April 9, 1998
Supplement to the PaineWebber Capital Appreciation Fund
Statement of Additional Information
Dated August 1, 1997
Dear Investor,
This is a supplement to the Statement of Additional Information of
PaineWebber Capital Appreciation Fund ("Fund"). At a meeting held on April 8,
1998, the Board of Trustees of PaineWebber Managed Assets Trust approved the
termination of the Sub-Advisory Contract with Denver Investment Advisors, Inc.,
the assumption of day-to-day portfolio management by Mitchell Hutchins Asset
Management Inc. and a change to the name of the Fund to "PaineWebber Mid Cap
Fund," all effective on May 1, 1998.
