UNITED FUNDS INC
N-30D, 1995-03-01
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<PAGE>


















































                    UNITED
                    FUNDS, INC.
                       United Bond Fund
                       United Income Fund
                       United Accumulative Fund
                       United Science and Technology Fund

                    ANNUAL
                    REPORT
                    -------------------------------------------
                    For the fiscal year ended December 31, 1994




<PAGE>
This report is submitted for the general information of the shareholders of
United Funds, Inc.  It is not authorized for distribution to prospective
investors unless accompanied with or preceded by the United Funds, Inc. current
prospectus.

<PAGE>
Dear Shareholder:

     As President of your Fund, I would like to take this opportunity to share
my thoughts on a subject that I believe is very important to all of us; the need
for tax incentives that will help Americans take personal responsibility for
their futures.

     Voters all across America sent two clear messages in the elections held in
November 1994.  They want their taxes reduced and they want their concern for
financial security addressed without adding new bureaucracies or government
programs.  One of the methods to do this is to expand the availability of tax
incentives for individuals to invest in Individual Retirement Accounts.  This
could be done in several ways such as:

          restoring the universal availability of fully tax-deductible
Individual Retirement Accounts,

          allowing non-working spouses to make a full contribution of $2,000 to
an Individual Retirement Account instead of only $250 as currently allowed,

          eliminating the taxation on the distribution of earnings from
Individual Retirement Accounts.

     All of us recognize that future generations will need to supplement social
security benefits by private savings in order to provide an adequate level of
retirement income.  Expanding the benefits of IRA's provides tax incentives to
encourage savings which allows all individuals the opportunity to provide
financial security for themselves and their families.  Encouraging savings
through tax incentives has additional indirect benefits.  Americans' personal
savings rate has fallen from 8% in the 1960's to just 2% of disposable income
today.  Expanding the benefits of IRA's will help reverse this trend, will
increase the amount of U.S. capital available for investment and should make the
U.S. less dependent on capital from foreign sources.

     Changes to our current IRA, such as the ones I mentioned above, are being
discussed in Congress.  I urge you to write to your Members of Congress and to
the President to tell them that you support expanded IRA legislation that
provides incentives and opportunities for all Americans to improve their
financial well being.

     Finally, I appreciate your continued confidence in our products and
services.

Respectfully,


Keith A. Tucker
<PAGE>
UNITED BOND FUND
MANAGER'S LETTER
DECEMBER 31, 1994
- ---------------------------------------------------------------------------


Dear Shareholder:

     This report relates to the operation of the United Bond Fund for the fiscal
year ended December 31, 1994.  The following discussion, graphs and tables
provide you with information regarding the Fund's performance during that
period.

     During the past fiscal year, the Federal Reserve Bank raised interest rates
six times.  This action pushed interest rates on short-term bonds from a low of
under 3% in January 1994 to a high of over 6.5% in December 1994.  Interest
rates on long-term bonds rose similarly, from a January low of around 6% to a
peak of over 8% in November of 1994.

     In response to rising interest rates, we reduced the average maturity of
the Fund's holdings as a means of lessening declines in the Fund's per-share
value.  In addition, the Fund increased its exposure to non-investment grade
securities slightly, which increased the average stated yield of the Fund's
holdings.  This strategy of emphasizing securities with shorter maturities and
higher stated yields helped the Fund preserve capital in an environment of
declining bond values.

     The strategies and techniques we applied resulted in the direction of the
Fund's performance remaining fairly consistent with that of the indexes charted
on the following page.  Those indexes reflect the performance of securities that
generally represent the bond market (the Lehman Brothers Government/Corporate
Bond Index or LBGCBI) and the universe of funds with similar objectives (the
Lipper Corporate Debt Funds A-Rated Universe Average).  The Fund's performance
was down slightly more than the LBGCBI because the longer average maturity of
the Fund during the earlier portion of the year adversely affected the Fund's
results relative to that index.

     In 1995 we anticipate the possibility of an additional increase in short-
term interest rates by the Federal Reserve Bank and a concurrent slowing of
economic growth.  These factors should reduce inflation fears and, in
combination, will be encouraging to the bond markets.  Therefore, we intend to
shed some of the Fund's non-investment-grade holdings and to extend the Fund's
average maturity as circumstances warrant in the year ahead.

     Thank you very much for your continued support and confidence.

Respectfully,
James C. Cusser
Manager, United Bond Fund
<PAGE>
             COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
                               UNITED BOND FUND,
              THE LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX,
         AND THE LIPPER COPRPORATE DEBT FUNDS A-RATED UNIVERSE AVERAGE

Average Annual Total Return*
1 year    5 years   10 years
- -11.18%   6.00%     9.31%

                                            Lehman         Lipper
                                          Brothers      Corporate
                                       Government/     Debt Funds
                             United      Corporate        A Rated
                               Bond           Bond       Universe
                               Fund          Index        Average
                             ------    -----------     ----------
     12/31/84  Purchase       9,425         10,000         10,000
     12/31/85                11,821         12,133         12,012
     12/31/86                13,622         14,024         13,497
     12/31/87                14,235         14,347         13,691
     12/31/88                15,515         15,436         14,688
     12/31/89                17,160         17,632         16,515
     12/31/90                17,889         19,095         17,626
     12/31/91                21,247         22,174         20,536
     12/31/92                22,842         23,853         22,021
     12/31/93                25,855         26,491         24,489
     12/31/94                24,367         25,561         23,355

- ----- Lehman Bros Gov't/Corp Bond Index -- $25,561
+++++ United Bond Fund** -- $24,367
===== Lipper Corporate Debt Fund A-Rated Universe Average -- $23,355

  Past performance is not predictive of future performance.  Indexes are
  unmanaged.
 *Performance data quoted represents past performance and is based on deduction
  of a 5.75% sales load on the initial purchase in each of the three periods.
  Investment return and principal value will fluctuate and an investor's shares,
  when redeemed, may be worth more or less than their original cost.
**The value of the investment in the Fund is impacted by the sales load at the
  time of the investment and by the ongoing expenses of the Fund.

<PAGE>
SHAREHOLDER SUMMARY
- ----------------------------------------------------------------------
UNITED BOND FUND

PORTFOLIO STRATEGY:
Corporate and government   OBJECTIVE:   Reasonable return with emphasis on
  bonds                                 the preservation of principal.
Maximum 10% Non-Debt
  Securities                STRATEGY:   Invests in bonds issued by companies in
                                        a variety of industries and in
                                        government securities.

                             FOUNDED:   1964

        SCHEDULED DIVIDEND FREQUENCY:   MONTHLY




<PAGE>
PERFORMANCE SUMMARY

        PER SHARE DATA
For the Fiscal Year Ended December 31, 1994
- -------------------------------------------

DIVIDENDS PAID                  $ 0.39
                                ======

CAPITAL GAINS
  DISTRIBUTION                  $ 0.02
                                ======

NET ASSET VALUE ON
12/31/94    $5.62 adjusted to:  $ 5.64(A)
12/31/93                          6.39
                                ------
CHANGE PER SHARE                $(0.75)
                                ======

(A)This number includes the capital gains distribution of $0.02 paid in December
   1994 added to the actual net asset value on December 31, 1994.


Past performance is not necessarily an indication of future results.



TOTAL RETURN HISTORY

                                       Average Annual Total Return
                                       ---------------------------
                                           With         Without
Period                                 Sales Load*    Sales Load**
- ------                                 -----------    ------------
 1-year period ended 12-31-94             -11.18%         -5.76%
 5-year period ended 12-31-94               6.00%          7.26%
10-year period ended 12-31-94               9.31%          9.96%

 *Performance data quoted represents past performance and is based on deduction
  of 5.75% sales load on the initial purchase in each of the three periods.

**Performance data quoted in this column represents past performance without
  taking into account the sales load deducted on an initial purchase.

Investment return and principal value will fluctuate and an investor's shares,
when redeemed, may be worth more or less than their original cost.


<PAGE>
PORTFOLIO HIGHLIGHTS

On December 31, 1994, United Bond Fund had net assets totaling $517,836,320
invested in a diversified portfolio of:

   97.08% Bonds
    2.92% Cash and Cash Equivalents




As a shareholder of United Bond Fund, for every $100 you had invested on
December 31, 1994, your Fund owned:

Bonds:
 Corporate                 $66.49
 U.S. Government            25.97
 Other Government            4.30
 Municipal Bond              0.32
Cash and Cash Equivalents    2.92


Not all holdings will be represented in the portfolio at all times.
<PAGE>
THE INVESTMENTS OF UNITED BOND FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

CORPORATE DEBT SECURITIES
Aerospace - 1.98%
 McDonnell Douglas Corporation,
   9.25%, 4-1-2002 .......................   $10,000 $ 10,269,600

Airlines - 1.81%
 Federal Express Corporation,
   7.89%, 9-23-2008 ......................    10,000    9,357,700

Automotive - 3.67%
 General Motors Corporation,
   8.8%, 3-1-2021 ........................    11,600   11,876,428
 Toyota Motor Credit Corporation, Medium
   Term, Three Year Basket Inverse
   Floating Rate,
   3.02%, 8-5-96 (A) .....................     8,000    7,120,000
   Total .................................             18,996,428

Banks and Savings and Loans - 11.85%
 Banco Nacional de Commercio Exterior,
   7.5%, 7-1-2000 ........................     3,000    2,422,500
 BankAmerica Corporation,
   8.125%, 8-15-2004 .....................     5,000    4,753,550
 Bayerische Landesbank Girozentale, NY Branch,
   CD, Currency Protected Duetschemark Swap
   Rate Inverse Floating Rate,
   3.06%, 3-28-97 (B) ....................     5,000    4,450,000
 Central Fidelity Banks, Inc.,
   8.15%, 11-15-2002 .....................     5,000    4,831,400
 Chevy Chase Savings Bank, F.S.B.,
   9.25%, 12-1-2005 ......................     1,500    1,260,000
 Citicorp,
   7.75%, 6-15-2006 ......................     5,000    4,647,150
 First Union Corporation,
   8.0%, 11-15-2002 ......................     7,600    7,284,296
 Great Western Financial Corporation,
   8.6%, 2-1-2002 ........................     7,000    6,950,440
 Kansallis-Osake-Pankki:
   9.75%, 12-15-98 .......................     1,000    1,035,570
   10.0%, 5-1-2002 .......................     5,000    5,366,100
 RBSG Capital Corp.,
   10.125%, 3-1-2004 .....................     5,000    5,447,100
 Riggs National Corporation,
   8.5%, 2-1-2006  .......................     4,000    3,700,000
 Skandia Enskilda Banken, NY Branch Certificate
   of Deposit Dollarized Australian Dollar
   Reset,
   6.125%, 4-5-99 (C) ....................     5,000    4,200,000
 Wells Fargo & Company,
   8.75%, 5-1-2002 .......................     5,000    5,029,750
   Total .................................             61,377,856
               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED BOND FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

CORPORATE DEBT SECURITIES (Continued)
Building - 5.37%
 Canadian Pacific Forest Products Ltd.,
   9.25%, 6-15-2002  .....................   $ 3,000 $  2,798,520
 Cemex, S.A.,
   8.875%, 6-10-98 .......................     2,000    1,740,000
 Doman Industries Limited,
   8.75%, 3-15-2004 ......................     2,000    1,765,000
 Georgia-Pacific Corporation,
   9.5%, 5-15-2022 .......................     3,000    3,008,550
 Noranda Forest Inc.,
   7.5%, 7-15-2003 .......................     3,000    2,765,460
 Noranda Inc.,
   8.625%, 7-15-2002 .....................     7,000    6,944,910
 Owens-Corning Fiberglas Corporation,
   8.875%, 6-1-2002 ......................     5,000    4,996,650
 Del Webb Corporation,
   10.875%, 3-31-2000 ....................     4,000    3,800,000
   Total .................................             27,819,090

Canadian Oil - 1.90%
 NOVA Corporation of Alberta,
   8.5%, 12-15-2012 ......................    10,000    9,829,400

Chemicals Major - 1.87%
 Dow Capital Corporation,
   9.0%, 5-15-2010 .......................     9,550    9,692,486

Domestic Oil - 3.82%
 Apache Corporation,
   9.25%, 6-1-2002 .......................     5,000    5,096,700
 LASMO (USA) INC.,
   7.125%, 6-1-2003 ......................     5,000    4,448,600
 Seagull Energy Corporation,
   7.875%, 8-1-2003 ......................     4,000    3,460,000
 Union Texas Petroleum Holdings, Inc.,
   8.25%, 11-15-99 .......................     7,000    6,801,760
   Total .................................             19,807,060

Electrical Equipment - 3.15%
 General Electric Capital Corporation:
   8.3%, 9-20-2009 .......................    15,000   15,285,150
   8.65%, 5-1-2018 .......................     1,000    1,008,680
   Total .................................             16,293,830


               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED BOND FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value
CORPORATE DEBT SECURITIES (Continued)
Financial - 10.80%
 Banc One Credit Card Master Trust,
   7.55%, 12-15-99 .......................   $ 5,000 $  4,929,650
 Chrysler Financial Corporation,
   12.75%, 11-1-99 .......................     9,000   10,452,240
 Countrywide Mortgage Backed Securities,
   Inc., Series 1994-G A5,
   6.5%, 4-25-2024 .......................    10,000    9,198,600
 DLJ Mortgage Acceptance Corp.
   1994-3 A13,
   6.5%, 4-25-2024 .......................     4,898    4,246,079
 Equicon Loan Trust,
   7.30%, 2-18-2013 ......................     4,571    3,948,458
 General Motors Acceptance Corporation,
   8.875%, 6-1-2010 ......................    10,000   10,383,100
 Greyhound Financial Corporation,
   8.79%, 11-15-2001 .....................     3,000    3,006,450
 Residential Funding Mortgage
   Securities I, Inc.,
   8.0%, 8-25-2020 .......................    10,000    9,762,500
   Total .................................             55,927,077

Hospital Management - 0.58%
 HealthTrust Inc.:
   10.75%, 5-1-2002 ......................     1,500    1,593,750
   8.75%, 3-15-2005 ......................     1,500    1,432,500
   Total .................................              3,026,250

Household Products - 1.92%
 Procter & Gamble Company (The),
   8.0%, 9-1-2024 ........................    10,000    9,918,800

Insurance - 0.35%
 Reliance Group Holdings, Inc.,
   9.0%, 11-15-2000 ......................     2,000    1,820,000

International Oil - 0.28%
 YPF Sociedad Anoima,
   8.0%, 2-15-2004........................     2,000    1,440,000

Leisure Time - 3.89%
 Marriott International, Inc.,
   6.75%, 12-15-2003 .....................     5,000    4,409,800
 Tele-Communications, Inc.:
   6.58%, 2-15-2005  .....................     3,000    2,772,270
   9.8%, 2-1-2012  .......................     5,000    5,001,050

               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED BOND FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

CORPORATE DEBT SECURITIES (Continued)
Leisure Time (Continued)
 Time Warner Incorporated,
   7.95%, 2-1-2000 .......................   $ 5,000 $  4,687,300
 Turner Broadcasting System, Inc.,
   8.375%, 7-1-2013 ......................     4,000    3,252,320
   Total .................................             20,122,740

Machinery - 0.41%
 Caterpillar, Inc.,
   9.375%, 8-15-2011 .....................     2,000    2,139,360

Multi-Industry - 0.52%
 Mark IV Industries, Inc.,
   8.75%, 4-1-2003 .......................     3,000    2,715,000

Public Utilities - Pipelines - 3.95%
 Arkla, Inc.,
   8.875%, 7-15-99 .......................    10,000    9,750,000
 Coastal Corporation (The),
   10.375%, 10-1-2000 ....................     5,000    5,315,950
 Tenneco Inc.,
   10.375%, 11-15-2000 ...................     5,000    5,368,250
   Total .................................             20,434,200

Publishing and Advertising - 2.15%
 News America Holdings Incorporated:
   9.125%, 10-15-99 ......................     5,000    5,039,750
   8.25%, 8-10-2018 ......................     7,000    6,129,270
   Total .................................             11,169,020

Railroads - 1.16%
 Penn Central Corporation (The),
   10.625%, 4-15-2000 ....................     5,750    6,009,728

Retailing - 0.17%
 Penn Traffic Company,
   8.625%, 12-15-2003 ....................     1,000      875,000

Steel - 0.95%
 USX Corporation,
   8.21%, 1-21-2000 ......................     5,000    4,903,750

Telecommunications - 3.02%
 Bell Telephone Company of Pennsylvania (The),
   8.35%, 12-15-2030 .....................     5,000    5,236,850
 New England Telephone & Telegraph Company,
   7.875%, 11-15-2029 ....................    10,000   10,407,800
   Total .................................             15,644,650


               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED BOND FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

CORPORATE DEBT SECURITIES (Continued)
Tobacco - 0.92%
 RJR Nabisco, Inc.,
   6.80%, 9-1-2001 .......................   $ 5,000 $  4,738,600

TOTAL CORPORATE DEBT SECURITIES - 66.49%             $344,327,625
 (Cost: $369,787,165)

MUNICIPAL BOND - 0.32%
Washington
 Washington Public Power Supply System,
   Nuclear Project No. 1 Refunding
   Revenue Bonds, Series 1993C,
   5.375%, 7-1-2015 ......................     2,000 $  1,627,500
 (Cost: $1,970,444)

OTHER GOVERNMENT SECURITIES
Argentina - 0.28%
 Republic of Argentina,
   8.375%, 12-20-2003 ....................     2,000    1,425,000

Canada - 2.40%
 Hydro Quebec,
   8.05%, 7-7-2024 .......................     5,000    4,807,100
 Province of Manitoba,
   9.125%, 1-15-2018 .....................     7,000    7,628,040
   Total .................................             12,435,140

Mexico - 0.62%
 United Mexican States,
   8.5%, 9-15-2002 .......................     4,000    3,220,000

Supranational - 1.00%
 Inter-American Development Bank,
   8.4%, 9-1-2009 ........................     5,000    5,198,650

TOTAL OTHER GOVERNMENT SECURITIES - 4.30%            $ 22,278,790
 (Cost: $23,969,755)


               See Notes to Schedules of Investments on page 42.
<PAGE>
THE INVESTMENTS OF UNITED BOND FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

UNITED STATES GOVERNMENT SECURITIES
 Federal Home Loan Mortgage Corporation:
   7.5%, 11-15-2017 ......................   $ 8,000 $  7,490,000
   7.5%, 4-15-2019 .......................    10,971    9,390,713
 Federal National Mortgage Association:
   7.0%, 7-25-2006 .......................    10,000    9,271,800
   7.5%, 12-25-2006 ......................     5,000    4,667,150
   7.5%, 9-1-2009 ........................     9,948    9,521,607
   6.5%, 5-25-2018 .......................    10,000    8,887,500
   8.0%, 5-25-2019 .......................     5,865    5,771,091
   7.0%, 8-25-2021 .......................    10,000    8,900,000
 United States Treasury:
   6.875%, 10-31-96 ......................    25,000   24,664,000
   6.5%, 5-15-97 .........................    10,000    9,723,400
   5.75%, 10-31-97 .......................    10,000    9,479,700
   11.25%, 2-15-2015 .....................    10,000   13,212,500
   8.875%, 5-15-2017 .....................     8,000    8,714,960
   7.5%, 11-15-2024 ......................     5,000    4,782,800

TOTAL UNITED STATES GOVERNMENT
 SECURITIES - 25.97%                                 $134,477,221
 (Cost: $139,327,010)

TOTAL SHORT-TERM SECURITIES - 1.69%                  $  8,771,972
 (Cost: $8,771,972)

TOTAL INVESTMENT SECURITIES - 98.77%                 $511,483,108
 (Cost: $543,826,346)

CASH AND OTHER ASSETS, NET OF LIABILITIES - 1.23%       6,353,212

NET ASSETS - 100.00%                                 $517,836,320


               See Notes to Schedules of Investments on page 42.

<PAGE>
UNITED INCOME FUND
MANAGER'S LETTER
- ---------------------------------------------------------------------------
DECEMBER 31, 1994




Dear Shareholder:

     This report relates to the operation of the United Income Fund for the
fiscal year ended December 31, 1994.  The following discussion, graphs and
tables provide you with information regarding the Fund's performance during that
period.

     During the past fiscal year the performance of the equity markets in the
United States was essentially flat.  The primary reason for this was the
significant increase in interest rates caused by Federal Reserve Bank policy.
This was done in an effort to slow economic growth for the purpose of
alleviating the inflationary expectations that arose from a strong economy.  The
Federal Reserve Bank increased interest rates six times during 1994, while the
rate of inflation remained low throughout the year.

     We believed that the Federal Reserve Bank perceived greater inflationary
pressures than were actually present, particularly in view of several
indications that inflationary pressures actually subsided during 1994.  In this
past year's environment of low inflation and rising interest rates, our strategy
was to maintain the structure of the Fund in essentially the same manner as
existed at the beginning of the year.  Therefore, we continued to emphasize
companies that we perceived as having the most potential for positive long-term
change, such as automobile companies, corporations with efficient worldwide
distribution systems and domestic companies with international outlets for their
goods and services.

     The strategies and techniques we applied resulted in the direction of the
Fund's performance remaining fairly consistent with that of the indexes charted
on the following page.  Those indexes reflect the performance of securities that
generally represent the stock market (the S&P 500 Index) and the universe of
funds with similar investment objectives (the Lipper Equity Income Fund Universe
Average).  The Fund's performance, like that of  equities in general, was
impacted by rising interest rates more than any other factor during the past
fiscal year.

     In 1995 we anticipate that inflation will remain low and that the U.S.
economy will continue to grow at a modest but slowing rate.  We expect to
continue to pursue the same strategies we have recently employed, which we
believe will produce solid returns in the long term.  The search for companies
that have excellent prospects for superior earnings and revenue growth will
continue to be our mission.

     Thank you very much for your continued support and confidence.


Respectfully,
Russell E. Thompson
Manager, United Income Fund

<PAGE>
             COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
                              UNITED INCOME FUND,
                               THE S&P 500 INDEX,
               AND THE LIPPER EQUITY INCOME FUND UNIVERSE AVERAGE

Average Annual Total Return*
1 year    5 years   10 years
- -7.46%    8.06%     14.72%

                                                           Lipper
                                                           Equity
                                                           Income
                             United            S&P           Fund
                             Income            500       Universe
                               Fund          Index        Average
                          ---------      ---------      ---------
     12/31/84  Purchase       9,425         10,000         10,000
     12/31/85                12,630         13,173         12,470
     12/31/86                15,422         15,632         14,250
     12/31/87                16,528         16,453         13,959
     12/31/88                19,804         19,185         15,884
     12/31/89                25,249         25,265         19,142
     12/31/90                23,873         24,481         17,942
     12/31/91                30,948         31,939         22,667
     12/31/92                34,650         34,374         24,793
     12/31/93                40,212         37,837         28,207
     12/31/94                39,484         38,336         27,494

- ----- United Income Fund** -- $39,484
+++++ S&P 500 Index  -- $38,336
===== Lipper Equity Income Fund Universe Average -- $27,494

  Past performance is not predictive of future performance.  Indexes are
  unmanaged.
 *Performance data quoted represents past performance and is based on deduction
  of a 5.75% sales load on the initial purchase in each of the three periods.
  Investment return and principal value will fluctuate and an investor's shares,
  when redeemed, may be worth more or less than their original cost.
**The value of the investment in the Fund is impacted by the sales load at the
  time of the investment and by the ongoing expenses of the Fund.

<PAGE>
SHAREHOLDER SUMMARY
- -----------------------------------------------------------------
UNITED INCOME FUND

PORTFOLIO STRATEGY:
Investment quality         OBJECTIVE:   Current income relative
  dividend-paying                       to changing market
  common stocks                         conditions.

Cash Reserves               STRATEGY:   Invests principally in common stocks of
                                        large, well-known companies.

                                        The use of cash reserves (often invested
                                        in money market securities) for
                                        defensive purposes is a strategy that
                                        may be utilized by the Income Fund from
                                        time to time.

                                        Moving into cash reserve positions at
                                        times thought to be near a major stock
                                        market peak allows the Fund the
                                        opportunity to capture profits and
                                        attempts to cushion the impact of market
                                        declines.  The added flexibility
                                        provided by our CASH RESERVES STRATEGY
                                        has from time to time been an important
                                        element in our past success and, when
                                        deemed appropriate, may be used in the
                                        management of the portfolio in the
                                        future.

                             FOUNDED:   1940

        SCHEDULED DIVIDEND FREQUENCY:   QUARTERLY
                                        (MARCH, JUNE, SEPTEMBER, DECEMBER)

<PAGE>
PERFORMANCE SUMMARY

        PER SHARE DATA
For the Fiscal Year Ended December 31, 1994
- -------------------------------------------

DIVIDENDS PAID                 $  0.36
                               =======

CAPITAL GAINS
  DISTRIBUTION                 $  0.63
                               =======

NET ASSET VALUE ON
  12/31/94 $23.34 adjusted to: $ 23.97(A)
  12/31/93                       24.77
                               -------
CHANGE PER SHARE               $( 0.80)
                               =======

(A)This number includes the capital gains distribution of $0.63 paid in December
   1994 added to the actual net asset value on December 31, 1994.


Past performance is not necessarily an indication of future results.

TOTAL RETURN HISTORY

                                       Average Annual Total Return
                                       ---------------------------
                                           With         Without
Period                                 Sales Load*    Sales Load**
- ------                                 -----------    ------------
 1-year period ended 12-31-94              -7.46%         -1.82%
 5-year period ended 12-31-94               8.06%          9.35%
10-year period ended 12-31-94              14.72%         15.40%

 *Performance data quoted represents past performance and is based on deduction
  of 5.75% sales load on the initial purchase in each of the three periods.

**Performance data quoted in this column represents past performance without
  taking into account the sales load deducted on an initial purchase.

Investment return and principal value will fluctuate and an investor's shares,
when redeemed, may be worth more or less than their original cost.

<PAGE>
PORTFOLIO HIGHLIGHTS

On December 31, 1994, United Income Fund had net assets totaling $3,144,904,207
invested in a diversified portfolio of:

   89.80% Common Stocks
    5.11% Cash and Cash Equivalents
    3.57% U.S. Government Securities
    0.89% Preferred Stock
    0.63% Corporate Debt Securities




As a shareholder of United Income Fund, for every $100 you had invested on
December 31, 1994, your Fund owned:

Basic Industries Stocks    $40.87
Technological Stocks        21.69
Consumer Stocks             21.11
Financial Stocks             6.13
Cash and Cash Equivalents    5.11
U.S. Government Securities   3.57
Preferred Stock              0.89
Corporate Debt Securities    0.63


Not all holdings will be represented in the portfolio at all times.

<PAGE>
- ---------------------------------------------------------------------------
These STOCK CATEGORIES are provided as a reference only.  Not all categories or
subcategories will be represented in a portfolio at all times.  Refer to the
following pages for a more detailed portfolio listing.

BASIC INDUSTRIES
  Airlines
  Automotive
  Building
  Chemicals Major
  Electrical Equipment
  Engineering and Construction
  Machinery
  Manufacturers
  Metals and Mining
  Multi-Industry
  Paper
  Precious Metals
  Railroad Equipment
  Railroads
  Shipping
  Steel
  Tire and Rubber
  Trucking

CONSUMER
  Beverages
  Consumer Electronics and Appliances
  Food and Related
  Hospital Management
  Household Products
  Leisure Time
  Packaging and Containers
  Publishing and Advertising
  Retailing
  Services, Consumer and Business
  Textiles and Apparel
  Tobacco

ENERGY AND ENERGY-RELATED
  Canadian Oil
  Coal
  Domestic Oil
  International Oil
  Oil Services
  Propane

FINANCIAL
  Banks and Savings and Loans
  Financial
  Insurance

PUBLIC UTILITIES
  Electric
  Gas
  Pipelines

TECHNOLOGICAL
  Aerospace
  Biotechnology and Medical Services
  Chemicals Specialty and Miscellaneous Technology
  Computers and Office Equipment
  Drugs and Hospital Supply
  Electronics
  Telecommunications

<PAGE>
THE INVESTMENTS OF UNITED INCOME FUND
DECEMBER 31, 1994

                                              Shares          Value

COMMON STOCKS
Aerospace - 0.52%
 Boeing Company (The)  ...................   350,000 $   16,362,500

Airlines - 1.56%
 AMR Corporation*  .......................   400,000     21,300,000
 Southwest Airlines Co.  ................. 1,650,000     27,637,500
   Total .................................               48,937,500

Automotive - 7.43%
 Chrysler Corporation  ................... 1,100,000     53,900,000
 Daimler-Benz AG (D)  ....................    40,000     19,670,840
 Daimler-Benz AG, ADS  ...................   154,000      7,584,500
 Dana Corporation  .......................   760,000     17,765,000
 Eaton Corporation  ......................   500,000     24,750,000
 Ford Motor Company  ..................... 1,900,000     53,200,000
 General Motors Corporation  ............. 1,000,000     42,250,000
 Magna Group, Inc., Class A  .............   376,500     14,448,188
   Total .................................              233,568,528

Banks and Savings and Loans - 3.75%
 Citicorp  ...............................   750,000     31,031,250
 Deutsche Bank Aktiengesellschaft (D)  ...    44,000     20,445,304
 First Bank Systems, Inc.  ...............   500,000     16,625,000
 First Interstate Bancorporation  ........   300,000     20,287,500
 Midlantic Corporation  ..................   400,000     10,624,800
 Skandinaviska Enskilda Banken (D)*  ..... 3,300,000     18,866,100
   Total .................................              117,879,954

Beverages - 1.15%
 PepsiCo, Inc.  .......................... 1,000,000     36,250,000

Biotechnology and Medical Services - 0.71%
 Medtronic, Inc.  ........................   400,000     22,250,000

Building - 4.05%
 Armstrong World Industries, Inc.  .......   900,000     34,650,000
 Georgia-Pacific Corporation  ............   425,000     30,387,500
 Louisiana-Pacific Corporation  ..........   675,000     18,393,750
 Temple-Inland Inc.  .....................   350,000     15,793,750
 Weyerhaeuser Company  ...................   750,000     28,125,000
   Total .................................              127,350,000

Chemicals Major - 6.37%
 Air Products & Chemicals, Inc.  ......... 1,150,000     51,318,750
 du Pont (E.I.) de Nemours and Company  .. 1,000,000     56,250,000
 PPG Industries, Inc.  ................... 1,250,000     46,406,250
 Praxair, Inc.  .......................... 1,000,000     20,500,000
 Union Carbide Corporation  ..............   875,000     25,703,125
   Total .................................              200,178,125


               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED INCOME FUND
DECEMBER 31, 1994

                                              Shares          Value

COMMON STOCKS (Continued)
Chemicals Specialty and Miscellaneous
 Technology - 3.88%
 Betz Laboratories, Inc.  ................   500,000 $   22,125,000
 Minnesota Mining and Manufacturing
   Company ...............................   500,000     26,687,500
 Polaroid Corporation  ................... 1,400,000     45,500,000
 Xerox Corporation  ......................   280,000     27,720,000
   Total .................................              122,032,500

Computers and Office Equipment - 3.54%
 General Motors Corporation, Class E  .... 1,000,000     38,500,000
 International Business Machines
   Corporation ...........................   500,000     36,750,000
 Microsoft Corporation*  .................   300,000     18,375,000
 Oracle Systems Corporation*  ............   400,000     17,700,000
   Total .................................              111,325,000

Consumer Electronics and Appliances - 1.22%
 Whirlpool Corporation  ..................   765,000     38,441,250

Electrical Equipment - 2.74%
 Emerson Electric Co.  ...................   400,000     25,000,000
 General Electric Company  ............... 1,200,000     61,200,000
   Total .................................               86,200,000

Electronics - 5.09%
 AMP Incorporated  .......................   550,000     40,012,500
 Applied Materials, Inc.*  ...............   865,000     36,330,000
 cisco Systems, Inc.*  ................... 1,000,000     35,062,000
 Intel Corporation  ......................   765,000     48,768,750
   Total .................................              160,173,250

Engineering and Construction - 1.61%
 BBC Brown Boveri Baen, Series A (D)  ....    25,000     21,447,650
 Fluor Corporation  ......................   400,000     17,250,000
 Foster Wheeler Corporation  .............   400,000     11,900,000
   Total .................................               50,597,650

               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED INCOME FUND
DECEMBER 31, 1994

                                              Shares          Value

COMMON STOCKS (Continued)
Financial - 2.38%
 Federal Home Loan Mortgage Corporation  .   500,000 $   25,250,000
 Federal National Mortgage Association  ..   295,200     21,512,700
 Grupo Financiero Banamex Accival,
   S.A. de C.V., Class B, CPO Shares (D) . 1,000,000      2,800,000
 Grupo Financiero Banamex Accival,
   S.A. de C.V., Class C (D) ............. 1,000,000      2,880,000
 Grupo Financiero Banamex Accival,
   S.A. de C.V., Class L (D) .............    50,000        144,000
 Household International, Inc.  ..........   600,000     22,275,000
   Total .................................               74,861,700

Food and Related - 1.33%
 CPC International Inc.  .................   500,000     26,625,000
 Pet Incorporated  .......................   765,000     15,108,750
   Total .................................               41,733,750

Hospital Management - 0.93%
 United HealthCare Corporation  ..........   650,000     29,331,250

Household Products - 3.58%
 Colgate-Palmolive Company  ..............   600,000     38,025,000
 Gillette Company (The)  .................   500,000     37,375,000
 Procter & Gamble Company (The)  .........   600,000     37,200,000
   Total..................................              112,600,000

Leisure Time - 2.33%
 Walt Disney Company (The)  ..............   700,000     32,287,500
 McDonald's Corporation  ................. 1,400,000     40,950,000
   Total .................................               73,237,500

Machinery - 7.04%
 Caterpillar Inc.  ....................... 1,600,000     88,200,000
 Clark Equipment Company*  ...............   500,000     27,125,000
 Deere & Company  ........................   685,000     45,381,250
 Ingersoll-Rand Company  .................   400,000     12,600,000
 Mannesmann AG (D)  ......................    45,000     12,255,525
 Parker Hannifin Corporation  ............   400,000     18,200,000
 Trinova Corporation  ....................   600,000     17,625,000
   Total .................................              221,386,775

Metals and Mining - 0.55%
 Phelps Dodge Corporation  ...............   280,000     17,325,000


               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED INCOME FUND
DECEMBER 31, 1994

                                              Shares          Value

COMMON STOCKS (Continued)
Multi-Industry - 2.11%
 ITT Corporation  ........................   750,204 $   66,486,830

Packaging and Containers - 0.67%
 Pilkington PLC (D)  ..................... 8,164,516     21,227,742

Paper - 2.19%
 International Paper Company  ............   600,000     45,225,000
 Union Camp Corporation  .................   500,000     23,562,500
   Total .................................               68,787,500

Railroads - 3.31%
 CSX Corporation  ........................   350,000     24,368,750
 Conrail Inc.  ...........................   600,000     30,300,000
 Norfolk Southern Corporation  ...........   300,000     18,187,500
 Southern Pacific Rail Corporation*  .....   460,000      8,337,500
 Union Pacific Corporation  ..............   500,000     22,812,500
   Total .................................              104,006,250

Retailing - 9.90%
 Cifra, S.A. de C.V., Series C (D)  ...... 7,000,000     13,244,000
 Circuit City Stores, Inc.  .............. 1,600,000     35,600,000
 Dayton Hudson Corporation  ..............   316,600     22,399,450
 Dillard Department Stores, Inc.,
   Class A ...............................   950,000     25,412,500
 Gap, Inc. (The)  ........................   700,000     21,350,000
 Home Depot, Inc. (The)  .................   765,000     35,190,000
 Limited, Inc. (The)  ....................   750,000     13,593,750
 May Department Stores Company (The)  .... 1,000,000     33,750,000
 Next plc (D)  ........................... 5,100,000     20,527,500
 Nordstrom, Inc.  ........................   190,000      8,003,750
 Penney (J.C.) Company, Inc.  ............   676,000     30,166,500
 Sears, Roebuck and Co.  .................   200,000      9,200,000
 Tommy Hilfiger Corporation*  ............   280,000     12,635,000
 Toys "R" Us Inc.*  ......................   300,000      9,150,000
 Wal-Mart Stores, Inc.  .................. 1,000,000     21,250,000
   Total .................................              311,472,450


               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED INCOME FUND
DECEMBER 31, 1994

                                              Shares          Value

COMMON STOCKS (Continued)
Steel - 0.84%
 Avesta Sheffield AB (D)*  ............... 2,660,063 $   26,300,043

Telecommunications - 7.95%
 AT&T Corporation  .......................   500,000     25,125,000
 BellSouth Corporation  ..................   315,000     17,049,375
 General Instrument Corporation*  ........ 1,000,000     30,000,000
 MCI Communications Corporation  ......... 1,475,000     27,194,575
 Motorola, Inc.  ......................... 1,700,000     98,387,500
 Telefonaktiebolaget LM Ericsson,
   Class B, ADR...........................   500,000     27,625,000
 Telefonos de Mexico S.A. de C.V., ADR  ..   600,000     24,600,000
   Total .................................              249,981,450

Tire and Rubber - 1.07%
 Goodyear Tire & Rubber Company (The)  ... 1,000,000     33,625,000

TOTAL COMMON STOCKS - 89.80%                         $2,823,909,497
 (Cost: $1,996,644,116)

PREFERRED STOCK  - 0.89%
Telecommunications
 Nokia Corporation (D) ...................   190,000 $   27,992,890
 (Cost: $18,567,891)

                                           Principal
                                           Amount in
                                           Thousands

CORPORATE DEBT SECURITIES
Banks and Savings and Loans - 0.31%
 Morgan Guaranty Trust Company of New York,
   7.375%, 2-1-2002 ......................   $10,250      9,680,100

Electrical Equipment - 0.32%
 General Electric Capital Corporation,
   8.3%, 9-20-2009 .......................    10,000     10,190,100

TOTAL CORPORATE DEBT SECURITIES - 0.63%              $   19,870,200
 (Cost: $19,842,401)


               See Notes to Schedules of Investments on page 42.
<PAGE>
THE INVESTMENTS OF UNITED INCOME FUND
DECEMBER 31, 1994
                                           Principal
                                           Amount in
                                           Thousands          Value

UNITED STATES GOVERNMENT SECURITIES
 United States Treasury:
   8.5%, 5-15-97 .........................   $16,000 $   16,237,440
   8.75%, 10-15-97 .......................    20,000     20,450,000
   5.75%, 8-15-2003 ......................    50,000     43,453,000
   10.375%, 11-15-2012 ...................     8,500     10,115,000
   9.0%, 11-15-2018 ......................    20,000     22,096,800

TOTAL UNITED STATES GOVERNMENT
 SECURITIES - 3.57%                                  $  112,352,240
 (Cost: $113,838,558)

SHORT-TERM SECURITIES
Commercial Paper
 Banks and Savings and Loans - 0.34%
 ANZ(DE) Inc.,
   6.02%, 1-4-95 .........................    10,440     10,434,763
 U.S. Bancorp,
   Master Note ...........................       313        313,000
   Total .................................               10,747,763

 Drugs and Hospital Supply - 0.40%
 Baxter International Inc.,
   6.2%, 1-31-95 .........................     2,610      2,596,515
 Pfizer Inc.,
   5.875%, 2-3-95 ........................    10,000      9,946,146
   Total .................................               12,542,661

 Financial - 2.92%
 AT&T Capital Corp.,
   5.95%, 1-17-95 ........................    10,805     10,776,427
 Associates Corporation of North America,
   5.97%, 1-9-95 .........................     8,910      8,898,179
 Dana Credit Corp.,
   6.28%, 2-10-95 ........................     7,860      7,805,155
 Kerr-McGee Credit Corp.:
   6.15%, 1-11-95 ........................     1,860      1,856,822
   6.2%, 1-11-95 .........................     9,440      9,423,742
 Merrill Lynch & Co. Inc.,
   5.8%, 1-9-95 ..........................    10,425     10,411,563
 Nestle Capital Corp.,
   5.9%, 1-31-95 .........................     8,985      8,940,824
 Sears Roebuck Acceptance Corp.,
   6.02%, 1-19-95 ........................    10,000      9,969,900
 Textron Financial Corp.:
   5.9%, 1-11-95 .........................     5,695      5,685,667
   6.1%, 1-31-95 .........................    10,000      9,949,167
 USAA Capital Corp.,
   5.95%, 1-19-95 ........................     1,165      1,161,534
 USL Capital Corp.,
   6.0%, 1-17-95 .........................     6,790      6,771,893
   Total .................................               91,650,873
               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED INCOME FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands          Value

SHORT-TERM SECURITIES (Continued)
Commercial Paper (Continued)
 Food and Related - 0.68%
 ConAgra, Inc.:
   6.1%, 1-10-95 .........................   $ 1,305 $    1,303,010
   6.14%, 1-17-95 ........................     3,500      3,490,449
 General Mills, Inc.,
   Master Note ...........................     3,367      3,367,000
 Quaker Oats Co.,
   6.18%, 1-4-95 .........................    11,244     11,238,209
 Sara Lee Corporation,
   Master Note ...........................     2,104      2,104,000
   Total .................................               21,502,668

 Public Utilities - Electric - 0.37%
 PS Colorado Credit Corp.,
   6.13%, 1-23-95 ........................     3,030      3,018,649
 Pacific Gas & Electric Co.,
   5.95%, 2-1-95 .........................     8,530      8,486,296
   Total .................................               11,504,945

 Public Utilities - Gas - 0.20%
 Bay State Gas Co.,
   5.98%, 1-13-95 ........................     3,150      3,143,721
 Questar Corp.,
   5.9%, 1-27-95 .........................     3,170      3,156,492
   Total .................................                6,300,213

Total Commercial Paper - 4.91%                          154,249,123

Commercial Paper (backed by irrevocable bank
 letter of credit) - 0.21%
 Banks and Savings and Loans
 American Bankers Insurance (Barclays
   Bank PLC),
   6.0%, 1-11-95 .........................     6,670      6,658,883

TOTAL SHORT-TERM SECURITIES - 5.12%                  $  160,908,006
 (Cost: $160,908,006)

TOTAL INVESTMENT SECURITIES - 100.01%                $3,145,032,833
 (Cost: $2,309,800,972)

LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.01%)        (128,626)

NET ASSETS - 100.00%                                 $3,144,904,207


               See Notes to Schedules of Investments on page 42.

<PAGE>
UNITED ACCUMULATIVE FUND
MANAGER'S LETTER
DECEMBER 31, 1994
- ---------------------------------------------------------------------------

Dear Shareholder:

     This report relates to the operation of the United Accumulative Fund for
the fiscal year ended December 31, 1994.  The following discussion, graphs and
tables provide you with information regarding the Fund's performance during that
period.

     Stock market conditions and investment performance in 1994 were affected
significantly by the Federal Reserve Bank's policy to raise interest rates in an
effort to alleviate inflationary pressures in the economy.  The markets were
also impacted by various other developments, including the election of a
Republican Congress in November and the crisis devaluation of Mexico's currency
in December.

     During the past fiscal year, we took a cautious approach.  We reduced our
holdings of companies in financial and cyclical industries, and we increased our
holdings of technology and growth stocks.  We maintained a significant cash
position most of the year as well.

     The strategies and techniques we applied resulted in the direction of the
Fund's performance remaining fairly consistent with that of the indexes charted
on the following page.  Those indexes reflect the performance of securities that
generally represent the stock market, (the S&P 500 Index) and the universe of
funds with similar investment objectives (the Lipper Growth Fund Universe
Average).  The Fund's performance was impacted by our cautious investment
approach of maintaining significant cash positions.

     Our outlook for equities in 1995 is still cautious.  We expect the market
to perform better when later in the year the pace of economic growth slows and
the Federal Reserve Bank discontinues its credit tightening efforts.  If
conditions evolve as we anticipate, we intend to increase the Fund's equity
holdings.  We plan to emphasize technology, telecommunications and consumer
goods companies.

     Thank you very much for your continued support and confidence.



Respectfully,
Antonio Intagliata
Manager, United Accumulative Fund


<PAGE>
             COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
                           UNITED ACCUMULATIVE FUND,
                               THE S&P 500 INDEX,
                  AND THE LIPPER GROWTH FUND UNIVERSE AVERAGE

Average Annual Total Return*
1 year    5 years   10 years
- -5.71%    5.46%     11.68%
                                                           Lipper
                                                           Growth
                             United            S&P           Fund
                       Accumulative            500       Universe
                               Fund          Index        Average
                       ------------          -----       --------
     12/31/84  Purchase       9,425         10,000         10,000
     12/31/85                11,834         13,173         12,709
     12/31/86                13,970         15,632         14,359
     12/31/87                14,603         16,453         14,528
     12/31/88                17,093         19,185         16,550
     12/31/89                21,805         25,265         20,712
     12/31/90                19,587         24,481         19,579
     12/31/91                24,225         31,939         26,573
     12/31/92                27,665         34,374         28,638
     12/31/93                30,172         37,837         31,727
     12/31/94                30,184         38,336         31,022


- ----- S&P 500 Index -- $38,336
+++++ Lipper Growth Fund Universe Average  -- $31,022
===== United Accumulative Fund** -- $30,184

  Past performance is not predictive of future performance.  Indexes are
  unmanaged.
 *Performance data quoted represents past performance and is based on deduction
  of a 5.75% sales load on the initial purchase in each of the three periods.
  Investment return and principal value will fluctuate and an investor's shares,
  when redeemed, may be worth more or less than their original cost.
**The value of the investment in the Fund is impacted by the sales load at the
  time of the investment and by the ongoing expenses of the Fund.
<PAGE>
SHAREHOLDER SUMMARY
- -----------------------------------------------------------------
UNITED ACCUMULATIVE FUND

PORTFOLIO STRATEGY:
Appreciation-oriented      OBJECTIVE:   Long-term appreciation
  common stock                          of capital with a secondary
                                        objective of current income.
Cash Reserves
                            STRATEGY:   Invests mainly in common stocks of
                                        large, well-known companies representing
                                        the major sectors of our economy.

                                        The use of cash reserves (often invested
                                        in money market securities) for
                                        defensive purposes is a strategy that
                                        may be utilized by the Accumulative Fund
                                        from time to time.

                                        Moving into cash reserve positions at
                                        times thought to be near a major stock
                                        market peak allows the Fund the
                                        opportunity to capture profits and
                                        attempts to cushion the impact of market
                                        declines.  The added flexibility
                                        provided by our CASH RESERVES STRATEGY
                                        has from time to time been an important
                                        element in our past success and, when
                                        deemed appropriate, may be used in the
                                        management of the portfolio in the
                                        future.

                             FOUNDED:   1940

        SCHEDULED DIVIDEND FREQUENCY:   SEMIANNUALLY
                                        (JUNE AND DECEMBER)


<PAGE>
PERFORMANCE SUMMARY

        PER SHARE DATA
For the Fiscal Year Ended December 31, 1994
- -------------------------------------------

DIVIDENDS PAID                  $ 0.13
                                ======

CAPITAL GAINS
  DISTRIBUTION                  $ 0.48
                                ======

NET ASSET VALUE ON
  12/31/94  $6.58 adjusted to:  $ 7.06(A)
  12/31/93                        7.19
                                ------
CHANGE PER SHARE                $(0.13)
                                ======

(A)This number includes the capital gains distribution of $0.48 paid in December
   1994 added to the actual net asset value on December 31, 1994.

Past performance is not necessarily an indication of future results.

TOTAL RETURN HISTORY

                                       Average Annual Total Return
                                       ---------------------------
                                           With         Without
Period                                 Sales Load*    Sales Load**
- ------                                 -----------    ------------
 1-year period ended 12-31-94              -5.71%          0.04%
 5-year period ended 12-31-94               5.46%          6.72%
10-year period ended 12-31-94              11.68%         12.34%

 *Performance data quoted represents past performance and is based on deduction
  of 5.75% sales load on the initial purchase in each of the three periods.

**Performance data quoted in this column represents past performance without
  taking into account the sales load deducted on an initial purchase.

Investment return and principal value will fluctuate and an investor's shares,
when redeemed, may be worth more or less than their original cost.

<PAGE>
PORTFOLIO HIGHLIGHTS

On December 31, 1994, United Accumulative Fund had net assets totaling
$967,020,299 invested in a diversified portfolio of:

   70.16% Common Stocks
   29.06% Cash and Cash Equivalents
    0.78% Preferred Stock


As a shareholder of United Accumulative Fund, for every $100 you had invested on
December 31, 1994, your Fund owned:

Technological Stocks              $29.35
Cash and Cash Equivalents          29.06
Consumer Stocks                    14.04
Basic Industries Stocks            13.00
Financial Stocks                   12.76
Public Utilities Stocks             1.01
Preferred Stock                     0.78

Not all holdings will be represented in the portfolio at all times.
<PAGE>
- ---------------------------------------------------------------------------
These STOCK CATEGORIES are provided as a reference only.  Not all categories or
subcategories will be represented in a portfolio at all times.  Refer to the
following pages for a more detailed portfolio listing.

BASIC INDUSTRIES
  Airlines
  Automotive
  Building
  Chemicals Major
  Electrical Equipment
  Engineering and Construction
  Machinery
  Manufacturers
  Metals and Mining
  Multi-Industry
  Paper
  Precious Metals
  Railroad Equipment
  Railroads
  Shipping
  Steel
  Tire and Rubber
  Trucking

CONSUMER
  Beverages
  Consumer Electronics and Appliances
  Food and Related
  Hospital Management
  Household Products
  Leisure Time
  Packaging and Containers
  Publishing and Advertising
  Retailing
  Services, Consumer and Business
  Textiles and Apparel
  Tobacco

ENERGY AND ENERGY-RELATED
  Canadian Oil
  Coal
  Domestic Oil
  International Oil
  Oil Services
  Propane

FINANCIAL
  Banks and Savings and Loans
  Financial
  Insurance

PUBLIC UTILITIES
  Electric
  Gas
  Pipelines

TECHNOLOGICAL
  Aerospace
  Biotechnology and Medical Services
  Chemicals Specialty and Miscellaneous Technology
  Computers and Office Equipment
  Drugs and Hospital Supply
  Electronics
  Telecommunications
<PAGE>
THE INVESTMENTS OF UNITED ACCUMULATIVE FUND
DECEMBER 31, 1994

                                              Shares        Value

COMMON STOCKS
Banks and Savings and Loans - 3.38%
 City National Corporation  ..............   250,000   $  2,656,250
 Crestar Financial Corporation  ..........   229,200      8,623,650
 First Chicago Corporation  ..............   200,000      9,550,000
 Grupo Financiero Bancomer, S.A. de
   C.V., Class C (D) ..................... 4,500,000      2,475,000
 Mercantile Bancorporation Inc.  .........   300,000      9,375,000
   Total .................................               32,679,900

Biotechnology and Medical Services - 0.84%
 Centocor, Inc.*  ........................   500,000      8,156,000

Building - 0.60%
 United Dominion Realty Trust, Inc.  .....   400,000      5,750,000

Chemicals Major - 3.13%
 Air Products & Chemicals, Inc.  .........   300,000     13,387,500
 du Pont (E.I.) de Nemours and
   Company  ..............................   300,000     16,875,000
   Total .................................               30,262,500

Computers and Office Equipment - 5.72%
 Cerner Corporation*  ....................    78,400      3,469,200
 Compuware Corporation*  .................   400,000     14,350,000
 General Motors Corporation, Class E  ....   300,000     11,550,000
 HBO & Company  ..........................   200,000      6,875,000
 Informix Corporation*  ..................   250,000      8,015,500
 International Business Machines
   Corporation ...........................   150,000     11,025,000
   Total .................................               55,284,700

Drugs and Hospital Supply - 5.00%
 Abbott Laboratories  ....................   500,000     16,312,500
 Baxter International Inc.  ..............   400,000     11,300,000
 Schering-Plough Corporation  ............   150,000     11,100,000
 Warner-Lambert Company  .................   125,000      9,625,000
   Total .................................               48,337,500

Electronics - 10.06%
 cisco Systems, Inc.*  ...................   300,000     10,518,600
 Emerson Electric Co.  ...................   350,000     21,875,000
 General Electric Company  ...............   550,000     28,050,000
 Hewlett-Packard Company  ................   100,000      9,987,500
 Level One Communications,
   Incorporated* .........................   200,000      3,050,000
 Micron Technology Inc.  .................   200,000      8,825,000
 Texas Instruments Incorporated  .........   200,000     14,975,000
   Total .................................               97,281,100

               See Notes to Schedules of Investments on page 42.
<PAGE>
THE INVESTMENTS OF UNITED ACCUMULATIVE FUND
DECEMBER 31, 1994

                                              Shares        Value

COMMON STOCKS (Continued)
Financial - 1.06%
 American Express Company  ...............   250,000  $   7,375,000
 Grupo Financiero Banamex Accival,
   S.A. de C.V., Class C (D) ............. 1,000,000      2,880,000
   Total .................................               10,255,000

Food and Related - 3.17%
 CPC International Inc.  .................   200,000     10,650,000
 Pet Incorporated  .......................   500,000      9,875,000
 Sara Lee Corporation  ...................   400,000     10,100,000
   Total .................................               30,625,000

Hospital Management - 6.27%
 American Medical Holdings, Inc.*  .......   400,000      9,650,000
 Columbia/HCA Healthcare Corporation  ....   583,700     21,305,050
 National Medical Enterprises, Inc.*  ....   900,000     12,712,500
 Sierra Health Services, Inc.*  ..........   250,000      7,906,250
 United HealthCare Corporation  ..........   200,000      9,025,000
   Total .................................               60,598,800

Insurance - 8.32%
 American General Corporation  ...........   550,000     15,537,500
 American Re Corporation*  ...............   350,000     11,287,500
 First Colony Corporation  ...............   400,000      8,950,000
 NWNL Companies, Inc. (The)  .............   200,000      5,800,000
 National Re Corporation  ................   209,600      5,502,000
 SAFECO Corporation  .....................   150,000      7,818,750
 SunAmerica Corporation  .................   200,000      7,250,000
 TIG Holdings, Inc.  .....................   700,000     13,125,000
 USLIFE Corporation  .....................   150,000      5,231,250
   Total .................................               80,502,000

Leisure Time - 3.55%
 Comcast Corporation, Class A  ...........   600,000      9,412,200
 Tele-Communications, Inc., Class A*  ....   500,000     10,906,000
 Time Warner Incorporated  ...............   400,000     14,050,000
   Total .................................               34,368,200

Machinery - 0.41%
 Ingersoll-Rand Company  .................   125,000      3,937,500

Metals and Mining - 0.96%
 Phelps Dodge Corporation  ...............   150,000      9,281,250

Multi-Industry - 2.29%
 ITT Corporation  ........................   250,000     22,156,250

Public Utilities - Electric - 1.01%
 Peco Energy Company  ....................   400,000      9,800,000

               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED ACCUMULATIVE FUND
DECEMBER 31, 1994

                                              Shares        Value

COMMON STOCKS (Continued)
Railroads - 4.60%
 Kansas City Southern Industries,
   Inc. ..................................   264,000   $  8,151,000
 Norfolk Southern Corporation  ...........   300,000     18,187,500
 Southern Pacific Rail Corporation*  .....   500,000      9,062,500
 Union Pacific Corporation  ..............   200,000      9,125,000
   Total .................................               44,526,000

Retailing - 1.05%
 Charming Shoppes Inc.  ..................   500,000      3,281,000
 Family Dollar Stores, Inc.  .............   550,000      6,875,000
   Total .................................               10,156,000

Steel - 1.01%
 Bethlehem Steel Corporation*  ...........   250,000      4,500,000
 Inland Steel Industries, Inc.*  .........   150,000      5,268,750
   Total .................................                9,768,750

Telecommunications - 7.73%
 AT&T Corporation  .......................   500,000     25,125,000
 LDDS Communications, Inc.*  .............   150,000      2,925,000
 MCI Communications Corporation  .........   700,000     12,905,900
 Motorola, Inc.  .........................   250,000     14,468,750
 Sprint Corporation  .....................   200,000      5,525,000
 Telefonaktiebolaget LM Ericsson,
   Class B, ADR ..........................   250,000     13,812,500
   Total .................................               74,762,150

TOTAL COMMON STOCKS - 70.16%                           $678,488,600
 (Cost: $718,167,035)

PREFERRED STOCK - 0.78%
Telecommunications
 Nokia Corporation, ADS*  ................   100,000   $  7,500,000
 (Cost: $7,311,532)

                                           Principal
                                           Amount in
                                           Thousands

SHORT-TERM SECURITIES
Commercial Paper
 Automotive - 2.07%
 Hertz Corp.,
   6.02%, 1-11-95 ........................   $20,000     19,966,555

 Banks and Savings and Loans - 0.16%
 U.S. Bancorp,
   Master Note ...........................     1,585      1,585,000

               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED ACCUMULATIVE FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands          Value

SHORT-TERM SECURITIES (Continued)
Commercial Paper (Continued)
 Computers and Office Equipment - 0.27%
 Honeywell Inc.,
   6.05%, 1-19-95 ........................   $ 2,595   $  2,587,150

 Consumer Electronics and Appliances - 0.44%
 TDK (USA) Corp.,
   6.05%, 1-17-95 ........................     4,300      4,288,438

 Drugs and Hospital Supply - 1.26%
 Baxter International Inc.,
   6.2%, 1-31-95 .........................    12,215     12,151,889

 Financial - 11.52%
 AT&T Capital Corp.:
   5.8%, 1-4-95 ..........................     3,000      2,998,550
   5.98%, 1-4-95 .........................     3,745      3,743,134
   6.0%. 1-6-95 ..........................     8,320      8,313,067
 Associates Corporation of North America,
   5.97%, 1-9-95 .........................     5,130      5,123,194
 Avco Financial Services Inc.,
   5.95%, 1-20-95 ........................     6,685      6,664,007
 Block Financial Corp.,
   5.87%, 1-9-95 .........................    12,425     12,408,792
 Caterpillar Financial Services Corp.,
   6.0%, 1-23-95 .........................     4,290      4,274,270
 Ford Motor Credit Company,
   6.02%, 1-12-95 ........................     3,685      3,678,222
 Merrill Lynch & Co. Inc.,
   5.8%, 1-9-95 ..........................     9,475      9,462,788
 PHH Corp.,
   6.0%,  2-6-95 .........................     2,940      2,922,360
 Penney (J.C.) Financial Corp.,
   5.7%, 1-4-95 ..........................    23,491     23,479,842
 Philip Morris Capital Corp.,
   5.92%, 1-25-95 ........................    11,600     11,554,219
 Textron Financial Corp.,
   6.25%, 1-12-95 ........................     7,900      7,884,913
 USAA Capital Corp.,
   5.95%, 1-19-95 ........................     6,840      6,819,651
 USL Capital Corp.,
   6.0%, 1-17-95 .........................     2,035      2,029,573
   Total .................................              111,356,582

               See Notes to Schedules of Investments on page 42.


<PAGE>
THE INVESTMENTS OF UNITED ACCUMULATIVE FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands          Value

SHORT-TERM SECURITIES (Continued)
Commercial Paper (Continued)
 Food and Related - 0.45%
 General Mills, Inc.,
   Master Note ...........................   $ 3,175   $  3,175,000
 Sara Lee Corporation,
   Master Note ...........................     1,206      1,206,000
   Total .................................                4,381,000

 Public Utilities - Electric - 3.01%
 PS Colorado Credit Corp.,
   6.2%, 1-6-95 ..........................     2,270      2,268,045
 Potomac Electric Power Co.,
   6.03%, 1-13-95 ........................     1,920      1,916,141
 Public Service Electric & Gas Co.:
   6.05%, 1-6-95 .........................    10,000      9,991,597
   6.05%, 1-18-95 ........................    15,000     14,957,146
   Total .................................               29,132,929

 Public Utilities - Gas - 0.93%
 Questar Corp.,
   6.0%, 1-3-95 ..........................     9,000      8,997,000

 Public Utilities - Pipelines - 0.16%
 Enron Corp.,
   6.0%, 1-31-95 .........................     1,585      1,577,075

 Publishing and Advertising - 1.45%
 Times Mirror Co.,
   6.05%, 1-11-95 ........................    14,040     14,016,405

 Retailing - 1.73%
 Albertson's Inc.:
   5.95%, 1-5-95 .........................     9,000      8,994,050
   5.875%, 1-20-95 .......................     7,780      7,755,877
   Total..................................               16,749,927

 Telecommunications - 3.47%
 GTE North Inc.,
   6.05%, 1-6-95 .........................    14,900     14,887,480
 US West Communications Inc.,
   5.9%, 1-30-95 .........................    18,700     18,611,123
   Total .................................               33,498,603

Total Commercial Paper - 26.92%                         260,288,553

               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED ACCUMULATIVE FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

SHORT-TERM SECURITIES (Continued)
Commercial Paper (backed by irrevocable
 bank letter of credit) - 1.72%
 Banks and Savings and Loans
 American Bankers Insurance (Barclays
   Bank PLC),
   6.0%, 1-11-95 .........................   $16,630    $16,602,283

United States Government Obligation - 1.08%
 Federal National Mortgage Association,
   6.55%, 1-6-95 .........................    10,500     10,500,000

TOTAL SHORT-TERM SECURITIES - 29.72%                   $287,390,836
 (Cost: $287,390,836)

TOTAL INVESTMENT SECURITIES - 100.66%                  $973,379,436
 (Cost: $1,012,869,403)

LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.66%)      (6,359,137)

NET ASSETS - 100.00%                                   $967,020,299


               See Notes to Schedules of Investments on page 42.


<PAGE>
UNITED SCIENCE AND TECHNOLOGY FUND
MANAGER'S LETTER
DECEMBER 31, 1994
- ---------------------------------------------------------------------------


Dear Shareholder:

     This report relates to the operation of the United Science and Technology
Fund for the fiscal year ended December 31, 1994.  The following discussion,
graphs and tables provide you with information regarding the Fund's performance
during that period.

     During the past fiscal year, the stock markets were affected greatly by the
Federal Reserve Bank's policy of raising interest rates to prevent escalations
in the rate of inflation which might accompany a strengthening economy.
Throughout the year, the inflation rate remained low, but rising interest rates
triggered a steep decline in the bond market and only minimal gains in the
overall stock market.  Congressional inaction on major health care reform and
the Republican victory in the November elections were viewed as positives by the
stock markets.

     The Fund's strategy was to emphasize holdings in the software and health
care industries.  We selected companies which in our opinion possessed the
greatest potential to be unaffected by fears and uncertainties which prevailed
throughout 1994.

     The strategies and techniques we applied resulted in the direction of the
Fund's performance remaining fairly consistent with that of the indexes charted
on the following page.  Those indexes reflect the performance of securities that
generally represent the non-financial institution portion of the stock market
(the S&P 400 Index) and the universe of funds with similar investment objectives
(the Lipper Science & Technology Fund Universe Average).  The Fund's performance
was impacted positively during the past fiscal year by its selections of stocks
in certain software and computer-networking companies, as well as some other
cyclical investments.

     In 1995 we anticipate that the new Republican Congress will enact
legislation that is advantageous to business and consumers alike.  We expect the
growth of the economy to continue at a moderate but slowing pace and the rate of
inflation to remain low.  We intend to pursue the same strategies we have
employed, as always, seeking to find the most innovative and fastest-growing
companies.

     Thank you very much for your continued support and confidence.



Respectfully,
Abel Garcia
Manager, United Science and Technology Fund

<PAGE>
             COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
                      UNITED SCIENCE AND TECHNOLOGY FUND,
                               THE S&P 500 INDEX,
           AND THE LIPPER SCIENCE & TECHNOLOGY FUND UNIVERSE AVERAGE

Average Annual Total Return*
1 year    5 years   10 years
3.47%     10.61%    14.16%

                                                           Lipper
                                                        Science &
                             United                    Technology
                        Science and            S&P           Fund
                         Technology            400       Universe
                               Fund          Index        Average
                          ---------      ---------     ----------
     12/31/84  Purchase       9,425         10,000         10,000
     12/31/85                11,591         13,058         12,294
     12/31/86                13,699         15,498         13,250
     12/31/87                15,401         16,856         13,576
     12/31/88                16,795         19,548         14,796
     12/31/89                21,397         25,297         18,076
     12/31/90                20,646         25,074         17,544
     12/31/91                32,879         32,789         25,519
     12/31/92                31,555         34,661         29,100
     12/31/93                34,241         37,793         36,152
     12/31/94                37,591         39,238         40,745

- ----- Lipper Science & Technology Fund Universe Average -- $40,745
+++++ S&P 400 Index  -- $39,238
===== United Science and Technology Fund** -- $37,591

  Past performance is not predictive of future performance.  Indexes are
  unmanaged.
 *Performance data quoted represents past performance and is based on deduction
  of a 5.75% sales load on the initial purchase in each of the three periods.
  Investment return and principal value will fluctuate and an investor's shares,
  when redeemed, may be worth more or less than their original cost.
**The value of the investment in the Fund is impacted by the sales load at the
  time of the investment and by the ongoing expenses of the Fund.


<PAGE>
SHAREHOLDER SUMMARY
- ------------------------------------------------------------------------
UNITED SCIENCE AND TECHNOLOGY FUND

PORTFOLIO STRATEGY:
Technology-related         OBJECTIVE:   Long-term appreciation
  stocks                                of capital.

Generally at least 80%      STRATEGY:   Invests in common
  in science or technology              stocks of companies that
  securities; may have more             are expected to benefit
  than 20% in debt securities.          from scientific or technological
                                        discoveries or developments.

Cash Reserves                           The use of cash reserves (often invested
                                        in money market securities) for
                                        defensive purposes is a strategy that
                                        may be utilized by the Science and
                                        Technology Fund from time to time.

                                        Moving into cash reserve positions at
                                        times thought to be near a major stock
                                        market peak allows the Fund the
                                        opportunity to capture profits and
                                        attempts to cushion the impact of market
                                        declines.  The added flexibility
                                        provided by our CASH RESERVES STRATEGY
                                        has from time to time been an important
                                        element in our past success and, when
                                        deemed appropriate, may be used in the
                                        management of the portfolio in the
                                        future.

                             FOUNDED:   1950

        SCHEDULED DIVIDEND FREQUENCY:   SEMIANNUALLY
                                        (JUNE AND DECEMBER)

<PAGE>
PERFORMANCE SUMMARY

        PER SHARE DATA
For the Fiscal Year Ended December 31, 1994
- -------------------------------------------

CAPITAL GAINS DISTRIBUTION      $ 1.02
                                ======

NET ASSET VALUE ON
  12/31/94  $15.21 adjusted to: $16.23(A)
  12/31/93                       14.83
                                ------
CHANGE PER SHARE                $ 1.40
                                ======

(A)This number includes the capital gains distribution of $1.02 paid in December
   1994 added to the actual net asset value on December 31, 1994.

Past performance is not necessarily an indication of future results.

TOTAL RETURN HISTORY

                                       Average Annual Total Return
                                       ---------------------------
                                           With         Without
Period                                 Sales Load*    Sales Load**
- ------                                 -----------    ------------
 1-year period ended 12-31-94               3.47%          9.78%
 5-year period ended 12-31-94              10.61%         11.93%
10-year period ended 12-31-94              14.16%         14.84%

 *Performance data quoted represents past performance and is based on deduction
  of 5.75% sales load on the initial purchase in each of the three periods.

**Performance data quoted in this column represents past performance without
  taking into account the sales load deducted on an initial purchase.

Investment return and principal value will fluctuate and an investor's shares,
when redeemed, may be worth more or less than their original cost.

<PAGE>
PORTFOLIO HIGHLIGHTS

On December 31, 1994, United Science and Technology Fund had net assets totaling
$496,502,582 invested in a diversified portfolio of:

   85.40% Common Stocks
   12.66% Cash and Cash Equivalents
    1.51% Preferred Stock
    0.43% Corporate Debt Security


As a shareholder of United Science and Technology Fund, for every $100 you had
invested on December 31, 1994, your Fund owned:

Technological Stocks            $65.30
Cash and Cash Equivalents        12.66
Consumer Stocks                  10.66
Basic Industries Stocks           8.41
Preferred Stock                   1.51
Financial Stocks                  1.03
Corporate Debt Security           0.43


Not all holdings will be represented in the portfolio at all times.

<PAGE>
- ---------------------------------------------------------------------------
These STOCK CATEGORIES are provided as a reference only.  Not all categories or
subcategories will be represented in a portfolio at all times.  Refer to the
following pages for a more detailed portfolio listing.

BASIC INDUSTRIES
  Airlines
  Automotive
  Building
  Chemicals Major
  Electrical Equipment
  Engineering and Construction
  Machinery
  Manufacturers
  Metals and Mining
  Multi-Industry
  Paper
  Precious Metals
  Railroad Equipment
  Railroads
  Shipping
  Steel
  Tire and Rubber
  Trucking

CONSUMER
  Beverages
  Consumer Electronics and Appliances
  Food and Related
  Hospital Management
  Household Products
  Leisure Time
  Packaging and Containers
  Publishing and Advertising
  Retailing
  Services, Consumer and Business
  Textiles and Apparel
  Tobacco

ENERGY AND ENERGY-RELATED
  Canadian Oil
  Coal
  Domestic Oil
  International Oil
  Oil Services
  Propane

FINANCIAL
  Banks and Savings and Loans
  Financial
  Insurance

PUBLIC UTILITIES
  Electric
  Gas
  Pipelines

TECHNOLOGICAL
  Aerospace
  Biotechnology and Medical Services
  Chemicals Specialty and Miscellaneous Technology
  Computers and Office Equipment
  Drugs and Hospital Supply
  Electronics
  Telecommunications

<PAGE>
THE INVESTMENTS OF UNITED SCIENCE AND TECHNOLOGY FUND
DECEMBER 31, 1994

                                              Shares        Value

COMMON STOCKS
Automotive - 1.72%
 Borg-Warner Automotive, Inc.  ...........   115,000 $  2,889,375
 AB Volvo (D)  ...........................   300,000    5,649,900
   Total .................................              8,539,275

Biotechnology and Medical Services - 1.80%
 Centocor, Inc.*  ........................   200,000    3,262,400
 Ventritex, Inc.*  .......................   210,000    5,656,770
   Total .................................              8,919,170

Computers and Office Equipment - 29.62%
 America Online, Inc.*  ..................    86,000    4,816,000
 Broderbund Software, Inc.*  .............   300,000   14,100,000
 Cerner Corp.*  ..........................   246,000   10,885,500
 Computer Associates International,
   Inc. ..................................   150,000    7,275,000
 Compuware Corporation*  .................   202,000    7,246,750
 First Data Corporation  .................   150,000    7,106,250
 General Motors Corporation, Class E  ....   330,000   12,705,000
 HBO & Company  ..........................   280,000    9,625,000
 Informix Corporation*  ..................   600,000   19,237,200
 Intuit*  ................................    70,000    4,672,500
 Macromedia, Inc.*  ......................   155,000    3,991,250
 Microsoft Corporation*  .................   133,000    8,146,250
 Oracle Systems Corporation*  ............   240,000   10,620,000
 Parametric Technology Corporation*  .....   400,000   13,750,000
 ParcPlace Systems, Inc.*  ...............   212,500    4,794,425
 Shiva Corporation*  .....................    39,600    1,579,050
 Synopsys, Inc.*  ........................   150,000    6,525,000
   Total .................................            147,075,175

Consumer Electronics and Appliances - 0.69%
 Rival Company (The)  ....................   200,000    3,450,000

Drugs and Hospital Supply - 5.77%
 Abbott Laboratories  ....................   150,000    4,893,750
 OmniCare, Inc.  .........................   150,000    6,581,250
 Roche Holdings AG (D)  ..................     1,200    5,798,318
 Schering-Plough Corporation  ............    50,000    3,700,000
 Warner-Lambert Company  .................   100,000    7,700,000
   Total .................................             28,673,318


               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED SCIENCE AND TECHNOLOGY FUND
DECEMBER 31, 1994

                                              Shares        Value

COMMON STOCKS (Continued)
Electrical Equipment - 1.23%
 General Electric Company  ...............   120,000 $  6,120,000

Electronics - 14.94%
 Advanced Technology Materials Inc.*  ....   127,500      741,030
 Applied Materials, Inc.*  ...............   160,000    6,720,000
 Atmel Corporation*  .....................   190,000    6,353,030
 Cascade Communications Corp.*  ..........   111,600    6,877,350
 cisco Systems, Inc.*  ...................   375,600   13,169,287
 Lam Research*  ..........................   200,000    7,425,000
 Micron Technology, Inc.  ................   110,000    4,853,750
 Summa Four, Inc.*  ......................   200,000    5,300,000
 Texas Instruments Incorporated  .........    75,000    5,615,625
 3Com Corporation*  ......................   120,000    6,187,440
 Xilinx, Inc.*  ..........................   185,000   10,938,125
   Total .................................             74,180,637

Engineering and Construction - 0.33%
 Grupo Tribasa, S.A. de C.V., ADS*  ......   100,000    1,662,500

Hospital Management - 5.60%
 Columbia/HCA Healthcare Corporation  ....   125,000    4,562,500
 Mid Atlantic Medical Services, Inc.*  ...   300,000    6,862,500
 Sierra Health Services, Inc.  ...........   232,000    7,337,000
 United HealthCare Corporation  ..........   200,000    9,025,000
   Total .................................             27,787,000

Insurance - 1.03%
 Insurance Auto Auctions, Inc.*  .........   165,000    5,115,000

Leisure Time - 1.06%
 CBS Inc.  ...............................    60,000    3,322,500
 Grupo Televisa S.A. de C.V., CPO
   Shares (D) ............................   120,000    1,932,000
   Total .................................              5,254,500

Machinery - 5.13%
 Cognex Corporation*  ....................   260,000    6,792,500
 Deere & Company  ........................   130,000    8,612,500
 Parker Hannifin Corporation  ............   114,700    5,218,850
 Trinova Corporation  ....................   165,000    4,846,875
   Total .................................             25,470,725

               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED SCIENCE AND TECHNOLOGY FUND
DECEMBER 31, 1994

                                              Shares        Value

COMMON STOCKS (Continued)
Services, Consumer and Business - 3.31%
 Alternative Resources Corporation*  .....   150,000 $  4,687,500
 CUC International Inc.*  ................   350,000   11,725,000
   Total .................................             16,412,500

Telecommunications - 13.17%
 Applied Digital Access, Inc.*  ..........   200,000    5,100,000
 Ascend Communications, Inc.*  ...........   240,000    9,810,000
 DSC Communications Corporation*  ........   200,000    7,212,400
 LDDS Communications, Inc.*  .............   150,000    2,925,000
 MFS Communications Company, Inc.*  ......   230,000    7,590,000
 Motorola, Inc.  .........................   150,000    8,681,250
 Ortel Corporation*  .....................   207,000    5,433,750
 Rogers Cantel Mobile Communications
   Inc., Class B* ........................   200,000    5,850,000
 Telefonaktiebolaget LM Ericsson,
   Class B, ADR ..........................    80,000    4,420,000
 Tellabs*  ...............................   150,000    8,343,750
   Total .................................             65,366,150

TOTAL COMMON STOCKS - 85.40%                         $424,025,950
 (Cost: $265,535,174)

PREFERRED STOCK - 1.51%
Telecommunications
 Nokia Corporation, ADS*  ................   100,000 $  7,500,000
 (Cost: $4,118,004)

                                           Principal
                                           Amount in
                                           Thousands
CORPORATE DEBT SECURITY - 0.43%
Financial
 American Express Company,
   6.25%, 10-15-96 .......................    $1,838 $  2,131,243
 (Cost: $1,837,500)

SHORT-TERM SECURITIES
Commercial Paper
 Automotive - 0.90%
 Echlin Inc.,
   5.9%, 1-18-95 .........................     4,500    4,487,463

 Banks and Savings and Loans - 0.32%
 U.S. Bancorp,
   Master Note ...........................     1,570    1,570,000


               See Notes to Schedules of Investments on page 42.
<PAGE>
THE INVESTMENTS OF UNITED SCIENCE AND TECHNOLOGY FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

SHORT-TERM SECURITIES (Continued)
Commercial Paper (Continued)
 Computers and Office Equipment - 1.89%
 Honeywell Inc.,
   6.05%, 1-19-95 ........................   $ 9,405 $  9,376,550

 Consumer Electronics and Appliances - 0.30%
 TDK (USA) Corp.,
   5.88%, 1-20-95 ........................     1,500    1,495,345

 Financial - 5.65%
 AT&T Capital Corp.,
   5.98%, 1-4-95 .........................     2,855    2,853,577
 BHP Finance (USA) Inc.:
   6.0%, 1-6-95 ..........................     5,000    4,995,833
   6.02%, 1-31-95 ........................     3,700    3,681,438
 Dana Credit Corp.,
   6.28%, 2-10-95 ........................     1,710    1,698,068
 Ford Motor Credit Company,
   5.86%, 1-30-95 ........................     3,640    3,622,817
 General Electric Capital Company,
   6.0%, 2-17-95 .........................     2,965    2,941,774
 Textron Financial Corp.,
   6.25%, 1-12-95 ........................     4,600    4,591,215
 USL Capital Corp.,
   6.0%, 1-17-95 .........................     3,705    3,695,120
   Total .................................             28,079,842

 Food and Related - 0.83%
 ConAgra, Inc.,
   6.0%, 1-11-95 .........................     2,575    2,570,709
 General Mills, Inc.,
   Master Note ...........................       170      170,000
 Sara Lee Corporation,
   Master Note ...........................     1,378    1,378,000
   Total .................................              4,118,709

 Insurance - 1.31%
 Aon Corporation,
   5.97%, 1-17-95 ........................     6,500    6,482,754

 Paper - 0.93%
 Champion International Corporation:
   6.2%, 1-9-95 ..........................     2,000    1,997,244
   5.95%, 2-3-95 .........................     2,635    2,620,628
   Total .................................              4,617,872


               See Notes to Schedules of Investments on page 42.

<PAGE>
THE INVESTMENTS OF UNITED SCIENCE AND TECHNOLOGY FUND
DECEMBER 31, 1994

                                           Principal
                                           Amount in
                                           Thousands        Value

SHORT-TERM SECURITIES (Continued)
Commercial Paper (Continued)
 Retailing - 0.60%
 Rite Aid Corp.,
   6.1%, 1-19-95 .........................   $ 3,000 $  2,990,850

TOTAL SHORT-TERM SECURITIES - 12.73%                 $ 63,219,385
 (Cost: $63,219,385)

TOTAL INVESTMENT SECURITIES - 100.07%                $496,876,578
 (Cost: $334,710,063)

LIABILITIES, NET OF CASH AND OTHER ASSETS - (0.07%)      (373,996)

NET ASSETS - 100.00%                                 $496,502,582


Notes to Schedules of Investments

*No income dividends were paid during the preceding 12 months.

(A)  Coupon resets semiannually based on the arithmetic mean of two-year swap
     rates in four nations:  Italy, France, Spain and the United Kingdom,
     determined by the following formula (minimum coupon of 0%):  19.65% - 2 x
     (average two-year swap rate in the aforementioned nations).

(B)  Coupon resets semiannually based on 14.13% - 1.5 x (5-year Deutschemark
     swap rate).  Coupon guaranteed at 3%.

(C)  Coupon resets on 4-5-95 based on the greater of 4% and 4% + 5 x (6.65% - 3-
     year Australian Dollar swap rate).  After 4-5-95 the coupon becomes fixed.
     Minimum coupon - 4%, maximum coupon - 7.5%.

(D)  Listed on an exchange outside the United States.

See Note 1 to financial statements for security valuation and other significant
     accounting policies concerning investments.

See Note 3 to financial statements for cost and unrealized appreciation and
     depreciation of investments owned for Federal income tax purposes.

<PAGE>
<TABLE>
<CAPTION>
<S>                          <C>           <C>              <C>             <C>
UNITED FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES                                               United
DECEMBER 31, 1994            United             United           United      Science and
                               Bond             Income     Accumulative       Technology
                               Fund               Fund             Fund             Fund
                           -------------------------------------------------------------
Assets Investment securities --
   at value (Notes 1 and 3)  $511,483,108  $3,145,032,833   $973,379,436    $496,876,578
 Cash   ..............             10,475          12,190         84,860           8,574
 Receivables:
   Dividends and interest       9,075,289       7,410,297      1,546,648         230,293
   Investment securities
    sold  ............                ---       7,018,773            ---       1,501,250
   Fund shares sold ..            350,426       3,106,177        260,918         500,124
 Prepaid insurance
   premium ...........             20,172          67,754         40,077          13,624
                             ------------  --------------   ------------    ------------
    Total assets  ....        520,939,470   3,162,648,024    975,311,939     499,130,443
Liabilities                  ------------  --------------   ------------    ------------
 Payable for Fund
   shares redeemed ...          2,875,295      11,625,907      6,396,885       1,918,509
 Payable for investment
   securities purchased                               ---      4,550,625       1,460,625
 443,950
 Accrued service fee .            105,961         654,420        180,242          96,767
 Accrued transfer agency
   and dividend disbursing         65,042         558,228        151,202          86,482
 Accrued accounting
   services fee.......              5,000           8,333          7,083           5,000
 Other  ..............             51,852         346,304         95,603          77,153
                             ------------  --------------   ------------    ------------
    Total liabilities           3,103,150      17,743,817      8,291,640       2,627,861
                             ------------  --------------   ------------    ------------
      Total net assets       $517,836,320  $3,144,904,207   $967,020,299    $496,502,582
Net Assets                   ============  ==============   ============    ============
 $1.00 par value capital stock
   Capital stock .....       $ 92,169,870  $  134,763,916   $146,939,028    $ 32,637,049
   Additional paid-in
    capital ..........        488,791,181   2,160,636,160    867,495,501     297,212,925
 Accumulated undistributed
   income (loss):
   Accumulated undistributed net
    investment income             747,994         968,192      873,019               ---
   Accumulated undistributed net
    realized gain (loss) on
    investment
    transactions .....        (31,529,487)     13,304,078    (8,797,282)       4,486,093
   Net unrealized appreciation
    (depreciation) of investments
    at end of period .        (32,343,238)     835,231,861   (39,489,967)    162,166,515
                              ------------  --------------  -------------    -----------
    Net assets applicable to
      outstanding units
      of capital .....       $517,836,320   $3,144,904,207  $967,020,299    $496,502,582
                             ============   ==============  ============    ============
Net asset value per share
 (net assets divided by
 shares outstanding)                $5.62           $23.34         $6.58          $15.21
Sales load (offering price X 5.75%)   .34             1.42           .40             .93
                                    -----           ------         -----          ------
Offering price per share (net asset
 value divided by 94.25%)           $5.96           $24.76         $6.98          $16.14
                                    =====           ======         =====          ======
Capital shares
 outstanding  ........         92,169,870      134,763,916    146,939,028     32,637,049
Capital shares authorized     260,000,000      300,000,000   340,000,000     100,000,000

On sales of $100,000 or more the sales load is reduced as set forth in the
Prospectus.
                       See notes to financial statements.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
<S>                     <C>          <C>           <C>          <C>
UNITED FUNDS, INC.
STATEMENT OF OPERATIONS
For the Fiscal Year Ended DECEMBER 31, 1994
                                                                     United
                             United        United        United Science and
                               Bond        Income  Accumulative  Technology
                               Fund          Fund          Fund        Fund
                       ------------  --------------------------------------
Investment Income
 Income:
   Dividends .........  $       ---  $ 54,030,661   $16,412,728 $ 1,791,830
   Interest ..........   41,837,180    15,251,196     8,322,216   2,494,035
                        -----------  ------------   ----------- -----------
    Total income  ....   41,837,180    69,281,857    24,734,944   4,285,865
                        -----------  ------------   ----------- -----------
 Expenses (Note 2):
   Investment
    management fee ...    2,552,094    15,069,003     4,773,506   2,777,832
   Transfer agency and
    dividend disbursing                   791,880     4,148,972   1,114,555
 815,589
   Service fee .......      542,722     3,114,608       880,968     466,139
   Custodian fees ....       38,203       415,478       102,588      54,497
   Accounting services fee   66,667       100,000        92,500      60,000
   Audit fees ........       37,702        51,517        40,411      28,077
   Legal fees ........       12,175        71,619         3,759      10,900
   Other .............       93,359       472,601       138,078      91,527
                        -----------  ------------   ----------- -----------

    Total expenses  ..    4,134,802    23,443,798     7,146,365   4,304,561
                        -----------  ------------   ----------- -----------
      Net investment
       income (loss)     37,702,378    45,838,059    17,588,579     (18,696)
                        -----------  ------------   ----------- -----------
Realized and Unrealized
 Gain (Loss) on
 Investments
 Realized net gain (loss)
   on securities .....  (31,512,111)   89,293,945    60,126,808  37,605,690
 Unrealized appreciation
   (depreciation) in value
   of investments during
   the period.........  (41,557,487) (195,072,068)  (77,231,909)  6,830,120
                       ------------  ------------   ----------- -----------
   Net gain (loss) on
    investments  .....  (73,069,598) (105,778,123)  (17,105,101) 44,435,810
                       ------------  ------------   ----------- -----------
    Net increase (decrease)
      in net assets
      resulting
      from operations. $(35,367,220) $(59,940,064)  $   483,478 $44,417,114
                       ============  ============   =========== ===========
</TABLE>
                       See notes to financial statements.


<PAGE>
<TABLE>
<APTION>
<S>                         <C>            <C>              <C>               <C>
UNITED FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
For the Fiscal Year Ended December 31, 1994                                        United
                                  United           United           United    Science and
                                    Bond           Income     Accumulative     Technology
                                    Fund             Fund             Fund           Fund
                            -------------------------------------------------------------
Increase (Decrease) in Net Assets
 Operations:
   Net investment
    income (loss)  ...      $ 37,702,378    $  45,838,059    $  17,588,579    $   (18,696)
   Realized net gain (loss)
    on investments  ..       (31,512,111)      89,293,945       60,126,808     37,605,690
   Unrealized appreciation
    (depreciation)  ..       (41,557,487)    (195,072,068)     (77,231,909)     6,830,120
                            -------------   --------------   --------------   -----------
    Net increase (decrease)
      in net assets resulting
      from operations.       (35,367,220)     (59,940,064)         483,478     44,417,114
                            -------------   --------------   -------------   ------------
 Dividends to shareholders:*
   From net investment
    income  ..........       (37,265,097)     (45,590,722)     (17,169,923)           ---
   From realized net gain on
    investment transactions   (1,836,092)     (82,751,883)     (65,811,797)   (31,199,630)
                            -------------   --------------   --------------   -----------
                             (39,101,189)    (128,342,605)     (82,981,720)   (31,199,630)
                            -------------   --------------   --------------   -----------
 Capital share
   transactions**.....       (49,363,402)     273,113,600       15,744,243     36,674,458
                            -------------   -------------   --------------   ------------
   Total increase
    (decrease)  ......      (123,831,811)      84,830,931      (66,753,999)    49,891,942
Net Assets	
 Beginning of period         641,668,131    3,060,073,276    1,033,774,298    446,610,640
                            ------------   --------------   --------------   ------------
 End of period              $517,836,320   $3,144,904,207   $  967,020,299   $496,502,582
                            ============   ==============   ==============   ============
   Undistributed net
    investment income           $747,994         $968,192         $873,019           $---
                                ========         ========         ========           ====
                  *See "Financial Highlights" on pages 47-50.
**Shares issued from sale
   of shares .........    6,077,476    17,223,202     4,792,033   4,101,127
  Shares issued from
   reinvestment of
   dividends and/or capital
   gains distribution                   5,555,134     4,993,419  11,799,943
   2,041,497
  Shares redeemed.....  (19,918,276)  (10,996,133)  (13,397,312) (3,619,095)
                         ----------     ---------     ---------   ---------
  Increase (decrease) in
   outstanding capital
   shares ............   (8,285,666)   11,220,488     3,194,664   2,523,529
                         ==========    ==========     =========   =========
  Value issued from sale
   of shares..........  $36,518,090  $427,435,360   $34,385,640 $61,082,518
  Value issued from
   reinvestment of
   dividends and/or capital
   gains distribution.   32,793,687   118,100,262    77,407,382  29,601,725
  Value redeemed ..... (118,675,179) (272,422,022)  (96,048,779)(54,009,785)
                       ------------  ------------   ----------- -----------
  Increase (decrease) in
   outstanding capital $(49,363,402) $273,113,600   $15,744,243 $36,674,458
                       ============  ============   =========== ===========
                       See notes to financial statements.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
<S>                         <C>             <C>             <C>              <C>
UNITED FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
For the Fiscal Year Ended DECEMBER 31, 1993                                        United
                                  United           United           United    Science and
                                    Bond           Income     Accumulative     Technology
                                    Fund             Fund             Fund           Fund
                            -------------------------------------------------------------
Increase in Net Assets
 Operations:
   Net investment income    $ 38,703,166    $   47,298,116  $   13,631,477   $    245,702
   Realized net gain
    on investments  ..        42,273,683        72,262,232      99,077,252     19,831,519
   Unrealized appreciation
    (depreciation)  ..        (4,437,167)      297,996,504     (24,457,177)    14,872,734
                            -------------   --------------   --------------   -----------
    Net increase in net
      assets resulting
      from operations.         76,539,682      417,556,852       88,251,552    34,949,955
                            -------------   --------------   --------------   -----------
 Dividends to shareholders:*
   From net investment
    income  ..........       (38,417,817)      (47,391,411)     (14,057,190)      (289,842)
   From realized net gain
    on investment
    transactions .....       (31,560,821)      (47,069,010)    (107,396,676)   (26,791,116)
   In excess of realized net
    gain from investment
    transactions .....               ---               ---       (3,112,293)    (2,023,716)
                             ------------   --------------   --------------    -----------
                              (69,978,638)     (94,460,421)    (124,566,159)   (29,104,674)
                             ------------   --------------   --------------    -----------
 Capital share
   transactions**.....         45,161,486      199,815,817       77,165,152     11,958,973
                             ------------   --------------   --------------    -----------
   Total increase ....         51,722,530      522,912,248       40,850,545     17,804,254
Net Assets
 Beginning of period          589,945,601    2,537,161,028      992,923,753    428,806,386
                             ------------   --------------   --------------   ------------
 End of period  ......       $641,668,131   $3,060,073,276   $1,033,774,298   $446,610,640
                             ============   ==============   ==============   ============
   Undistributed net
    investment income      $310,713      $720,855      $454,363    $103,749
                           ========      ========      ========    ========
                  *See "Financial Highlights" on pages 47-50.
**Shares issued from sale
   of shares .........   10,823,257    15,138,889     8,005,063   2,391,048
  Shares issued from
   reinvestment of
   dividends and/or
   distributions .....    9,135,589     3,568,938    16,395,920   1,897,450
  Shares redeemed.....  (13,016,181)  (10,230,919)  (13,035,089) (3,465,411)
                         ----------    ----------    ----------   ---------
  Increase in
   outstanding capital
   shares ............    6,942,665     8,476,908    11,365,894     823,087
                         ==========    ==========    ==========   =========
  Value issued from sale
   of shares..........  $72,085,126  $354,349,326  $ 61,908,432 $34,447,164
  Value issued from
   reinvestment of
   dividends and/or
   distributions .....   59,457,945    85,633,675   116,166,594  27,467,139
  Value redeemed .....  (86,381,585) (240,167,184) (100,909,874)(49,955,330)
                        -----------  ------------  ------------ -----------
  Increase in outstanding
   capital ...........  $45,161,486  $199,815,817  $ 77,165,152 $11,958,973
                        ===========  ============  ============ ===========
                       See notes to financial statements.
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS OF
UNITED BOND FUND
For a Share of Capital Stock Outstanding Throughout Each Period:

                             For the fiscal year ended December 31,
                             ------------------------------------
                               1994   1993    1992   1991    1990
                              -----  -----   -----  -----   -----
Net asset value,
 beginning of period          $6.39  $6.31   $6.32  $5.80   $6.07
                              ----   ----    ----   ----    ----
Income from investment
 operations:
 Net investment income          .39    .41     .45    .47     .50
 Net realized and
   unrealized gain
   (loss) on
   investments .....          (0.75)   .41     .00    .56   (0.26)
                              ----   ----    ----   ----    ----
Total from investment
 operations  .......          (0.36)   .82     .45   1.03     .24
                              ----   ----    ----   ----    ----
Less distributions:
 Dividends from net
   investment income          (0.39) (0.41)  (0.46) (0.47)  (0.50)
 Distribution from
   capital gains ...          (0.02) (0.33)  (0.00) (0.04)  (0.01)
                              ----   ----    ----   ----    ----
Total distributions           (0.41) (0.74)  (0.46) (0.51)  (0.51)
                              ----   ----    ----   ----    ----
Net asset value,
 end of period  ....          $5.62  $6.39   $6.31  $6.32   $5.80
                             =====  =====   =====  =====   =====
Total return* ......          -5.76% 13.19%   7.50% 18.78%   4.24%
Net assets, end of
 period (000
 omitted)  .........       $517,836$641,668$589,946$524,404$439,487
Ratio of expenses to
 average net assets            0.72%  0.65%   0.64%  0.65%   0.67%
Ratio of net investment
 income to average
 net assets  .......           6.60%  6.14%   7.29%  7.96%   8.54%
Portfolio turnover
 rate  .............         127.11%175.39% 115.17%318.76% 294.66%

 *Total return calculated without taking into account the sales load deducted
  on an initial purchase.
                       See notes to financial statements.

<PAGE>
FINANCIAL HIGHLIGHTS OF
UNITED INCOME FUND
For a Share of Capital Stock Outstanding Throughout Each Period:

                             For the fiscal year ended December 31,
                             ------------------------------------
                               1994   1993    1992   1991    1990
                             ------ ------  ------ ------  ------
Net asset value,
 beginning of period         $24.77 $22.05  $20.44 $16.46  $18.69
                             -----  -----   -----  -----   -----
Income from investment
 operations:
 Net investment income          .36    .40     .46    .51     .61
 Net realized and
   unrealized gain
   (loss) on
   investments .....          (0.80)  3.11    1.96   4.29   (1.61)
                             -----  -----   -----  -----   -----
Total from investment
 operations  .......          (0.44)  3.51    2.42   4.80   (1.00)
                             -----  -----   -----  -----   -----
Less distributions:
 Dividends from net
   investment income          (0.36) (0.40)  (0.46) (0.53)  (0.63)
 Distribution from
   capital gains ...          (0.63) (0.39)  (0.35) (0.29)  (0.60)
                             -----  -----   -----  -----   -----
Total distributions           (0.99) (0.79)  (0.81) (0.82)  (1.23)
                             -----  -----   -----  -----   -----
Net asset value,
 end of period  ....         $23.34 $24.77  $22.05 $20.44  $16.46
                            ====== ======  ====== ======  ======
Total return* ......          -1.82% 16.05%  11.96% 29.64%  -5.45%
Net assets, end of
 period (000
 omitted)  .........       $3,144,904$3,060,073$2,537,161$2,150,986$1,578,543
Ratio of expenses to
 average net assets            0.74%  0.66%   0.65%  0.66%   0.68%
Ratio of net investment
 income to average
 net assets  .......           1.45%  1.70%   2.19%  2.71%   3.44%
Portfolio turnover
 rate  .............          18.54% 21.70%  19.25% 24.68%  30.94%

 *Total return calculated without taking into account the sales load deducted
  on an initial purchase.
                       See notes to financial statements.

<PAGE>
FINANCIAL HIGHLIGHTS OF
UNITED ACCUMULATIVE FUND
For a Share of Capital Stock Outstanding Throughout Each Period:

                             For the fiscal year ended December 31,
                             ------------------------------------
                               1994   1993    1992   1991    1990
                              ----- ------  ------ ------  ------
Net asset value,
 beginning of period          $7.19  $7.50   $7.15  $6.03   $7.12
                             -----  -----   -----  -----   -----
Income from investment
 operations:
 Net investment income          .13    .11     .16    .19     .28
 Net realized and
   unrealized gain
   (loss) on
   investments .....          (0.13)   .55     .85   1.22   (0.99)
                             -----  -----   -----  -----   -----
Total from investment
 operations  .......           0.00    .66    1.01   1.41   (0.71)
                             -----  -----   -----  -----   -----
Less distributions:
 Dividends from net
   investment income          (0.13) (0.11)  (0.16) (0.20)  (0.29)
 Distribution from
   capital gains ...          (0.48) (0.84)  (0.50) (0.09)  (0.09)
 Distribution in
   excess of capital
   gains............          (0.00) (0.02)  (0.00) (0.00)  (0.00)
                             -----  -----   -----  -----   -----
Total distributions           (0.61) (0.97)  (0.66) (0.29)  (0.38)
                             -----  -----   -----  -----   -----
Net asset value,
 end of period  ....          $6.58  $7.19   $7.50  $7.15   $6.03
                             =====  =====   =====  =====   =====
Total return* ......           0.04%  9.06%  14.20% 23.68% -10.17%
Net assets, end of
 period (000
 omitted)  .........       $967,020$1,033,774$992,924$904,635$767,218
Ratio of expenses to
 average net assets            0.71%  0.65%   0.62%  0.63%   0.64%
Ratio of net investment
 income to average
 net assets  .......           1.76%  1.34%   2.13%  2.79%   4.12%
Portfolio turnover
 rate  .............         205.40%230.29% 194.41%241.11% 288.64%

 *Total return calculated without taking into account the sales load deducted
  on an initial purchase.

                       See notes to financial statements.

<PAGE>
FINANCIAL HIGHLIGHTS OF
UNITED SCIENCE AND TECHNOLOGY FUND
For a Share of Capital Stock Outstanding Throughout Each Period:

                             For the fiscal year ended December 31,
                            --------------------------------------
                               1994   1993    1992   1991    1990
                            ------ ------  ------ ------  ------
Net asset value,
 beginning of period         $14.83 $14.64  $15.42 $10.27  $11.72
                            ------ ------  ------ ------  ------
Income from investment
 operations:
 Net investment
   income ..........           0.00    .01     .03    .10     .24
 Net realized and
   unrealized gain
   (loss) on
   investments .....           1.40   1.21   (0.66)  5.90   (0.65)
                            ------ ------  ------ ------  ------
Total from investment
 operations  .......           1.40   1.22   (0.63)  6.00   (0.41)
                            ------ ------  ------ ------  ------
Less distributions:
 Dividends from net
   investment income           0.00  (0.01)  (0.03) (0.10)  (0.25)
 Distribution from
   capital gains ...          (1.02) (0.95)  (0.12) (0.75)  (0.79)
 Distribution in
   excess of capital
   gains ...........           0.00  (0.07)  (0.00) (0.00)  (0.00)
                            ------ ------  ------ ------  ------
Total distributions           (1.02) (1.03)  (0.15) (0.85)  (1.04)
                            ------ ------  ------ ------  ------
Net asset value,
 end of period  ....         $15.21 $14.83  $14.64 $15.42  $10.27
                            ====== ======  ====== ======  ======
Total return* ......           9.78%  8.51%  -4.03% 59.25%  -3.51%
Net assets, end of
 period (000
 omitted)  .........       $496,503$446,611$428,806$405,380$239,077
Ratio of expenses to
 average net assets            0.96%  0.91%   0.87%  0.85%   0.90%
Ratio of net investment
 income to average
 net assets  .......           0.00%  0.06%   0.24%  0.75%   2.06%
Portfolio turnover
 rate  .............          64.39% 68.38%  45.79% 59.24%  63.86%

 *Total return calculated without taking into account the sales load deducted
  on an initial purchase.
                       See notes to financial statements.

<PAGE>
UNITED FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994

NOTE 1 -- Significant Accounting Policies

     United Funds, Inc. (the "Corporation") is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The Corporation issues four classes of capital shares; each class represents
ownership of a separate mutual fund.  The assets belonging to each Fund are held
separately by the Custodian.  The capital shares of each Fund represent a pro
rata beneficial interest in the principal, net income and realized and
unrealized capital gains or losses of its respective investments and other
assets.  The following is a summary of significant accounting policies
consistently followed by the Corporation in the preparation of its financial
statements.  The policies are in conformity with generally accepted accounting
principles.

A.   Security valuation -- Each stock and convertible bond is valued at the
     latest sale price thereof on the last business day of the fiscal period as
     reported by the principal securities exchange on which the issue is traded
     or, if no sale is reported for a stock, the average of the latest bid and
     asked prices.  Bonds, other than convertible bonds, are valued using a
     pricing system provided by a major dealer in bonds.  Convertible bonds are
     valued using this pricing system only on days when there is no sale
     reported.  Stocks which are traded over-the-counter are priced using NASDAQ
     (National Association of Securities Dealers Automated Quotations) which
     provides information on bid and asked or closing prices quoted by major
     dealers in such stocks.   Securities for which quotations are not readily
     available are valued as determined in good faith in accordance with
     procedures established by and under the general supervision of the
     Corporation's Board of Directors.  Short-term debt securities are valued at
     amortized cost, which approximates market.

B.   Security transactions and related investment income -- Security
     transactions are accounted for on the trade date (date the order to buy or
     sell is executed).  Securities gains and losses are calculated on the
     identified cost basis.  Original issue discount (as defined in the Internal
     Revenue Code), premiums on the purchase of bonds and post-1984 market
     discount are amortized for both financial and tax reporting purposes over
     the remaining lives of the bonds.  Dividend income is recorded on the ex-
     dividend date except that certain dividends from foreign securities are
     recorded as soon as the Corporation is informed of the ex-dividend date.
     Interest income is recorded on the accrual basis.  See Note 3 -- Investment
     Securities Transactions.

C.   Foreign currency translations -- All assets and liabilities denominated in
     foreign currencies are translated into U.S. dollars daily.  Purchases and
     sales of investment securities and accruals of income and expenses are
     translated at the rate of exchange prevailing on the date of the
     transaction.  For assets and liabilities other than investments in
     securities, net realized and unrealized gains and losses from foreign
     currency translations arise from changes in currency exchange rates.  The
     Corporation combines fluctuations from currency exchange rates and
     fluctuations in market value when computing net realized and unrealized
     gain or loss from investments.

D.   Federal income taxes -- It is the Corporation's policy to distribute all of
     its taxable income and capital gains to its shareholders and otherwise
     qualify as a regulated investment company under the Internal Revenue Code.
     In addition, the Corporation intends to pay distributions as required to
     avoid imposition of excise tax.  Accordingly, provision has not been made
     for Federal income taxes.  See Note 4 -- Federal Income Tax Matters.

E.   Dividends and distributions -- Dividends and distributions to shareholders
     are recorded by each Fund on the record date.  Net investment income
     distributions and capital gains distributions are determined in accordance
     with income tax regulations which may differ from generally accepted
     accounting principles.  These differences are due to differing treatments
     for items such as deferral of wash sales and post-October losses, foreign
     currency transactions, net operating losses and expiring capital loss
     carryforwards.  During the period, United Science and Technology Fund
     reclassified $103,749 into accumulated undistributed net realized gain
     (loss) on investment transactions and foreign currency transactions; of
     this amount, $85,053 was reclassified from accumulated undistributed net
     investment income and $18,696 was reclassified from additional paid-in
     capital.

NOTE 2 -- Investment Management And Payments To Affiliated Persons

     The Fund pays a fee for investment management services.  The fee is
computed daily based on the net asset value at the close of business.  The fee
consists of two elements: (i) a "Specific" fee computed on net asset value as of
the close of business each day at the annual rate of .03% of net assets for
United Bond Fund, .15% of net assets for United Income Fund and United
Accumulative Fund, and .20% for United Science and Technology Fund; and (ii) a
"Group" fee computed each day on the combined net asset values of all of the
funds in the United Group of mutual funds (approximately $11.0 billion of
combined net assets at December 31, 1994) at annual rates of .51% of the first
$750 million of combined net assets, .49% on that amount between $750 million
and $1.5 billion, .47% between $1.5 billion and $2.25 billion, .45% between
$2.25 billion and $3 billion, .43% between $3 billion and $3.75 billion, .40%
between $3.75 billion and $7.5 billion, .38% between $7.5 billion and $12
billion, and .36% of that amount over $12 billion.  The Fund accrues and pays
this fee daily.

     Pursuant to assignment of the Investment Management Agreement between the
Corporation and Waddell & Reed, Inc. ("W&R"), Waddell & Reed Investment
Management Company ("WRIMCO"), a wholly-owned subsidiary of W&R, serves as the
Corporation's investment manager.

     The Corporation has an Accounting Services Agreement with Waddell & Reed
Services Company ("WARSCO"), a wholly-owned subsidiary of W&R.  Under the
agreement, WARSCO acts as the agent in providing accounting services and
assistance to the Corporation and pricing daily the value of shares of the
Corporation.  For these services, each of the four Funds pays WARSCO a monthly
fee of one-twelfth of the annual fee shown in the following table.


                            Accounting Services Fee
                  Average
               Net Asset Level                Annual Fee
          (all dollars in millions)       Rate for Each Fund
          -------------------------       ------------------
          From $    0  to $   10               $      0
          From $   10  to $   25               $ 10,000
          From $   25  to $   50               $ 20,000
          From $   50  to $  100               $ 30,000
          From $  100  to $  200               $ 40,000
          From $  200  to $  350               $ 50,000
          From $  350  to $  550               $ 60,000
          From $  550  to $  750               $ 70,000
          From $  750  to $1,000               $ 85,000
               $1,000 and Over                 $100,000

     The Corporation also pays WARSCO a per account charge for transfer agency
and dividend disbursement services of $1.0208 for each shareholder account which
was in existence at any time during the prior month, plus $0.30 for each account
on which a dividend or distribution of cash or shares had a record date in that
month. The Corporation also reimburses W&R and WARSCO for certain out-of-pocket
costs.

     As principal underwriter for the Corporation's shares, W&R received direct
and indirect gross sales commissions (which are not an expense of the
Corporation) of $19,687,406, out of which W&R paid sales commissions of
$11,086,618 and all expenses in connection with the sale of the Corporation's
shares, except for registration fees and related expenses.

     Under a Service Plan adopted by the Corporation pursuant to Rule 12b-1
under the Investment Company Act of 1940, the Corporation may pay monthly a fee
to W&R in an amount not to exceed .25% of the Corporation's average annual net
assets.  The fee is to be paid to reimburse W&R for amounts it expends in
connection with the provision of personal services to Fund shareholders and/or
maintenance of shareholder accounts.

     The Corporation paid Directors' fees of $187,403.

     W&R is an indirect subsidiary of Torchmark Corporation, a holding company,
and United Investors Management Company, a holding company, and   a direct
subsidiary of Waddell & Reed Financial Services, Inc., a holding company.

NOTE 3 -- Investment Securities Transactions

     Investment securities transactions for the period ended December 31, 1994
are summarized as follows:

                                                                     United
                               United       United      United  Science and
                                 Bond       IncomeAccumulative   Technology
                                 Fund         Fund        Fund         Fund
                          ----------- ------------------------ ------------
Purchases of investment
 securities, excluding
 short-term and U.S.
 Government securities   $407,864,496$  626,558,878$1,675,348,938$258,087,558
Purchases of U.S. Government
 securities               286,708,313   45,607,813         ---          ---
Purchases of short-term
 securities               441,413,8701,711,536,1132,717,352,467 652,190,616
Proceeds from maturities
 and sales of investment
 securities, excluding
 short-term and U.S.
 Government securities    448,822,323  562,282,8991,895,883,782 284,527,161
Proceeds from maturities and
 sales of U.S. Government
 securities               274,093,082          ---         ---          ---
Proceeds from maturities and sales
 of short-term securities 465,105,2771,632,825,0262,555,293,938 624,134,331

     For Federal income tax purposes, cost of investments owned at December 31,
1994 and the related appreciation (depreciation) were as follows:

                                                                  Aggregate
                                 Cost AppreciationDepreciation Appreciation
                                                              (Depreciation)
                       -------------- --------------------------------------
United Bond Fund       $  543,826,346 $    508,996$(32,852,234)$(32,343,238)
United Income Fund      2,309,800,972  893,000,319(57,768,458)  835,231,861
United Accumulative
 Fund                   1,012,869,403   17,320,376(56,810,343)  (39,489,967)
United Science and
 Technology Fund          334,813,214  167,873,959 (5,810,595)  162,063,364

NOTE 4 -- Federal Income Tax Matters

     The Corporation's income and expenses attributed to each Fund and the gains
and losses on security transactions of each Fund have been attributed to that
Fund for Federal income tax purposes as well as for accounting purposes.  For
Federal income tax purposes, United Income Fund and United Science and
Technology Fund realized capital gain net income of $89,293,944 and $35,769,799,
respectively, during the year ended December 31, 1994.  A portion of the capital
gain net income was paid to shareholders during the year ended December 31,
1994.  Remaining capital gain net income will be distributed to the Fund's
shareholders.  For Federal income tax purposes, United Accumulative Fund
realized capital gain net income of $65,889,572 during the year ended December
31,1 994.  The capital gain net income was paid to shareholders during the year
ended December 31, 1994.  For Federal income tax purposes, United Bond Fund
realized capital losses of $27,347,477 during the year ended December 31, 1994.
This amount is available to offset future ralized capital gain net income
through December 31, 2002.

     Internal Revenue Code regulations permit each Fund to defer into its next
fiscal year net capital losses or net long-term capital losses incurred between
each November 1 and the end of its fiscal year ("post-October losses").  From
November 1, 1994 through December 31, 1994, United Accumulative Fund and United
Bond Fund incurred post-October losses of $8,900,860 and $4,164,635,
respectively, which have been deferred to the fiscal year ending December 31,
1995.

<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and Shareholders of
   United Funds, Inc.

In our opinion, the accompanying statement of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of each of the four mutual funds
(United Bond Fund, United Income Fund, United Accumulative Fund and United
Science and Technology Fund) comprising United Funds, Inc. (hereafter referred
to as the "Corporation") at December 31, 1994, the results of its operations for
the year then ended and the changes in its net assets and the financial
highlights for the periods indicated, in conformity with generally accepted
accounting principles.  These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Corporation's management; our responsibility is to express an opinion on these
financial statements based on our audits.  We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation.  We believe that our audits, which included
confirmation of securities at December 31, 1994 by correspondence with the
custodian and brokers and the application of alternative auditing procedures
where confirmations from brokers were not received, provide a reasonable basis
for the opinion expressed above.



PRICE WATERHOUSE LLP
Kansas City, Missouri
January 31, 1995


<PAGE>
INCOME TAX INFORMATION

The amounts of the dividends and long-term capital gains below, multiplied by
the number of shares owned by you on the record dates, will give you the total
amounts to be reported in your 1994 Federal income tax return.

                        PER-SHARE AMOUNTS REPORTABLE AS:
                  ----------------------------------------------------
                     For Individuals             For Corporations
                  ------------------- ----------------------------------
    Record        Ordinary Long-Term               Non- Long-Term
    Date    Total  IncomeCapital GainQualifyingQualifyingCapital Gain
- -----------  ----- ---------------------------------------------------
                                United Bond Fund
  01-14-94  $0.032  $0.0320  $0.0000  $0.0000   $0.0320   $0.0000
  02-11-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  03-11-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  04-15-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  05-13-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  06-17-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  07-15-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  08-12-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  09-16-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  10-14-94   0.032   0.0320   0.0000   0.0000    0.0320    0.0000
  11-11-94   0.033   0.0330   0.0000   0.0000    0.0330    0.0000
  12-16-94   0.056   0.0380   0.0180   0.0000    0.0380    0.0180
           -------  -------  -------  -------   -------   -------
            $0.409  $0.3910  $0.0180  $0.0000   $0.3910   $0.0180
           =======  =======  =======  =======   =======   =======
                               United Income Fund
  03-11-94  $0.090  $0.0900  $0.0000  $0.0900   $0.0000   $0.0000
  06-17-94   0.080   0.0800   0.0000   0.0800    0.0000    0.0000
  09-16-94   0.090   0.0900   0.0000   0.0900    0.0000    0.0000
  12-16-94   0.727   0.0949   0.6321   0.0949    0.0000    0.6321
           -------  -------  -------  -------   -------   -------
            $0.987  $0.3549  $0.6321  $0.3549   $0.0000   $0.6321
           =======  =======  =======  =======   =======   =======
                            United Accumulative Fund
  06-17-94  $0.040  $0.0400  $0.0000  $0.0361   $0.0039   $0.0000
  12-16-94   0.568   0.3580   0.2100   0.0767    0.2813    0.2100
           -------  -------  -------  -------   -------   -------
            $0.608  $0.3980  $0.2100  $0.1128   $0.2852   $0.2100
           =======  =======  =======  =======   =======   =======
                       United Science and Technology Fund
  12-16-94  $1.021  $0.0000  $1.0210  $0.0000   $0.0000   $1.0210
           =======  =======  =======  =======   =======   =======

CORPORATION DEDUCTIONS -- Under Federal tax law, the amounts reportable as
Qualifying Dividends are eligible for the dividends received deduction in the
year received as provided by Section 243 of the Internal Revenue Code.

Shareholders are advised to consult with their tax advisor concerning the tax
treatment of dividends and distributions from the Fund.

<PAGE>
To the Shareholders of United Income Fund
  and United Accumulative Fund:

     United Income Fund and United Accumulative Fund held a special meeting of
shareholders on November 21, 1994.  The matters voted upon at the meeting were:

Item 1 To ratify the selection of Price Waterhouse LLP as independent
       accountants of the Fund for its current fiscal year

Item 2 To eliminate the Fund's fundamental investment restriction regarding
       investments in restricted securities

Item 3 To amend the Fund's Investment Management Agreement to change the
       "specific" fee paid by the Fund to Waddell & Reed Investment Management
       Company

The results of the voting were as follows:

              Affirmative        Against        Abstain
UNITED ACCUMULATIVE FUND
Item 1         72,306,295        884,093      3,665,277
Item 2         59,633,928      9,432,507      7,641,358
Item 3         55,679,372     12,770,088      8,258,333
There were 147,872 broker non-votes.

UNITED INCOME FUND
Item 1         69,044,694        667,688      3,977,724
Item 2         57,301,298      8,705,276      7,551,186
Item 3         50,981,277     14,260,832      8,315,651
There were 132,346 broker non-votes.














To all IRA Planholders:

As required by law, income tax will automatically be withheld from any
distribution or withdrawal from an IRA unless you make a written election not to
have taxes withheld.  The election may be made by submitting forms provided by
Waddell & Reed, Inc. which can be obtained from your Waddell & Reed
representative or by submitting Internal Revenue Service form W-4P.  Once made,
an election can be revoked by providing written notice to Waddell & Reed, Inc.
If you elect not to have tax withheld you may be required to make payments of
estimated tax.  Penalties may be imposed by the IRS if withholding and estimated
tax payments are not adequate.

<PAGE>
DIRECTORS
   Ronald K. Richey, Birmingham, Alabama, Chairman of the Board
   Henry L. Bellmon, Red Rock, Oklahoma
   Dodds I. Buchanan, Boulder, Colorado
   Jay B. Dillingham, Kansas City, Missouri
   John F. Hayes, Hutchinson, Kansas
   Glendon E. Johnson, Miami, Florida
   William T. Morgan, Los Angeles, California
   Doyle Patterson, Kansas City, Missouri
   Keith A. Tucker, Overland Park, Kansas
   Frederick Vogel, III, Milwaukee, Wisconsin
   Paul S. Wise, Carefree, Arizona
   Leslie S. Wright, Birmingham, Alabama


OFFICERS
   Keith A. Tucker, President
   James C. Cusser, Vice President
   Abel Garcia, Vice President
   Robert L. Hechler, Vice President
   Henry J. Herrmann, Vice President
   John M. Holliday, Vice President
   Theodore W. Howard, Vice President and Treasurer
   Antonio Intagliata, Vice President
   Sharon K. Pappas, Vice President and Secretary
   Carl E. Sturgeon, Vice President
   Russell E. Thompson, Vice President

<PAGE>
THE UNITED GROUP OF MUTUAL FUNDS
- -------------------------------------------------------------------

  United Cash Management, Inc.
  United Government Securities Fund, Inc.
  United Bond Fund
  United Municipal Bond Fund, Inc.
  United Continental Income Fund, Inc.
  United Income Fund
  United Municipal High Income Fund, Inc.
  United High Income Fund, Inc.
  United High Income Fund II, Inc.
  United Accumulative Fund
  United Vanguard Fund, Inc.
  United New Concepts Fund, Inc.
  United Science and Technology Fund
  United International Growth Fund, Inc.
  United Gold & Government Fund, Inc.
  United Retirement Shares, Inc.


















- ------------------------------------

FOR MORE INFORMATION:
Contact your representative, or your
local office as listed on your
Account Statement, or contact:
  WADDELL & REED
  CUSTOMER SERVICE
  6300 Lamar Avenue
  P.O. Box 29217
  Shawnee Mission, KS  66201-9217
  (913) 236-1303





NUR1000A(12-94)
printed on recycled paper


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