SUPPLEMENT TO
UBS INTERNATIONAL EQUITY FUND PROSPECTUS,
DATED AUGUST 26, 1996
The New York Branch of Union Bank of Switzerland (the "Branch") has agreed to
waive fees and reimburse UBS International Equity Fund (the "Fund") for any of
its total operating expenses in order to reduce temporarily the Fund's total
operating expenses (including expenses attributable to the operation of the UBS
International Equity Portfolio) to an amount not to exceed 0.95% of the Fund's
average daily net assets. The Branch may modify or discontinue this additional
temporary expense reduction at its sole discretion.
Dated: December 27, 1996
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