UNITED
INTERNATIONAL
GROWTH FUND,
INC.
SEMIANNUAL
REPORT
------------------------------------------
For the six months ended December 31, 1993
<PAGE>
This report is submitted for the general information of the shareholders of
United International Growth Fund, Inc. It is not authorized for distribution to
prospective investors in the Fund unless accompanied with or preceded by the
United International Growth Fund, Inc. current prospectus.
<PAGE>
PRESIDENT'S LETTER
- -----------------------------------------------------------------
DECEMBER 31, 1993
Dear Shareholder:
This report covers the investment performance of your Fund for the six
months ended December 31, 1993.
During the past six months, bond and equity markets have benefited from low
interest rates and minimal inflation. These markets will continue to react to
events that affect the economy such as the proposed deficit reduction program
and new taxes.
We are hoping to see improved economies throughout the world over the next
year. We believe this would contribute to a favorable outlook for U.S. and
foreign securities.
Regardless of the rise and decline of markets, we will continue to use the
strengths and abilities we have developed over the past 55 years. These
include:
Professional portfolio management-- As investment professionals, we pay
careful attention to economic trends; we understand the business of each company
in which we invest; and we have the ability to judge the management of such
companies as they adapt to changes in the industries and markets they serve.
A widely diversified approach-- Our extensive experience managing a variety
of securities allows us to see the whole "investment pie." We use this broad
view to consider every investment opportunity available that meets your Fund's
objectives, and to take advantage of these opportunities in an effort to achieve
maximum return.
These are just two of the many attributes that we bring to the table when
making investment decisions. We believe your Fund is designed appropriately to
meet its investment objectives, and can reward the long-term investor. We never
forget that we are managing your money.
The following is a comprehensive look at your Fund's recent performance.
We believe you will find that the information continues to reflect our aim of
meeting the stated objectives of your Fund.
Respectfully,
Keith A. Tucker
President
<PAGE>
SHAREHOLDER SUMMARY
- -----------------------------------------------------------------
UNITED INTERNATIONAL GROWTH FUND, INC.
PORTFOLIO STRATEGY:
Normally at least 80% in OBJECTIVE: Long-term appreciation
foreign securities. Not of capital with current
more than 75% in securities income as a secondary
in any one country. consideration.
Maximum of 15% in currency STRATEGY: Invests in securities
exchange contracts (common stocks and/or
debt securities) issued
Cash Reserves by companies or
governments of any
nation.
The use of cash reserves (often invested
in money market securities) for defensive
purposes is a strategy that may be
utilized by the International Growth Fund
from time to time.
Moving into cash reserve positions at
times thought to be near a major stock
market peak allows the Fund the
opportunity to capture profits and
attempts to cushion the impact of market
declines. The added flexibility provided
by our CASH RESERVES STRATEGY has from
time to time been an important element in
our past success and, when deemed
appropriate, may be used in the
management of the portfolio in the
future.
FOUNDED: 1970
DIVIDENDS: PAID SEMIANNUALLY (June and
December)
<PAGE>
PERFORMANCE SUMMARY
PER SHARE DATA
For the Six Months Ended December 31, 1993
------------------------------------------
DIVIDEND PAID $0.02
=====
CAPITAL GAINS DISTRIBUTION $0.50
=====
NET ASSET VALUE ON
12/31/93 $9.04 adjusted to: $9.54(A)
6/30/93 $7.16
-----
CHANGE PER SHARE $2.38
=====
(A)This number includes the capital gains distribution of $0.50 paid in December
1993 added to the actual net asset value on December 31, 1993.
Past performance is not necessarily indicative of future results.
TOTAL RETURN HISTORY
Average Annual Total Return
---------------------------
With Without
Period Sales Load* Sales Load**
- ------ ----------- ------------
1-year period ended 12-31-93 38.14% 46.56%
5-year period ended 12-31-93 9.74% 11.05%
10-year period ended 12-31-93 13.67% 14.34%
*Performance data quoted represents past performance and is based on deduction
of 5.75% sales load on the initial purchase in each of the three periods.
**Performance data quoted in this column represents past performance without
taking into account the sales load deducted on an initial purchase.
Investment return and principal value will fluctuate and an investor's shares,
when redeemed, may be worth more or less than their original cost.
PORTFOLIO HIGHLIGHTS
On December 31, 1993, United International Growth Fund, Inc. had net assets
totaling $492,082,145 invested in a diversified portfolio of:
92.70% Common Stocks, Rights and Warrants
2.92% Preferred Stocks
4.38% Cash and Cash Equivalents and Open Forward
Currency Contracts
As a shareholder of United International Growth Fund, Inc., for every $100 you
had invested on December 31, 1993, your Fund owned $4.38 in cash and cash
equivalents and open forward currency contracts; the remainder was invested as
follows:
Energy &
Basic Techno-Energy- Public
IndustriesConsumerFinanciallogical RelatedUtilities Total
Mexico $ 5.59 $ 1.31 $ 2.73 $ 3.77 $13.40
Sweden 6.04 .04 2.24 3.51 $11.83
United Kingdom1.89 6.09 2.95 $10.93
France 4.07 1.58 1.99 1.61 $ 9.25
Finland 4.58 .32 3.26 $ 8.16
Spain 4.77 1.55 .64 $ 6.96
Germany 1.32 4.59 $ 5.91
Australia .09 3.19 2.60 $ 5.88
Hong Kong 2.13 1.97 1.26 .29 $.16 $ 5.81
Switzerland .70 .44 2.39 1.55 $ 5.08
Argentina .86 .76 .80 .16 $ 2.58
Austria .84 1.25 $ 2.09
Norway 1.24 .66 $ 1.90
Other 1.87 1.05 1.34 1.11 $.47 $ 5.84
Total $35.99 $22.57 $21.17 $15.10 $.47 $.32 $95.62
<PAGE>
- -----------------------------------------------------------------
These STOCK CATEGORIES are provided as a reference only. Not all categories or
subcategories will be represented in a portfolio at all times. Refer to the
following pages for a more detailed portfolio listing.
BASIC INDUSTRIES
Airlines
Automotive
Building
Chemicals Major
Electrical Equipment
Engineering and Construction
Machinery
Manufacturers
Metals and Mining
Multi-Industry
Paper
Precious Metals
Railroad Equipment
Railroads
Shipping
Steel
Tire and Rubber
Trucking
CONSUMER
Beverages
Consumer Electronics and Appliances
Food and Related
Hospital Management
Household Products
Leisure Time
Packaging and Containers
Publishing and Advertising
Retailing
Services, Consumer and Business
Textiles and Apparel
Tobacco
ENERGY AND ENERGY-RELATED
Canadian Oil
Coal
Domestic Oil
International Oil
Oil Services
Propane
FINANCIAL
Banks and Savings and Loans
Financial
Insurance
PUBLIC UTILITIES
Electric
Gas
Pipelines
TECHNOLOGICAL
Aerospace
Biotechnology and Medical Services
Business Machines and Office Equipment
Chemicals Specialty and Miscellaneous Technology
Drugs and Hospital Supply
Electronics
Telecommunications
<PAGE>
Table I: Portfolio Diversification by Nation and Industry
December 31, 1993 market value as percent of total net assets
- --------------------------------------------------------------------------------
United
Mexico SwedenKingdomFrance FinlandSpain Germany
- --------------------------------------------------------------------------------
Banks and
Savings and
Loans 1.51% 2.24% 2.93% 1.32% .64%
- --------------------------------------------------------------------------------
Retailing 1.31 2.54 1.35 .89 4.56%
- --------------------------------------------------------------------------------
Telecommunications3.77 2.23 3.26%
- --------------------------------------------------------------------------------
Building 1.79 .44 .54 2.72 1.01 1.08 .43
- --------------------------------------------------------------------------------
Multi-Industry 3.10 1.66 .97 .12 .40
- --------------------------------------------------------------------------------
Engineering and
Construction .70 2.24
- --------------------------------------------------------------------------------
Steel 1.25 .38 .99
- --------------------------------------------------------------------------------
Publishing and
Advertising .04 .44
- --------------------------------------------------------------------------------
Automotive 1.44 1.35
- --------------------------------------------------------------------------------
Machinery 2.30 .89
- --------------------------------------------------------------------------------
Drugs and
Hospital Supply 1.28
- --------------------------------------------------------------------------------
Financial 1.22 .67
- --------------------------------------------------------------------------------
Packaging and
Containers 1.65 .37
- --------------------------------------------------------------------------------
Paper 1.15
- --------------------------------------------------------------------------------
Chemicals Specialty
and Miscellaneous
Technology 1.61
- --------------------------------------------------------------------------------
Food and Related .50 .29
- --------------------------------------------------------------------------------
Leisure Time .23
- --------------------------------------------------------------------------------
Trucking 1.25
- --------------------------------------------------------------------------------
Textiles and Apparel .03
- --------------------------------------------------------------------------------
Metals and Mining
- --------------------------------------------------------------------------------
Beverages .57
- --------------------------------------------------------------------------------
Consumer Electronics
and Appliances
- --------------------------------------------------------------------------------
Canadian Oil
- --------------------------------------------------------------------------------
Hospital Management .39
- --------------------------------------------------------------------------------
Insurance .02 .32
- --------------------------------------------------------------------------------
Public Utilities-
Electric
- --------------------------------------------------------------------------------
Tire and Rubber
- --------------------------------------------------------------------------------
Biotechnology
and Medical Services
- --------------------------------------------------------------------------------
Electrical Equipment .06
- --------------------------------------------------------------------------------
Total 13.40% 11.83% 10.93% 9.25% 8.16% 6.96% 5.91%
- --------------------------------------------------------------------------------
<PAGE>
Table I: Portfolio Diversification by Nation and Industry
December 31, 1993, market value as percent of total net assets
- --------------------------------------------------------------------------------
Aus- HongSwitz- Argen-
tralia Kongerland tina Austria NorwayCanada
- --------------------------------------------------------------------------------
Banks and
Savings and
Loans 2.60% 2.39% .80% 1.25% .66%
- --------------------------------------------------------------------------------
Retailing .36
- --------------------------------------------------------------------------------
Telecommunications .21%
- --------------------------------------------------------------------------------
Building 1.09 .14
- --------------------------------------------------------------------------------
Multi-Industry .09 .76 .32
- --------------------------------------------------------------------------------
Engineering and
Construction .28 .70 .70
- --------------------------------------------------------------------------------
Steel
- --------------------------------------------------------------------------------
Publishing and
Advertising 1.80 1.09
- --------------------------------------------------------------------------------
Automotive .54
- --------------------------------------------------------------------------------
Machinery
- --------------------------------------------------------------------------------
Drugs and
Hospital Supply 1.55
- --------------------------------------------------------------------------------
Financial 1.26
- --------------------------------------------------------------------------------
Packaging and
Containers .35 .44
- --------------------------------------------------------------------------------
Paper .52
- --------------------------------------------------------------------------------
Chemicals Specialty
and Miscellaneous
Technology
- --------------------------------------------------------------------------------
Food and Related .76
- --------------------------------------------------------------------------------
Leisure Time 1.03
- --------------------------------------------------------------------------------
Trucking
- --------------------------------------------------------------------------------
Textiles and Apparel .16 .62%
- --------------------------------------------------------------------------------
Metals and Mining .72
- --------------------------------------------------------------------------------
Beverages
- --------------------------------------------------------------------------------
Consumer Electronics
and Appliances .37
- --------------------------------------------------------------------------------
Canadian Oil .47
- --------------------------------------------------------------------------------
Hospital Management
- --------------------------------------------------------------------------------
Insurance
- --------------------------------------------------------------------------------
Public Utilities-
Electric .16 .16
- --------------------------------------------------------------------------------
Tire and Rubber
- --------------------------------------------------------------------------------
Biotechnology
and Medical Services .08
- --------------------------------------------------------------------------------
Electrical Equipment
- --------------------------------------------------------------------------------
Total 5.88% 5.81% 5.08% 2.58% 2.09% 1.90% 1.09%
- --------------------------------------------------------------------------------
<PAGE>
Table I: Portfolio Diversification by Nation and Industry
December 31, 1993, market value as percent of total net assets
- --------------------------------------------------------------------------------
Nether- Singa- Thai-
China Portugal Italy lands pore land
- --------------------------------------------------------------------------------
Banks and
Savings and
Loans .64% .43%
- --------------------------------------------------------------------------------
Retailing
- --------------------------------------------------------------------------------
Telecommunications .43%
- --------------------------------------------------------------------------------
Building
- --------------------------------------------------------------------------------
Multi-Industry
- --------------------------------------------------------------------------------
Engineering and
Construction .53%
- --------------------------------------------------------------------------------
Steel .80%
- --------------------------------------------------------------------------------
Publishing and
Advertising
- --------------------------------------------------------------------------------
Automotive
- --------------------------------------------------------------------------------
Machinery
- --------------------------------------------------------------------------------
Drugs and
Hospital Supply .31%
- --------------------------------------------------------------------------------
Financial
- --------------------------------------------------------------------------------
Packaging and
Containers
- --------------------------------------------------------------------------------
Paper
- --------------------------------------------------------------------------------
Chemicals Specialty
and Miscellaneous
Technology
- --------------------------------------------------------------------------------
Food and Related
- --------------------------------------------------------------------------------
Leisure Time
- --------------------------------------------------------------------------------
Trucking
- --------------------------------------------------------------------------------
Textiles and Apparel
- --------------------------------------------------------------------------------
Metals and Mining
- --------------------------------------------------------------------------------
Beverages
- --------------------------------------------------------------------------------
Consumer Electronics
and Appliances .11
- --------------------------------------------------------------------------------
Canadian Oil
- --------------------------------------------------------------------------------
Hospital Management
- --------------------------------------------------------------------------------
Insurance
- --------------------------------------------------------------------------------
Public Utilities-
Electric
- --------------------------------------------------------------------------------
Tire and Rubber .22
- --------------------------------------------------------------------------------
Biotechnology
and Medical Services
- --------------------------------------------------------------------------------
Electrical Equipment
- --------------------------------------------------------------------------------
Total .80% .64% .54% .53% .53% .43%
- --------------------------------------------------------------------------------
<PAGE>
Table I: Portfolio Diversification by Nation and Industry
December 31, 1993, market value as percent of total net assets
- --------------------------------------------------------------------------------
Malay-
Japan sia BrazilDenmark Total
- --------------------------------------------------------------------------------
Banks and
Savings and
Loans .07% .20% 17.68%
- --------------------------------------------------------------------------------
Retailing 11.01%
- --------------------------------------------------------------------------------
Telecommunications .33% 10.23%
- --------------------------------------------------------------------------------
Building .06 9.30%
- --------------------------------------------------------------------------------
Multi-Industry 7.42%
- --------------------------------------------------------------------------------
Engineering and
Construction 5.15%
- --------------------------------------------------------------------------------
Steel .26% 3.68%
- --------------------------------------------------------------------------------
Publishing and
Advertising 3.37%
- --------------------------------------------------------------------------------
Automotive 3.33%
- --------------------------------------------------------------------------------
Machinery 3.19%
- --------------------------------------------------------------------------------
Drugs and
Hospital Supply .04 3.18%
- --------------------------------------------------------------------------------
Financial 3.15%
- --------------------------------------------------------------------------------
Packaging and
Containers 2.81%
- --------------------------------------------------------------------------------
Paper 1.67%
- --------------------------------------------------------------------------------
Chemicals Specialty
and Miscellaneous
Technology 1.61%
- --------------------------------------------------------------------------------
Food and Related 1.55%
- --------------------------------------------------------------------------------
Leisure Time .22 1.48%
- --------------------------------------------------------------------------------
Trucking 1.25%
- --------------------------------------------------------------------------------
Textiles and
Apparel .10 .91%
- --------------------------------------------------------------------------------
Metals and Mining .72%
- --------------------------------------------------------------------------------
Beverages .57%
- --------------------------------------------------------------------------------
Consumer Electronics
and Appliances .48%
- --------------------------------------------------------------------------------
Canadian Oil .47%
- --------------------------------------------------------------------------------
Hospital Management .39%
- --------------------------------------------------------------------------------
Insurance .34%
- --------------------------------------------------------------------------------
Public Utilities-
Electric .32%
- --------------------------------------------------------------------------------
Tire and Rubber .22%
- --------------------------------------------------------------------------------
Biotechnology
and Medical Services .08%
- --------------------------------------------------------------------------------
Electrical Equipment .06%
- --------------------------------------------------------------------------------
Total .40% .35% .33% .20% 95.62%
- --------------------------------------------------------------------------------
<PAGE>
THE INVESTMENTS OF
UNITED INTERNATIONAL GROWTH FUND, INC.
DECEMBER 31, 1993
Shares Value
COMMON STOCKS, RIGHTS AND WARRANTS
Argentina - 2.58%
Banco Frances del Rio de la
Plata, SA, ADR*........................ 100,000 $ 3,937,500
Central Costanera S.A., ADR ............ 20,000 615,000
Central Costanera S.A., GDS ............ 5,416 160,790
Ciadea* ................................ 50,000 2,655,300
Compania Naviera Perez Companc S.A.,
Class B ............................... 256,000 1,590,272
Molinos Rio de la Plata S.A.* .......... 292,316 3,748,953
Total ................................. 12,707,815
Australia - 5.88%
Advance Bank Australia Ltd. ............ 831,336 5,870,895
Australian Consolidated Press Group
Limited ............................... 250,000 1,164,500
Bank of Melbourne Ltd. ................. 307,803 1,396,194
Foodland Associated Ltd. ............... 328,961 1,786,916
Futuris Corporation LTD ................ 500,000 427,500
News Corporation Limited ............... 701,907 4,732,959
Nine Network Australia ................. 1,336,800 5,029,042
Pacific Magazines & Printing, Limited .. 300,000 818,700
West Australian Newspapers Holdings,
Limited ............................... 794,000 2,145,388
Westpac Banking Corp. .................. 1,763,119 5,543,246
Total ................................. 28,915,340
Austria - 1.29%
Creditanstalt Bank Verein .............. 11,790 2,232,991
Universale-Bau, Aktiengesellschaft ..... 50,000 3,434,650
Weinerberger Baustoffindustrie AG* ..... 2,000 677,120
Total ................................. 6,344,761
Brazil - 0.17%
Telecomunicacoes Brasileiras S/A -
Telebras, ADR ......................... 25,000 837,500
Canada - 1.09%
Orbit Oil & Gas Ltd.* .................. 498,400 844,290
Suzy Shier Limited* .................... 385,100 3,058,849
Transwest Energy* ...................... 800,000 1,482,400
Total ................................. 5,385,539
China - 0.80%
Maanshan Iron & Steel Company Limited,
ADS* .................................. 70,380 3,914,888
See Notes to Schedule of Investments on page 13.
<PAGE>
THE INVESTMENTS OF
UNITED INTERNATIONAL GROWTH FUND, INC.
DECEMBER 31, 1993
Shares Value
COMMON STOCKS, RIGHTS AND WARRANTS (Continued)
Denmark - 0.20%
Girobank* .............................. 20,000 $ 1,000,740
Finland - 8.16%
Enso-Gutzeit Oy ........................ 900,000 5,659,200
Metsa Serla Oy, Class B ................ 125,000 4,990,375
Nokia Corporation ...................... 325,000 16,037,775
Pohjola Insurance Company Ltd. ......... 91,700 1,304,066
Raision Tehtaat Oy AB .................. 6,000 534,594
Raision Tehtaat Oy AB, Rights* ......... 6,000 51,402
Sampo Ins Co Ltd., A Shares ............ 5,000 251,875
Tampella Oy* ........................... 2,645,000 11,328,535
Total ................................. 40,157,822
France - 9.25%
Banque National de Paris ............... 79,000 3,837,188
Compagnie Europeennes Reunies* ......... 175,000 3,716,300
Credit Lyonnais SA ..................... 20,000 2,584,880
Equipments et Composants Pour
L'Industrie Automobile*................ 29,745 2,939,817
Europe 1 Communication .................. 4,000 1,152,220
Groupe SOVAC* .......................... 10,000 3,318,120
Guyenne et Gascogne .................... 20,500 6,635,912
Lapeyre* .............................. 205,485 11,629,835
Poliet Ex Lambert Freres ............... 24,900 1,771,037
Societe Industrielle de Transports
Automobiles S.A. ...................... 42,100 5,981,736
Societe Industrielle de Transports
Automobiles S.A., Warrants* ........... 1,504 187,269
Ufiner-Cofreth ......................... 6,196 1,769,088
Total ................................. 45,523,402
Germany - 3.95%
AVA Allgemeine Handelsgessellschaft der
Verbraucher AG ........................ 17,258 8,387,302
Hornbach-Baumarkt-AG* .................. 6,250 3,954,100
Mannesman AG ........................... 18,000 4,373,946
Otto Reichelt AG ....................... 2,000 442,858
Stoehr & Co AG* ........................ 1,000 138,034
Vereinigter Baubeschlag-Handel
Aktiengesellschaft..................... 5,000 2,119,395
Total ................................. 19,415,635
Hong Kong - 5.81%
ABC Communications (Holding) LTD ........ 1,000 504
China Overseas Land & Investment, Ltd. . 4,000,000 1,368,000
Consolidated Electric Power Asia
Limited, ADS ......................... 46,300 810,250
Guangdong Corporation Limited ......... 5,000,000 3,750,000
Guangzhou Investment .................. 5,000,000 2,455,000
See Notes to Schedule of Investments on page 13.
<PAGE>
THE INVESTMENTS OF
UNITED INTERNATIONAL GROWTH FUND, INC.
DECEMBER 31, 1993
Shares Value
COMMON STOCKS, RIGHTS AND WARRANTS (Continued)
Hong Kong (Continued)
Hung Hing Printing Group Ltd. .......... 1,208,000 $ 421,592
Hutchison Whampoa Limited .............. 500,000 2,491,000
International Tak Cheung (Holdings) LTD . 2,730,000 1,375,920
Lai Sun Development .................... 5,000,000 1,565,000
Laws International Holdings, Ltd. ...... 2,000,000 802,000
M. C. Packaging (Hong Kong) LTD ........ 2,500,000 1,310,000
Oriental Press Group Limited ........... 6,000,000 5,352,000
Peregrine Investments Holdings,
Ltd. .................................. 1,500,000 3,687,000
Prod-Art Technology Holdings Limited ... 2,682,000 1,048,662
Swank International .................... 1,474,000 367,026
Wo Kee Hong (Holdings) Limited ......... 2,850,000 1,806,900
Total ................................. 28,610,854
Italy - 0.54%
Banco di Sardegna Non-Convertible,
RISP .................................. 142,200 1,158,930
Banco Lariano* ......................... 321,800 927,749
Merloni Elettrodomestici .............. 447,500 560,270
Total ............................... 2,646,949
Japan - 0.40%
FUJIREBIO .............................. 25,000 223,550
Onward Kashiyama ....................... 50,000 473,950
TOKYO STEEL MFG. ....................... 65,000 1,278,745
Total ................................. 1,976,245
Malaysia - 0.35%
Berjaya Sports Toto Bhd ................ 400,000 1,106,000
Island & Peninsular BHD ................ 100,000 276,500
Southern Bank Bhd ...................... 110,000 320,430
Total ................................. 1,702,930
Mexico - 13.40%
Cemex, S.A., CPO Shares ................ 210,000 5,915,910
Cifra, S.A. de C.V., C ................. 2,150,000 6,450,000
Desc-Sociedad de Fomento Industrial,
S.A. de C.V., B ....................... 847,000 6,107,717
Grupo Carso, S.A. de C.V., Class 1* .... 836,500 9,129,561
Grupo Financiero Banamex Accival,
S.A. de C.V., C* ...................... 659,000 5,728,028
Grupo Financiero Banamex Accival,
S.A. de C.V., L* ...................... 32,950 253,517
Grupo Financiero Bancomer, S.A. de
C.V., B .............................. 100,000 155,800
Grupo Financiero Bancomer, S.A. de
C.V., B, CPO Shares ................... 4,679,600 7,290,817
See Notes to Schedule of Investments on page 13.
<PAGE>
THE INVESTMENTS OF
UNITED INTERNATIONAL GROWTH FUND, INC.
DECEMBER 31, 1993
Shares Value
COMMON STOCKS, RIGHTS AND WARRANTS (Continued)
Mexico (continued)
Grupo Mexicano de Desarrollo, S.A.,
ADS, B*................................ 59,000 $ 1,416,000
Grupo Mexicano de Desarrollo, S.A.,
ADS, L* ............................... 59,000 1,452,875
Grupo Tribasa, S.A.de C.V., ADS* ....... 100,000 3,462,500
Telefonos de Mexico S.A. de C.V., ADR .. 275,000 18,562,500
Total ................................. 65,925,225
Netherlands - 0.53%
Apothekers Cooperatie OPG U.A. ......... 52,500 1,513,470
Pirelli Tyre Holding* .................. 150,000 1,117,650
Total ................................. 2,631,120
Norway - 1.90%
Den Norske Bank* ...................... 690,000 1,762,950
Elkem Metals, Class A* ................ 300,500 3,549,807
Norske Skog* ............................ 109,900 2,567,374
Sparebkn Nor Grundfondsbevis* .......... 72,000 1,471,752
Total ................................. 9,351,883
Portugal - 0.64%
Espirito Santo Financial Holding
SA, ADS* .............................. 90,000 3,172,500
Singapore - 0.53%
L&M Group Investments Ltd. ............. 1,126,000 1,308,412
L&M Group Investments Ltd., Rights* .... 1,126,000 1,294,900
Total ................................. 2,603,312
Spain - 6.96%
Acerinox ............................... 63,145 4,887,486
Banco Bilbao de Vizcaya ............... 95,000 2,100,355
Banco Espanol Decredito Bnesto, E* ..... 33,333 371,630
Banco Intercontinental ................. 8,300 678,957
Centros Commerciales Pryca, S.A. ....... 330,100 4,357,980
Compania Auxiliar de la Distribucion
de Electicidad S.A. ................... 27,578 274,511
Conserva Campofrio, S.A. ............... 23,850 1,156,248
Corporation Financiero Alba, S.A. ...... 49,750 1,956,618
Cristaleria Espanola, S.A. ............. 50,450 1,832,596
Cubiertas y Mzov ....................... 139,525 10,428,936
Grupo Uralita* ......................... 325,000 2,792,400
HUARTE S.A. ............................ 50,000 597,250
Inmobiliaria Metropolitana Vasco
Central, S.A. ......................... 70,000 2,518,320
Sociedad General Azucarera de
Espana, S.A. .......................... 15,050 285,965
Total ................................. 34,239,252
See Notes to Schedule of Investments on page 13.
<PAGE>
THE INVESTMENTS OF
UNITED INTERNATIONAL GROWTH FUND, INC.
DECEMBER 31, 1993
Shares Value
COMMON STOCKS, RIGHTS AND WARRANTS (Continued)
Sweden - 11.83%
Allgon AB, Class B .................... 130,100 $ 3,195,646
Allgon AB, Class B, Rights* ............ 65,050 1,597,823
ASTRA AB A ............................. 276,665 6,298,279
Avesta Sheffield AB* ................... 1,130,000 5,821,760
Bilspedition AB ........................ 2,000,000 5,750,000
Bylock & Nordsjofrakt AB B Free ........ 50,000 398,400
Kinnevik ............................... 242,000 5,277,294
Marieberg Tidnings AB, Series A ........ 10,000 185,720
Rottneros AB* .......................... 3,000,000 2,154,000
Skandia Enskilda Banken, Class A* ...... 1,020,000 6,904,380
Svenska Handelsbanken, Class A* ........ 300,000 4,061,700
Svenskt Stal AB ........................ 10,000 323,510
Telefonaktiebolaget LM Ericcson,
Class B................................ 151,100 6,173,644
Trelleborg AB ......................... 200,000 1,917,000
Trelleborg AB, Series B ............... 100,000 958,500
Trygg-Hansa Spp Holding AB* ............ 5,000 74,885
Volvo AB ............................... 110,000 7,104,130
Total ................................. 58,196,671
Switzerland - 5.08%
ASG Arbonia-Forster-Holding AG ......... 755 3,424,899
Alusuisse-Lonza ........................ 5,000 2,167,335
Sandoz Ltd. ............................ 2,750 7,641,967
Swiss Bank Corporation* ................ 14,000 4,478,488
Union Bank of Switzerland .............. 8,000 7,279,568
Total ................................. 24,992,257
Thailand - 0.43%
TelecomAsia Plc (TA) ................... 40,000 2,120,000
United Kingdom - 10.93%
Amber Day ............................. 360,000 345,600
BET Plc ................................ 1,000,000 1,994,000
BTR PLC ............................... 500,000 2,755,000
Barclays Bank PLC ...................... 506,666 4,760,127
Body Shop (The) ........................ 300,000 996,900
British Steel PLC ...................... 1,000,000 1,861,000
Guinness PLC ........................... 400,000 2,821,600
HSBC Holdings plc ...................... 679,317 9,774,013
Lloyds Chemists plc .................... 928,253 5,100,750
Next plc ............................... 1,600,000 5,470,400
See Notes to Schedule of Investments on page 13.
<PAGE>
THE INVESTMENTS OF
UNITED INTERNATIONAL GROWTH FUND, INC.
DECEMBER 31, 1993
Shares Value
COMMON STOCKS, RIGHTS AND WARRANTS (Continued)
United Kingdom (continued)
Pentos Plc ............................. 1,625,000 $ 599,625
Pilkington PLC ......................... 3,080,645 8,099,016
Takare PLC ............................. 490,000 1,903,650
Taylor Woodrow ......................... 1,250,000 2,677,500
United Biscuits (Holdings) Public
Limited Co. ........................... 460,970 2,458,353
WPP Group Plc .......................... 1,650,000 2,168,100
Total ................................. 53,785,634
TOTAL COMMON STOCKS, RIGHTS AND WARRANTS - 92.70% $456,158,274
(Cost: $337,389,426)
PREFERRED STOCKS
Austria - 0.80%
Creditanstalt Bank Verein .............. 60,000 3,925,320
Brazil - 0.16%
Telebras, S.A. de C.V. .................25,000,000 825,000
Germany - 1.96%
Hornbach-Baumarkt-AG ................... 10,000 9,633,630
TOTAL PREFERRED STOCKS - 2.92% $ 14,383,950
(Cost: $7,391,218)
Face
Amount in
Thousands
UNREALIZED LOSS ON OPEN FORWARD CURRENCY
CONTRACTS
French Francs, 2-2-94 (A) .............. F120,000 (294,974)
French Francs, 2-2-94 (A) .............. F15,000 (75,330)
German Marks, 2-2-94 (A) ............... DM20,000 (176,291)
TOTAL UNREALIZED LOSS ON OPEN FORWARD
CURRENCY CONTRACTS - (0.11%) $ (546,595)
TOTAL SHORT-TERM SECURITIES - 2.02% $ 9,957,262
(Cost: $9,957,262)
TOTAL INVESTMENT SECURITIES - 97.53% $479,952,891
(Cost: $354,737,906)
CASH AND OTHER ASSETS, NET
OF LIABILITIES - 2.47% 12,129,254
NET ASSETS - 100.00% $492,082,145
See Notes to Schedule of Investments on page 13.
<PAGE>
THE INVESTMENTS OF
UNITED INTERNATIONAL GROWTH FUND, INC.
DECEMBER 31, 1993
Notes to Schedule of Investments
*No income dividends were paid during the preceding 12 months.
(A) Principal amounts are denominated in the indicated foreign currency where
applicable (F - French Franc, DM - German Mark)
See Note 1 to financial statements for security valuation and other significant
accounting policies concerning investments.
See Note 3 to financial statements for cost and unrealized appreciation and
depreciation of investments owned for Federal income tax purposes.
<PAGE>
UNITED INTERNATIONAL GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1993
Assets
Investment securities -- at value (Notes 1 and 3) . $479,952,891
Cash ............................................ 16,187
Receivables:
Investment securities sold ...................... 13,136,956
Fund shares sold ................................ 2,477,640
Dividends and interest .......................... 1,324,927
Prepaid insurance premium ......................... 21,521
------------
Total assets .................................. 496,930,122
------------
Liabilities
Payable for investment securities purchased ...... 3,447,097
Payable for Fund shares redeemed ............ ..... 1,133,704
Accrued transfer agency and dividend disbursing .. 85,980
Accrued service fee .............................. 83,244
Accrued accounting services fee ................... 5,000
Other ............................................ 92,952
------------
Total liabilities ............................. 4,847,977
------------
Total net assets ............................. $492,082,145
============
Net Assets
$1.00 par value capital stock, authorized --
300,000,000; shares outstanding -- 54,454,942
Capital stock ................................... $ 54,454,942
Additional paid-in capital ...................... 299,970,404
Accumulated undistributed income:
Accumulated undistributed net investment income . 244,420
Accumulated net realized gain on
investment transactions ....................... 12,197,394
Net unrealized appreciation in value
of investments at end of period ............... 125,214,985
------------
Net assets applicable to outstanding
units of capital ............................. $492,082,145
============
Net asset value per share (net assets divided by
shares outstanding) .............................. $9.04
=====
See notes to financial statements.
<PAGE>
UNITED INTERNATIONAL GROWTH FUND, INC.
STATEMENT OF OPERATIONS
For the Six Months Ended DECEMBER 31, 1993
Investment Income
Income:
Dividends (net of foreign withholding
taxes of $333,469) ............................ $ 2,608,911
Interest ........................................ 165,210
------------
Total income .................................. 2,774,121
------------
Expenses (Note 2):
Investment management fee ....................... 1,467,564
Transfer agency and dividend disbursing ......... 484,741
Custodian fees .................................. 304,428
Service fee ..................................... 109,161
Accounting services fee ......................... 29,167
Audit fees ...................................... 18,186
Legal fees ...................................... 3,855
Other ........................................... 69,849
------------
Total expenses ................................ 2,486,951
------------
Net investment income ........................ 287,170
------------
Realized and Unrealized Gain (Loss) on Investments
Realized net gain on securities .................. 26,840,417
Realized net gain on forward currency contracts ... 1,399,134
------------
Net realized gain on investments ................ 28,239,551
------------
Unrealized appreciation in value of securities
during the period................................ 91,475,262
Unrealized depreciation on open forward
currency contracts .............................. (2,038,443)
------------
Net unrealized appreciation on investments ...... 89,436,819
------------
Net gain on investments ....................... 117,676,370
------------
Net increase in net assets resulting from
operations ................................. $117,963,540
============
See notes to financial statements.
<PAGE>
UNITED INTERNATIONAL GROWTH FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
For the For the
six months fiscal year
ended ended
December 31, June 30,
1993 1993
------------ -----------
Increase in Net Assets
Operations:
Net investment income ...............$ 287,170 $ 3,379,206
Realized net gain on investments .... 28,239,551 6,585,093
Unrealized appreciation
(depreciation) .................... 89,436,819 (1,362,743)
------------ ------------
Net increase in net assets
resulting from operations ........ 117,963,540 8,601,556
------------ ------------
Dividends to shareholders from:*
Net investment income................ (1,117,163) (3,253,570)
Realized gains on securities
transactions ....................... (25,485,512) (2,180,166)
------------ ------------
(26,602,675) (5,433,736)
------------ ------------
Capital share transactions:
Proceeds from sale of shares
(6,765,736 and 6,682,190
shares, respectively) ............. 57,022,164 45,742,504
Proceeds from reinvestment
of dividends and/or capital
gains distribution (3,014,022 and
788,115 shares, respectively) ...... 26,040,990 5,264,217
Payments for shares redeemed
(2,275,383 and 5,930,817
shares, respectively) ............. (18,723,439) (40,327,132)
------------ ------------
Net increase in net assets
resulting from capital share
transactions...................... 64,339,715 10,679,589
------------ ------------
Total increase ................... 155,700,580 13,847,409
Net Assets
Beginning of period .................. 336,381,565 322,534,156
------------ ------------
End of period, including undistributed
net investment income of $244,420
and $1,074,413, respectively.........$492,082,145 $336,381,565
============ ============
*See "Financial Highlights" on page 17.
See notes to financial statements.
<PAGE>
UNITED INTERNATIONAL GROWTH FUND, INC.
FINANCIAL HIGHLIGHTS
For a Share of Capital Stock Outstanding
Throughout Each Period:
For the
six
months For the fiscal year ended June 30,
ended -----------------------------------
12/31/93 1993 1992 1991 1990 1989
-------- ----- ----- ----- ----- -----
Net asset value,
beginning of
period ........... $7.16 $7.10 $5.94 $6.77 $6.21 $6.60
----- ----- ----- ----- ----- -----
Income from investment
operations:
Net investment
income .......... 0.00 .07 .08 .12 .12 .15
Net realized and
unrealized gain
(loss) on
investments ..... 2.40 .11 1.20 (0.83) .83 (0.15)
----- ----- ----- ----- ----- -----
Total from investment
operations ...... 2.40 .18 1.28 (0.71) .95 0.00
----- ----- ----- ----- ----- -----
Less distributions:
Dividends from net
investment
income .......... (0.02) (0.07) (0.09) (0.12) (0.13) (0.13)
Distribution from
capital gains ... (0.50) (0.05) (0.03) 0.00 (0.26) (0.26)
----- ----- ----- ----- ----- -----
Total distributions (0.52) (0.12) (0.12) (0.12) (0.39) (0.39)
----- ----- ----- ----- ----- -----
Net asset value,
end of period .... $9.04 $7.16 $7.10 $5.94 $6.77 $6.21
===== ===== ===== ===== ===== =====
Total return* ...... 79.32%** 2.62% 21.59% (10.50%)15.44% 0.03%
Net assets, end of
period (000
omitted) .........$492,082$336,382$322,534$259,322$291,691$258,168
Ratio of expenses
to average net
assets ........... 1.21%** 1.18% 1.18% 1.20% 1.17% 1.13%
Ratio of net
investment income
to average net
assets ........... 0.14%** 1.07% 1.17% 1.89% 1.81% 2.29%
Portfolio turnover
rate ............. 95.95%**94.22%112.82% 118.05%196.43% 193.01%
*Total return calculated without taking into account the sales load deducted on
an initial purchase.
**Annualized.
See notes to financial statements.
<PAGE>
UNITED INTERNATIONAL GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1993
NOTE 1 -- Significant Accounting Policies
United International Growth Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. The policies are in conformity with generally accepted accounting
principles.
A. Security valuation -- Each stock and convertible bond is valued at the
latest sale price thereof on the last business day of the fiscal period as
reported by the principal securities exchange on which the issue is traded
or, if no sale is reported for a stock, the average of the latest bid and
asked prices. Bonds, other than convertible bonds, are valued using a
pricing system provided by a major dealer in bonds. Convertible bonds are
valued using this pricing system only on days when there is no sale
reported. Stocks which are traded over-the-counter are priced using NASDAQ
(National Association of Securities Dealers Automated Quotations) which
provides information on bid and asked or closing prices quoted by major
dealers in such stocks. Securities for which quotations are not readily
available are valued as determined in good faith in accordance with
procedures established by and under the general supervision of the Fund's
Board of Directors. Short-term debt securities are valued at amortized
cost, which approximates market.
B. Security transactions and related investment income -- Security
transactions are accounted for on the trade date (date the order to buy or
sell is executed). Securities gains and losses are calculated on the
identified cost basis. Original issue discount (as defined in the Internal
Revenue Code), premiums on the purchase of bonds and post-1984 market
discount are amortized for both financial and tax reporting purposes over
the remaining lives of the bonds. Dividend income is recorded on the ex-
dividend date except that certain dividends from foreign securities are
recorded as soon as the Fund is informed of the ex-dividend date. Interest
income is recorded on the accrual basis. See Note 3 -- Investment
Securities Transactions.
C. Foreign currency translations -- All assets and liabilities expressed in
foreign currencies are converted into U.S. dollars at the mean of the bid
and asked prices of such currencies against U.S. dollars at the end of the
respective period. The cost of portfolio securities is translated at the
rates of exchange prevailing when acquired. Income is translated at rates
of exchange prevailing when accrued or received. The resulting transaction
exchange gains or losses have been included in the results of operations
with the type of transaction giving rise to the gain or loss.
D. Forward foreign currency exchange contracts -- A forward foreign currency
exchange contract (Forward Contract) is an obligation to purchase or sell a
specific currency at a future date at a fixed price. Forward Contracts are
"marked-to-market" daily at the applicable translation rates and the
resulting unrealized gains or losses are reflected in the Fund's financial
statements. Gains or losses are realized by the Fund at the time the
forward contract is extinguished. Contracts may be extinguished by either
entry into a closing transaction or by delivery of the currency. Risks may
arise from the possibility that the other party will not complete the
obligations of the contract and from unanticipated movements in the value
of the foreign currency relative to the U.S. dollar.
E. Federal income taxes -- It is the Fund's policy to distribute all of its
taxable income and capital gains to its shareholders and otherwise qualify
as a regulated investment company under the Internal Revenue Code. In
addition, the Fund intends to pay distributions as required to avoid
imposition of excise tax. Accordingly, provision has not been made for
Federal income taxes. See Note 4 -- Federal Income Tax Matters.
F. Dividends and distributions -- Dividends and distributions to shareholders
are recorded by the Fund on the record date. During the six months ended
December 31, 1993, the Fund adopted Statement of Position 93-2
Determination, Disclosure, and Financial Statement Presentation of Income,
Capital Gain, and Return of Capital Distributions by Investment Companies.
Accordingly, permanent book and tax basis differences relating to future
shareholder distributions have been reclassified to additional paid-in
capital. As of July 1, 1993, the cumulative effect of such differences
totaling $189,111 was reclassified from accumulated undistributed net
realized gain on investment transactions to additional paid-in capital.
Net investment income, net realized gains and net assets were not affected
by this change.
NOTE 2 -- Investment Management and Payments to Affiliated Persons
The Fund pays a fee for investment management services. The fee is
computed daily based on the net asset value at the close of business. The fee
consists of two elements: (i) a "Specific" fee computed on net asset value as of
the close of business each day at the annual rate of .30% of net assets and (ii)
a "Group" fee computed each day on the combined net asset values of all of the
funds in the United Group of mutual funds (approximately $11.1 billion of
combined net assets at December 31, 1993) at annual rates of .51% of the first
$750 million of combined net assets, .49% on that amount between $750 million
and $1.5 billion, .47% between $1.5 billion and $2.25 billion, .45% between
$2.25 billion and $3 billion, .43% between $3 billion and $3.75 billion, .40%
between $3.75 billion and $7.5 billion, .38% between $7.5 billion and $12
billion, and .36% of that amount over $12 billion. The Fund accrues and pays
this fee daily.
Pursuant to assignment of the Investment Management Agreement between the
Fund and Waddell & Reed, Inc. ("W&R"), Waddell & Reed Investment Management
Company ("WRIMCO"), a wholly-owned subsidiary of W&R, serves as the Fund's
investment manager.
The Fund has an Accounting Services Agreement with Waddell & Reed Services
Company ("WARSCO"), a wholly-owned subsidiary of W&R. Under the agreement,
WARSCO acts as the agent in providing accounting services and assistance to the
Fund and pricing daily the value of shares of the Fund. For these services, the
Fund pays WARSCO a monthly fee of one-twelfth of the annual fee shown in the
following table.
Accounting Services Fee
Average
Net Asset Level Annual Fee
(all dollars in millions) Rate for Each Level
------------------------- -------------------
From $ 0 to $ 10 $ 0
From $ 10 to $ 25 $ 10,000
From $ 25 to $ 50 $ 20,000
From $ 50 to $ 100 $ 30,000
From $ 100 to $ 200 $ 40,000
From $ 200 to $ 350 $ 50,000
From $ 350 to $ 550 $ 60,000
From $ 550 to $ 750 $ 70,000
From $ 750 to $1,000 $ 85,000
$1,000 and Over $100,000
At present, the Fund operates under state expense requirements which limit
the amount of aggregate annual expenses, adjusted for certain excess custodian
fees, that the Fund may incur during its fiscal year. The Manager will
reimburse the Fund for any expenses in excess of the limitation. No such
reimbursement was required for the period ended December 31, 1993.
The Fund also pays WARSCO a monthly per account charge for transfer agency
and dividend disbursement services of $1.0208 for each shareholder account which
was in existence at any time during the prior month, plus $0.30 for each account
on which a dividend or distribution of cash or shares had a record date in that
month. The Fund also reimburses W&R and WARSCO for certain out-of-pocket costs.
As principal underwriter for the Fund's shares, W&R received direct and
indirect gross sales commissions (which are not an expense of the Fund) of
$1,746,119, out of which W&R paid sales commissions of $953,959 and all expenses
in connection with the sale of Fund shares, except for registration fees and
related expenses.
On September 28, 1993, shareholders of the Fund approved the adoption of a
12b-1 Service Plan with a maximum fee of .25%. The Plan went into effect
October 1, 1993.
The Fund paid Directors' fees of $6,941.
W&R is an indirect subsidiary of Torchmark Corporation, a holding company,
and United Investors Management Company, a holding company, and a direct
subsidiary of Waddell & Reed Financial Services, Inc., a holding company.
NOTE 3 -- Investment Securities Transactions
Purchases of investment securities, other than U.S. Government and short-
term securities, aggregated $213,683,597 while proceeds from maturities and
sales aggregated $190,143,149. Purchases of short-term securities aggregated
$122,128,070 while proceeds from maturities and sales of short-term securities
aggregated $119,779,890. No U.S. Government securities were bought or sold
during the period.
For Federal income tax purposes, cost of investments owned at December 31,
1993 was $354,737,906, resulting in net unrealized appreciation of $125,214,985,
of which $135,506,655 related to appreciated securities and $10,291,670 related
to depreciated securities.
NOTE 4 -- Federal Income Tax Matters
For Federal income tax purposes, the Fund realized capital gain net income
of $10,929,277 during its fiscal year ended June 30, 1993, of which a portion
was paid to shareholders during the period ended June 30, 1993. Remaining
capital gain net income will be distributed to the Fund's shareholders.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
United International Growth Fund, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of United International Growth Fund,
Inc. (the "Fund") at December 31, 1993, the results of its operations and the
changes in its net assets and the financial highlights for the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 1993 by correspondence with the custodian and brokers and the
application of alternative auditing procedures where confirmations from brokers
were not received, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE
Kansas City, Missouri
January 31, 1994
<PAGE>
To all IRA Planholders:
As required by law, income tax will automatically be withheld from any
distribution or withdrawal from an IRA unless you make a written election not to
have taxes withheld. The election may be made by submitting forms provided by
Waddell & Reed, Inc. which can be obtained from your Waddell & Reed
representative or by submitting Internal Revenue Service form W-4P. Once made,
an election can be revoked by providing written notice to Waddell & Reed, Inc.
If you elect not to have tax withheld you may be required to make payments of
estimated tax. Penalties may be imposed by the IRS if withholding and estimated
tax payments are not adequate.
DIRECTORS
Ronald K. Richey, Birmingham, Alabama, Chairman of the Board
Henry L. Bellmon, Red Rock, Oklahoma
Dodds I. Buchanan, Boulder, Colorado
Jay B. Dillingham, Kansas City, Missouri
John F. Hayes, Hutchinson, Kansas
Glendon E. Johnson, Miami, Florida
William T. Morgan, Los Angeles, California
Doyle Patterson, Kansas City, Missouri
Keith A. Tucker, Overland Park, Kansas
Frederick Vogel, III, Milwaukee, Wisconsin
Paul S. Wise, Carefree, Arizona
Leslie S. Wright, Birmingham, Alabama
OFFICERS
Keith A. Tucker, President
Robert L. Hechler, Vice President
Henry J. Herrmann, Vice President
Theodore W. Howard, Vice President and Treasurer
Rodney O. McWhinney, Vice President
Sharon K. Pappas, Vice President and Secretary
Carl E. Sturgeon, Vice President
Mark Yockey, Vice President
<PAGE>
THE UNITED GROUP OF MUTUAL FUNDS
United Cash Management, Inc.
United Government Securities Fund, Inc.
United Bond Fund
United Municipal Bond Fund, Inc.
United Continental Income Fund, Inc.
United Income Fund
United Municipal High Income Fund, Inc.
United High Income Fund, Inc.
United High Income Fund II, Inc.
United Accumulative Fund
United Vanguard Fund, Inc.
United New Concepts Fund, Inc.
United Science and Technology Fund
United International Growth Fund, Inc.
United Gold & Government Fund, Inc.
United Retirement Shares, Inc.
- ------------------------------------
FOR MORE INFORMATION:
Contact your representative, or your
local office as listed on your
Account Statement, or contact:
WADDELL & REED
CUSTOMER SERVICE
6300 Lamar Avenue
P.O. Box 29217
Shawnee Mission, KS 66201-9217
(913) 236-1303
NUR1002SA(12-93)
printed on recycled paper
