Filed Pursuant to 497 (d)
Registration File No.: 33-43475
PROSPECTUS SUPPLEMENT
DATED MAY 19, 1999
This Prospectus Supplement dated May 19, 1999 modifies the Prospectus
for the Series of The PaineWebber Municipal Bond Fund, The
PaineWebber Municipal Bond Trust, The PaineWebber Corporate Bond
Trust, The PaineWebber Pathfinders Trust, The PaineWebber Federal
Government Trust or The PaineWebber Equity Trust attached hereto.
Commencing May 19, 1999, the Exchange Option offered under the caption
"Public Offering of Units - Exchange Option" will, until further notice
from the Sponsor, be modified as follows:
"Unitholders may elect to exchange any or all of their Units for Units
of The PaineWebber Equity Trust, Growth Stock Series 22, or any other
PaineWebber Exchange Trust subject to a deferred sales charge (the
"Deferred Sales Charge Units"). The Exchange Option will permit the
exchange of Units for any Deferred Sales Charge Units at their
then-current net asset value , with no Initial Sales Charge imposed. Units
acquired through the Exchange Option will continue to be subject to the
deferred sales charge installments remaining on the Deferred Sales
Charge Units so acquired. Unitholders interested in exercising the
Exchange Option should read the current prospectus or prospectuses
relating to the Deferred Sales Charge Units to ascertain what, if any,
deferred sales charge installments remain on such Units."
Commencing May 19, 1999, the Conversion Option offered under the caption
"Public Offering of Units - Conversion Option" will, until further notice
from the Sponsor, be modified as follows:
"Owners of Conversion Units will be permitted to use the cash
proceeds received from the sale or redemption of those Units to acquire
Deferred Sales Charge Units at their then-current net asset value, with no
Initial Sales Charge imposed. Deferred Sales Charge Units acquired through
the Conversion Option will continue to be subject to the deferred sales
charge installments remaining on those Units so acquired."
All other terms and provisions set forth under
the heading "Public Offering of Units" will
remain unchanged.
