0001118378-01-500072.txt : 20011026 0001118378-01-500072.hdr.sgml : 20011026 ACCESSION NUMBER: 0001118378-01-500072 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20011019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRINSON FUNDS INC CENTRAL INDEX KEY: 0000886244 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-47287 FILM NUMBER: 1762762 BUSINESS ADDRESS: STREET 1: 209 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60604-1795 BUSINESS PHONE: 8001482430 MAIL ADDRESS: STREET 1: 209 S LASALLE ST CITY: CHICAGO STATE: IL ZIP: 60604-1795 497 1 n14497_10-01.htm 497 TO N-14 10/01 497 TO BRINSON FUNDS N-14AE 
                          PAINEWEBBER HIGH INCOME FUND
                               51 West 52nd Street
                             New York, NY 10019-6114

                                                                October 18, 2001

Dear Shareholders,

     The  purpose  of  this  letter  is to  follow-up  on  the  Prospectus/Proxy
Statement that you recently received,  describing the proposed reorganization of
the PaineWebber  High Income Fund into the High Yield Fund of The Brinson Funds.
The  table  on  page  21 of the  Prospectus/Proxy  Statement,  entitled  "Shares
Outstanding," should be deleted, and replaced with the following:

PaineWebber Fund......................   37,743,437.856
PaineWebber Fund Class A Shares.......   24,182,955.151
PaineWebber Fund Class B Shares.......    6,734,919.546
PaineWebber Fund Class C Shares.......    6,727,304.622
PaineWebber Fund Class Y Shares.......       98,258.537

     The table on page 22 of the Prospectus/Proxy  Statement,  under the heading
"Principal  Holders  of  Shares,"  should  be  deleted,  and  replaced  with the
following:

                                                        Percentage
                                                            of       Percentage
   Class     Name and Address of Account  Share Amount    Class        of Fund
   -----     ---------------------------  ------------    -------     ---------

Class Y      UBS PaineWebber Inc. FBO
             PaineWebber Cust
             Gertrude A. Tormey
             c/o Brinson Advisors, Inc.
             51 West 52nd Street
             New York, NY  10019-6114..     40,748.067     41.47%       0.11%

Class Y      UBS PaineWebber Inc. FBO
             PaineWebber Cust
             Jerry M. Zeigler
             c/o Brinson Advisors, Inc.
             51 West 52nd Street
             New York, NY  10019-6114..     10,225.864     10.40%        N/A

Class Y      UBS PaineWebber Inc. FBO
             The Sue H. Schumann Trust
             Sue H. Schumann and Louis
             A. Schumann, Jr., Trustees
             c/o Brinson Advisors, Inc.
             51 West 52nd Street
             New York, NY  10019-6114..      6,100.981      6.20%        N/A

     If you have not already done so,  please take the time to review the entire
Prospectus/Proxy  Statement and vote NOW!  Whether or not you plan to attend the
shareholder  meeting on  November 8, 2001,  please vote your shares by mail,  by
telephone or via the Internet. If you determine at a later date that you wish to
attend the meeting in person, you may revoke your proxy and vote in person.

     Thank you for your prompt attention and participation.

                                                      Very truly yours,


                                                      /s/ Paul H. Schubert
                                                      Paul H. Schubert
                                                      Treasurer