The fund was incepted in July 1997 and is managed by Waddell & Reed Investment Management Company (WRIMCO). The fund seeks long-term capital growth. The fund seeks to achieve its goal of growth by concentrating its investments primarily in the equity securities of U.S. and foreign science and technology companies. Science and technology companies are companies whose products, processes or services, in the opinion of WRIMCO, are being or are expected to be significantly benefited by the use or commercial application of scientific or technological developments or discoveries. The fund may also invest in companies that utilize science and/or technology to improve their existing business even though the business is not within the science and technology industry. WRIMCO typically emphasizes growth potential in selecting stocks, that is, WRIMCO seeks companies in which earnings are likely to grow faster than the economy. The fund may invest in companies of any size. Dividends and capital gains, if any, are distributed annually.