MITCHELL HUTCHINS LIR MONEY SERIES
497, 2000-10-03
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                     MITCHELL HUTCHINS LIR SELECT MONEY FUND
    SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 1, 2000


                                                                 October 2, 2000
Dear Investor,

     State Street Bank and Trust Company ("State Street"), located at 1776
Heritage Drive, North Quincy, Massachusetts 02171, became the fund's custodian
on October 1, 2000. References to The Bank of New York ("BONY") under "Valuation
of Shares" on page 20 are revised to refer to State Street.
































                                                      Item # ZS72




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