PAINEWEBBER GLOBAL ENERGY FUND
PAINEWEBBER EUROPE GROWTH FUND
PAINEWEBBER GLOBAL GROWTH AND INCOME FUND
Supplement to Prospectus Dated March 1, 1995
The following information supplements the information for PaineWebber Europe
Growth Fund and PaineWebber Global Growth and Income Fund:
The board of trustees of PaineWebber Investment Series ("Trust") has
approved a Plan of Reorganization and Termination ("Reorganization") for
submission to the shareholders of PaineWebber Europe Growth Fund and PaineWebber
Global Growth and Income Fund (each a "Fund", collectively the "Funds"), each a
series of the Trust, at a special meeting to be held on July 21, 1995. If the
proposed Reorganization is approved and implemented, all of the Funds' assets
will be acquired and its liabilities assumed by Mitchell Hutchins/Kidder,
Peabody Global Equity Fund ("MH/KP Global Equity Fund") in a tax-free
reorganization. As a result of the Reorganization, the three funds' assets
would be combined and each Fund shareholder would, on the closing date of the
transaction, receive a number of full and fractional shares of the corresponding
Class of shares of MH/KP Global Equity Fund having an aggregate value equal to
the value of the shareholder's holdings in the Funds.
In addition, the Trust's board of trustees has approved the submission to
each Fund's shareholders of a proposal to approve a new sub-advisory agreement
with GE Investment Management Incorporated for each Fund.
The meeting of the Funds' shareholders to consider the proposed
Reorganization and the sub-advisory agreement will be held on July 21, 1995.
There can be no assurance that the Fund's shareholders will approve the
Reorganization. If the Reorganization is approved, sales of all Classes of Fund
shares will cease on July 31, 1995, so that Fund shares will no longer be
available for purchase or exchange starting on August 1, 1995 through the
closing date of the Reorganization. Redemptions of Fund shares and exchanges of
Fund shares for shares of another PaineWebber or Mitchell Hutchins/Kidder,
Peabody mutual fund ("exchange redemptions") may be effected through the closing
date of the Reorganization. Effective on June 19, 1995, the $5.00 service fee
on exchanges will be waived on all exchange redemptions.
The following information revises and supplements the information appearing
under the captions "Purchase of Shares" and "Redemption of Shares" in the
prospectus:
Purchase of Shares--Purchase of Shares Through PaineWebber or Correspondent
Firms. The time by which payment for shares purchased is due at PaineWebber has
changed due to the implementation of "T+3" settlement procedures. Payment is
due on the third Business Day after the order is received in PaineWebber's New
York City offices. A "Business Day" is any day on which the New York Stock
Exchange, Inc. ("NYSE") is open for business.
Redemption of Shares--Redemption of Shares Through PaineWebber or
Correspondent Firms. The time by which redemption proceeds will be paid to the
redeeming shareholder has also changed due to the implementation of "T+3."
Repurchase proceeds will be paid within three Business Days after receipt of the
request. "Business Day" is defined above.
Dated: June 21, 1995
