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                               SUPPLEMENT TO THE
                    MITCHELL HUTCHINS LIR SELECT MONEY FUND
                        PROSPECTUS DATED JULY 31, 1998
 
                                                               October 19, 1998
 
Dear Investor,
 
  Mitchell Hutchins Asset Management Inc. has agreed to waive 12 basis points
of its 18 basis point management fee from the date of this supplement through
January 18, 1999. Until that date, management fees will be 6 basis points
(0.06%).



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