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PAINEWEBBER STRATEGY FUND
Supplement to Prospectus dated September 27, 1999,
as supplemented March 23, 2000
Dear Investor,
The purpose of this supplement is to inform certain investors who are
non-resident aliens of changes to the terms of the special deferred sales charge
waiver disclosed on page 10 of the Prospectus. The following information
supplements the information found under the heading 'Special Deferred Sales
Charge Waiver for Non-Resident Aliens' and extends the date of that waiver.
Certain eligible non-resident alien investors will be able to sell their
fund shares without incurring a contingent deferred sales charge if they use
their sales proceeds to immediately purchase shares of a comparable offshore
investment pool* available through PaineWebber. This waiver will remain in
effect through September 30, 2000. Non-resident alien investors who wish to take
advantage of this waiver should contact their PaineWebber Financial Advisors to
determine whether they are eligible.
*Shares of the offshore investment pool are available only in those
jurisdictions where the sale is authorized and are not available to any U.S.
person, including, but not limited to, any citizen or resident of the United
States, U.S. partnership and U.S. trust, and are not available to residents of
certain other countries.
