MITCHELL HUTCHINS SERIES TRUST -
HIGH GRADE FIXED INCOME PORTFOLIO
STRATEGIC INCOME PORTFOLIO
HIGH INCOME PORTFOLIO
February 15, 2000
Dear Investor,
This is a supplement to the prospectuses of the above PaineWebber Mutual
Funds. The purpose of this supplement is to notify you of changes in portfolio
management of these funds, effective in February 2000.
o High Grade Fixed Income Portfolio
Dennis L. McCauley is primarily responsible for the day-to-day management
of the fund's portfolio. Nirmal Singh and Julieanna Berry assist Mr.
McCauley in managing the fund's portfolio. Messrs. McCauley and Singh have
held their management responsibilities for the fund since July 1995.
o Strategic Income Portfolio
James F. Keegan is the sector manager responsible for the day-to-day
management of the fund's U.S. high yield, high risk securities. Mr. Singh
and Ms. Berry share responsibility as sector managers for the day-to-day
management of the fund's U.S. government and investment grade securities.
Mr. Singh has held his day-to-day management responsibility for the fund
since its inception.
o High Income Portfolio
Mr. Keegan is responsible for the day-to-day management of the fund's
portfolio.
* * *
More information regarding Ms. Berry and Messrs. Keegan, McCauley and
Singh:
JULIEANNA BERRY is a first vice president of Mitchell Hutchins, where she
has been employed as a portfolio manager since 1989.
JAMES F. KEEGAN is a senior vice president of Mitchell Hutchins and is in
charge of the Taxable Credit Group. Prior to joining Mitchell Hutchins in
March 1996, Mr. Keegan was a director with Merrion Group, L.P.
DENNIS L. MCCAULEY is a managing director and chief investment officer -
fixed income of Mitchell Hutchins, responsible for overseeing all active
fixed income investments, including domestic and global taxable and
tax-exempt mutual funds. Mr. McCauley joined Mitchell Hutchins in 1994.
NIRMAL SINGH is a senior vice president of Mitchell Hutchins, where he has
been employed as a portfolio manager since 1993.
