November 15, 1995
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, Northwest
Judiciary Plaza
Washington, D. C. 20549
RE: Rule 24f-2 Notice for United Vanguard Investment Programs
File No. 2-38119 and 811-2097/CIK #101869
Dear Sir or Madam:
1. This Notice is being filed for the fiscal year ended September 30, 1995;
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, other than pursuant to this section;
4. $370,312.73 face amount of variable investment programs was sold during such
fiscal year, and*
5. $370,312.73 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 required 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 $370,312.73 face amount of variable
investment programs in reliance upon registration pursuant to Rule 24f-2 and
redeemed $22,173,982.32. None of such redeemed dollar amount of programs was
previously applied by the issuer pursuant to Section 24e-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
previous fiscal year exceeded the face amount of variable investment programs
which were sold by the issuer during such fiscal year, a filing fee, as
prescribed in Section 6(b) of the Securities Act of 1933 is not required.
November 15, 1995
United Vanguard Investment Programs
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 Vanguard 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 $370,312.73 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:sa
