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PAINEWEBBER RMA CONNECTICUT MUNICIPAL MONEY FUND
(A SERIES OF PAINEWEBBER MUNICIPAL MONEY MARKET SERIES)
Supplement to Prospectus Dated August 29, 1996
The board of trustees of PaineWebber Municipal Money Market Series
("Trust") has approved a Plan of Reorganization and Termination
("Reorganization") for submission to the shareholders of its portfolio,
PaineWebber RMA Connecticut Municipal Money Fund ("Fund"), at a special meeting
to be held November 25, 1996. If the proposed Reorganization is approved and
implemented, all the Fund's assets will be acquired and its liabilities assumed
by PaineWebber RMA Tax-Free Fund, Inc. ("PW Fund") in a tax-free reorganization.
As a result of the Reorganization, the two funds' assets would be combined and
each Fund shareholder would, on the closing date of the transaction, receive a
number of full and fractional shares of PW Fund having an aggregate value equal
to the value of the shareholder's holdings in the Fund. PW Fund is an open-end
management investment company organized as a Maryland corporation. There can be
no assurance that the Fund's shareholders will approve the Reorganization.
The meeting of Fund shareholders to consider the proposed Reorganization
will be held on November 25, 1996. If approved at the meeting, sales of Fund
shares will cease as of 12:00 noon, Eastern time, on November 25, 1995, so that
Fund shares will no longer be available for purchase thereafter. Redemptions of
Fund shares may be effected through the closing of the Reorganization, which is
scheduled to take place as of 12:00 noon, Eastern time, on November 26, 1996.
Supplement Dated: October 15, 1996
