Filed Pursuant to 497 (d)
Registration File No.: 02-59469
PROSPECTUS SUPPLEMENT
DATED AUGUST 17, 1998
This Prospectus Supplement dated August 17, 1998
modifies the Prospectus for the Series of
The PaineWebber Municipal Bond Fund or The
PaineWebber Municipal Bond Trust attached hereto.
Commencing August 17, 1998, the sales charge rates
applicable to the various Bonds held in the
Portfolio will vary from those set forth in the
Prospectus under the heading "Public Offering
Price of Units", and will be as set forth in the
table below:
Maximum
Percent of Percent
Public of Net
Remaining Offering Amount
Years to Maturity Price Invested
Less than 6 Months 0% 0%
Six Months to Less than 1 Year 0.50% 0.503%
1 Year to Less than 4 Years 1.50% 1.523%
4 Years to Less than 8 Years 2.50% 2.564%
8 Years to Less than 15 Years 2.75% 2.828%
15 Years or More 2.90% 2.987%
All other terms and provisions set forth under
the heading "Public Offering of Units" will
remain unchanged.
