PAINEWEBBER RMA
MONEY MARKET PORTFOLIO
U.S. GOVERNMENT PORTFOLIO
TAX-FREE FUND
CALIFORNIA MUNICIPAL MONEY FUND
NEW JERSEY MUNICIPAL MONEY FUND
NEW YORK MUNICIPAL MONEY FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED AUGUST 31, 1999
Dear Investor,
The section captioned "Additional Information Regarding Redemptions" at
page 48 of the Statement of Additional Information is retitled "Additional
Purchase and Redemption Information" and a new first paragraph is added, as
follows:
ADDITIONAL PURCHASE AND REDEMPTION
INFORMATION
ADDITIONAL PURCHASE INFORMATION. Each fund may,
subject to approval by its board, accept securities in which
the fund is authorized to invest as consideration for the
issuance of its shares, provided that the value of the
securities is at least equal to the net asset value of the
fund's shares at the time the transaction occurs. A fund may
accept or reject any such securities in its discretion.
The original text of this section is captioned "Additional Redemption
Information" and is otherwise unchanged.
June 30, 2000
