497

WADDELL & REED ADVISORS FUNDS

6300 LAMAR AVENUE

P. O. BOX 29217

SHAWNEE MISSION, KANSAS 66201-9217

November 19, 2013

Securities and Exchange Commission

100 F Street NE

Washington DC 20549

Re: Waddell & Reed Advisors Funds (Registrant)

File Nos. 811-09435 and 333-82447/CIK #1072962

On behalf of the Registrant, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information contained in the Registrant’s Fixed Income and Money Market Funds Prospectus dated January 31, 2013, and as supplemented October 31, 2013, and filed pursuant to Rule 497(e) under the Securities Act of 1933, as amended. The purpose of this filing is to submit the data in XBRL format for the Registrant.

If you have any questions or comments concerning the foregoing, please contact me at 913-236-2227.

Very truly yours,

/s/ Philip A. Shipp

Philip A. Shipp

Assistant Secretary

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	WADDELL & REED ADVISORS FUNDS
Prospectus Date	rr_ProspectusDate	Jan. 31, 2013
Document Creation Date	dei_DocumentCreationDate	Oct. 31, 2013

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

WADDELL & REED ADVISORS FUNDS

Prospectus Date

rr_ProspectusDate

Jan. 31, 2013

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added after the “Fees and Expenses” sentence on page 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Class B and Class C shares of the Fund are not available for direct investments.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 3, 7, 11, and 15 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³  None

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³ 

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

Waddell & Reed Advisors Bond Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 3, 7, 11, and 15 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³  None

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

Waddell & Reed Advisors Global Bond Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 3, 7, 11, and 15 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³  None

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

Waddell & Reed Advisors Government Securities Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 3, 7, 11, and 15 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³  None

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

Waddell & Reed Advisors High Income Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 3, 7, 11, and 15 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³  None

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

Waddell & Reed Advisors Municipal Bond Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³ 

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

Waddell & Reed Advisors Municipal High Income Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³ 

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

Waddell & Reed Advisors Cash Management

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

wraf_SupplementTextBlock

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following is added after the “Fees and Expenses” sentence on page 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Class B and Class C shares of the Fund are not available for direct investments.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³ 

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

XML

Waddell & Reed Advisors Funds

Supplement dated October 31, 2013 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 31, 2013

and as supplemented May 2, 2013 and October 2, 2013

The following replaces the third sentence of the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

More information about these and other discounts is available from your financial professional and in the “Sales Charge Reductions” section on page 46 of the Fund’s prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 89 of the Fund’s statement of additional information (SAI).

The following is added after the last sentence of the “Fees and Expenses” paragraph on pages 3, 7, 11, 15, 20 and 24 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Effective January 1, 2014, the Fund’s Class B shares are not available for purchase by new and existing investors. Class B shares will continue to be available for dividend reinvestment and exchanges.

The following is added after the “Fees and Expenses” sentence on page 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Class B and Class C shares of the Fund are not available for direct investments.

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 3, 7, 11, and 15 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³  None

The following is added as a new line to the “Shareholder Fees” chart of the “Fees and Expenses” section on pages 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

Maximum Account Fee $ 20 ³  None $ 20 ³ 

The following is inserted as a new footnote following the second footnote in the “Fees and Expenses” section on pages 3, 7, 11, 15, 20, 24 and 28 of the Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus:

³  With limited exceptions, for Class A and Class C shares, if your Fund account balance is below $750 at the close of business on September 26, 2014, and on the Friday prior to the last week of September each year thereafter, the account will be assessed an account fee of $20.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	Other
Document Period End Date	dei_DocumentPeriodEndDate	Sep. 30, 2012
Registrant Name	dei_EntityRegistrantName	WADDELL & REED ADVISORS FUNDS
Central Index Key	dei_EntityCentralIndexKey	0001072962
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Oct. 31, 2013
Document Effective Date	dei_DocumentEffectiveDate	Oct. 31, 2013
Prospectus Date	rr_ProspectusDate	Jan. 31, 2013