<PAGE>
SUPPLEMENT TO THE PROSPECTUS
Effective October 7, 1995, existing shares of United Retirement Shares, Inc.
will be reclassified as Class A shares and the Fund will begin to offer Class Y
shares. Class Y shares will be offered through a Prospectus separate from the
Class A Prospectus to certain institutional investors and will not be subject
to a sales charge, redemption fee or Rule 12b-1 fee. Additional information
about Class Y shares may be obtained by calling 913-236-2000 or by writing to
Waddell & Reed, Inc. at the address on the inside back cover of the Prospectus
to which this Supplement is attached.
This Supplement is to be attached to the cover page of the Prospectus of United
Retirement Shares, Inc. dated September 30, 1994.
This Supplement is dated August 15, 1995.
NUS1007-1
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Effective October 7, 1995, existing shares of United Retirement Shares, Inc.
will be reclassified as Class A shares and the Fund will begin to offer Class Y
shares. Class Y shares will be offered through a Prospectus separate from the
Class A Prospectus to certain institutional investors and will not be subject
to a sales charge, redemption fee or Rule 12b-1 fee. Class Y shares will have
a different Shareholder Servicing fee. Additional information about Class Y
shares may be obtained by calling 913-236-2000 or by writing to Waddell & Reed,
Inc. at the address on the cover of the Statement of Additional Information to
which this Supplement is attached.
This Supplement is to be attached to the cover page of the Statement of
Additional Information of United Retirement Shares, Inc. dated September 30,
1994.
This Supplement is dated August 15, 1995.
