July 3, 1998
Supplement to the PaineWebber Financial Services Growth Fund
and PaineWebber Utility Income Prospectus
Dated August 1, 1997
Dear Investor,
This is a supplement to the Prospectus of PaineWebber
Financial Services Growth Fund and PaineWebber Utility Income Fund.
Effective July 3, 1998, the PaineWebber Mid Cap Fund (formerly
PaineWebber Capital Appreciation Fund), is no longer offered by this Prospectus
and is offered by a separate Prospectus dated July 3, 1998. Investors interested
in the Mid Cap Fund should contact their investment executive at PaineWebber and
request a copy of its Prospectus.
