Fund Description

The fund was incepted in May 1950 and is managed by Waddell & Reed Investment Management Company (WRIMCO). The goal of the fund is long-term capital growth. The fund seeks to achieve this goal by investing primarily in a diversified portfolio of science and technology companies. Science and technology companies are companies whose products, processes or services, in WRIMCO's opinion, are being or are expected to be significantly benefited by the use or commercial application of scientific or technological discoveries. The fund may also invest in companies that utilize science and/or technology to improve their existing business even though the business, itself, is not within the science and technology industries. Under normal economic and market conditions, the fund invests at least 80% of its net assets in securities of science or technology companies or companies benefited by the application of science and technology innovations. The fund may invest in companies of any size. The fund pays dividends semi-annually and capital gains, if any, are distributed annually.