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SUPPLEMENT TO PAINEWEBBER SMALL CAP GROWTH FUND
PROSPECTUS DATED DECEMBER 1, 1995
February 9, 1996
Dear Investor,
This is a supplement to the PaineWebber Small Cap Growth Fund Prospectus
dated December 1, 1995. The purpose of the supplement is to revise the
information appearing under the 'Prospectus Summary -- Sub-Adviser' and
'Management' sections on 2 and pages 28-29 of the Prospectus, respectively.
Mitchell Hutchins has terminated the sub-advisory contract with George D.
Bjurman & Associates, effective April 1, 1996. On that date, Mitchell Hutchins
will assume responsibility for the portfolio management of the Fund. Donald R.
Jones, a first vice president of Mitchell Hutchins, will serve as the Fund's
portfolio manager. Prior to joining Mitchell Hutchins in February 1996, Mr.
Jones was a vice president in the asset management group of First Fidelity
Bancorporation. At First Fidelity Bancorporation since 1983, Mr. Jones was a
member of the Value Discipline Stock Selection Committee and Small
Capitalization Stock Selection Committee and served as the co-manager or
assistant manager of mutual funds and personal trust commingled funds with
aggregate assets of approximately $215 million.
If you have any questions regarding PaineWebber Small Cap Value Fund,
please call your Investment Executive at PaineWebber or one ot its correspondent
firms.
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SUPPLEMENT TO PAINEWEBBER SMALL CAP GROWTH FUND CLASS Y SHARES
PROSPECTUS DATED DECEMBER 1, 1995
February 9, 1996
Dear Investor,
This is a supplement to the PaineWebber Small Cap Growth Fund Class Y
Prospectus dated December 1, 1995. Ths purpose of the supplement is to revise
information appearing under the 'Mananagement' section on pages 16-17 of the
Prospectus:
Mitchell Hutchins has terminated the sub-advisory contract with George D.
Bjurman & Associates, effective April 1, 1996. On that date, Mitchell Hutchins
will assume responsibility for the portfolio management of the Fund. Donald R.
Jones, a first vice president of Mitchell Hutchins, will serve as the Fund's
portfolio manager. Prior to joining Mitchell Hutchins in February 1996, Mr.
Jones was a vice president in the asset management group of First Fidelity
Bancorporation. At First Fidelity Bancorporation since 1983, Mr. Jones was a
member of the Value Discipline Stock Selection Committee and Small
Capitalization Stock Selection Committee and served as the co-manager or
assistant manager of mutual funds and personal trust commingled funds with
aggregate assets of approximately $215 million.
