PAINEWEBBER MUTUAL FUNDS
PROSPECTUS SUPPLEMENT
September 14, 2000
Dear Investor,
This is a supplement to the Prospectuses of the PaineWebber Mutual Funds
listed on the reverse side. The purpose of the supplement is to notify you that
you may qualify for a waiver of the deferred sales charge on a sale of Class B
shares if the shares are held in trust and the death of the trustee requires
liquidation of the trust.
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This supplement applies to the following Funds:
PAINEWEBBER BOND FUNDS
High Income Fund
Investment Grade Income Fund
Low Duration U.S. Government Income Fund
Strategic Income Fund
U.S. Government Income Fund
PAINEWEBBER TAX-FREE BOND FUNDS
California Tax-Free Income Fund
Municipal High Income fund
National Tax-Free Income Fund
New York Tax-Free Income Fund
PAINEWEBBER ASSET ALLOCATION FUNDS
Balanced Fund
Tactical Allocation Fund
PAINEWEBBER STOCK FUNDS
Enhanced S&P 500 Fund
Enhanced Nasdaq-100 Fund
Financial Services Growth Fund
Growth Fund
Growth and Income Fund
Mid Cap Fund
Small Cap Fund
Strategy Fund
Tax-Managed Equity Fund
PAINEWEBBER GLOBAL FUNDS
Asia Pacific Growth Fund
Emerging Markets Equity Fund
Global Equity Fund
Global Income Fund
PAINEWEBBER MONEY MARKET FUND
Item #ZS 66
