FILED PURSUANT TO RULE 497(e)
REGISTRATION FILE NO. 33-34080
September 29, 1999
CORRESPONDENT CASH RESERVES
MONEY MARKET PORTFOLIOS
Supplement to Prospectus
Dated May 1, 1999
The Fund's Board of Directors has approved, subject to shareholder
approval, a proposal to transfer all of the assets of Correspondent Cash
Reserves Money Market Portfolio and Correspondent Cash Reserves Tax Free Money
Market Portfolio (each, a "CCR Portfolio") to LIR Premier Money Market Fund and
LIR Premier Tax-Free Money Market Fund (each, a "Premier Fund"), respectively,
in a tax-free exchange for shares of the relevant Premier Fund and the
assumption by the Premier Fund of the corresponding CCR Portfolio's liabilities
(the "Reorganization"). If the proposed Reorganization is approved by
shareholders and implemented, each CCR Portfolio shareholder will become a
shareholder of the corresponding Premier Fund. The Premier Funds are
newly-formed series of Mitchell Hutchins LIR Money Series advised by Mitchell
Hutchins Asset Management, the CCR Portfolios' investment adviser.
Implementation of the proposed Reorganization will not affect the value of an
investor's shares, the overall goals or investment style of the CCR Portfolios
or the method of buying and redeeming shares.
Shareholders of each CCR Portfolio will be asked to approve the
Reorganization at a special meeting of shareholders to be held on or about
November 12, 1999. If approved, the Reorganization will become effective on or
about January 28, 2000. A Proxy Statement with respect to the proposed
Reorganization will be mailed prior to the meeting to CCR Portfolio shareholders
of record as of August 17, 1999. The Proxy Statement will describe each Premier
Fund and other matters.
