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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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 SEMIANNUAL REPORT
TO SHAREHOLDERS DATED SEPTEMBER 30, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000702331
<NAME> UNITED GOVERNMENT SECURITIES FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 132,992
<INVESTMENTS-AT-VALUE> 131,550
<RECEIVABLES> 1,718
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 133,304
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (542)
<TOTAL-LIABILITIES> (542)
<SENIOR-EQUITY> 252
<PAID-IN-CAPITAL-COMMON> 135915
<SHARES-COMMON-STOCK> 25,243
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,963)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 132,762
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,575
<OTHER-INCOME> 0
<EXPENSES-NET> (758)
<NET-INVESTMENT-INCOME> 3,817
<REALIZED-GAINS-CURRENT> (419)
<APPREC-INCREASE-CURRENT> (3,821)
<NET-CHANGE-FROM-OPS> (423)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,817)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,855
<NUMBER-OF-SHARES-REDEEMED> (3,411)
<SHARES-REINVESTED> 653
<NET-CHANGE-IN-ASSETS> (3,686)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 301
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 758
<AVERAGE-NET-ASSETS> 134,923
<PER-SHARE-NAV-BEGIN> 5.43
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> (.17)
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
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</TABLE>
EX-99.B-77C
UNITED GOVERNMENT SECURITIES FUND, 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 13,152,809 431,210 0
J. Dillingham 13,152,728 431,291 0
D. Gardner 13,119,137 464,882 0
L. Graves 13,083,948 500,071 0
J. Harroz Jr. 13,121,539 462,480 0
J. Hayes 13,078,915 505,104 0
R. Hechler 13,109,506 474,513 0
H. Herrmann 13,090,406 493,613 0
G. Johnson 13,056,484 527,535 0
W. Morgan 13,085,787 498,232 0
R. Reimer 13,113,356 470,663 0
F. Ross 13,125,419 458,600 0
E. Schwartz 13,060,888 523,131 0
K. Tucker 13,125,892 458,127 0
F. Vogel 13,152,809 431,210 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*
12,879,241 109,553 595,225 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 Abstain Non-Votes*
11,987,091 780,555 810,575 5,798
Item 4. To approve or disapprove amendment of the Fund's policy regarding
securities lending:
Broker
For Against Abstain Non-Votes*
11,922,661 576,209 1,079,351 5,798
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*
11,936,234 579,480 1,068,305 0
*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.
EX-99.B-77I
UNITED GOVERNMENT SECURITIES FUND, 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 only 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 GOVERNMENT SECURITIES FUND, INC.
SUB-ITEM 77Q1 Exhibits
(a) and (d)
Articles Supplementary filed by EDGAR on July 2, 1999, as
Exhibit EX-99.B(a)gsartsup to Post-Effective Amendment No.
27 to the Registration Statement on Form N-1A (incorporated
by reference herein).
EX-99.B-77Q1(e)
UNITED GOVERNMENT SECURITIES FUND, INC.
SUB-ITEM 77Q1(e) Changes to the registrant's investment
advisory contract:
EXHIBIT A TO INVESTMENT MANAGEMENT AGREEMENT
FEE SCHEDULE
A cash fee computed each day on net asset value for the Fund at the annual rates
listed below:
Net Assets Fee
Up to $500 million 0.50% of net assets
Over $500 million and up to $1 billion 0.45% of net assets
Over $1 billion and up to $1.5 billion 0.40% of net assets
Over $1.5 billion 0.35% of net assets
