PAINEWEBBER INVESTMENT GRADE INCOME FUND
PAINEWEBBER HIGH INCOME FUND
PAINEWEBBER STRATEGIC INCOME FUND
February 15, 2000
Dear Investor,
This is a supplement to the prospectuses of the above PaineWebber Mutual
Funds. The purpose of this supplement is to notify you of changes in portfolio
management of these funds, effective in February 2000.
o PaineWebber Investment Grade Income Fund
Julieanna Berry is responsible for the day-to-day management of the fund's
portfolio. Ms. Berry is a first vice president of Mitchell Hutchins, where
she has been employed as a portfolio manager since 1989. Ms. Berry has
shared portfolio management responsibilities for the fund since June 1995.
o PaineWebber High Income Fund
James F. Keegan is responsible for the day-to-day management of the Fund's
portfolio. Mr. Keegan is a senior vice president of Mitchell Hutchins and
is in charge of the Taxable Credit Group. Prior to joining Mitchell
Hutchins in March 1996, Mr. Keegan was a director with Merrion Group, L.P.
o PaineWebber Strategic Income Fund
James F. Keegan is responsible for the day-to-day management of the fund's
U.S. high yield securities sector. Nirmal Singh and Julieanna Berry share
responsibility for the day-to-day management for the U.S. government and
investment grade securities sector of the fund. Mr. Singh is a senior vice
president of Mitchell Hutchins, where he has been employed as a portfolio
manager since 1993. Mr. Singh has held his responsibilities for the fund
since December 1994.
