PAINEWEBBER EMERGING MARKETS EQUITY FUND
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 2000
January 11, 2001
Dear Investor,
This is a supplement to the Prospectus dated March 1, 2000, for
PaineWebber Emerging Markets Equity Fund (the "Fund").
The fund's sub-adviser, Schroder Investment Management North America Inc.
("SIMNA"), has moved to a team approach in managing the fund. As a result, the
first paragraph on page 23 of the prospectus is replaced by the following:
EMERGING MARKETS EQUITY FUND. All investment decisions for the fund are
made by SIMNA's emerging markets investment committee. The investment
committee consists of investment professionals with specific geographic or
regional expertise, as well as members responsible for economic analysis
and asset allocation, investment strategy and global stock and sector
selection.
Item # ZS-83
