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Waddell & Reed Advisors Funds

Supplement dated October 2, 2015 to the

Waddell & Reed Advisors Fixed Income and Money Market Funds Prospectus

dated January 30, 2015

and as supplemented April 1, 2015 and April 15, 2015

Effective October 2, 2015, all references to Susan Regan where they appear in the Prospectus are deleted.

The following replaces the Portfolio Managers section for Waddell & Reed Advisors Bond Fund on page 6:

Portfolio Manager

Rick Perry, Senior Vice President of WRIMCO, has managed the Fund since October 2015.

The following replaces the Portfolio Managers section for Waddell & Reed Advisors Government Securities Fund on page 16:

Portfolio Manager

Rick Perry, Senior Vice President of WRIMCO, has managed...


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