LIR LIQUID ASSETS FUND
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 22, 1999 (AS REVISED MAY 18, 2000)
Dear Investor,
The purpose of this supplement is to revise certain disclosure
contained in the fund's prospectus:
o The first sentence on the prospectus cover is revised to read as follows:
"This prospectus offers shares of a money market fund primarily to
eligible benefit plans that participate in certain PaineWebber or
Correspondent Services Corporation investment programs and that have
arrangements with Mitchell Hutchins or an affiliate to serve as investment
manager for the client or investment program."
o The first sentence on page 6 of the prospectus is revised to read as
follows: "THE FUND OFFERS ITS SHARES PRIMARILY TO ELIGIBLE BENEFIT PLANS,
INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS, THROUGH BROKERAGE ACCOUNTS
ESTABLISHED AS ELIGIBLE BENEFIT PLAN SWEEP ACCOUNTS AT PAINEWEBBER
INCORPORATED, MITCHELL HUTCHINS OR CERTAIN OTHER FINANCIAL SERVICES
FIRMS."
o The first sentence in the second paragraph on page 6 of the prospectus is
revised to read as follows: "Fund shares are available primarily to
eligible benefit plans that participate in certain investment programs
offered by PaineWebber or an affiliate and managed by Mitchell Hutchins or
an affiliate."
o Finally, the last paragraph under the sub-heading "Buying Shares" on page
6 of the prospectus is revised to read as follows: "The Fund is designed
primarily for eligible benefit plans that participate in these programs
where Mitchell Hutchins or an affiliate serves as investment manager
(I.E., PaineWebber, Mitchell Hutchins or an affiliate exercises investment
discretion with respect to account assets)."
July 19, 2000
