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<PAGE> SUPPLEMENT TO THE MITCHELL HUTCHINS LIR SELECT MONEY FUND PROSPECTUS DATED JULY 31, 1998 September 14, 1998 Dear Investor, Mitchell Hutchins Asset Management Inc. has agreed to waive 15 basis points of its 18 basis point management fee from the date of this supplement through October 18, 1998. Until that date, management fees will be 3 basis points (0.03%).
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