February 21, 1995
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N. W.
Judiciary Plaza
Washington, D. C. 20549
RE: Rule 24f-2 Notice for United Income Investment Programs
File Nos. 2-49542 and 811-2432/CIK#101269
Dear Sir or Madam:
1. This Notice is being filed for the fiscal year ended December 31, 1994;
2. At the beginning of such fiscal year the issuer had no securities
registered under the Securities Act of 1933, other than pursuant to this
section;
3. No additional face amount of variable investment programs was registered
under the Securities Act of 1933 during such fiscal year other than
pursuant to this section;
4. $11,182,920.95 face amount of variable investment programs was sold during
such fiscal year*; and
5. $11,182,920.95 face amount of variable investment programs was sold during
such fiscal year in reliance upon registration pursuant to this section.
This Notice is accompanied by an opinion of counsel as prescribed by paragraph
(b)(1)(v) of Rule 24f-2. An additional filing fee as prescribed by paragraph
(c) of said rule is not enclosed since during such fiscal year net redemptions
exceeded sales.
Very truly yours,
Sharon K. Pappas
Senior Vice President
*During such fiscal year the issuer sold $11,182,920.95 face amount of variable
investment programs in reliance upon registration pursuant to Rule 24f-2 and
redeemed $25,522,369.75 face amount of such programs. None of such redeemed
dollar amount of programs was previously applied by the issuer pursuant to
Section 24(e)-2(a) in filings made pursuant to Section 24(e)(1) of the
Investment Company Act of 1940. Since the face amount of variable investment
programs redeemed during the issuer's fiscal year ended December 31, 1994,
exceeded the face amount of variable investment programs sold during such fiscal
year, a filing fee as prescribed in Section 6(b) of the Securities Act of 1933
is not required.
February 21, 1995
Waddell & Reed, Inc., Sponsor
6300 Lamar Avenue
P. O. Box 29217
Shawnee Mission, Kansas 66201-9217
Dear Sir or Madam:
In connection with the public offering of Variable Investment Programs (the
"Programs") of United Income Investment Programs (the "Trust"), a registered
unit investment trust for which Waddell & Reed, Inc. is sponsor, I have examined
such corporate records and documents and have made such further investigation
and examination as I deemed necessary for the purpose of this opinion.
It is my opinion that the $11,182,920.95 face amount of programs, the
registration of which the Notice makes definite, were legally issued.
I hereby consent to the filing of this opinion with the Rule 24f-2 Notice.
Very truly yours,
Sharon K. Pappas
Attorney at Law
SKP:ss
