MITCHELL HUTCHINS SERIES TRUST/MA/
497, 2000-08-25
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                         MITCHELL HUTCHINS SERIES TRUST
                               SMALL CAP PORTFOLIO


                                                          August 25, 2000


Dear Investor,

         This is a supplement to the prospectus dated May 1, 2000. Sales of fund
shares to insurance  company  separate  accounts  will be  terminated  effective
September 15, 2000.




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