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076 000300 0.00
015 A000401 UMB BANK, N.A.
015 B000401 C
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015 E010401 X
015 A000402 UNITED MISSOURI TRUST COMPANY OF NEW YORK
015 B000402 S
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015 C020402 NY
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024 000400 Y
025 A000401 SALOMON INC.
025 B000401 22-1660266
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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070 H010400 Y
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070 I020400 N
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<PAGE> PAGE 24
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SIGNATURE THEODORE W. HOWARD
TITLE V.P. & TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000217420
<NAME> UNITED FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> UNITED INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5,183,111
<INVESTMENTS-AT-VALUE> 8,423,688
<RECEIVABLES> 28,930
<ASSETS-OTHER> 65
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,452,683
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> (53,549)
<TOTAL-LIABILITIES> (53,549)
<SENIOR-EQUITY> 1,033,019
<PAID-IN-CAPITAL-COMMON> 3,761,018
<SHARES-COMMON-STOCK> 1,033,049
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,374
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 360,167
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,240,526
<NET-ASSETS> 8,399,134
<DIVIDEND-INCOME> 69,751
<INTEREST-INCOME> 80,752
<OTHER-INCOME> 0
<EXPENSES-NET> (74,491)
<NET-INVESTMENT-INCOME> 76,012
<REALIZED-GAINS-CURRENT> 835,942
<APPREC-INCREASE-CURRENT> 317,336
<NET-CHANGE-FROM-OPS> 1,229,290
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (81,234)
<DISTRIBUTIONS-OF-GAINS> (504,465)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 104,062
<NUMBER-OF-SHARES-REDEEMED> (174,089)
<SHARES-REINVESTED> 69,748
<NET-CHANGE-IN-ASSETS> 2,120,971
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 44,403
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<GROSS-EXPENSE> 74,491
<AVERAGE-NET-ASSETS> 7,962,740
<PER-SHARE-NAV-BEGIN> 7.52
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> (.08)
<PER-SHARE-DISTRIBUTIONS> (.52)
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<PER-SHARE-NAV-END> 8.13
<EXPENSE-RATIO> .94
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
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</LEGEND>
<CIK> 0000217420
<NAME> UNITED FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> UNITED ACCUMULATIVE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,870,059
<INVESTMENTS-AT-VALUE> 2,264,891
<RECEIVABLES> 2,382
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 2,267,334
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (12,725)
<TOTAL-LIABILITIES> (12,725)
<SENIOR-EQUITY> 246,577
<PAID-IN-CAPITAL-COMMON> 1,531,351
<SHARES-COMMON-STOCK> 246,577
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,558
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 79,304
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 394,819
<NET-ASSETS> 2,254,609
<DIVIDEND-INCOME> 20,388
<INTEREST-INCOME> 4,861
<OTHER-INCOME> 0
<EXPENSES-NET> 19,273
<NET-INVESTMENT-INCOME> 5,976
<REALIZED-GAINS-CURRENT> 265,407
<APPREC-INCREASE-CURRENT> 201,521
<NET-CHANGE-FROM-OPS> 472,904
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,539)
<DISTRIBUTIONS-OF-GAINS> (251,320)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,882
<NUMBER-OF-SHARES-REDEEMED> (28,023)
<SHARES-REINVESTED> 28,115
<NET-CHANGE-IN-ASSETS> 386,572
<ACCUMULATED-NII-PRIOR> 2,219
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,970
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,273
<AVERAGE-NET-ASSETS> 1,864,887
<PER-SHARE-NAV-BEGIN> 8.28
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.01
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (1.15)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.14
<EXPENSE-RATIO> .98
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000217420
<NAME> UNITED FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> UNITED BOND FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
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<INVESTMENTS-AT-VALUE> 500,722
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<ASSETS-OTHER> 15
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<SHARES-COMMON-STOCK> 84,710
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<ACCUMULATED-NII-CURRENT> 237
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<ACCUMULATED-NET-GAINS> (19,084)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (12,836)
<NET-ASSETS> 505,494
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,757
<OTHER-INCOME> 0
<EXPENSES-NET> (5,093)
<NET-INVESTMENT-INCOME> 30,664
<REALIZED-GAINS-CURRENT> (593)
<APPREC-INCREASE-CURRENT> (36,307)
<NET-CHANGE-FROM-OPS> (6,236)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,630)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 74,982
<NUMBER-OF-SHARES-REDEEMED> (81,902)
<SHARES-REINVESTED> 4,427
<NET-CHANGE-IN-ASSETS> (51,654)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,525
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,093
<AVERAGE-NET-ASSETS> 535,632
<PER-SHARE-NAV-BEGIN> 6.39
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> (.42)
<PER-SHARE-DIVIDEND> (.35)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.97
<EXPENSE-RATIO> 0.95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE ANNUAL REPORT TO
SHAREHOLDERS DATED DECEMBER 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000217420
<NAME> UNITED FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> UNITED SCIENCE AND TECHNOLOGY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1,399,347
<INVESTMENTS-AT-VALUE> 3,800,605
<RECEIVABLES> 6,271
<ASSETS-OTHER> 17
<OTHER-ITEMS-ASSETS> 13
<TOTAL-ASSETS> 3,806,906
<PAYABLE-FOR-SECURITIES> (204)
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (11,248)
<TOTAL-LIABILITIES> (11,452)
<SENIOR-EQUITY> 205,880
<PAID-IN-CAPITAL-COMMON> 1,156,099
<SHARES-COMMON-STOCK> 205,880
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32,223
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,401,252
<NET-ASSETS> 3,795,454
<DIVIDEND-INCOME> 3,730
<INTEREST-INCOME> 4,290
<OTHER-INCOME> 0
<EXPENSES-NET> (25,499)
<NET-INVESTMENT-INCOME> (17,479)
<REALIZED-GAINS-CURRENT> 288,535
<APPREC-INCREASE-CURRENT> 1,604,183
<NET-CHANGE-FROM-OPS> 1,875,239
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (283,602)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 73,221
<NUMBER-OF-SHARES-REDEEMED> (52,569)
<SHARES-REINVESTED> 16,230
<NET-CHANGE-IN-ASSETS> 2,120,971
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,102
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25,499
<AVERAGE-NET-ASSETS> 2,207,340
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 10.12
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.51)
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<EXPENSE-RATIO> 1.16
</TABLE>
EX-99.B-77B
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of United Funds, Inc.:
In planning and performing our audit of the financial statements of United
Funds, Inc. (the "Company")(including the Accumulataive, Bond, Income and
Science and Technology Fund) for the year ended December 31, 1999 (on which we
have issued our report dated February 4, 2000), we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the Company's internal control.
The management of the Company is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions or
that the degree of compliance with policies or procedures may deteriorate.
Our consideration of the Company's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements due to error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Company's internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of United Funds, Inc., and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
Deloitte & Touche LLP
February 4, 2000
EX-99.B-77C
UNITED FUNDS, INC.
SUB-ITEM 77C: Submission of matters to a vote of security
holders:
(a) A Special Meeting of Shareholders was held June 22, 1999.
(b) Auditors were approved.
(c) Matters voted upon at the Special Meeting:
Item 1. To elect the Board of Directors:
Broker
For Withhold Non-Votes*
J. Concannon 766,236,697 26,067,006 0
J. Dillingham 766,311,136 25,992,567 0
D. Gardner 765,061,072 27,242,631 0
L. Graves 765,684,420 26,619,283 0
J. Harroz Jr. 764,641,284 27,662,419 0
J. Hayes 763,762,443 28,541,260 0
R. Hechler 765,385,510 26,918,193 0
H. Herrmann 765,532,543 26,771,160 0
G. Johnson 763,571,351 28,732,352 0
W. Morgan 765,053,066 27,250,637 0
R. Reimer 764,684,981 27,618,722 0
F. Ross 766,149,299 26,154,404 0
E. Schwartz 765,567,221 26,736,482 0
K. Tucker 765,997,639 26,306,064 0
F. Vogel 766,109,647 26,194,056 0
Item 2. To ratify the selection of Deloitte & Touche LLP as the Fund's
independent accountants for its current fiscal year:
Broker
For Against Abstain Non-Votes*
755,150,103 6,050,375 31,103,225 0
Item 3. To approve or disapprove the amendment to the Fund's investment
management agreement with Waddell & Reed Investment Management Company:
Broker
For Against AbstainNon-Votes*
Accumulative Fund 107,237,189 7,974,570 5,886,415 367,991
Bond Fund 42,159,756 2,353,745 2,365,349 79,095
Income Fund 469,602,08436,425,789 27,012,445 1,764,592
Science and Technology Fund77,790,6316,647,4354,287,419 349,198
Item 4. To approve or disapprove amendment of the Fund's policy regarding
securities lending:
Broker
For Against AbstainNon-Votes*
Accumulative Fund 106,836,181 5,846,583 8,415,410 367,991
Bond Fund 42,460,929 1,399,002 3,018,919 79,095
Income Fund 475,423,01822,155,968 35,461,332 1,764,592
Science and Technology Fund78,925,6004,171,8115,628,074 349,198
Item 5. To approve or disapprove the Fund's Articles of Incorporation to
change the par value of Fund shares to $0.001:
Broker
For Against Abstain Non-Votes*
700,581,958 29,827,015 61,858,582 36,148
*Broker non-votes are proxies received by the Fund from brokers or nominees when
the broker or nominee neither has received instructions from the beneficial
owner or other persons entitled to vote nor has discretionary power to vote on a
particular matter.
(d) Not applicable
EX-99.B-77I
UNITED FUNDS, INC.
SUB-ITEM 77I
(a) and (b): Terms of New or Amended Securities
The Fund has four classes of shares. Prior to October 4,
1999, the Fund offered two classes of shares to the public.
Shares outstanding on that date were designated as Class A
shares and Class Y shares. As of October 4, 1999, the Fund
also offers Class B shares and Class C shares. Class B
shares have a deferred sales charge on shares sold within
six calendar years and are subject to a 0.25% service charge
and a 0.75% distribution charge. Class C shares have a 1%
deferred sales charge on shares sold within twelve months
and are subject to a 0.25% service charge and a 0.75%
distribution charge.
Each share (regardless of class) has one vote. All shares
of the Fund vote together as a single class, except as to
any matter for which a separate vote of any class is
required by the Investment Company Act of 1940, and except
as to any matter which affects the interests of one
particular classes, in which case only the shareholders of
the affected class are entitled to vote, as a separate
class. Shares are fully paid and nonassessable when
purchased. The addition of the Class B and Class C shares
had no effect on the rights of the existing shareholders.
EX-99.B-77Q1(a)(d)
UNITED FUNDS, INC.
SUB-ITEM 77Q1 Exhibits
(a) and (d)
Articles Supplementary filed by EDGAR on September 16, 1999,
as Exhibit EX-99.B(a)ufartsup to Post-Effective Amendment
No. 124 to the Registration Statement on Form N-1A
(incorporated by reference herein).
