PAINEWEBBER MONEY MARKET FUNDS
PROSPECTUS SUPPLEMENT
August 10, 2000
Dear Investor,
This is a supplement to the prospectuses of the Money Market Funds listed
on the reverse side. The purpose of this supplement is to notify you that Paine
Webber Group Inc. ("PW Group") (the ultimate parent company of PaineWebber
Incorporated and Mitchell Hutchins Asset Management Inc., which serve as
investment adviser or sub-adviser and/or distributor for each fund) and UBS AG
("UBS") announced on July 12, 2000 that they had entered into an agreement and
plan of merger under which PW Group will merge into a wholly owned subsidiary of
UBS. If all required approvals are obtained and the required conditions are
satisfied, PW Group and UBS expect to complete the transaction in the fourth
quarter of 2000. UBS, with headquarters in Zurich, Switzerland, is an
internationally diversified organization with operations in many areas of the
financial services industry.
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LIQUID INSTITUTIONAL RESERVES
Money Market Fund
Government Securities Fund
Treasury Securities Fund
LIR CASH RESERVES FUND
LIR LIQUID ASSETS FUND
LIR PREMIER MONEY MARKET FUND
LIR PREMIER TAX-FREE MONEY MARKET FUND
MITCHELL HUTCHINS LIR SELECT MONEY FUND
PAINEWEBBER RETIREMENT MONEY FUND
PAINEWEBBER RMA CALIFORNIA MUNICIPAL MONEY FUND
PAINEWEBBER RMA MONEY MARKET PORTFOLIO
PAINEWEBBER RMA NEW JERSEY MUNICIPAL MONEY FUND
PAINEWEBBER RMA NEW YORK MUNICIPAL MONEY FUND
PAINEWEBBER RMA TAX-FREE FUND
PAINEWEBBER RMA U.S. GOVERNMENT PORTFOLIO
