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SUPPLEMENT TO THE
LIQUID INSTITUTIONAL RESERVES
MONEY MARKET FUND, GOVERNMENT SECURITIES FUND AND TREASURY SECURITIES FUND
&
MITCHELL HUTCHINS LIR SELECT MONEY FUND
PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION DATED SEPTEMBER 1, 1999
May 23, 2000
Dear Investor,
Each fund normally will accept orders to buy or sell its shares at the times
indicated in its prospectus. Each fund, however, reserves the right to advance
the time by which orders to buy or sell its shares must be received by the
transfer agent. A fund may do this when the primary government securities
dealers are either closed for business or close early, or trading in money
market instruments is limited due to national holidays. For example, a fund may
advance the time by which orders to buy or sell its shares must be received by
the transfer agent on any day that the New York Stock Exchange ("NYSE") closes
early because trading has been halted for the day or The Bond Market Association
("BMA") (formerly known as the Public Securities Association or "PSA")
recommends that the securities markets close early. Frequently, markets close
early on the business afternoon prior to a national holiday.
Of course, if a fund's usual deadline for receipt by the transfer agent of
orders to buy or sell its shares is earlier than the time at which markets
close, the fund expects to follow its normal schedule.
On any day that a fund determines to advance the time by which orders to buy or
sell its shares must be received by the transfer agent, the time for
determination of the fund's net asset value per share will be as of the same
time the fund has determined to cease accepting orders to buy or sell its
shares. The fund will not price its shares again on that business day even if it
normally prices its shares more than once each business day.
Investors may call toll-free 1-888-LIR-Fund to inquire whether a fund intends to
close early on a given day.
