Proxy Voting - Yes or No

Waddell & Reed Advisors Funds Proxy Voting

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All shareholders of any Waddell & Reed Advisors Funds should have received a proxy mailing dated April 3, 2017.

The proxy asks for your vote, as a shareholder of one or more series (each, a “Fund,” and collectively, the “Funds”) of the Waddell & Reed Advisors Funds (the “Trust”) at a special meeting of shareholders of the Funds to be held on May 15, 2017 at 3:00 p.m. Central Time, at the offices of the Trust, 6300 Lamar Avenue, Overland Park, Kansas 66202 (the “Meeting”). The purpose of the Meeting is to vote upon a series of proposals affecting the Funds (each, a “Proposal” and collectively, the “Proposals”). You may download the complete proxy here.

Whether or not you plan to attend the Meeting in person, your vote is needed. You are entitled to notice of, and to vote at, the Meeting and any adjournment of the Meeting, even if you no longer hold shares of a Fund. Your vote is important no matter how many shares you own. It is important that your vote be received no later than the time of the Meeting.

Voting is quick and easy. Everything you need has been provided to you via mail or email. You may vote by completing and returning your proxy card in the postage paid return envelope provided , by calling (800) 821-8781, or by visiting proxyvote.com. You may receive more than one set of proxy materials if you hold shares in more than one account. Please be sure to vote each proxy card you receive. If we do not hear from you, our proxy solicitor, D.F. King & Co., Inc., may contact you. This will ensure that your vote is counted even if you cannot or do not wish to attend the Meeting in person. If you have any questions about the Proposals or the voting instructions, you may call (800) 821-8781 and a representative will assist you.

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