Fund Description

The fund was incepted in June 1970 and is managed by Waddell & Reed Investment Management Company (WRIMCO). The primary goal of the fund is long-term capital appreciation, with current income as a secondary goal. The fund seeks to achieve its goals by investing primarily in common stocks of foreign companies that WRIMCO believes have the potential for long-term growth represented by economic expansion within a country or region, as well as the privatization and/or the restructuring of particular industries. The fund emphasizes growth stocks, which are securities of companies whose earnings WRIMCO believes are likely to grow faster than the economy. The fund primarily invests in issuers of developed countries, and the fund may invest in companies of any size. The fund may also invest, to a lesser extent, in preferred stocks and debt securities. The debt securities may be of any maturity and must typically be investment grade. The fund pays dividends semi-annually and capital gains, if any, are distributed annually.