SUPPLEMENT TO PROSPECTUS DATED MAY 1, 2000
OF
MITCHELL HUTCHINS SERIES TRUST
Money Market Portfolio High Grade Fixed Income Portfolio
Strategic Fixed Income Portfolio Strategic Income Portfolio
Global Income Portfolio High Income Portfolio
Balanced Portfolio Growth and Income Portfolio
Tactical Allocation Portfolio Growth Portfolio
Aggressive Growth Portfolio Small Cap Portfolio
Global Equity Portfolio
August 10, 2000
Dear Investor,
This is a supplement to the prospectus dated May 1, 2000 of each of the
above-listed series of Mitchell Hutchins Series Trust ("Trust"). The purpose of
this supplement is to notify you that Paine Webber Group Inc. ("PW Group") (the
ultimate parent company of Mitchell Hutchins Asset Management Inc., the
investment adviser and distributor for each series of the Trust) and UBS AG
("UBS") announced on July 12, 2000 that they had entered into an agreement and
plan of merger under which PW Group will merge into a wholly owned subsidiary of
UBS. If all required approvals are obtained and the required conditions are
satisfied, PW Group and UBS expect to complete the transaction in the fourth
quarter of 2000. UBS, with headquarters in Zurich, Switzerland, is an
internationally diversified organization with operations in many areas of the
financial services industry.
