UBS PRIVATE INVESTOR FUNDS, INC.
UBS BOND FUND
SUPPLEMENT TO PROSPECTUS DATED MARCH 13, 1997
The following information replaces certain information contained in
the section of the Fund's Prospectus entitled "Adviser and Funds Services
Agent" (at page 15):
Ranji H. Nagaswami and Maud I. Welles are primarily responsible for
the day-to-day management and implementation of the Adviser's process for the
Portfolio. Ms. Nagaswami, CFA, is also Vice President and Head of Fixed
Income of UBS Asset Management (New York) Inc. ("UBSAM (NY)"), and has serve
as a portfolio manager of UBSAM (NY) since 1986. She has a bachelor's degre
from Bombay University and an M.B.A. from Yale University. Ms. Welles also
is a Vice President of UBSAM (NY) and has served as a portfolio manager of
UBSAM (NY) since 1988. She has a bachelor's degree from Dartmouth College
and an M.B.A. from New York University. Ms. Nagaswami and Ms. Welles have
eleven years and twelve years of investment experience, respectively.
June 6, 1997
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UBS PRIVATE INVESTOR FUNDS, INC.
UBS US EQUITY FUND
SUPPLEMENT TO PROSPECTUS DATED MARCH 13, 1997
The following paragraph replaces certain information contained in the
sections of the Fund's Prospectus entitled "Expense Table" and "Expenses"
(at page three), "Historical Performance of Comparable Discretionary
Accounts" (at pages four and five), "Adviser and Funds Services Agent"
(at page 12) and "Expenses" (at page 14):
Pursuant to 30 days' prior notice to the Fund, the
New York Branch (the "Branch" or the "Adviser") of Union
Bank of Switzerland (the "Bank") has agreed to waive fees
and reimburse the Fund for any of its operating expenses
to the extent that the Fund's total operating expenses
(including its share of the Portfolio's expenses) exceed,
on an annual basis, 1.00% of the Fund's average daily net
assets. The Branch may modify or discontinue this
undertaking at any time in the future with 30 days' prior
notice to the Fund.
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EXPENSE TABLE
ANNUAL OPERATING EXPENSES*
Advisory Fees, After Fee Waiver........................... 0.00%
Rule 12b-1 Fees .......................................... None
Other Expenses, After Expense Reimbursements...............1.00%
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Total Operating Expense, After Expense Reimbursements*.....1.00%
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* Expenses are expressed as a percentage of the Fund's projected
average daily net assets and are based on estimates of the expenses to be
incurred during the current fiscal year, after any applicable fee waivers and
expense reimbursements. Without such fee waivers and expense reimbursements,
Total Operating Expenses would be equal, on an annual basis, to 1.89% of the
Fund's average daily net assets. See "Management".
EXAMPLE
An investors would pay the following expenses on a $1,000 investment,
assuming a 5% annual return and redemption at the end of each time period:
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1 Year .............. $ 10
3 Years ............... 32
5 Years ............... 55
10 Years .............. 122
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HISTORICAL PERFORMANCE OF COMPARABLE DISCRETIONARY ACCOUNTS
The composite total return for the discretionary accounts at UBSAM NY has
been adjusted to deduct all of the Fund's annual total operating expenses of
1.00% of the average daily net assets as set forth in the Expense Table on
page three, as amended herein. The Fund's average annual total return is
computed after deducting the Fund's actual total operating expenses of 0.90%
of the average daily net assets for the period reported.
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AVERAGE ANNUAL TOTAL RETURN FOR THE
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PERIOD FROM PERIOD FROM
APRIL 2, 1996* JANUARY 1, 1995*
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THROUGH YEAR ENDED THROUGH
DECEMBER 31, 1996 DECEMBER 31, 1996 DECEMBER 31, 1996
----------------- ----------------- -----------------
Composite total
return of
Adviser's
discretionary
accounts N/A 13.73% 25.55%
S&P 500 Index 15.27% 22.99% 30.01%
UBS U.S. Equity Fund 8.74% N/A N/A
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* Commencement date.
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June 6, 1997
