<PAGE>
SUPPLEMENT TO THE PROSPECTUS
Effective January 12, 1996, existing shares of United High Income Fund II, 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
High Income Fund II, Inc. dated December 31, 1994.
This Supplement is dated December 2, 1995.
NUS1015
<PAGE>
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
Effective January 12, 1996, existing shares of United High Income Fund II, 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 High Income Fund II, Inc. dated December 31,
1994.
This Supplement is dated December 2, 1995.
