EVERY SHAREHOLDER'S VOTE IS IMPORTANT
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
PROXY PAINEWEBBER UTILITY INCOME FUND PROXY
(A SERIES OF PAINEWEBBER MANAGED INVESTMENTS TRUST)
SPECIAL MEETING OF SHAREHOLDERS - JUNE 12, 2000
THIS PROXY IS BEING SOLICITED FOR THE BOARD OF TRUSTEES OF PAINEWEBBER MANAGED
INVESTMENTS TRUST ("TRUST") ON BEHALF OF PAINEWEBBER UTILITY INCOME FUND, A
SERIES OF THE TRUST. The undersigned hereby appoints as proxies SCOTT GRIFF and
EVELYN DESIMONE, and each of them (with the power of substitution) to vote for
the undersigned all shares of common stock of the undersigned in PaineWebber
Utility Income Fund, a series of PaineWebber Managed Investments Trust, at the
above referenced meeting and any adjournment thereof, with all the power the
undersigned would have if personally present. The shares represented by this
proxy will be voted as instructed on the reverse side of this proxy card. UNLESS
INDICATED TO THE CONTRARY, THIS PROXY SHALL BE DEEMED TO GRANT AUTHORITY TO VOTE
"FOR" THE PROPOSAL RELATING TO PAINEWEBBER UTILITY INCOME FUND.
CONTROL NUMBER: 999 9999 9999 999
If shares are held by an individual, sign your
name exactly as it appears on this card. If
shares are held jointly, either party may sign,
but the name of the party signing should conform
exactly to the name shown on this proxy card. If
shares are held by a corporation, partnership or
similar account, the name and the capacity of
the individual signing the proxy card should be
indicated - for example: "ABC Corp., John Doe,
Treasurer."
------------------------------------------------
Signature
------------------------------------------------
Signature (if held jointly)
------------------------------------------, 2000
Date
PLEASE MARK YOUR VOTE ON THE REVERSE SIDE OF THIS CARD.
<PAGE>
EVERY SHAREHOLDER'S VOTE IS IMPORTANT
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE PROPOSAL. PLEASE INDICATE
YOUR VOTE BY FILLING IN THE BOX COMPLETELY. EXAMPLE: /X/
FOR AGAINST ABSTAIN
1. Approval of the Agreement and Plan of /_/ /_/ /_/
Reorganization and Termination that
provides for the combination of
PaineWebber Utility Income Fund, a
series of PaineWebber Managed
Investments Trust and PaineWebber
Balanced Fund, a series of PaineWebber
Master Series, Inc.
PLEASE DATE AND SIGN THE REVERSE SIDE OF THIS CARD.
