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SUPPLEMENT TO PAINEWEBBER TACTICAL ALLOCATION FUND
PROSPECTUS FOR CLASS Y SHARES DATED JANUARY 1, 1996
(AS SUPPLEMENTED MARCH 13, 1996)
May 10, 1996
Dear Investor,
This is a supplement to the PaineWebber Tactical Allocation Fund Class Y
Shares Prospectus dated January 1, 1996 (as supplemented March 13, 1996). The
purpose of the supplement is to replace the first sentence in the section titled
'Dividends, Distributions and Taxes-Dividends and Distributions' on page 14 of
the Prospectus with the following sentences:
The Fund pays dividends from its net investment income quarterly. The
Fund distributes annually substantially all of its net capital gain (the
excess of net long-term capital gain over net short-term capital loss) and
net short-term capital gain, if any.
If you have any questions regarding PaineWebber Tactical Allocation Fund,
please call your Investment Executive at PaineWebber or one of its correspondent
firms.
