PAINEWEBBER MUTUAL FUNDS
PROSPECTUS SUPPLEMENT
August 28, 2000
Dear Investor,
This is a supplement to the Prospectuses, as applicable, of the
PaineWebber Mutual Funds listed on the reverse side. The purpose of the
supplement is to notify you that Class Y shares are now eligible for purchase by
certain types of institutional investors:
A corporation, bank, trust company, insurance company, pension fund,
employee benefit plan, professional firm, trust, estate or educational,
religious or charitable organization with 5,000 or more employees or with
over $50 million in investable assets.
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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
S&P 500 Index 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
