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MITCHELL HUTCHINS SERIES TRUST
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 1999
May 26, 1999
Dear Investor,
This is a supplement to the Prospectus of Mitchell Hutchins Series Trust
("Trust") that describes changes to the investment policies of Growth and Income
Portfolio and Small Cap Portfolio that the board of trustees adopted on May 13,
1999 and of which investors should be aware.
GROWTH AND INCOME PORTFOLIO
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The first two paragraphs under "Principal Investment Strategies" on page
16 are replaced by the following:
The fund invests primarily in
. stocks of companies that its investment adviser, Mitchell
Hutchins Asset Management Inc., believes have potential for
rapid earnings growth and
. income producing securities, which may include bonds in
addition to dividend-paying stocks.
Although the fund invests primarily in stocks, it also invests,
to a lesser extent, in bonds when Mitchell Hutchins believes
those investments offer opportunities for capital appreciation
because interest rates may fall or credit factors or ratings
affecting particular issuers may improve. The fund may invest in
securities of foreign issuers that are denominated in U.S.
dollars and traded in U.S. markets.
SMALL CAP PORTFOLIO
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The first paragraph under "Principal Investment Strategies" on page 23
is replaced by the following:
The fund invests primarily in stocks of small capitalization
("small cap") companies, which are defined as companies that
have market capitalizations of up to $1.5 billion at the time of
purchase.
