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PAINEWEBBER GLOBAL EQUITY FUND
SUPPLEMENT TO PROSPECTUS DATED AUGUST 24, 1995
The following information revises the information contained in the Fund's
Prospectus:
For purchases of Fund shares made on or after November 10, 1995, the following
changes to the Fund's Class A, Class B, Class C and Class E shares will be in
effect:
a. Class A Shares. Class A shares of the Fund purchased without an initial
sales charge due to the sales charge waiver for purchases of $1 million or more
and held less than one year are subject to a contingent deferred sales charge
("CDSC") upon redemption. The holding period of Class A shares of the Fund
acquired through an exchange with another PaineWebber mutual fund ("PW Fund") is
calculated from the date the Class A shares of that PW Fund were initially
purchased without a sales charge. The Class A CDSC equals 1% of the lower of:
(a) the net asset value of the shares at the time of purchase or (b) the net
asset value of the shares at the time of redemption. Class A shares of the Fund
held one year or longer and Class A shares of the Fund acquired through
reinvestment of dividends or capital gains distributions are not subject to this
CDSC. The CDSC for Class A shares of the Fund is waived for redemptions in
connection with the systematic withdrawal plan, subject to the limitations
described below.
b. Class B Shares (Formerly Class E Shares). Effective November 10, 1995, all
Class E shares will be renamed Class B shares.
The description of the calculation of the CDSC for Class B shares of the Fund
has been modified slightly. The maximum CDSC for Class B shares of the Fund
equals 5% of the lower of: (a) the net asset value of the shares at the time of
purchase or (b) the net asset value of the shares at the time of redemption.
Class B shares of the Fund held six years or longer and Class B shares acquired
through reinvestment of dividends or capital gains distributions are not subject
to the CDSC. The CDSC for Class B shares of the Fund is waived under the
circumstances described in the Fund's Prospectus. Class B shares of the Fund
convert into Class A shares as described in the Fund's Prospectus.
c. Class C Shares (Formerly Class B Shares). Effective November 10, 1995, all
Class B shares will be renamed Class C shares.
Class C shares of the Fund held less than one year will be subject to a CDSC on
redemptions. The holding period of Class C shares of the Fund acquired through
an exchange with another PW Fund is calculated from the date the Class C shares
of that PW Fund were initially purchased without a sales charge. The CDSC on
Class C shares equals 1% of the lower of: (a) the net asset value of the shares
at the time of purchase or (b) the net asset value of the shares at the time of
redemption. Redemptions of Class C shares of the Fund acquired through an
exchange and held less than one year will be subject to the same CDSC that would
have been imposed on Class C shares of the PW Fund originally purchased that
were subsequently exchanged into Class C shares of the Fund. Class C shares of
the Fund held
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one year or longer and Class C shares of the Fund acquired through
reinvestment of dividends or capital gains distributions are not subject to the
CDSC. The CDSC for Class C shares of the Fund is waived for redemptions in
connection with the systematic withdrawal plan, subject to the limitations
described below.
d. Class Y Shares (Formerly Class C Shares). Effective November 10, 1995, all
Class C shares will be renamed Class Y shares.
e. Waivers for Systematic Withdrawal Plan. Shareholders who own Class A shares
or Class C shares (formerly Class B shares) of the Fund with a value of $5,000
or more may have PaineWebber redeem a portion of their shares monthly, quarterly
or semi-annually under the systematic withdrawal plan. Shareholders who
participate in the systematic withdrawal plan must elect to have all dividends
reinvested in additional shares of the same Class. The minimum amount for all
withdrawals of Class A or Class C shares is $100. Provided that the shareholder
does not withdraw an amount exceeding 12% in the first year after purchase of
his or her "Initial Account Balance," a term that means the value of the Fund
account at the time the shareholder elects to participate in the systematic
withdrawal plan, no CDSC is imposed on such withdrawals within the first year
after purchase for (1) Class A shares purchased pursuant to the sales charge
waiver for purchases of $1 million or more and (2) Class C shares. Class A and
Class C shareholders' participation in the systematic withdrawal plan will
terminate automatically if the Initial Account Balance (plus the net asset value
on the date of purchase of Fund shares acquired after the election to
participate in the systematic withdrawal plan) less aggregate redemptions made
other than pursuant to the systematic withdrawal plan, is less than $5,000. No
changes have been made to the systematic withdrawal plan with respect to Class B
shares (formerly Class E shares).
Dated: November 6, 1995
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MITCHELL HUTCHINS/KIDDER, PEABODY ASSET ALLOCATION FUND
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 29, 1994, AS SUPPLEMENTED
JUNE 22, 1995
The following information revises the information contained in the Fund's
Prospectus:
1. Effective November 1, 1995, the name of the Fund was changed to
"PaineWebber Tactical Allocation Fund."
2. For purchases of Fund shares made on or after November 10, 1995, the
following changes to the Fund's Class A, Class B and Class C shares will be
in effect:
a. Class A Shares. Class A shares of the Fund purchased without an initial
sales charge due to the sales charge waiver for purchases of $1 million or
more and held less than one year are subject to a contingent deferred sales
charge ("CDSC") upon redemption. The holding period of Class A shares of the
Fund acquired through an exchange with another PaineWebber mutual fund ("PW
Fund") is calculated from the date the Class A shares of that PW Fund were
initially purchased without a sales charge. The Class A CDSC equals 1% of
the lower of: (a) the net asset value of the shares at the time of purchase
or (b) the net asset value of the shares at the time of redemption. Class A
shares of the Fund held one year or longer and Class A shares of the Fund
acquired through reinvestment of dividends or capital gains distributions
are not subject to this CDSC. The CDSC for Class A shares of the Fund is
waived for redemptions in connection with the systematic withdrawal plan,
subject to the limitations described below.
b. Class C Shares (Formerly Class B Shares). Effective November 10, 1995,
all Class B shares will be renamed Class C shares.
Class C shares of the Fund held less than one year will be subject to a CDSC
on redemptions. The holding period of Class C shares of the Fund acquired
through an exchange with another PW Fund is calculated from the date the
Class C shares of that PW Fund were initially purchased without a sales
charge. The CDSC on Class C shares equals 1% of the lower of: (a) the net
asset value of the shares at the time of purchase or (b) the net asset value
of the shares at the time of redemption. Redemptions of Class C shares of
the Fund acquired through an exchange and held less than one year will be
subject to the same CDSC that would have been imposed on Class C shares of
the PW Fund originally purchased that were subsequently exchanged into Class
C shares of the Fund. Class C shares of the Fund held one year or longer
and Class C shares of the Fund acquired through reinvestment of dividends or
capital gains distributions are not subject to the CDSC. The CDSC for Class
C shares of the Fund is waived for redemptions in connection with the
systematic withdrawal plan, subject to the limitations described below.
c. Class Y Shares (Formerly Class C Shares). Effective November 10, 1995,
all Class C shares will be renamed Class Y shares.
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Class Y shares are no longer available for purchase by (1) former employees
of Kidder, Peabody & Co. Incorporated ("Kidder, Peabody") and their
associated accounts; (2) directors or trustees of any former Kidder, Peabody
fund; or (3) employee benefit plans of Kidder, Peabody. Investors in
category (1) or (2) above may purchase Class A shares, and the initial sales
charge on Class A shares is waived for such purchases. Dividends on Class Y
shares held by these shareholders may be reinvested in additional Class Y
shares, but they will not be permitted to make any new purchases.
d. Waivers for Systematic Withdrawal Plan. Shareholders who own Class A or
Class C shares (formerly Class B shares) of the Fund with a value of $5,000
or more may have PaineWebber redeem a portion of their shares monthly,
quarterly or semi-annually under the systematic withdrawal plan.
Shareholders who participate in the systematic withdrawal plan must elect to
have all dividends reinvested in additional shares of the same Class. The
minimum amount for all withdrawals of Class A or Class C shares is $100.
Provided that the shareholder does not withdraw an amount exceeding 12% in
the first year after purchase of his or her "Initial Account Balance," a
term that means the value of the Fund account at the time the shareholder
elects to participate in the systematic withdrawal plan, no CDSC is imposed
on such withdrawals within the first year after purchase for (1) Class A
shares purchased pursuant to the sales charge waiver for purchases of $1
million or more and (2) Class C shares. Class A and Class C shareholders'
participation in the systematic withdrawal plan will terminate automatically
if the Initial Account Balance (plus the net asset value on the date of
purchase of Fund shares acquired after the election to participate in the
systematic withdrawal plan) less aggregate redemptions made other than
pursuant to the systematic withdrawal plan, is less than $5,000.
Dated: November 6, 1995
This Prospectus Supplement does not replace any prior supplements to the
Fund's Prospectus.
