<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994, AS SUPPLEMENTED
NOVEMBER 21, 1994, DECEMBER 23, 1994 and March 23, 1995
THE FOLLOWING INFORMATION REVISES AND SUPPLEMENTS THE INFORMATION
REGARDING THE DIVIDEND GROWTH PORTFOLIO APPEARING UNDER THE CAPTION "MANAGEMENT"
ON PAGES PW21-PW23 OF THE PAINEWEBBER SERIES TRUST PROSPECTUS:
Effective April 3, 1995, Mark A. Tincher is responsible for the
day-to-day management of the Portfolio. Mr. Tincher is a Managing Director and
Chief Investment Officer of Equity Investments of Mitchell Hutchins. Mr. Tincher
is responsible for overseeing the management of equity investments for Mitchell
Hutchins. Prior to joining Mitchell Hutchins in March 1995, Mr. Tincher was a
vice president of Chase Manhattan Private Bank ("Chase") where he was head of
the U.S. Funds Management and Equity Research area. At Chase since 1988,
Mr. Tincher oversaw the management of all Chase U.S. equity funds (the Vista
Funds and Trust Investment Funds).
Effective April 3, 1995, in connection with Mr. Tincher taking over the
day-to-day management of the Portfolio, the sub-advisory agreement between
Mitchell Hutchins and Mitchell Hutchins Institutional Investors Inc. has been
terminated.
Dated: April 10, 1995
<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994, AS SUPPLEMENTED
NOVEMBER 21, 1994 AND DECEMBER 23, 1994
THE FOLLOWING AMENDS THE INFORMATION REGARDING THE GLOBAL GROWTH PORTFOLIO
APPEARING UNDER THE CAPTION "MANAGEMENT" ON PAGE PW21 OF THE PAINEWEBBER SERIES
TRUST PROSPECTUS:
GE Investment Management Incorporated ("GEIM") now serves as sub-adviser
for the Global Growth Portfolio ("Fund") pursuant to an interim sub-advisory
agreement ("Interim Agreement") between Mitchell Hutchins Asset Management Inc.
("Mitchell Hutchins") and GEIM that was approved by the board of trustees of
PaineWebber Series Trust ("Trust"). Under the Interim Agreement, GEIM makes and
implements all investment decisions with respect to the Fund's portfolio. Under
its existing Investment Advisory and Administration Contract with respect to the
Fund, Mitchell Hutchins supervises the activities of GEIM with respect to the
Fund and continues to supervise all other aspects of the Fund's operations.
Mitchell Hutchins (not the Fund) pays GEIM for its services under the Interim
Agreement at the annual rate of 0.29% of the Fund's average daily net assets.
The Interim Agreement will continue in effect for the shorter of 120 days from
March 23, 1995 (the date of the Interim Agreement) or the date that a new
sub-advisory contract is approved by the Fund's shareholders.
GEIM is located at 3003 Summer Street, P.O. Box 7900, Stamford,
Connecticut 06904 and is a wholly owned subsidiary of General Electric Company.
GEIM is a registered investment adviser, and its principal officers and
directors serve in similar capacities with respect to General Electric
Investment Corporation ("GEIC"), also a registered investment adviser and a
wholly owned subsidiary of General Electric Company. GEIM and GEIC provide
investment management services to various institutional accounts with total
assets of approximately $45.8 billion as of February 28, 1995.
The Trust's board of trustees expects to call a special meeting of the
shareholders of the Fund prior to the termination of the Interim Agreement.
THE FOLLOWING REPLACES THE LAST PARAGRAPH APPEARING UNDER THE CAPTION
"MANAGEMENT" ON PAGE PW21:
Effective March 22, 1995, Ralph R. Layman became the individual
primarily responsible for the day-to-day management of the Fund's portfolio.
Mr. Layman is an executive vice president a senior investment manager of GEIM
and GEIC. From 1989 to 1991, Mr. Layman served as executive vice president,
partner and portfolio manager of Northern Capital Management Co. and, prior
thereto, served as vice president and portfolio manager of Templeton
Investment Counsel.
Dated: March 23, 1995
<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994, AS SUPPLEMENTED
NOVEMBER 21, 1994
THE FOLLOWING AMENDS THE INFORMATION REGARDING THE GOVERNMENT PORTFOLIO
APPEARING UNDER THE CAPTION "MANAGEMENT" ON PAGE PW22 OF THE PAINEWEBBER SERIES
TRUST PROSPECTUS:
Effective December 20, 1994, Nirmal Singh, a vice president of Mitchell
Hutchins Institutional Investors Inc. ("MHII"), and Craig M. Varrelman, CFA, a
vice president of MHII, are responsible for the day-to-day management of the
Government Portfolio. Prior to joining MHII in 1993, Mr. Singh was with Merrill
Lynch Asset Management, Inc., where he was a member of the portfolio management
team responsible for managing several diversified funds, including
mortgage-backed securities funds with assets totaling $8 billion. From 1990 to
1993, Mr. Singh was a senior portfolio manager at Nomura Mortgage Fund
Management Corporation, where he was responsible for managing $3 billion in
mortgage assets. From 1987 to 1990, Mr. Singh was with the Federal National
Mortgage Association. Mr. Varrelman has been with MHII as a portfolio manager
since 1988 and manages fixed income portfolios wit assets totaling approximately
$1.5 billion, with an emphasis on U.S. government securities.
DATED: DECEMBER 23, 1994
<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994
THE FOLLOWING AMENDS THE INFORMATION REGARDING THE ASSET ALLOCATION PORTFOLIO
APPEARING UNDER THE CAPTION "MANAGEMENT" ON PAGE PW22 OF THE PROSPECTUS:
Effective November 21, 1994, Ellen R. Harris, chief domestic equity
strategist, a managing director and chief investment officer--domestic of
Mitchell Hutchins, assumed responsibility for the day-to-day management of the
Asset Allocation Fund's portfolio. Ms. Harris is also a vice president of the
Fund and of other investment companies for which Mitchell Hutchins or
PaineWebber serves as investment adviser. She has been employed by Mitchell
Hutchins as a portfolio manager for the past 11 years.
Dated: November 21, 1994
<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994, AS SUPPLEMENTED
NOVEMBER 21, 1994, DECEMBER 23, 1994 and March 23, 1995
THE FOLLOWING INFORMATION REVISES AND SUPPLEMENTS THE INFORMATION
REGARDING THE DIVIDEND GROWTH PORTFOLIO APPEARING UNDER THE CAPTION "MANAGEMENT"
ON PAGES PW25-PW27 OF THE PAINEWEBBER SERIES TRUST PROSPECTUS:
Effective April 3, 1995, Mark A. Tincher is responsible for the
day-to-day management of the Portfolio. Mr. Tincher is a Managing Director and
Chief Investment Officer of Equity Investments of Mitchell Hutchins. Mr. Tincher
is responsible for overseeing the management of equity investments for Mitchell
Hutchins. Prior to joining Mitchell Hutchins in March 1995, Mr. Tincher was a
vice president of Chase Manhattan Private Bank ("Chase") where he was head of
the U.S. Funds Management and Equity Research area. At Chase since 1988,
Mr. Tincher oversaw the management of all Chase U.S. equity funds (the Vista
Funds and Trust Investment Funds).
Effective April 3, 1995, in connection with Mr. Tincher taking over the
day-to-day management of the Portfolio, the sub-advisory agreement between
Mitchell Hutchins and Mitchell Hutchins Institutional Investors Inc. has been
terminated.
Dated: April 10, 1995
<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994, AS SUPPLEMENTED
NOVEMBER 21, 1994 AND DECEMBER 23, 1994
THE FOLLOWING AMENDS THE INFORMATION REGARDING THE GLOBAL GROWTH PORTFOLIO
APPEARING UNDER THE CAPTION "MANAGEMENT" ON PAGE PW25 OF THE PAINEWEBBER SERIES
TRUST PROSPECTUS:
GE Investment Management Incorporated ("GEIM") now serves as sub-adviser
for the Global Growth Portfolio ("Fund") pursuant to an interim sub-advisory
agreement ("Interim Agreement") between Mitchell Hutchins Asset Management Inc.
("Mitchell Hutchins") and GEIM that was approved by the board of trustees of
PaineWebber Series Trust ("Trust"). Under the Interim Agreement, GEIM makes and
implements all investment decisions with respect to the Fund's portfolio. Under
its existing Investment Advisory and Administration Contract with respect to the
Fund, Mitchell Hutchins supervises the activities of GEIM with respect to the
Fund and continues to supervise all other aspects of the Fund's operations.
Mitchell Hutchins (not the Fund) pays GEIM for its services under the Interim
Agreement at the annual rate of 0.29% of the Fund's average daily net assets.
The Interim Agreement will continue in effect for the shorter of 120 days from
March 23, 1995 (the date of the Interim Agreement) or the date that a new
sub-advisory contract is approved by the Fund's shareholders.
GEIM is located at 3003 Summer Street, P.O. Box 7900, Stamford,
Connecticut 06904 and is a wholly owned subsidiary of General Electric Company.
GEIM is a registered investment adviser, and its principal officers and
directors serve in similar capacities with respect to General Electric
Investment Corporation ("GEIC"), also a registered investment adviser and a
wholly owned subsidiary of General Electric Company. GEIM and GEIC provide
investment management services to various institutional accounts with total
assets of approximately $45.8 billion as of February 28, 1995.
The Trust's board of trustees expects to call a special meeting of the
shareholders of the Fund prior to the termination of the Interim Agreement.
THE FOLLOWING REPLACES THE LAST PARAGRAPH APPEARING UNDER THE CAPTION
"MANAGEMENT" ON PAGE PW25:
Effective March 22, 1995, Ralph R. Layman became the individual
primarily responsible for the day-to-day management of the Fund's portfolio.
Mr. Layman is an executive vice president a senior investment manager of GEIM
and GEIC. From 1989 to 1991, Mr. Layman served as executive vice president,
partner and portfolio manager of Northern Capital Management Co. and, prior
thereto, served as vice president and portfolio manager of Templeton Investment
Counsel.
Dated: March 23, 1995
<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994, AS SUPPLEMENTED
NOVEMBER 21, 1994
THE FOLLOWING AMENDS THE INFORMATION REGARDING THE GOVERNMENT PORTFOLIO
APPEARING UNDER THE CAPTION "MANAGEMENT" ON PAGE PW27 OF THE PAINEWEBBER SERIES
TRUST PROSPECTUS:
Effective December 20, 1994, Nirmal Singh, a vice president of Mitchell
Hutchins Institutional Investors Inc. ("MHII"), and Craig M. Varrelman, CFA, a
vice president of MHII, are responsible for the day-to-day management of the
Government Portfolio. Prior to joining MHII in 1993, Mr. Singh was with Merrill
Lynch Asset Management, Inc., where he was a member of the portfolio management
team responsible for managing several diversified funds, including
mortgage-backed securities funds with assets totaling $8 billion. From 1990 to
1993, Mr. Singh was a senior portfolio manager at Nomura Mortgage Fund
Management Corporation, where he was responsible for managing $3 billion in
mortgage assets. From 1987 to 1990, Mr. Singh was with the Federal National
Mortgage Association. Mr. Varrelman has been with MHII as a portfolio manager
since 1988 and manages fixed income portfolios wit assets totaling approximately
$1.5 billion, with an emphasis on U.S. government securities.
DATED: DECEMBER 23, 1994
<PAGE>
PAINEWEBBER SERIES TRUST
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 1994
THE FOLLOWING SUPPLEMENTS THE INFORMATION REGARDING THE BALANCED PORTFOLIO
APPEARING UNDER THE CAPTION "MANAGEMENT" ON PAGE PW26 OF THE PAINEWEBBER SERIES
TRUST PROSPECTUS:
On November 11, 1994, Provident Investment Counsel ("PIC"), sub-adviser
for the Balanced Portfolio ("Portfolio"), a series of PaineWebber Series Trust
("Fund") announced its agreement to become an autonomous wholly owned subsidiary
of United Asset Management Corporation, a financial services holding company. As
a condition of the acquisition, the Board of Trustees of the Fund and
shareholders of the Portfolio must approve a new advisory agreement with PIC
under its new ownership. No change in the advisory fees or portfolio management
is expected to occur as a result of the acquisition, and the acquisition
agreement requires all parties to avoid the imposition of any unfair burden on
the Fund or Portfolio. A proxy statement describing these matters in greater
detail will be sent to all shareholders before the end of December, 1994.
THE FOLLOWING AMENDS THE INFORMATION REGARDING THE ASSET ALLOCATION PORTFOLIO
APPEARING UNDER THE CAPTION "MANAGEMENT" ON PAGE PW27 OF THE PROSPECTUS:
Effective November 21, 1994, Ellen R. Harris, chief domestic equity
strategist, a managing director and chief investment officer--domestic of
Mitchell Hutchins, assumed responsibility for the day-to-day management of the
Asset Allocation Fund's portfolio. Ms. Harris is also a vice president of the
Fund and of other investment companies for which Mitchell Hutchins or
PaineWebber serves as investment adviser. She has been employed by Mitchell
Hutchins as a portfolio manager for the past 11 years.
Dated: November 21, 1994
