Message-ID: <18953212.1075859802248.JavaMail.evans@thyme>
Date: Mon, 30 Apr 2001 08:13:00 -0700 (PDT)
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, 
	gershonnowitz@msn.com, heather_simmons@dell.com, 
	james_herron@dell.com, jerrell_herron@dell.com, 
	jerry_gandre@dell.com, jim_dougherty@dell.com, 
	joe_dauskurdas@dell.com, ken_m_smith@dell.com, larry_brown@dell.com, 
	mark_pape@dell.com, melissaanderson@austin.rr.com, 
	mike_lehrter@dell.com, mike_ryan@dell.com, neil_hand@dell.com, 
	nicolas_taylor@dell.com, phil_hubble@dell.com, 
	richard_norman@dell.com, richard_wells@dell.com, 
	bob_ashenbrenner@dell.com, roger_harden@dell.com, 
	tom_armstrong@dell.com, anthony_bonadero@dell.com, 
	rolfers@austin.rr.com, alexander.kulpecz@enron.com, 
	alex.kulpecz@enron.com, amartin@azurix.com, amainel@azurix.com, 
	andrew.hoyle@enron.com, andy.hoyle@enron.com, 
	andy_greenwalt@dell.com, beau@layfam.com, bglisan@enron.com, 
	bernie.barcio@enron.net, c.john.thompson@enron.com, 
	charles.cheek@enron.com, chester.ferguson@enron.com, 
	dan@bercores.com, dana.gibbs@enron.com, daniel.castagnola@enron.com, 
	dan.l.junk@enron.com, dan.mccarty@enron.com, jschwie1@enron.com, 
	dcox@enron.com, david_berberian@enron.net, dchristo2@attglobal.net, 
	dan.swanson@enron.com, eric.gadd@enron.com, ted_seitz@enron.net, 
	frank.stabler@enron.com, gary.barbour@enron.com, 
	gary_w_luce@reliantenergy.com, garywluce@aol.com, 
	gene.e.humphrey@enron.com, gposey@enron.com, 
	glenn.whittington@painewebber.com, greg_lowe@dell.com, 
	greg.brazaitis@enron.com, hal_meyer@dell.com, hbuchana@enron.com, 
	howard.karren@enron.com, jack.boatman@enron.com, 
	debbie_lewis@mhhs.org, jbannan@ei.enron.com, 
	james.c.alexander@enron.com, jdehlsen@aquantis.com, 
	james.diffenderfer@enron.com, jschwie@enron.com, jducote@enron.com, 
	jane.m.tholt@enron.com, jay@enron.com, jeff_foster@enron.net, 
	jeff_strausser@eogresources.com, jeffrey_strausser@eogresources.com, 
	jsherri@enron.com, jskilli@enron.com, joverdy@enron.com, 
	jerry.peters@enron.com, joan.quick@enron.com, jechols@enron.com, 
	jmintz@enron.com, joseph.feltz@enron.com, joe.kishkill@enron.com, 
	jsuttonventures@myarc.com, jppeterson@ev1.net, ken_harrison@pgn.com, 
	ken_rice@enron.net, kwroy@kingwoodcable.com, wade.cline@enron.com, 
	kevin_hannon@enron.com, larry.deroin@enron.com, 
	larry_ciscon@enron.net, gwhalle@enron.com, larryizzo1@aol.com, 
	lcasari@enron.com, mark.e.haedicke@enron.com, mlindse@enron.com, 
	nicki.daw@enron.com, mlay@enron.com, mark@epalmer.net, 
	mark_s_palmer@enron.net, mjoyce@enron.com, mike_beaver@dell.com, 
	mike_walden@eogresources.com, mwa8495@aol.com, 
	patricio.puente@enron.com, pate_brendle@dell.com, 
	paul_racicot@enron.net, paula.rieker@enron.com, 
	pravin.jain@enron.com, rrogers@enron.com, rex_shelby@enron.net, 
	rcausey@enron.com, rlammer@enron.com, rick.buy@enron.com, 
	rick.cunningham@enron.com, richard.cunningham@enron.com, 
	ndeales@aol.com, richard.shapiro@enron.com, jndw@aol.com, 
	rwaddel@enron.com, r.kilmer@enron.com, robert.caldwell@enron.com, 
	robert.crockett@enron.com, bob.butts@enron.com, rob.walls@enron.com, 
	robert.hermann@enron.com, bob.kelly@enron.com, 
	robert.kelly@enron.com, robert.cook@enron.com, robert.vote@enron.com, 
	rodney.gray@petrocosm.com, roger_knouse@kindermorgan.com, 
	ron_jiede@kindermorgan.com, ronald_jiede@kindermorgan.com, 
	rosalee.fleming@enron.com, saad.merhej@enron.com, 
	sally.keepers@enron.com, scott.affelt@enron.com, 
	stanley_horton@enron.com, steve.elliot@enron.com, skean@enron.com, 
	sj_0000@hotmail.com, stephen_lipari@eogresources.com, 
	steve_lipari@eogresources.com, sue.foust@enron.com, 
	susan.lewis@ubspainewebber.com, sue.m.wells@state.or.us, 
	tamills@enron.com, terence.h.thorn@enron.com, 
	terrence.karka@enron.com, terry_ferose@dell.com, tgros@enron.com, 
	mail@briggsathome.com, twhite@enron.com, tbattaglia@enron.com, 
	tlindho@enron.com, tshelto@enron.com, tom_martin@dell.com, 
	thomas.suffield@alumni.utexas.com, wes.colwell@enron.com, 
	bill.butler@enron.com, bill.collins@enron.com, 
	william.collins@enron.com, bhorwitz@em-tech.org, 
	william.rome@enron.com, sue.ford@enron.com, klay@enron.com, 
	patrick.dowd@painewebber.com, rocky.emery@painewebber.com, 
	toby.pullig@ubspainewebber.com
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
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Bcc: julie.haviland@ubspainewebber.com, patrick.dowd@ubspainewebber.com, 
	rocky.emery@ubspainewebber.com, vincent.weir@ubspainewebber.com, 
	toby.pullig@ubspainewebber.com
X-From: "Henry Emery" <henry.emery@ubspainewebber.com>
X-To: "Bill Martin (E-mail)" <bill_martin@dell.com>, "Brian Wood (E-mail)" <brian_wood@dell.com>, "Charlie Parker (E-mail)" <charles_parker@dell.com>, "Christopher Imler (E-mail)" <cimler@austin.rr.com>, "Daryl Robertson (E-mail)" <daryl_robertson@dell.com>, "David Altounion (E-mail)" <david_altounian@dell.com>, "Dustin Leifheit (E-mail)" <dustin_leifheit@dell.com>, "Frank Stabile (E-mail)" <frank_stabile@dell.com>, "George Huntington (E-mail)" <george_huntington@dell.com>, "Gershon Nowitz (E-mail 2)" <wenowitz@aol.com>, "Gershon Nowitz (E-mail)" <gershonnowitz@msn.com>, "Heather Simmons (E-mail)" <heather_simmons@dell.com>, "James Herron (E-mail)" <james_herron@dell.com>, "Jerrell Herron (E-mail)" <jerrell_herron@dell.com>, "Jerry Gandre (E-mail)" <jerry_gandre@dell.com>, "Jim Dougherty (E-mail)" <jim_dougherty@dell.com>, "Joe Dauskurdas (E-mail)" <joe_dauskurdas@dell.com>, "Ken Smith (E-mail)" <ken_m_smith@dell.com>, "Lawrence Brown (E-mail)" <larry_brown@dell.com>, "Mark Pape (E-mail)" <mark_pape@dell.com>, "Melissa Anderson (E-mail)" <melissaanderson@austin.rr.com>, "Michael Lehrter (E-mail)" <mike_lehrter@dell.com>, "Mike & Ellen Ryan (E-mail)" <mike_ryan@dell.com>, "Neil Hand (E-mail)" <neil_hand@dell.com>, "Nicolas Taylor (E-mail)" <nicolas_taylor@dell.com>, "PHIL HUBBLE (E-mail)" <PHIL_HUBBLE@dell.com>, "Richard Norman (E-mail)" <richard_norman@dell.com>, "Richard Wells (E-mail)" <richard_wells@dell.com>, "Robert Ashenbrenner (E-mail)" <bob_ashenbrenner@dell.com>, "Roger Harden (E-mail)" <roger_harden@dell.com>, "Tom Armstrong (E-mail)" <tom_armstrong@dell.com>, "Tony Bonadero (E-mail)" <anthony_bonadero@dell.com>, "Ron Olfers (E-mail)" <rolfers@austin.rr.com>, "Alexander Kulpecz (E-mail 2)" <alexander.kulpecz@enron.com>, "Alexander Kulpecz (E-mail)" <alex.kulpecz@enron.com>, "Amanda K Martin (E-mail)" <amartin@azurix.com>, "Andrea L Mainelli (E-mail)" <amainel@azurix.com>, "Andrew Hoyle (E-mail 2)" <andrew.hoyle@enron.com>, "Andrew Hoyle (E-mail)" <Andy.hoyle@enron.com>, "Andy Grrenwalt (E-mail)" <andy_greenwalt@dell.com>, "Beau Herrold (E-mail)" <beau@layfam.com>, "Ben F Glisan Jr. (E-mail)" <bglisan@enron.com>, "Bernard Barcio (E-mail)" <bernie.barcio@enron.net>, "C J Thompson (E-mail)" <c.john.thompson@enron.com>, "Charles A Cheek (E-mail)" <charles.cheek@enron.com>, "Chester Ferguson (E-mail)" <chester.ferguson@enron.com>, "Dan Bishop (E-mail)" <dan@bercores.com>, "Dana R Gibbs (E-mail)" <dana.gibbs@enron.com>, "Daniel Castagnola (E-mail)" <daniel.castagnola@enron.com>, "Daniel Junk (E-mail)" <dan.l.junk@enron.com>, "Danny McCarty (E-mail)" <dan.mccarty@enron.com>, "Dave & Joan Collins (E-mail)" <jschwie1@enron.com>, "Dave Cox (E-mail)" <dcox@enron.com>, "David Berberian Jr. (E-mail)" <david_berberian@enron.net>, "DIOMEDES CHRISTODOULOU (E-mail)" <dchristo2@attglobal.net>, "Elmer D Swanson (E-mail)" <dan.swanson@enron.com>, "Eric Gadd (E-mail)" <eric.gadd@enron.com>, "Eric T Seitz (E-mail)" <ted_seitz@enron.net>, "Frank Stabler (E-mail)" <frank.stabler@enron.com>, "GARY BARBOUR (E-mail)" <gary.barbour@enron.com>, "Gary Luce (E-mail 2)" <gary_w_luce@reliantenergy.com>, "Gary Luce (E-mail)" <garywluce@aol.com>, "Gene E Humphrey (E-mail)" <gene.e.humphrey@enron.com>, "George & Marilyn Posey (E-mail)" <gposey@enron.com>, "Glen Whitington (E-mail)" <GLENN.WHITTINGTON@painewebber.com>, "Greg Lowe (E-mail)" <greg_lowe@dell.com>, "Gregory F Brazaitis (E-mail)" <greg.brazaitis@enron.com>, "Hal Meyer (E-mail)" <hal_meyer@dell.com>, "Harold & Jeri Buchanan (E-mail)" <hbuchana@enron.com>, "Howard Karren (E-mail)" <howard.karren@enron.com>, "Jack & Janet Boatman (E-mail)" <jack.boatman@enron.com>, "James B Lewis (E-mail)" <debbie_lewis@mhhs.org>, "James Bannantine (E-mail)" <jbannan@ei.enron.com>, "James C Alexander (E-mail)" <james.c.alexander@enron.com>, "James Dehlsen (E-mail)" <jdehlsen@aquantis.com>, "James Diffenderfer (E-mail)" <james.diffenderfer@enron.com>, "James E Schwieger (E-mail)" <jschwie@enron.com>, "James I Ducote (E-mail)" <jducote@enron.com>, "Jane Tholt (E-mail)" <jane.m.tholt@enron.com>, "Jay Land Fitzgerald (E-mail)" <jay@enron.com>, "Jeff Foster (E-mail)" <jeff_foster@enron.net>, "Jeff Strausser (E-mail 2)" <jeff_strausser@eogresources.com>, "Jeff Strausser (E-mail)" <jeffrey_strausser@eogresources.com>, "Jeffrey B Sherrick (E-mail)" <jsherri@enron.com>, "Jeffrey K Skilling (E-mail)" <jskilli@enron.com>, "Jere Overdyke Jr. (E-mail)" <joverdy@enron.com>, "Jerry L Peters (E-mail)" <jerry.peters@enron.com>, "Joan Quick (E-mail)" <joan.quick@enron.com>, "John Echols (E-mail)" <jechols@enron.com>, "Jordan Mintz (E-mail)" <jmintz@enron.com>, "Joseph E Feltz (E-mail)" <joseph.feltz@enron.com>, "Joseph G Kishkill (E-mail)" <joe.kishkill@enron.com>, "Joseph Sutton (E-mail)" <jsuttonventures@myarc.com>, "JP Peterson (E-mail)" <jppeterson@ev1.net>, "KEN HARRISON (E-mail)" <ken_harrison@pgn.com>, "Kenneth & Teresa Rice (E-mail)" <ken_rice@enron.net>, "Kenneth W Roy (E-mail)" <kwroy@kingwoodcable.com>, "Kenneth Wade Cline (E-mail)" <wade.cline@enron.com>, "Kevin P Hannon (E-mail)" <kevin_hannon@enron.com>, "Larry Deroin (E-mail)" <larry.deroin@enron.com>, "Lawrence A Ciscon (E-mail)" <larry_ciscon@enron.net>, "Lawrence G Whalley (E-mail)" <gwhalle@enron.com>, "Lawrence Izzo (E-mail)" <larryizzo1@aol.com>, "Louis J Casari (E-mail)" <lcasari@enron.com>, "Mark E Haedicke (E-mail)" <mark.e.haedicke@enron.com>, "Mark E Lindsey (E-mail)" <mlindse@enron.com>, "Mark Frevert (E-mail)" <nicki.daw@enron.com>, "Mark K Lay (E-mail)" <mlay@enron.com>, "Mark S Palmer (E-mail 2)" <mark@epalmer.net>, "Mark S Palmer (E-mail)" <mark_s_palmer@enron.net>, "Mary K Joyce (E-mail)" <mjoyce@enron.com>, "Mike Beaver (E-mail)" <mike_beaver@dell.com>, "Mike Walden (E-mail 2)" <mike_walden@eogresources.com>, "Mike Walden (E-mail)" <mwa8495@aol.com>, "Pat Puente (E-mail)" <patricio.puente@enron.com>, "Pate Brendle (E-mail)" <pate_brendle@dell.com>, "Paul A Racicot (E-mail)" <paul_racicot@enron.net>, "Paula H Rieker (E-mail)" <paula.rieker@enron.com>, "Pravin Jain (E-mail)" <pravin.jain@enron.com>, "Rex R Rogers (E-mail)" <rrogers@enron.com>, "Rex Shelby (E-mail)" <rex_shelby@enron.net>, "Richard A Causey (E-mail)" <rcausey@enron.com>, "Richard A Lammers (E-mail)" <rlammer@enron.com>, "Richard B Buy (E-mail)" <rick.buy@enron.com>, "Richard Cunningham (E-mail 2)" <rick.cunningham@enron.com>, "Richard Cunningham (E-mail)" <richard.cunningham@enron.com>, "Richard Eales (E-mail)" <ndeales@aol.com>, "Richard S Shapiro (E-mail)" <richard.shapiro@enron.com>, "Richard Westfahl (E-mail)" <JnDW@aol.com>, "Rick Waddell (E-mail)" <rwaddel@enron.com>, "Rob Kilmer (E-mail)" <r.kilmer@enron.com>, "Robert Caldwell (E-mail)" <robert.caldwell@enron.com>, "Robert Crockett (E-mail)" <robert.crockett@enron.com>, "Robert H Butts (E-mail)" <bob.butts@enron.com>, "Robert H Walls (E-mail)" <rob.walls@enron.com>, "Robert Hermann (E-mail)" <robert.hermann@enron.com>, "Robert Kelly (E-mail 2)" <bob.kelly@enron.com>, "Robert Kelly (E-mail)" <robert.kelly@enron.com>, "Robert Shannon Cook (E-mail)" <robert.cook@enron.com>, "Robert Vote (E-mail)" <robert.vote@enron.com>, "Rod Gray (E-mail)" <rodney.gray@petrocosm.com>, "Roger Knouse (E-mail)" <roger_knouse@kindermorgan.com>, "Ron Jiede (E-mail 2)" <ron_jiede@kindermorgan.com>, "Ron Jiede (E-mail)" <ronald_jiede@kindermorgan.com>, "Rosalee T Fleming (E-mail)" <rosalee.fleming@enron.com>, "Saad J Merhej (E-mail)" <saad.merhej@enron.com>, "Sally Keepers (E-mail)" <sally.keepers@enron.com>, "Scott Affelt (E-mail)" <Scott.Affelt@enron.com>, "Stan Horton (E-mail)" <stanley_horton@enron.com>, "Steve Elliot (E-mail)" <steve.elliot@enron.com>, "Steve Kean (E-mail)" <skean@enron.com>, "Steven and Elizebeth Jacobs (E-mail)" <SJ_0000@hotmail.com>, "Steven Lipari (E-mail 2)" <stephen_lipari@eogresources.com>, "Steven Lipari (E-mail)" <steve_lipari@eogresources.com>, "Sue Foust (E-mail)" <sue.foust@enron.com>, "SUSAN LEWIS (E-mail)" <susan.lewis@ubspainewebber.com>, "Susan Wells (E-mail)" <sue.m.wells@state.or.us>, "T. A. Mills (E-mail)" <tamills@enron.com>, "Terence Thorn (E-mail)" <terence.h.thorn@enron.com>, "Terrence Karka (E-mail)" <terrence.karka@enron.com>, "Terry Ferose (E-mail)" <terry_ferose@dell.com>, "Thomas & Barbara Gros (E-mail)" <tgros@enron.com>, "Thomas Briggs (E-mail)" <mail@briggsathome.com>, "Thomas E White Jr. (E-mail)" <twhite@enron.com>, "Timothy Battaglia (E-mail)" <tbattaglia@enron.com>, "Tod A Lindholm (E-mail)" <tlindho@enron.com>, "Tom & Linda Shelton (E-mail)" <tshelto@enron.com>, "Tom Martin (E-mail)" <tom_martin@dell.com>, "Tom Suffield (E-mail)" <thomas.suffield@alumni.utexas.com>, "WES COLWELL (E-mail)" <wes.colwell@enron.com>, "William Butler (E-mail)" <bill.butler@enron.com>, "William Collins (E-mail 2)" <bill.collins@enron.com>, "William Collins (E-mail)" <william.collins@enron.com>, "William Horwitz (E-mail)" <bhorwitz@em-tech.org>, "William Rome (E-mail)" <william.rome@enron.com>, "Jeff MacMahon (E-mail)" <sue.ford@enron.com>, "Kenneth L Lay (E-mail)" <klay@enron.com>, "Patrick Dowd (E-mail)" <patrick.dowd@painewebber.com>, "Rocky Emery (E-mail)" <rocky.emery@painewebber.com>, "'Toby Pullig'" <toby.pullig@ubspainewebber.com>
X-cc: "'Julie Haviland'" <Julie.haviland@ubspainewebber.com>, "'Pat Dowd'" <patrick.dowd@ubspainewebber.com>, "'Rocky Emery'" <rocky.emery@ubspainewebber.com>, "'Vince Wier'" <vincent.weir@ubspainewebber.com>, "'Toby Pullig'" <toby.pullig@ubspainewebber.com>
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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