Filed Pursuant to 497 (d)
Registration File No.: 333-82367
PROSPECTUS SUPPLEMENT
DATED OCTOBER 5, 2000
This prospectus supplement dated October 5, 2000
modifies the prospectus for the PaineWebber Equity
Trust, Growth Stock Series 23 dated December 7, 1999
(referred to herein as the "Trust").
Lucent Technologies Inc., an issuer of one of the
equity securities held by the Trust, has announced
a spin-off of Avaya Inc. Due to the spin-off, the
Trust has received one share of Avaya Inc. for
every twelve shares of Lucent Technologies Inc.
The Trust will continue to hold Lucent
Technologies Inc. and Avaya Inc. securities.
