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From: henry.emery@ubspainewebber.com To: bill_martin@dell.com, brian_wood@dell.com, charles_parker@dell.com,cimler@austin.rr.com, daryl_robertson@dell.com, david_altounian@dell.com, dustin_leifheit@dell.com, frank_stabile@dell.com, george_huntington@dell.com, wenowitz@aol.com, gershonnowit Subject: Tactical Allocation Fund--1st Quarter 2001 Cc: julie.haviland@ubspainewebber.com, patrick.dowd@ubspainewebber.com,rocky.emery@ubspainewebber.com, vincent.weir@ubspainewebber.com, toby.pullig@ubspainewebber.com Bcc: julie.haviland@ubspainewebber.com, patrick.dowd@ubspainewebber.com,rocky.emery@ubspainewebber.com, vincent.weir@ubspainewebber.com, toby.pullig@ubspainewebber.com Date: Mon, 30 Apr 2001 08:13:00 -0700 (PDT) Attached is a 1Q 2001 Market Commentary from the PaineWebber Tactical Allocation Fund. Hank Emery Financial Advisor Emery Financial Group UBS PaineWebber Incorporated Houston, Texas 713-957-7060 Notice Regarding Entry of Orders and Instructions: Please do not transmit orders and/or instructions regarding your PaineWebber account(s) by e-mail. Orders and/or instructions transmitted by e-mail will not be accepted by PaineWebber and PaineWebber will not be responsible for carrying out such orders and/or instructions. Notice Regarding Privacy and Confidentiality: PaineWebber reserves the right to monitor and review the content of all e-mail communications sent and/or received by its employees. - Market Commentary _1Q01.pdf