SUPPLEMENT TO THE PROSPECTUS
United Asset Strategy Fund, Inc.
United Continental Income Fund, Inc.
United Funds, Inc.
United Government Securities Fund, Inc.
United High Income Fund, Inc
United High Income Fund II, Inc.
United International Growth Fund, Inc.
United Municipal Bond Fund, Inc.
United Municipal High Income Fund, Inc.
United New Concepts Fund, Inc.
United Retirement Shares, Inc.
United Small Cap Fund, Inc.
United Tax-Managed Equity Fund, Inc.
United Vanguard Fund, Inc.
The following supplements the information regarding Class A shares in the
section entitled "Choosing A Share Class:"
Class A shares may also be purchased at net asset value by persons who are
clients of Legend Equities Corporation if the purchase of Class A shares is made
with the proceeds of the redemption of shares of a mutual fund and which is not
within the United Group of Mutual Funds. A 1% fee will be paid to Legend
Equities Corporation.
To be attached to the cover page of the Prospectus of:
United Asset Strategy Fund, Inc. - dated December 31, 1999
United Continental Income Fund, Inc. - dated September 20, 1999
United Funds, Inc. - dated September 20, 1999
United Government Securities Fund, Inc. - dated September 20, 1999
United High Income Fund, Inc. - dated September 20, 1999
United High Income Fund II, Inc. - dated December 31, 1999
United International Growth Fund, Inc. - dated September 20, 1999
United Municipal Bond Fund, Inc. - dated December 31, 1999
United Municipal High Income Fund, Inc. - dated December 31, 1999
United New Concepts Fund, Inc. - dated September 20, 1999
United Retirement Shares, Inc. - dated September 20, 1999
United Small Cap Fund, Inc. - dated October 4, 1999
United Tax-Managed Equity Fund, Inc. - dated March 31, 2000
United Vanguard Fund, Inc. - dated December 31, 1999
This Supplement is dated April 24, 2000
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
United Asset Strategy Fund, Inc.
United Continental Income Fund, Inc.
United Funds, Inc.
United Government Securities Fund, Inc.
United High Income Fund, Inc
United High Income Fund II, Inc.
United International Growth Fund, Inc.
United Municipal Bond Fund, Inc.
United Municipal High Income Fund, Inc.
United New Concepts Fund, Inc.
United Retirement Shares, Inc.
United Small Cap Fund, Inc.
United Tax-Managed Equity Fund, Inc.
United Vanguard Fund, Inc.
The following supplements the information under "Net Asset Value Purchases of
Class A Shares:"
Class A shares may also be purchased at net asset value by persons who are
clients of Legend Equities Corporation if the purchase of Class A shares is made
with the proceeds of the redemption of shares of a mutual fund which is not
within the United Group of Mutual Funds. A 1% fee will be paid to Legend
Equities Corporation.
To be attached to the cover page of the Statement of Additional Information of:
United Asset Strategy Fund, Inc. - dated December 31, 1999
United Continental Income Fund, Inc. - dated September 20, 1999
United Funds, Inc. - dated September 20, 1999
United Government Securities Fund, Inc. - dated September 20, 1999
United High Income Fund, Inc. - dated September 20, 1999
United High Income Fund II, Inc. - dated December 31, 1999
United International Growth Fund, Inc. - dated September 20, 1999
United Municipal Bond Fund, Inc. - dated December 31, 1999
United Municipal High Income Fund, Inc. - dated December 31, 1999
United New Concepts Fund, Inc. - dated September 20, 1999
United Retirement Shares, Inc. - dated September 20, 1999
United Small Cap Fund, Inc. - dated October 4, 1999
United Tax-Managed Equity Fund, Inc. - dated March 31, 2000
United Vanguard Fund, Inc. - dated December 31, 1999
This Supplement is dated April 24, 2000.
