Exhibit (g)(1)

ASSIGNMENT AND AMENDMENT OF CUSTODIAN AGREEMENTS

         ASSIGNMENT AGREEMENT AND AMENDMENT (the "Assignment Agreement"), dated as of January 30, 2009, among each of the WADDELL & REED ADVISORS INVESTMENT COMPANIES IDENTIFIED AS AN ASSIGNOR SIGNATORY BELOW, each a Maryland corporation (each, an "Assignor"), WADDELL & REED ADVISORS FUNDS, a Delaware statutory trust, on behalf of each of its series ("Assignee"), and UMB BANK, N.A. ("Custodian").

         WHEREAS, each Assignor, on its own behalf or on behalf of one or more of its series, and Custodian have entered into one or more Custodian Agreements, each as may have been amended and restated from time to time (each, a "Custodian Agreement" and, together, the "Custodian Agreements");

         WHEREAS, each Assignor that is comprised of a single series and each series of an Assignor that is comprised of more than one series (each, an "Old Fund") shall be reorganized as a separate, new series of Assignee (each new series of Assignee that corresponds to an Old Fund, a "New Fund"), all such reorganizations to be effective as of the date hereof;

         WHEREAS, in connection with such reorganizations, each Assignor wishes to assign, on its own behalf or on behalf of each of its series, as applicable, its rights and duties under its Custodian Agreement to Assignee, on behalf of its corresponding New Fund(s), and Assignee, on behalf of its respective corresponding New Funds, wishes to succeed to the rights and assume the duties of each Assignor or each of such Assignor's series, as applicable, under such Assignor's Custodian Agreement, effective as of the date of hereof;

         WHEREAS, in accordance with Section 9.09 of each Custodian Agreement, Custodian is willing to consent to such assignment of each Assignor's rights and delegation of each Assignor's duties under its Custodian Agreement to Assignee.

         WHEREAS, in connection with the assignments from each Assignor to Assignee, the parties wish to amend the terms of each Custodian Agreement so that, upon the effectiveness of this Assignment Agreement, Assignee shall, on behalf of and with respect to each New Fund, succeed to the rights and responsibilities of the corresponding Old Fund.

         NOW, THEREFORE, the parties hereto agree as follows:

1.	Assignment/Delegation. Effective as of the date of this Assignment Agreement, each Assignor, acting on its own behalf or on behalf of each of its series, as applicable, hereby assigns, transfers and sets over to Assignee, acting on behalf of each corresponding New Fund, its Custodian Agreement and all the rights, title and interest, powers, privileges and remedies of Assignor as to the corresponding Old Fund under such Custodian Agreement. Further, Assignee, acting on behalf of the applicable New Fund, hereby accepts the assignment of such Assignor's Custodian Agreement as to the corresponding Old Fund and the assignment of all the rights, title and interest, powers, privileges and remedies, as well as all duties, liabilities and obligations, of such Assignor under its Custodian Agreement as to the corresponding Old Fund.
2.	Consent by Custodian. As required by Section 9.09 of each Custodian Agreement, Custodian consents to the assignment of the Custodian Agreements and the resulting assignment of rights and duties as set forth in this Assignment Agreement. Further, Custodian releases each Assignor from all further obligations and liabilities arising under its Custodian Agreement and acknowledges that each Assignor intends to liquidate and dissolve following the reorganizations described above.
3.	Redocumentation. Upon the effectiveness of this Assignment Agreement, in connection with any and all transactions effected on or after the date hereof, all references in a Custodian Agreement to an Assignor shall be deemed to refer to Assignee and all references in a Custodian Agreement to an Old Fund shall be deemed to refer to its corresponding New Fund. Except as expressly provided herein, all other terms and conditions of each Custodian Agreement are confirmed in all respects.
4.	Names and Addresses for Communications between Parties. Any information set forth in the Custodian Agreements relating to Assignors' names and addresses for communications between parties shall be deleted and replaced by the information relating to Assignee set forth below:
		Waddell & Reed Advisors Funds
		6300 Lamar Avenue
		Overland Park, Kansas 66202
		Attn: Fund Treasurer
		Telephone:	913-236-2069
		Telefax:	913-236-1595
5.	Representations. Each party hereto represents to the others that: (i) this Assignment Agreement does not and will not violate or conflict with its charter or by-laws (or comparable constituent documents), any law, regulation or order of any court or other agency of government applicable to it or any agreement to which it is a party or by which it or any of its property is bound; (ii) its obligations hereunder are legal, valid and binding on it and its assets enforceable in accordance with their terms; and (iii) the person signing this Assignment Agreement for such party is an officer, director, trustee, and/or partner of such party and is authorized and duly empowered to do so.
6.	Governing Law. This Assignment Agreement shall be construed in accordance with and governed by the laws of the State of Missouri, in each case without giving effect to principles of conflicts of law.
7.	Execution in Counterparts. This Agreement may be executed in counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same agreement.

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	IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement to be duly executed and delivered as of the date and year first above written.
ASSIGNORS:
WADDELL & REED ADVISORS CASH MANAGEMENT, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS ASSET STRATEGY FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS CONTINENTAL INCOME FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS FIXED INCOME FUNDS, INC. (on behalf of its series,
	Waddell & Reed Advisors Government Securities Fund)
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS FUNDS, INC. (on behalf of its four series, Waddell &
	Reed Advisors Accumulative Fund, Waddell & Reed Advisors Core Investment Fund, Waddell & Reed Advisors Science and Technology Fund, and Waddell & Reed Advisors Bond Fund)
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS GLOBAL BOND FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS HIGH INCOME FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS INTERNATIONAL GROWTH FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS MUNICIPAL BOND FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS MUNICIPAL HIGH INCOME FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS NEW CONCEPTS FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS RETIREMENT SHARES, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS SELECT FUNDS, INC. (on behalf of its three series,
	Waddell & Reed Advisors Energy Fund, Waddell & Reed Advisors Dividend Opportunities Fund, and Waddell & Reed Advisors Value Fund)
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS SMALL CAP FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS TAX-MANAGED EQUITY FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
WADDELL & REED ADVISORS VANGUARD FUND, INC.
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
ASSIGNEE:
WADDELL & REED ADVISORS FUNDS (on behalf of itself and each of its series listed
	on Schedule A attached hereto)
By:	/s/Mara D. Herrington
Name:	Mara D. Herrington
Title:	Vice President
CUSTODIAN:
UMB BANK, N.A.
By:	/s/Bonnie L. Johnson
Name:	Bonnie L. Johnson
Title:	Vice President

SCHEDULE A

Waddell & Reed Advisors Accumulative Fund

Waddell & Reed Advisors Asset Strategy Fund

Waddell & Reed Advisors Bond Fund

Waddell & Reed Advisors Cash Management

Waddell & Reed Advisors Continental Income Fund

Waddell & Reed Advisors Core Investment Fund

Waddell & Reed Advisors Dividend Opportunities Fund

Waddell & Reed Advisors Energy Fund

Waddell & Reed Advisors Global Bond Fund

Waddell & Reed Advisors Government Securities Fund

Waddell & Reed Advisors High Income Fund

Waddell & Reed Advisors International Growth Fund

Waddell & Reed Advisors Municipal Bond Fund

Waddell & Reed Municipal High Income Fund

Waddell & Reed Advisors New Concepts Fund

Waddell & Reed Advisors Retirement Shares

Waddell & Reed Advisors Science and Technology Fund

Waddell & Reed Advisors Small Cap Fund

Waddell & Reed Advisors Tax-Managed Equity Fund

Waddell & Reed Advisors Value Fund

Waddell & Reed Advisors Vanguard Fund