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PAINEWEBBER GROWTH FUND
PAINEWEBBER GROWTH AND INCOME FUND
PAINEWEBBER MID CAP FUND
PAINEWEBBER SMALL CAP FUND
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 1, 1999
October 10, 2000
Dear Investor,
This supplement to the Prospectus dated December 1, 1999 for the
above-referenced funds (each a "PW fund") describes important changes affecting
your fund. These changes were proposed by Mitchell Hutchins Asset Management
Inc. ("Mitchell Hutchins") and approved by your fund's board as in the best
interests of fund shareholders. If you have any questions about these changes,
you should contact your Financial Advisor.
The purpose of this supplement is to notify you of
- the proposed merger of each PW fund into a series of another mutual
fund and
- changes in investment management arrangements for each PW fund and
related investment strategy changes that became effective on
October 10, 2000.
The shareholders of each PW fund must approve its proposed merger before the
transaction can be effected. The proposed mergers will be submitted to
shareholders at meetings expected to be held in January or February 2001. If
approved by the PW fund's shareholders, the merger for that PW fund is expected
to become effective no later than early March 2001.
More information about the proposed merger for each PW fund and the new
investment management arrangements and related investment strategy changes is
set out below.
PROPOSED MERGERS
On October 6, 2000, the board of trustees for each PW fund approved the
submission to its shareholders of an Agreement and Plan of Reorganization and
Termination ("Plan") under which the PW fund would transfer substantially all of
its assets and liabilities to a series of PaineWebber PACE Select Advisors
Trust, an open-end mutual fund (each series a "PACE fund"). The PACE funds'
investments are managed by sub-advisers, and the same sub-adviser(s) for each
PACE fund proposed as a merger partner for a PW fund now serve as
sub-adviser(s) for that PW fund. If a PW fund's shareholders approve the
proposed merger, they will receive shares of the applicable PACE fund in
exchange for their shares in the PW fund, and the PW fund will cease operations.
Each merger is expected to be a tax-free transaction, which means that no
gain or loss will be recognized by either fund and that the PW fund's
shareholders will not realize any gain or loss on their receipt of PACE fund
shares in the merger. More information about the proposed merger for each PW
fund will be provided to its shareholders in proxy solicitation materials that
are expected to be mailed in December 2000.
Item # ZS74
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The parties to each proposed merger are identified below, along with each
fund's investment objective and primary investment strategies.
<TABLE>
PW Fund PACE Fund Proposed as Merger Partner
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<S> <C>
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PAINEWEBBER GROWTH FUND PACE LARGE COMPANY GROWTH EQUITY INVESTMENTS
(THE SOLE SERIES OF PAINEWEBBER OLYMPUS
FUND)
INVESTMENT OBJECTIVE: Long-term capital INVESTMENT OBJECTIVE: Capital appreciation.
appreciation.
Invests primarily in common stocks of Invests primarily in common stocks of
companies believed to have substantial companies believed to have substantial
potential for capital growth. Invests potential for capital growth and that have
primarily in large capitalization companies market capitalizations of $4 billion or
but has the flexibility to invest in greater at the time of purchase.
companies having any market capitalization.
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PAINEWEBBER GROWTH AND INCOME FUND PACE LARGE COMPANY VALUE EQUITY INVESTMENTS
(THE SOLE SERIES OF PAINEWEBBER AMERICA
FUND)
INVESTMENT OBJECTIVE: Current income and INVESTMENT OBJECTIVE: Capital appreciation
capital growth. and dividend income.
Invests primarily in common stocks of large Invests primarily in stocks of large
capitalization companies but has no specific capitalization U.S. companies that are
market capitalization requirements. believed to be undervalued and that have
market capitalizations of $4 billion or
greater at the time of purchase.
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PAINEWEBBER MID CAP FUND PACE SMALL/MEDIUM COMPANY GROWTH EQUITY
(THE SOLE SERIES OF PAINEWEBBER MANAGED INVESTMENTS
ASSETS TRUST)
INVESTMENT OBJECTIVE: Long-term capital INVESTMENT OBJECTIVE: Capital appreciation.
appreciation
Invests primarily in common stocks of medium Invests primarily in stocks of 'emerging
capitalization companies (market growth' companies that are believed to have
capitalizations of between $750 million and potential for high future earnings growth
$8 billion at time of purchase) that are relative to the overall market and that have
believed to have substantial potential for total market capitalizations of less than $4
capital growth. billion at the time of purchase.
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PAINEWEBBER SMALL CAP FUND PACE SMALL/MEDIUM COMPANY VALUE EQUITY
(A SERIES OF PAINEWEBBER SECURITIES TRUST) INVESTMENTS
INVESTMENT OBJECTIVE: Long-term capital INVESTMENT OBJECTIVE: Capital appreciation.
appreciation.
Invests primarily in common stocks of small Invests primarily in stocks of companies that
capitalization companies (market are believed to be undervalued or overlooked
capitalizations of up to $1.5 billion at time in the marketplace and that have total market
of purchase) that are believed to have capitalizations of less than $4 billion at
substantial potential for capital growth and the time of purchase.
are undervalued.
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</TABLE>
You may continue to buy and sell shares in the PW funds and exchange your PW
fund Class A, Class B and Class C shares for shares of the corresponding class
of other PaineWebber funds prior to the shareholder meetings. When you sell or
exchange your PW fund shares, you generally will be subject to federal income
tax on any gain you realize. If the merger proposal is approved for a fund, the
fund expects to close to new purchases and exchange purchases approximately five
business days prior to the date on which the merger is effected.
NEW INVESTMENT MANAGEMENT ARRANGEMENTS
On October 6, 2000, the board of trustees for each PW fund terminated the
existing Investment Advisory and Administration Contract ("Old Advisory
Contract") with Mitchell Hutchins relating to the PW fund and approved new
interim investment management arrangements that became effective on October 10,
2000.
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For each PW fund, these interim investment management arrangements consist
of a new Interim Investment Management and Administration Contract ("Interim
Management Contract") with Mitchell Hutchins and one or more Interim
Sub-Advisory Contracts between Mitchell Hutchins and unaffiliated sub-advisers.
Under the Interim Management Contracts, Mitchell Hutchins' primary portfolio
management responsibility is to identify appropriate sub-advisers to manage the
PW funds' assets and to supervise and monitor the performance of those
sub-advisers and make recommendations about the retention or replacement of
sub-advisers. The interim contracts terminate automatically 150 days after their
effective dates. The fees payable by each PW fund to Mitchell Hutchins under its
Interim Management Contract are identical to the fees under the Old Advisory
Contract. Mitchell Hutchins (not the funds) pays the sub-advisers for their
services under the Interim Sub-Advisory Contracts. The new sub-advisers for the
PW funds are identified below:
<TABLE>
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PW Fund Sub-Adviser(s)
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<S> <C>
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PaineWebber Growth Fund Alliance Capital Management L.P.
State Street Global Advisors
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PaineWebber Growth and Income Fund Institutional Capital Corporation
Westwood Management Corporation
State Street Global Advisors
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PaineWebber Mid Cap Fund Delaware Management Company
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PaineWebber Small Cap Fund Ariel Capital Management, Inc.
ICM Asset Management, Inc.
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</TABLE>
These arrangements and some related changes in each fund's investment
strategies are described in greater detail below. The new sub-advisers expect to
realign their funds' portfolios to reflect their proprietary investment
strategies over the next several weeks. As a result, during this period, the
funds may experience higher portfolio turnover than normal and higher related
transaction costs, including brokerage commissions. In addition, a fund may
realize capital gains when portfolio positions are sold by a new sub-adviser.
These realized capital gains may increase a fund's taxable dividends for the
current year.
AS A RESULT OF THESE CHANGES, THE PROSPECTUS DATED DECEMBER 1, 1999 IS REVISED
AS FOLLOWS:
FOR PAINEWEBBER GROWTH FUND, THE SECTION CAPTIONED "PRINCIPAL INVESTMENT
STRATEGIES" ON P. 3 OF THE PROSPECTUS IS REPLACED IN ITS ENTIRETY BY THE
FOLLOWING:
PRINCIPAL INVESTMENT STRATEGIES
The fund invests primarily in common stocks that are
believed to have substantial potential for capital growth.
The fund generally invests in larger capitalization
companies but has the flexibility to invest in companies
having any market capitalization. Some of the fund's
investments may be in U.S. dollar denominated securities
of foreign issuers and the fund also may invest in bonds.
The fund may (but is not required to) use options, futures
contracts and other derivatives as part of its investment
strategy or to help manage portfolio risk.
The fund's manager, Mitchell Hutchins Asset Management
Inc., has appointed Alliance Capital Management L.P.
("Alliance Capital") and State Street Global Advisors
("SSgA") to serve as sub-advisers for the fund's
investments. Alliance Capital initially manages
approximately 60% of the fund's assets and SSgA manages
approximately 40%. Mitchell Hutchins allocates the fund's
assets between the two sub-advisers. The relative values
of assets allocated to each sub-adviser can change at any
time.
In managing its share of the fund's assets, Alliance
Capital follows its "disciplined growth" strategy and
seeks to identify the best combinations of earnings growth
and reasonable valuation in selecting stocks for the fund.
Alliance Capital ranks each stock in its investment
universe based on its analysts' assessments and
fundamental research
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that includes six measures of earnings growth and
valuation. The fund normally invests in stocks that rank
in the top 30% of this research universe and generally
sells stocks that rank in the bottom half.
In managing its share of the fund's assets, SSgA seeks to
outperform the Russell 1000 Growth Index (before fees and
expenses). SSgA uses several independent valuation
measures to identify investment opportunities within a
large cap growth universe and combines factors to produce
an overall rank. Comprehensive research determines the
optimal weighting of these perspectives to arrive at
schemes that vary by industry. SSgA ranks all companies
within the investable universe from top to bottom based on
their relative attractiveness. SSgA constructs the fund's
portfolio by selecting the highest ranked stocks from the
universe and manages deviations from the benchmark to
maximize the risk/reward trade-off. The resulting
portfolio has characteristics similar to the Russell 1000
Growth Index.
FOR PAINEWEBBER GROWTH AND INCOME FUND, THE SECTION CAPTIONED "PRINCIPAL
INVESTMENT STRATEGIES" ON P. 6 OF THE PROSPECTUS IS REPLACED IN ITS ENTIRETY BY
THE FOLLOWING:
PRINCIPAL INVESTMENT STRATEGIES
The fund invests in a combination of securities to obtain
both growth and income. To obtain growth, the fund invests
in stocks that are believed to have substantial potential
for capital growth. To obtain current income, the fund
invests in dividend paying stocks and, to a lesser extent,
convertible bonds and money market instruments.
The fund generally invests in large capitalization
companies. Some of the fund's investments may be in U.S.
dollar denominated securities of foreign issuers. The fund
may (but is not required to) use options, futures
contracts and other derivatives as part of its investment
strategy or to help manage portfolio risks.
The fund's manager, Mitchell Hutchins Asset Management
Inc., has appointed Institutional Capital Corporation
("ICAP"), Westwood Management Corporation ("Westwood") and
State Street Global Advisors ("SSgA") to serve as
sub-advisers for the fund's investments. SSgA initially
manages approximately 50% of the fund's assets and ICAP
and Westwood manage approximately 25% each. Mitchell
Hutchins allocates the fund's assets among the three
sub-advisers. The relative values of assets allocated to
each sub-adviser can change at any time.
In managing its share of the fund's assets, ICAP uses its
proprietary valuation model to identify
large-capitalization companies that ICAP believes offer
the best relative values because they sell below the
price-to-earnings ratio warranted by their prospects. ICAP
looks for companies where a catalyst for a positive change
is about to occur with potential to produce stock
appreciation of 20% or more relative to the market over a
12 to 18 month period. The catalyst can be thematic (e.g.,
global economic recovery) or company specific (e.g., a
corporate restructuring or a new product). ICAP also uses
internally generated research to evaluate the financial
condition and business prospects of every company it
considers. ICAP monitors each stock purchased and sells
the stock when its target price is achieved, the catalyst
becomes inoperative or ICAP identifies another stock with
greater opportunity for appreciation.
In managing its share of the fund's assets, Westwood
maintains a list of securities that it believes have
proven records and potential for above-average earnings
growth. It considers purchasing a security on such list if
Westwood's forecast for growth rates and earnings
estimates exceeds Wall Street expectations or Westwood's
forecasted price/ earnings ratio is less than the
forecasted growth rate. Westwood monitors the issuing
companies and will sell a stock if Westwood expects
limited future price appreciation or the projected
price/earnings ratio exceeds the three-year growth rate.
In managing its share of the fund's assets, SSgA seeks to
outperform the Russell 1000 Value Index (before fees and
expenses). SSgA uses several independent valuation
4
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measures to identify investment opportunities within a
large cap value universe and combines factors to produce
an overall rank. Comprehensive research determines the
optimal weighting of these perspectives to arrive at
schemes that vary by industry. SSgA ranks all companies
within the investable universe from top to bottom based on
their relative attractiveness. SSgA constructs the fund's
portfolio by selecting the highest ranked stocks from the
universe and manages deviations from the benchmark to
maximize the risk/reward trade-off. The resulting
portfolio has characteristics similar to the Russell 1000
Value Index.
FOR PAINEWEBBER GROWTH FUND AND PAINEWEBBER GROWTH AND INCOME FUND, THE SECTION
CAPTIONED "PRINCIPAL RISKS" ON PP. 3 AND 6 OF THE PROSPECTUS AND THE SECTION
CAPTIONED "MORE ABOUT RISKS AND INVESTMENT STRATEGIES" ON P. 15 OF THE
PROSPECTUS ARE AMENDED BY THE ADDITION OF THE FOLLOWING NEW PARAGRAPH:
INDEX STRATEGY RISK. SSgA's proprietary strategies may not
result in the portion of fund assets it manages
outperforming the total return of the designated index,
and these assets may underperform the index. Its
performance also may deviate from that of the index
because of shareholder purchases and sales of shares,
which can occur daily, and because of fees and expenses
borne by the fund.
FOR PAINEWEBBER MID CAP FUND, THE SECTION CAPTIONED "PRINCIPAL INVESTMENT
STRATEGIES" ON P. 9 OF THE PROSPECTUS IS REPLACED IN ITS ENTIRETY BY THE
FOLLOWING:
PRINCIPAL INVESTMENT STRATEGIES
The fund invests primarily in common stocks of medium
capitalization ("mid cap") companies that are believed to
have substantial potential for capital growth. The fund
considers companies with market capitalizations of between
$750 million and $8 billion to be mid cap.
The fund also invests, to a lesser extent, in stocks of
larger and smaller companies and in bonds and money market
instruments. Some of the fund's investments may be in U.S.
dollar denominated securities of foreign issuers. The fund
may (but is not required to) use options, futures
contracts and other derivatives as part of its investment
strategy or to help manage portfolio risks.
The fund's manager, Mitchell Hutchins Asset Management
Inc., has appointed Delaware Management Company to serve
as sub-adviser for the fund's investments. In deciding
which stocks to buy or sell for the fund, Delaware
Management Company employs a bottom-up, fundamental
analysis to attempt to identify companies that have
substantially above-average earnings growth because of
management changes, new products, growth of established
products or structural changes in the economy. Delaware
Management Company also considers the quality of a
company's management team and the strength of its finances
and internal controls in selecting stocks for the fund.
Although Delaware Management Company follows companies in
a full range of market sectors, it may focus on a limited
number of attractive industries.
FOR PAINEWEBBER SMALL CAP FUND, THE SECTION CAPTIONED "PRINCIPAL INVESTMENT
STRATEGIES" ON P. 12 OF THE PROSPECTUS IS REPLACED IN ITS ENTIRETY BY THE
FOLLOWING:
PRINCIPAL INVESTMENT STRATEGIES
The fund invests primarily in common stocks of small
capitalization ("small cap") companies that are believed
to have substantial potential for capital growth. The fund
considers companies with market capitalizations of up to
$1.5 billion to be small cap.
The fund may invest, to a lesser extent, in stocks of
larger companies and in bonds and money market
instruments. Some of the fund's investments may be in U.S.
dollar denominated securities of foreign issuers. The fund
may (but is not required to) use options, futures
contracts and other derivatives as part of its investment
strategy or to help manage portfolio risks.
5
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The fund's manager, Mitchell Hutchins Asset Management
Inc., has appointed Ariel Capital Management, Inc.
("Ariel") and ICM Asset Management, Inc. ("ICM") to serve
as sub-advisers for the fund's investments.
In managing its share of the fund's assets, Ariel invests
in stocks of companies that it believes are misunderstood
or undervalued. It seeks to identify companies in
consistent industries with distinct market niches and
excellent management teams. It focuses on value stocks,
which it defines as stocks that have a low price/earnings
ratio based on forward earnings and that trade at a
significant discount to the private market value that
Ariel calculates for each stock. Ariel generally sells
stocks that cease to meet these criteria or that are at
risk for fundamental deterioration.
In managing its share of the fund's assets, ICM invests
primarily in common stocks of companies believed to offer
good relative value that have either fallen into disfavor
among investors or are under-researched. In deciding which
stocks to buy or sell for the fund, ICM uses a top-down
analysis to identify broad sectors of the market believed
to offer good relative value and then seeks to identify
individual companies within those sectors that meet ICM's
investment criteria. ICM also performs a bottom-up
analysis to attempt to discover inefficiently priced
stocks in a broad range of sectors, including those not
identified in the top-down analysis. These two approaches
are combined in various proportions depending on market
conditions. Regardless of which approach is used to
identify stock candidates, ICM then applies fundamental
research analysis.
THE SECTIONS AT PP. 23-24 OF THE PROSPECTUS CAPTIONED "INVESTMENT ADVISER" AND
"PORTFOLIO MANAGERS" ARE RETITLED "MANAGER" AND "SUB-ADVISERS AND PORTFOLIO
MANAGERS", RESPECTIVELY, AND ARE REPLACED IN THEIR ENTIRETY BY THE FOLLOWING:
MANAGER
Mitchell Hutchins Asset Management Inc. is the manager and
administrator of each fund. Mitchell Hutchins is located
at 51 West 52nd Street, New York, New York, 10019-6114,
and is a wholly owned asset management subsidiary of
PaineWebber Incorporated, which is wholly owned by Paine
Webber Group Inc. ("PW Group"), a publicly owned financial
services holding company. On August 31, 2000, Mitchell
Hutchins was adviser or sub-adviser of 31 investment
companies with 75 separate portfolios and aggregate assets
of approximately $57.7 billion.
On July 12, 2000, PW Group and UBS AG ("UBS") announced
that they had entered into an agreement and plan of merger
under which PW Group will merge into a wholly owned
subsidiary of UBS. If all required approvals are obtained
and the required conditions are satisfied, PW Group and
UBS expect to complete the transaction in November 2000.
UBS, with headquarters in Zurich, Switzerland, is an
internationally diversified organization with operations
in many areas of the financial services industry.
Mitchell Hutchins, with the approval of each fund's board,
has selected investment sub-advisers for the funds and
reviews the performance of those sub-advisers.
SUB-ADVISERS AND PORTFOLIO MANAGERS
GROWTH FUND
Alliance Capital Management L.P. ("Alliance Capital") and
State Street Global Advisors ("SSgA") serve as
sub-advisers for this fund. Alliance Capital is located at
1345 Avenue of the Americas, New York, New York 10105. It
is a leading international investment manager supervising
client accounts with assets as of June 30, 2000 of
approximately $388 billion.
6
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Jane Mack Gould is primarily responsible for the
day-to-day portfolio management of the fund's assets
allocated to Alliance Capital and has held her fund
responsibilities since October 10, 2000. Ms. Gould is a
senior vice president and portfolio manager and has been
with Alliance Capital since 1971.
SSgA is located at Two International Place, Boston,
Massachusetts 02110, and is the investment management
division of State Street Bank and Trust Company. SSgA uses
a team approach in the day-to-day management of its share
of the fund's assets. SSgA has held its fund
responsibilities since October 10, 2000.
GROWTH AND INCOME FUND
Institutional Capital Corporation ("ICAP"), Westwood
Management Corporation ("Westwood") and State Street
Global Advisors ("SSgA") serve as sub-advisers for this
fund. ICAP is located at 225 West Wacker Drive,
Suite 2400, Chicago, Illinois 60606-1229, and has been in
the investment management business since 1970. As of
September 30, 2000, ICAP had approximately $14.4 billion
in assets under management. ICAP uses a team approach in
the day-to-day management of its share of the fund's
assets. ICAP has held its fund responsibilities since
October 10, 2000.
Westwood is located at 300 Crescent Court, Suite 1300,
Dallas, Texas 75201, and has been in the investment
management business since 1983. As of September 30, 2000,
Westwood had approximately $3.2 billion in assets under
management. Susan M. Byrne, president of Westwood since
1983, is primarily responsible for the day-to-day
management of Westwood's share of the fund's assets.
Ms. Byrne has held her fund responsibilities since
October 10, 2000.
SSgA is located at Two International Place, Boston,
Massachusetts 02110, and is the investment management
division of State Street Bank and Trust Company. SSgA uses
a team approach in the day-to-day management of its share
of the fund's assets. SSgA has held its fund
responsibilities since October 10, 2000.
MID CAP FUND
Delaware Management Company, a series of Delaware
Management Business Trust, a Delaware business trust,
serves as sub-adviser for this fund. Delaware Management
Company is located at One Commerce Square, Philadelphia,
PA 19103. Delaware Management Company and its predecessors
have been managing funds for affiliated organizations in
the financial services industry since 1938. As of
September 30, 2000, Delaware Management Company and its
affiliates had over $80 billion in assets under
management.
Gerald S. Frey is primarily responsible for the fund's
day-to-day portfolio management and has held his fund
responsibilities since October 10, 2000. Mr. Frey is a
vice president of Delaware Management Company. Prior to
joining the group of companies of which Delaware
Management Company is a part in 1996, Mr. Frey was a
senior director with Morgan Grenfell Capital Management,
Incorporated in New York. He has 18 years of experience in
the money management business.
In making investment decisions for the fund, Mr. Frey
regularly consults with other members of the Delaware
Management Company team: John A. Heffern, Marshall T.
Bassett, Jeffrey Hynoski, Steven Lampe, Lori F. Wachs and
Frank Houghton. All team members have held their fund
responsibilities since October 10, 2000.
Mr. Heffern joined Delaware Management Company in 1997 and
serves as a vice president. Previously, he was a senior
vice president, equity research at NatWest Security
Corporation's Specialty Financial Services unit. Prior to
that, he was a principal and senior regional bank analyst
at Alex. Brown & Sons.
Mr. Bassett joined Delaware Management Company in 1997 and
serves as a vice president. Previously, he was employed by
Morgan Stanley Asset Management's
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Emerging Growth Group, most recently as a vice president,
where he analyzed small growth companies. Prior to that,
he was a trust officer at Sovran Bank and Trust Company.
Mr. Hynoski joined Delaware Management Company in 1998 and
serves as a vice president. Previously, he held the
position of vice president with Bessemer Trust since 1993.
Prior to that, he served as an analyst for Lord Abbett and
Cowen Asset Management.
Mr. Lampe joined Delaware Management Company in 1995 and
serves as a vice president. Prior to that, he held a
manager position with Price Waterhouse servicing the
financial services industry.
Ms. Wachs joined Delaware Management Company in 1992 and
serves as an assistant vice president. Previously, she was
an equity analyst at Goldman Sachs & Company for two
years.
Mr. Houghton joined Delaware Management Company in March
2000 and serves as a vice president. Previously, he was
with Lynch & Mayer, Inc., which he joined in 1990 as a
portfolio manager and where he served as president from
1999 to 2000. Prior to joining Lynch & Mayer, Inc.,
Mr. Houghton was chairman of BMI Capital from 1984 to
1990, a portfolio manager at Neuberger & Berman from 1977
to 1984 and a partner of Oppenheimer & Co., Inc., from
1969 to 1977.
SMALL CAP FUND
Ariel Capital Management, Inc. ("Ariel") and ICM Asset
Management, Inc. ("ICM") serve as sub-advisers for this
fund. Ariel is located at 307 North Michigan Avenue,
Suite 500, Chicago, Illinois 60601. Eric T. McKissack is
primarily responsible for the day-to-day management of the
fund's assets allocated to Ariel and has held his fund
responsibilities since October 10, 2000. He has been with
Ariel since 1986 and is currently its vice chair and
co-chief investment officer.
ICM is located at 601 W. Main Avenue, Suite 600, Spokane,
Washington 99201. As of September 30, 2000, ICM had
approximately $1.86 billion in assets under management.
ICM uses a team approach in the day-to-day management of
its share of the fund's assets and has held its fund
responsibilities since October 10, 2000. ICM's team is led
by Kevin A. Jones, CFA, and James M. Simmons, CFA. Five
experienced analysts round out the research team led by
Messrs. Simmons and Jones.
Mr. Simmons is the founder and chief investment officer of
ICM. Mr. Jones is a senior portfolio manager with ICM and
has managed small- and mid-cap portfolios since 1997.
Prior to his appointment as senior portfolio manager in
October 1998, Mr. Jones covered numerous industries as a
research analyst. Before joining ICM, Mr. Jones spent time
as a portfolio analyst for another Northwest investment
adviser and as a financial consultant for two major
brokerage firms. He has over 12 years experience in the
securities industry.
8
