SUPPLEMENT TO THE PROSPECTUS
Effective January 30, 1996, existing shares of United Municipal High Income
Fund, Inc. will be reclassified as Class A shares and the Fund will begin to
offer Class Y shares. Class Y shares will be offered through a Prospectus
separate from the Class A Prospectus to certain institutional investors and will
not be subject to a sales charge, redemption fee or Rule 12b-1 fee. Additional
information about Class Y shares may be obtained by calling 913-236-2000 or by
writing to Waddell & Reed, Inc. at the address on the inside back cover of the
Prospectus to which this Supplement is attached.
This Supplement is to be attached to the cover page of the Prospectus of United
Municipal High Income Fund, Inc. dated December 31, 1994.
This Supplement is dated January 3, 1996.
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SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Effective January 30, 1995, existing shares of United Municipal High Income
Fund, Inc. will be reclassified as Class A shares and the Fund will begin to
offer Class Y shares. Class Y shares will be offered through a Prospectus
separate from the Class A Prospectus to certain institutional investors and will
not be subject to a sales charge, redemption fee or Rule 12b-1 fee. Class Y
shares will have a different Shareholder Servicing fee. Additional information
about Class Y shares may be obtained by calling 913-236-2000 or by writing to
Waddell & Reed, Inc. at the address on the cover of the Statement of Additional
Information to which this Supplement is attached.
This Supplement is to be attached to the cover page of the Statement of
Additional Information of United Municipal High Income Fund, Inc. dated December
31, 1994.
This Supplement is dated January 3, 1996.
