ($) ($0.06)
NAV Change (%) -0.41%
Weekly NAV Change ($) ($0.35)
Weekly NAV Change (%) -2.37%
Public Offering Price (POP) $15.29
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide total return.

Investment Approach
The Fund invests primarily in dividend-paying common stocks of large companies that we believe may accelerate or grow their dividend payout ratio and that also demonstrate favorable prospects for total return. The portfolio manager focuses on companies that have one or more of the following characteristics: high dividend yields that we consider relatively safe; above average market yield that the manager expects will continue to maintain or grow dividends, that pay a small dividend that could grow, or no dividend, but may initiate a dividend. Other factors for portfolio selection include a company's established operating history, competitive dividend yields; growth and profitability opportunities; history of improving sales and profits; status as a market leader in its industry; and stock price value.
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 11.08% -3.21% 14.84% 0.02% N/A 6.45%
Fund with 5.75% sales charge 4.69% -8.78% 12.60% -1.16% N/A 5.74%
Quarterly Rates of Return Average Annual Total Returns
as of 3/31/2012
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 10.72% -1.76% 17.70% 0.81% N/A 6.47%
Fund with 5.75% sales charge 4.35% -7.41% 15.40% -0.38% N/A 5.75%
Russell 1000 TR USD 12.90% 7.86% 24.03% 2.19% 4.53% 6.83%
Lipper Equity Income Funds 8.77% 5.88% 21.50% 1.80% 4.99% 6.88%
Expense Ratios
as of 10/31/2011
Net 1.30%
Gross 1.30%
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: Equity Income Funds
  Rank Percentile
1 Year 283 / 292 97
3 Year 233 / 249 94
5 Year 149 / 212 70

Rankings are based on average annual total returns, but do not consider sales charges.
Morningstar Ratings
as of 3/31/2012
Category: Large Blend
Overall (out of 1578 Large Blend)
3 Year (out of 1578 Large Blend)
5 Year (out of 1387 Large Blend)

Ratings are based on risk-adjusted returns.
Holdings
Portfolio Composition
(as a % of net assets as of 3/31/2012)
Domestic Common Stock 88.01%
Foreign Common Stock 9.22%
Cash and Cash Equivalents 2.77%
Sector Allocation
(as a % of equity holdings as of 3/31/2012)
Industrials 19.2%
Consumer Staples 15.1%
Energy 14.7%
Financials 13.0%
Consumer Discretionary 12.3%
Information Technology 12.1%
Materials 5.4%
Health Care 5.2%
Telecommunication Services 2.1%
Utilities 1.0%
Top 10 Equity Holdings
(as a % of net assets as of 3/31/2012)
Philip Morris International Inc manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America. The company's portfolio comprises international and local brands.Philip Morris International Inc. 4.8%
Microchip Technology Incorporated, together with its subsidiaries, develops and manufactures semiconductor products for various embedded control applications.Microchip Technology Incorporated 3.9%
Schlumberger Limited operates as an oilfield services company in the United States and internationally.Schlumberger Limited 3.4%
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. 3.4%
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company.JPMorgan Chase & Co. 3.3%
Union Pacific Corporation owns the largest railroad in the U.S. It's diversified business mix includes agricultural products, automotive, chemicals, energy, industrial products and intermodal.Union Pacific Corporation 2.9%
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) 2.9%
The Boeing Company (Boeing) is an aerospace company. Boeing is engaged in the design, development, manufacture, sale and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services.Boeing Company (The) 2.9%
National Oilwell Varco, Inc. designs, constructs, manufactures, and sells systems, components, and products used in oil and gas drilling and production; provides oilfield services and supplies; and distributes products, and provides supply chain integration.National Oilwell Varco, Inc. 2.7%
Caterpillar Inc. (Caterpillar) provides construction and mining equipment, diesel and natural gas engines, and industrial gas turbines.Caterpillar Inc. 2.6%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 3/31/2012)
Portfolio Management
Manager Name Company Name Years in Industry Years with Fund
David P. Ginther is a senior vice president of Waddell & Reed Investment Management Company. Mr. Ginther joined Waddell & Reed in March 1995 as an investment analyst. He was named assistant vice president, senior investment analyst, and assistant portfolio manager of the Waddell & Reed Advisors Core Investment Fund and Ivy Core Equity Fund in January 1999. He was appointed vice president in July 2000. Mr. Ginther was named portfolio manager of the Waddell & Reed Advisors Dividend Income Fund in July 2003. Prior to joining Waddell & Reed, Mr. Ginther was a senior business analyst/financial analysis and coordination with Amoco Corporation from 1986-1995. Mr. Ginther graduated from Kansas State University in 1986 with a BS in accounting. He earned a Certified Public Accountant designation in 1992.David P. Ginther, CPA Waddell & Reed Investment Management Company 17 8

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 box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: Russell 1000 is an unmanaged index comprised of securities that represent the stock market. 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. 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.

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