Fund Description

The fund was incepted in May 1999 and is managed by Waddell & Reed Investment Management Company. The fund seeks long-term capital growth. The fund invests at least 80% of its net assets in the equity securities of European companies. The fund may also invest in European debt securities, up to 20% of which may be low-rated (commonly referred to as 'high yield' or 'junk' bonds). These securities typically are rated Ba or below by Moody's or BB or below by S&P (or are judged by the Fund's manager to be of comparable quality). Dividends and capital gains, if any, are distributed annually.