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