PAINEWEBBER CALIFORNIA TAX-FREE INCOME FUND
PAINEWEBBER MUNICIPAL HIGH INCOME FUND
PAINEWEBBER NATIONAL TAX-FREE INCOME FUND
PAINEWEBBER NEW YORK TAX-FREE INCOME FUND
SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 10, 1995
The following amends the information appearing under the caption "Management" on
page 31 of the Prospectus:
Effective January 22, 1996, Elbridge (Ebby) T. Gerry III will be the portfolio
manager and have day-to-day responsibility for the New York Tax-Free Income
Fund's portfolio, and he will also replace Gregory Serbe as a portfolio manager
for the other three Funds. Mr. Gerry had been associated with J.P. Morgan
Private Banking since 1981 where he was responsible for managing municipal
assets, including several municipal bond funds. Mr. Gerry is a senior vice
president with portfolio management responsibility for over $4 billion in
tax-free assets at Mitchell Hutchins Asset Management Inc., including municipal
bond and money funds and private accounts.
Dated: January 19, 1996
