<PAGE>
PAINEWEBBER GLOBAL INCOME FUND
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1995
-------------------
THE FIRST SENTENCE IN THE PARAGRAPH APPEARING NEXT TO THE CAPTION "DIVIDENDS"
IN THE PROSPECTUS SUMMARY ON PAGE 3 OF THE PROSPECTUS IS REVISED TO READ
AS FOLLOWS:
Declared and paid monthly, net capital gain is distributed annually.
THE FIRST PARAGRAPH APPEARING UNDER THE CAPTION "DIVIDENDS AND
TAXES - DIVIDENDS" ON PAGE 22 OF THE PROSPECTUS IS REPLACED WITH THE FOLLOWING:
DIVIDENDS. The Fund distributes substantially all of its net investment
income and realized net gains to shareholders each year. Effective August 1,
1995, income dividends are declared monthly and may be accompanied by
distributions of net realized short-term capital gains and net realized
gains from foreign currency transactions.
Dated: August 3, 1995
<PAGE>
PAINEWEBBER GLOBAL INCOME FUND
CLASS C SHARES
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1995
----------------------
THE FIRST PARAGRAPH APPEARING UNDER THE CAPTION "DIVIDENDS AND
TAXES - DIVIDENDS" ON PAGE 12 OF THE PROSPECTUS IS REPLACED WITH THE FOLLOWING:
DIVIDENDS. The Fund distributes substantially all of its net investment
income to shareholders each year. Effective August 1, 1995, income dividends
are declared monthly and may be accompanied by net realized short-term capital
gains and net realized gains from foreign currency transactions.
Dated: August 3, 1995
