MITCHELL HUTCHINS PORTFOLIOS
-- AGGRESSIVE PORTFOLIO
-- MODERATE PORTFOLIO
-- CONSERVATIVE PORTFOLIO
SUPPLEMENT TO PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 30, 1999
Dear Investor,
The purpose of this supplement is to notify you that:
o each of the above-referenced funds will cease operations and be
liquidated on or about February 29, 2000; and
o as of November 12, 1999, investors may no longer purchase shares of
the funds.
On November 11, 1999, the board of trustees of Mitchell Hutchins
Portfolios voted to liquidate each fund and distribute the proceeds of the
liquidation to its shareholders. The board also voted to close each fund to
additional purchases and exchanges other than purchases through reinvested
dividends and other distributions.
Prior to your fund's liquidation, you may either exchange your fund shares
for shares of the corresponding class of another PaineWebber fund or sell your
shares. If you elect to sell your fund shares, any otherwise applicable
contingent deferred sales charge will be waived. You also may continue to hold
your fund shares until the liquidation date when the then-current value of your
fund investment will be returned to you. Please contact your Financial Advisor
for more information.
Your decision to exchange your shares, sell them or hold them until
liquidation may result in your realizing gains that will be subject to capital
gains tax. You should contact your tax advisor for more information about the
tax consequences of these options.
November 12, 1999
