LIR PREMIER MONEY MARKET FUND
LIR PREMIER TAX-FREE MONEY MARKET FUND
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 2000
August 18, 2000
Dear Investor,
The purpose of this supplement is to notify you that the ultimate
parent company of the funds' adviser, administrator and distributor, Mitchell
Hutchins Asset Management Inc. ("MHAM"), and UBS AG ("UBS") announced on July
12, 2000 that they had entered into an agreement and plan of merger under which
MHAM's ultimate parent will merge into a wholly owned subsidiary of UBS. If all
required approvals are obtained and the required conditions are satisfied, the
parent company and UBS expect to complete the transaction in the fourth quarter
of 2000. UBS, with headquarters in Zurich, Switzerland, is an internationally
diversified organization with operations in many areas of the financial services
industry.
