<PAGE>
SUPPLEMENT TO THE PROSPECTUS
Effective June 17, 1995, existing shares of each Fund of United Funds, Inc. will
be reclassified as Class A shares. In addition, on that date each Fund will
begin to offer Class Y shares. Class Y shares are designed for institutional
investors. Class Y shares will not be subject to a sales charge on purchases
and will not be subject to redemption fees. Class Y shares will not be subject
to a Rule 12b-1 fee. Class Y shares will be offered through a Prospectus
separate from the Class A Prospectus. 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 to be attached to the cover page of the Prospectus of United
Funds, Inc. dated December 1, 1994.
This Supplement is dated April 27, 1995.
NUS1000
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Effective June 17, 1995, existing shares of each Fund of United Funds, Inc. will
be reclassified as Class A shares. In addition, on that date each Fund will
begin to offer Class Y shares. Class Y shares are designed for institutional
investors. Class Y shares will not be subject to a sales charge on purchases
and will not be subject to redemption fees. Class Y shares will not be subject
to a Rule 12b-1 fee and will have a different Shareholder Servicing fee. Class
Y shares will be offered through a Prospectus separate from the Class A
Prospectus. 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 Funds, Inc. dated December 1, 1994.
This Supplement is dated April 28, 1995.
