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<PAGE> PAGE 2
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SIGNATURE THEODORE W. HOWARD
TITLE V.P. & TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE SEMIANNUAL REPORT
TO SHAREHOLDERS DATED SEPTEMBER 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000101124
<NAME> UNITED CONTINENTAL INCOME FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 519,347
<INVESTMENTS-AT-VALUE> 567,486
<RECEIVABLES> 4,115
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 2
<TOTAL-ASSETS> 571,625
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (1,443)
<TOTAL-LIABILITIES> (1,443)
<SENIOR-EQUITY> 71,220
<PAID-IN-CAPITAL-COMMON> 390,590
<SHARES-COMMON-STOCK> 71,220
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-GAINS> 0
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<INTEREST-INCOME> 7,131
<OTHER-INCOME> 0
<EXPENSES-NET> (3,280)
<NET-INVESTMENT-INCOME> 6,312
<REALIZED-GAINS-CURRENT> 41,560
<APPREC-INCREASE-CURRENT> (39,229)
<NET-CHANGE-FROM-OPS> 8,643
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,723)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,448
<NUMBER-OF-SHARES-REDEEMED> (4,955)
<SHARES-REINVESTED> (675)
<NET-CHANGE-IN-ASSETS> (12,219)
<ACCUMULATED-NII-PRIOR> 653
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,838
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,280
<AVERAGE-NET-ASSETS> 590,654
<PER-SHARE-NAV-BEGIN> 7.97
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .03
<PER-SHARE-DIVIDEND> (.08)
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</TABLE>
EX-99.B-77C
UNITED CONTINENTAL INCOME FUND, INC.
SUB-ITEM 77C: Submission of matters to a vote of security
holders:
(a) A Special Meeting of Shareholders was held June 22, 1999.
(b) Auditors were approved.
(c) Matters voted upon at the Special Meeting:
Item 1. To elect the Board of Directors:
Broker
For Withhold Non-Votes*
J. Concannon 38,257,556 1,234,712 0
J. Dillingham 38,269,041 1,223,227 0
D. Gardner 38,186,387 1,305,881 0
L. Graves 38,240,090 1,252,178 0
J. Harroz Jr. 38,170,439 1,321,829 0
J. Hayes 38,141,112 1,351,156 0
R. Hechler 38,204,647 1,287,621 0
H. Herrmann 38,217,133 1,275,135 0
G. Johnson 38,084,484 1,407,784 0
W. Morgan 38,194,512 1,297,756 0
R. Reimer 38,150,063 1,342,205 0
F. Ross 38,263,402 1,228,866 0
E. Schwartz 38,196,439 1,295,829 0
K. Tucker 38,247,930 1,244,338 0
F. Vogel 38,256,560 1,235,708 0
Item 2. To ratify the selection of Deloitte & Touche LLP as the Fund's
independent accountants for its current fiscal year:
Broker
For Against Abstain Non-Votes*
37,793,521 155,169 1,543,578 0
Item 3. To approve or disapprove the amendment to the Fund's investment
management agreement with Waddell & Reed Investment Management Company:
Broker
For Against Abstain Non-Votes*
35,617,261 2,062,861 1,768,483 43,663
Item 4. To approve or disapprove amendment of the Fund's policy regarding
securities lending:
Broker
For Against Abstain Non-Votes*
35,665,491 1,241,739 2,541,375 43,663
Item 5. To approve or disapprove the Fund's Articles of Incorporation to
change the par value of Fund shares to $0.001:
Broker
For Against Abstain Non-Votes*
35,354,917 1,146,708 2,990,643 0
*Broker non-votes are proxies received by the Fund from brokers or nominees when
the broker or nominee neither has received instructions from the beneficial
owner or other persons entitled to vote nor has discretionary power to vote on
a particular matter.
EX-99.B-77I
UNITED CONTINENTAL INCOME FUND, INC.
SUB-ITEM 77I
(a) and (b): Terms of New or Amended Securities
The Fund has four classes of shares. Prior to October 4,
1999, the Fund offered only two classes of shares to the
public. Shares outstanding on that date were designated as
Class A shares and Class Y shares. As of October 4, 1999,
the Fund also offers Class B shares and Class C shares.
Class B shares have a deferred sales charge on shares sold
within six calendar years and are subject to a 0.25% service
charge and a 0.75% distribution charge. Class C shares have
a 1% deferred sales charge on shares sold within twelve
months and are subject to a 0.25% service charge and a 0.75%
distribution charge.
Each share (regardless of class) has one vote. All shares
of the Fund vote together as a single class, except as to
any matter for which a separate vote of any class is
required by the Investment Company Act of 1940, and except
as to any matter which affects the interests of one
particular classes, in which case only the shareholders of
the affected class are entitled to vote, as a separate
class. Shares are fully paid and nonassessable when
purchased. The addition of the Class B and Class C shares
had no effect on the rights of the existing shareholders.
EX-99.B-77Q1(a)(d)
UNITED CONTINENTAL INCOME FUND, INC.
SUB-ITEM 77Q1 Exhibits
(a) and (d)
Articles Supplementary filed by EDGAR on July 2, 1999, as
Exhibit EX-99.B(a)ciartsup to Post-Effective Amendment No.
60 to the Registration Statement on Form N-1A (incorporated
by reference herein).
EX-99.B-77Q1(e)
UNITED CONTINENTAL INCOME FUND, INC.
SUB-ITEM 77Q1(e) Changes to the registrant's investment
advisory contract:
EXHIBIT A TO INVESTMENT MANAGEMENT AGREEMENT
FEE SCHEDULE
A cash fee computed each day on net asset value for the Fund at the annual rates
listed below:
Net Assets Fee
Up to $1 billion 0.70% of net assets
Over $1 billion and up to $2 billion 0.65% of net assets
Over $2 billion and up to $3 billion 0.60% of net assets
Over $3 billion 0.55% of net assets
