PAINEWEBBER PREMIER HIGH INCOME TRUST INC
497, 1995-08-16
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                   PaineWebber Premier High Income Trust Inc.
                               doing business as
                            MANAGED HIGH YIELD FUND

                 SUPPLEMENT TO PROSPECTUS DATED MARCH 23, 1995
 
                       ---------------------------------
 
     Effective August 14, 1995, the Fund commenced conducting business under the
name 'Managed High Yield Fund.'
 
Dated: August 15, 1995



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