United
Asset Strategy
Fund, Inc.
SEMIANNUAL
REPORT
-----------------------------------
For the period ended March 31, 1995
<PAGE>
This report is submitted for the general information of the shareholders of
United Asset Strategy Fund, Inc. It is not authorized for distribution to
prospective investors in the Fund unless accompanied with or preceded by the
United Asset Strategy Fund, Inc. current prospectus.
<PAGE>
PRESIDENT'S LETTER
- -----------------------------------------------------------------
MARCH 31, 1995
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 laws, 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
President
<PAGE>
SHAREHOLDER SUMMARY
- --------------------------------------------------------------
United Asset Strategy Fund, Inc.
PORTFOLIO STRATEGY:
Stocks 40% OBJECTIVE: High total return with
(can range from 10-60%) reduced risk over the
long-term.
Bonds 40%
(can range from 20-60%) STRATEGY: Invests in stocks, bonds
and short-term
Short-Term Instruments 20% instruments, both in the
(can range from 0-70%) United States and abroad, which are
allocated in a mix that varies based on
the current outlook for the different
markets. (May purchase securities
subject to repurchase agreements. May
invest in certain options, futures and
other hedging techniques.)
The use of cash reserves (often invested
in money market securities) for
defensive purposes is a strategy that
may be utilized by the Asset Strategy
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
may from time to time be an important
element in our success and, when deemed
appropriate, may be used in the
management of the portfolio in the
future.
FOUNDED: 1995
SCHEDULED DIVIDEND FREQUENCY: QUARTERLY
(MARCH, JUNE, SEPTEMBER, DECEMBER)
<PAGE>
PERFORMANCE SUMMARY
PER SHARE DATA
For the Period Ended March 31, 1995
- ------------------------------------
NET ASSET VALUE ON
3/31/95 $5.02
3/9/95 5.00
-----
CHANGE PER SHARE $0.02
=====
Past performance is not necessarily indicative of future results.
TOTAL RETURN HISTORY
Aggregate Total Return
---------------------------
With Without
Period Sales Load* Sales Load**
- ------ ----------- ------------
Period ended 3-31-95 -5.37% 0.40%
Performance data quoted represents past performance and is based on deduction of
5.75% sales load on the initial purchase.
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 March 31, 1995, United Asset Strategy Fund, Inc. had not completed its start-
up period to achieve an asset mix within the ranges set forth on the preceding
page. On March 31, 1995, the Fund had net assets totaling $1,717,022 invested
in a diversified portfolio of:
59.99% Short-Term Securities
26.80% Other Net Assets
4.93% Common Stocks
4.69% United States Government Securities
2.83% Corporate Debt Security
0.76% Preferred Stock
As a shareholder in United Asset Strategy Fund, Inc., for every $100 you had
invested on March 31, 1995, your Fund owned:
$59.99 Short-Term Securities
26.80 Other Net Assets
4.69 United States Government Securities
3.03 Basic Industries Stocks
2.83 Corporate Debt Security
1.73 Consumer Stocks
0.76 Preferred Stock
0.17 Financial Stocks
<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 ASSET STRATEGY FUND, INC.
MARCH 31, 1995
Shares Value
COMMON STOCKS
Banks and Savings and Loans - 0.17%
Queens County Bancorp, Inc. ............ 100 $ 2,825
Hospital Management - 1.54%
LTC Properties, Inc. ................... 2,000 26,500
Metals and Mining - 2.57%
RTZ Corporation PLC, ADR ............... 850 44,200
Multi-Industry - 0.46%
Grupo Carso, S.A. de C.V.,
Class 1A, ADR (A)*..................... 925 7,978
Retailing - 0.19%
Toys "R" Us, Inc.* ..................... 125 3,203
TOTAL COMMON STOCKS - 4.93% $ 84,706
(Cost: $81,918)
PREFERRED STOCK - 0.76%
Drugs and Hospital Supply
United States Surgical Corporation,
Class A ............................... 500 $ 13,000
(Cost: $12,780)
Principal
Amount in
Thousands
CORPORATE DEBT SECURITY - 2.83%
Multi-Industry
Mark IV Industries, Inc.,
8.75%, 4-1-2003 ....................... $50 $ 48,500
(Cost: $49,001)
UNITED STATES GOVERNMENT SECURITIES
United States Treasury:
6.875%, 2-28-97 ....................... 20 20,029
7.25%, 2-15-98 ........................ 20 20,178
7.125%, 2-29-2000 ..................... 20 20,028
7.5%, 2-15-2005 ....................... 20 20,406
TOTAL UNITED STATES GOVERNMENT
SECURITIES - 4.69% $ 80,641
(Cost: $81,090)
See Notes to Schedule of Investments on page 7.
<PAGE>
THE INVESTMENTS OF
UNITED ASSET STRATEGY FUND, INC.
MARCH 31, 1995
Principal
Amount in
Thousands Value
SHORT-TERM SECURITIES - 59.99%
Repurchase Agreements
J. P. Morgan Securities, 6.15% Repurchase
Agreement dated 3-31-95, to be repurchased
at $1,030,528 on 4-3-95**.............. $1,030 $1,030,000
(Cost: $1,030,000)
TOTAL INVESTMENT SECURITIES - 73.20% $1,256,847
(Cost: $1,254,789)
CASH AND OTHER ASSETS, NET OF
LIABILITIES - 26.80% 460,175
NET ASSETS - 100.00% $1,717,022
Notes to Schedule of Investments
*No income dividends were paid during the preceding 12 months.
**Collateralized by $1,058,000 U.S. Treasury Notes, 6.625% due 3-31-97; market
value and accrued interest aggregate $1,055,608.
(A) As of March 31, 1995, the following restricted security was owned:
Acquisition Market
Security Date Shares Cost Value
-------- ----------- ------ ------ -------
Grupo Carso, S.A. de C.V.,
Class 1A, ADR 3/10/95 425 $2,975 $3,666
3/22/95 500 3,375 4,312
------ ------
$6,350 $7,978
====== ======
The total market value of restricted securities represents approximately
0.46% of the total net assets at March 31, 1995.
See Note 1 to financial statements for security valuation and other significant
accounting policies concerning investments.
See Note 4 to financial statements for cost and unrealized appreciation and
depreciation of investments owned for Federal income tax purposes.
<PAGE>
UNITED ASSET STRATEGY FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
Assets
Investment securities -- at value
(including J. P. Morgan Securities, 6.15%
Repurchase Agreement dated 3-31-95, to
be repurchased at $1,030,528 on 4-3-95)
(Notes 1 and 4) ................................. $1,256,847
Cash ............................................ 1,550
Receivables:
Fund shares sold ................................ 467,537
Dividends and interest .......................... 4,181
Unamortized organization expenses (Note 2) ....... 49,530
----------
Total assets .................................. 1,779,645
----------
Liabilities
Organization expenses payable .................... 49,530
Payable for investment securities purchases ...... 12,780
Accrued transfer agency and dividend
disbursing ...................................... 313
----------
Total liabilities ............................. 62,623
----------
Total net assets ............................. $1,717,022
==========
Net Assets
$0.01 par value capital stock, authorized --
1,000,000,000; shares outstanding -- 342,038
Capital stock ................................... $ 3,420
Additional paid-in capital ...................... 1,708,471
Accumulated undistributed income:
Accumulated undistributed net investment
income ......................................... 2,484
Accumulated undistributed net realized gain on
investment transactions ...................... 589
Net unrealized appreciation in value of
investments at end of period ................... 2,058
----------
Net assets applicable to outstanding
units of capital ............................. $1,717,022
==========
Net asset value per share (net assets divided
by shares outstanding) ........................... $5.02
=====
See notes to financial statements.
<PAGE>
UNITED ASSET STRATEGY FUND, INC.
STATEMENT OF OPERATIONS
For the Period Ended MARCH 31, 1995
Investment Income
Income:
Interest ........................................ $1,784
Dividends ....................................... 1,203
------
Total income .................................. 2,987
------
Expenses (Note 3):
Transfer agency and dividend disbursing ......... 313
Investment management fee ....................... 190
------
Total expenses ................................ 503
------
Net investment income ........................ 2,484
------
Realized and Unrealized Gain on Investments
Realized net gain on securities .................. 589
Unrealized appreciation in value of investments
during the period ............................... 2,058
------
Net gain on investments ....................... 2,647
------
Net increase in net assets resulting
from operations ............................ $5,131
======
See notes to financial statements.
<PAGE>
UNITED ASSET STRATEGY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
For the
period
ended
March 31,
1995
------------
Increase in Net Assets
Operations:
Net investment income ............ $ 2,484
Realized net gain on
investments .................... 589
Unrealized appreciation........... 2,058
----------
Net increase in net assets
resulting from operations ..... 5,131
----------
Dividends to shareholders from
net investment income* ........... ---
----------
Capital share transactions:
Proceeds from sale of shares
(322,738 shares) .............. 1,615,406
Proceeds from reinvestment of
dividends (0 shares) ........... ---
Payments for shares redeemed
(700 shares) ................... (3,515)
----------
Net increase in net assets
resulting from capital
share transactions ............ 1,611,891
----------
Total increase ................ 1,617,022
Net Assets
Beginning of period ............... 100,000
----------
End of period, including undistributed
net investment income of $2,484 .. $1,717,022
==========
*See "Financial Highlights" on page 11.
See notes to financial statements.
<PAGE>
UNITED ASSET STRATEGY FUND, INC.
FINANCIAL HIGHLIGHTS
For a Share of Capital Stock Outstanding
Throughout Each Period:
For the
period
from
March 9,
1995
through
March 31,
1995*
-------
Net asset value,
beginning of period $5.00
-----
Income from investment
operations:
Net investment
income .......... 0.01
Net realized and
unrealized gain
on investments... 0.01
-----
Total from investment
operations ........ 0.02
-----
Less dividends from
net investment
income........... 0.00
-----
Net asset value,
end of period ..... $5.02
=====
Total return** ..... .40%
Net assets, end of
period (000
omitted) ......... $1,717
Ratio of expenses
to average net
assets ............ 1.22%
Ratio of net investment
income to average net
assets ............ 6.03%
Portfolio
turnover rate ..... 61.27%
*The Fund's inception date is August 25, 1994; however, since the Fund did
not have investment activity or incur expenses prior to the date of
public offering, the per-share data and ratios are for a capital share
outstanding for the period from March 9, 1995 (initial public offering)
through March 31, 1995. Ratios and the portfolio turnover rate have been
annualized.
**Total return calculated without taking into account the sales load
deducted on an initial purchase.
See notes to financial statements.
<PAGE>
UNITED ASSET STRATEGY FUND, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
NOTE 1 -- Significant Accounting Policies
United Asset Strategy Fund, Inc. (the "Fund") is registered under the In-
vestment Company Act of 1940 as a diversified, open-end management investment
company. The following is a summary of significant accounting policies
consistently followed by the Fund 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 re-
ported. 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. 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. Dividend income is recorded on the ex-dividend
date. Interest income is recorded on the accrual basis. See Note 4 --
Investment Security 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
Fund 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 Fund'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 Fund intends to pay distributions as required to avoid
imposition of excise tax. Accordingly, provision has not been made for
Federal income taxes. See Note 5 -- Federal Income Tax Matters.
E. Dividends and distributions -- Dividends and distributions to shareholders
are recorded by the 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.
F. Repurchase agreements -- Repurchase agreements are collateralized by the
value of the resold securities which, during the entire period of the
agreement, remains at least equal to the value of the loan, including
accrued interest thereon. The collateral for the repurchase agreement is
held by the Fund's custodian bank.
NOTE 2 -- Organization
The Fund, a Maryland corporation, was organized on August 25, 1994 and was
inactive (except for matters relating to its organization and registration as an
investment company under the Investment Company Act of 1940 and the registration
of its shares under the Securities Act of 1933) until March 9, 1995 (the date of
the initial public offering.)
On February 23, 1995, Waddell & Reed, Inc. ("W&R") purchased for investment
20,000 shares of the Fund at their net asset value of $5.00 per share.
The Fund's organizational expenses in the amount of $49,530 were advanced
to the Fund by W&R and are an obligation to be paid by it. These expenses are
being amortized and are payable evenly over 60 months following the date of the
initial public offering. In the event that all or a part of W&R's initial
investment in the Fund's shares is redeemed prior to the full reimbursement of
these organizational expenses, the Fund's obligation to make further
reimbursement will cease.
NOTE 3 -- 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 .30% of net assets 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 $11.5 billion of
combined net assets at March 31, 1995) 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
Fund and W&R, Waddell & Reed Investment Management Company ("WRIMCO"), a wholly-
owned subsidiary of W&R, serves as the Fund's investment manager.
The Fund 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
Fund and pricing daily the value of shares of the Fund. For these services, the
Fund 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 Level
------------------------- -------------------
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 Fund also pays WARSCO a monthly 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 Fund also reimburses W&R and WARSCO for certain out-of-pocket costs.
As principal underwriter for the Fund's shares, W&R received direct and
indirect gross sales commissions (which are not an expense of the Fund) of
$46,805, out of which W&R paid sales commissions of $27,403 and all expenses in
connection with the sale of Fund shares, except for registration fees and
related expenses.
Under a Service Plan adopted by the Fund pursuant to Rule 12b-1 under the
Investment Company Act of 1940, the Fund may pay monthly a fee to W&R in an
amount not to exceed .25% of the Fund'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 Fund paid no Directors' fees.
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 4 -- Investment Security Transactions
Purchases of investment securities, other than U.S. Government and short-
term securities, aggregated $147,299 while proceeds from maturities and sales
aggregated $4,189. Purchases of short-term securities aggregated $7,910,000
while proceeds from maturities and sales aggregated $6,880,000. Purchase of
U.S. Government securities aggregated $81,097. There were no sales of U.S.
Government securities .
For Federal income tax purposes, cost of investments owned at March 31,
1995 was $1,254,789, resulting in net unrealized appreciation of $2,058, of
which $3.187 related to appreciated securities and $1,129 related to depreciated
securities.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
United Asset Strategy Fund, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the schedule 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 United Asset Strategy Fund, Inc.
(the "Fund") at March 31, 1995, the results of its operations, the changes in
its net assets and the financial highlights for the period March 9, 1995
(commencement of operations) through March 31, 1995, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund'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
audit, which included confirmation of securities at March 31, 1995 by
correspondence with the custodian and brokers and the application of alternative
auditing procedures where confirmations from brokers were not received, provides
a reasonable basis for the opinion expressed above.
Price Waterhouse LLP
Kansas City, Missouri
May 5, 1995
<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
Robert L. Hechler, Vice President
Henry J. Herrmann, Vice President
Theodore W. Howard, Vice President and Treasurer
Sharon K. Pappas, Vice President and Secretary
James D. Wineland, Vice President
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>
The United Group of Mutual Funds
United Cash Management, Inc.
United Government Securities Fund, Inc.
United Bond Fund
United Municipal Bond Fund, Inc.
United Municipal High Income Fund, Inc.
United High Income Fund, Inc.
United High Income Fund II, Inc.
United Continental Income Fund, Inc.
United Retirement Shares, Inc.
United Asset Strategy Fund, Inc.
United Income Fund
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.
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
NUR1017SA(3-95)
printed on recycled paper
