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                     PAINEWEBBER/KIDDER, PEABODY MUNICIPAL
                              MONEY MARKET SERIES
                             AND THE SERIES THEREOF
               PAINEWEBBER/KIDDER, PEABODY MUNICIPAL MONEY MARKET
                               NEW JERSEY SERIES
               PAINEWEBBER/KIDDER, PEABODY MUNICIPAL MONEY MARKET
                               CONNECTICUT SERIES
 
                       SUPPLEMENT DATED DECEMBER 15, 1995
                     TO PROSPECTUS DATED FEBRUARY 28, 1995
 
     The  following  information supplements  the  information contained  in the
Funds' Prospectus dated February 28, 1995:
 
          Effective  December  15,  1995,  the  names  of  the  two  series   in
     PaineWebber/Kidder, Peabody Municipal Money Market Series have been changed
     to:
            'PaineWebber RMA New Jersey Municipal Money Fund' and

            'PaineWebber  RMA Connecticut Municipal Money Fund.'



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