<PAGE>
SUPPLEMENT TO THE PROSPECTUS
Effective August 15, 1995, existing shares of United Vanguard Fund, 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
Vanguard Fund, Inc. dated December 31, 1994.
This Supplement is dated July 2, 1995.
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Effective August 15, 1995, existing shares of United Vanguard Fund, 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 Vanguard Fund, Inc. dated December 31, 1994.
This Supplement is dated July 2, 1995.
