Definitive Materials Filed by Investment Companies. (497)

Waddell & Reed Advisors Funds

Supplement dated July 2, 2013 to the

Waddell & Reed Advisors Funds Statement of Additional Information

dated January 31, 2013

and as supplemented April 5, 2013 and June 3, 2013

Effective July 2, 2013, Cynthia P. Prince-Fox assumed investment management responsibilities for Waddell & Reed Advisors Dividend Opportunities Fund.

The following replaces the disclosures regarding Cynthia P. Prince-Fox and David P. Ginther in the “Portfolio Managers” section on pages 73 and 74, respectively:

The following tables provide information relating to the portfolio managers of each of the Funds as of March 31, 2013:

Cynthia P. Prince-Fox– Continental Income Fund

Dividend Opportunities Fund*


	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of Accounts Managed**		3		0		1
Number of Accounts Managed with Performance-Based Advisory Fees		0		0		0
Assets Managed (in millions)**	$	1,990.0	$	0	$	69.9
Assets Managed with Performance-Based Advisory Fees (in millions)	$	0	$	0	$	0

*	Ms. Prince-Fox assumed investment management responsibilities for Waddell & Reed Advisors Dividend Opportunities Fund effective July 2, 2013.

**	This data does not include Waddell & Reed Advisors Dividend Opportunities Fund, since Ms. Prince-Fox was not the portfolio manager of Waddell & Reed Advisors Dividend Opportunities Fund on March 31, 2013.

David P. Ginther–Energy Fund


	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of Accounts Managed*		6		2		0
Number of Accounts Managed with Performance-Based Advisory Fees		0		0		0
Assets Managed (in millions)*	$	1,915.7	$	82.8	$	0
Assets Managed with Performance-Based Advisory Fees (in millions)	$	0	$	0	$	0

*	This data includes Waddell & Reed Advisors Dividend Opportunities Fund, since Mr. Ginther was the portfolio manager of Waddell & Reed Advisors Dividend Opportunities Fund on March 31, 2013.

The following replaces the disclosures regarding Cynthia P. Prince-Fox and David P. Ginther in the “Portfolio Managers – Ownership of Securities” section on page 77:

Ownership of Securities

As of March 31, 2013, the dollar range of shares beneficially owned by each portfolio manager is:

Fund(s) Managed in the
Waddell & Reed Advisors
Equity Funds

Dollar Range of Fund
Shares Owned

Dollar Range of
Shares Owned in
Similarly Managed
Funds within the
Fund Complex

Dollar Range of
Shares Owned in
the Fund Complex

Cynthia P. Prince-Fox

Continental Income Fund

over $1,000,000

10,001 to $50,000

over $

1,000,000

Dividend Opportunities Fund

David P. Ginther

Energy Fund

$100,001 to $500,000

over $

1,000,000

*	Ms. Prince-Fox assumed investment management responsibilities for Waddell & Reed Advisors Dividend Opportunities Fund effective July 2, 2013.


Supplement		Statement of Additional Information		1

The following replaces the disclosures regarding Cynthia P. Prince-Fox and David P. Ginther in the “Portfolio Managers — Ownership of Securities” section on page 78:

With limited exceptions, a portion of each portfolio manager’s compensation is held in a deferred account, and deemed to be invested in funds within the Fund Complex. As of March 31, 2013, the dollar range of shares deemed owned by each portfolio manager is:


Manager	Fund(s) Managed in the Waddell & Reed Advisors Equity Funds	Dollar Range of Shares Deemed Owned in Fund(s) or Similarly Managed Style ¹		Dollar Range of Shares Deemed Owned in the Fund Complex
Cynthia P. Prince-Fox	Continental Income Fund	$	500,001 to $1,000,000	$	500,001 to $1,000,000
	Dividend Opportunities Fund*	$	0	$	0
David P. Ginther	Energy Fund	$	10,001 to $50,000	$	50,001 to $100,000