UBS Asset Management in the United States

This website contains general information about UBS Asset Management (Americas), Inc. The information contained on this website does not constitute investment advice or a recommendation to purchase or sell any securities or other financial instrument or any particular strategy or fund. Market commentary, product information and related performance data available on this website has been compiled from sources believed to be reliable and is provided in good faith for informational purposes only. UBS Asset Management does not guarantee the accuracy, suitability or completeness of information contained on this website, and all such information, including but not limited to performance data and related metrics, is subject to change without notice. Certain content on this website is intended for institutional investors and their financial representatives only, and should not be relied upon by retail investors or members of the general public.

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Mutual Fund Performance

Please read "IMPORTANT DISCLOSURES" below relating to fund performance and important information contained in the fund prospectuses.

UBS Funds - Asset Allocation

Updated as of: 12/13/2017

Average Annual Total Return (%) as of Month-End: 11/30/2017

Average Annual Total Return (%) as of Quarter-End: 09/30/2017

Annual Operating Expense Ratio (%)1

Alternative NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS Dynamic Alpha Fund A

6.59

0.01

4.94

5.97

-1.85

1.07

1.64

2.25

5.10

-1.17

1.59

1.49

2.32

1.46%

1.36%

01/27/2005

with sales charge

-0.90

0.15

-3.67

-0.08

1.07

1.81

-0.75

-3.03

0.44

0.91

1.87

UBS Dynamic Alpha Fund C

6.11

0.01

4.09

5.00

-2.58

0.31

0.87

1.48

4.25

-1.89

0.82

0.73

1.55

2.24%

2.11%

01/27/2005

with sales charge

3.09

4.00

-2.58

0.31

0.87

1.48

3.25

-1.89

0.82

0.73

1.55

UBS Dynamic Alpha Fund P

6.74

0.01

5.15

6.16

-1.58

1.33

1.92

2.54

5.15

-0.95

1.80

1.76

2.60

1.23%

1.11%

01/27/2005

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Global NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS Global Allocation Fund A

12.30

0.01

16.26

17.56

4.45

6.63

2.93

5.37

11.68

4.34

6.23

2.61

5.28

1.46%

1.30%

06/30/1997

with sales charge

9.82

11.11

2.49

5.44

2.35

5.08

5.51

2.40

5.03

2.03

4.99

UBS Global Allocation Fund C

11.92

0.01

15.50

16.77

3.69

5.83

2.15

5.02

10.74

3.52

5.39

1.81

4.90

2.25%

2.05%

11/22/2001

with sales charge

14.50

15.77

3.69

5.83

2.15

5.02

9.74

3.52

5.39

1.81

4.90

UBS Global Allocation Fund P

12.58

0.01

16.59

17.89

4.71

6.92

3.23

6.86

11.84

4.58

6.49

2.89

6.79

1.19%

1.05%

08/31/1992

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Regional NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS U.S. Allocation Fund A

49.76

0.03

14.89

15.86

7.19

10.57

5.63

8.21

12.17

7.50

9.83

5.18

8.14

1.03%

1.03%

05/10/1993

with sales charge

8.58

9.47

5.19

9.33

5.03

7.96

6.00

5.49

8.59

4.58

7.89

UBS U.S. Allocation Fund C

47.75

0.02

14.07

15.00

6.38

9.74

4.83

7.50

11.35

6.69

9.00

4.38

7.43

1.78%

1.78%

07/22/1992

with sales charge

13.07

14.00

6.38

9.74

4.83

7.50

10.35

6.69

9.00

4.38

7.43

UBS U.S. Allocation Fund P

50.71

0.03

15.20

16.19

7.48

10.88

5.95

8.54

12.50

7.79

10.14

5.49

8.47

0.75%

0.75%

05/10/1993

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

UBS Funds - Equity

Updated as of: 12/13/2017

Average Annual Total Return (%) as of Month-End: 11/30/2017

Average Annual Total Return (%) as of Quarter-End: 09/30/2017

Annual Operating Expense Ratio (%)1

Core NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS U.S. Sustainable Equity Fund A

32.95

-0.14

18.14

19.81

9.26

15.54

6.67

6.71

18.79

10.59

14.74

6.29

6.68

1.93%

0.95%

06/30/1997

with sales charge

11.66

13.22

7.22

14.25

6.07

6.42

12.25

8.53

13.45

5.69

6.38

UBS U.S. Sustainable Equity Fund C

31.43

-0.13

17.32

18.88

8.43

14.67

5.88

6.54

17.91

9.76

13.89

5.50

6.51

2.68%

1.70%

11/13/2001

with sales charge

16.32

17.88

8.43

14.67

5.88

6.54

16.91

9.76

13.89

5.50

6.51

UBS U.S. Sustainable Equity Fund P

33.13

-0.14

18.45

20.10

9.52

15.81

6.94

9.19

19.06

10.84

15.01

6.56

9.18

1.64%

0.70%

02/22/1994

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Global NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS International Sustainable Equity Fund A

10.67

0.01

28.86

31.29

7.11

9.45

2.28

4.24

22.49

6.80

9.34

1.93

4.10

2.37%

1.25%

06/30/1997

with sales charge

21.80

24.06

5.13

8.23

1.70

3.95

15.70

4.81

8.12

1.35

3.81

UBS International Sustainable Equity Fund C

10.38

0.01

27.99

30.32

6.28

8.62

1.52

5.32

21.44

5.98

8.52

1.16

5.16

3.15%

2.00%

01/25/2002

with sales charge

26.99

29.32

6.28

8.62

1.52

5.32

20.44

5.98

8.52

1.16

5.16

UBS International Sustainable Equity Fund P

10.72

0.01

29.16

31.63

7.36

9.72

2.53

5.36

22.72

7.05

9.59

2.17

5.25

2.12%

1.00%

08/31/1993

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Growth NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS U.S. Small Cap Growth Fund A

22.95

0.17

17.51

17.83

8.57

14.50

8.67

9.48

15.85

8.56

12.23

7.69

9.25

1.54%

1.25%

12/31/1998

with sales charge

11.03

11.36

6.54

13.21

8.06

9.16

9.47

6.53

10.96

7.08

8.93

UBS U.S. Small Cap Growth Fund C

19.28

0.15

16.71

16.98

7.76

13.65

7.86

7.95

15.03

7.75

11.40

6.90

7.67

2.29%

2.00%

11/19/2001

with sales charge

15.71

15.98

7.76

13.65

7.86

7.95

14.03

7.75

11.40

6.90

7.67

UBS U.S. Small Cap Growth Fund P

24.77

0.18

17.78

18.13

8.84

14.80

8.96

8.46

16.10

8.83

12.53

7.98

8.23

1.18%

1.00%

09/30/1997

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

UBS Funds - Fixed Income

Updated as of: 12/13/2017

Average Annual Total Return (%) as of Month-End: 11/30/2017

Average Annual Total Return (%) as of Quarter-End: 09/30/2017

Annual Operating Expense Ratio (%)1

Domestic NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS Total Return Bond Fund A

15.05

0.05

4.57

4.34

n/a

n/a

n/a

0.69

0.87

n/a

n/a

n/a

0.67

1.21%

0.75%

09/29/2016

with sales charge

0.66

0.44

n/a

n/a

n/a

-2.53

-2.90

n/a

n/a

n/a

-3.08

UBS Total Return Bond Fund C

15.04

0.04

4.02

3.82

n/a

n/a

n/a

0.20

0.38

n/a

n/a

n/a

0.18

1.71%

1.25%

09/29/2016

with sales charge

3.27

3.07

n/a

n/a

n/a

0.20

-0.36

n/a

n/a

n/a

0.18

UBS Total Return Bond Fund P

15.06

0.05

4.80

4.67

1.19

1.18

5.39

7.70

1.19

1.22

1.47

5.61

7.72

1.21%

0.50%

12/19/1972

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

Tax-Exempt NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

UBS Municipal Bond Fund A

10.25

0.02

3.87

4.17

2.12

n/a

n/a

2.21

0.17

n/a

n/a

n/a

2.63

1.15%

0.65%

11/10/2014

with sales charge

1.54

1.82

1.35

n/a

n/a

1.45

-2.08

n/a

n/a

n/a

1.83

UBS Municipal Bond Fund C

10.24

0.02

3.30

3.66

1.62

n/a

n/a

1.72

-0.33

n/a

n/a

n/a

2.11

1.65%

1.15%

11/10/2014

with sales charge

2.55

2.91

1.62

n/a

n/a

1.72

-1.07

n/a

n/a

n/a

2.11

UBS Municipal Bond Fund P

10.24

0.02

4.01

4.44

2.37

n/a

n/a

2.47

0.42

n/a

n/a

n/a

2.85

0.89%

0.40%

11/10/2014

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Funds - Alternative

Updated as of: 12/13/2017

Average Annual Total Return (%) as of Month-End: 11/30/2017

Average Annual Total Return (%) as of Quarter-End: 09/30/2017

Annual Operating Expense Ratio (%)1

NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE Alternative Strategies Investments A

10.92

0.00

3.80

5.20

1.05

3.48

0.68

1.60

3.16

0.99

3.30

0.44

1.48

2.35%

2.28%

04/10/2006

with sales charge

-1.89

-0.55

-0.84

2.31

0.11

1.11

-2.54

-0.89

2.13

-0.13

0.98

PACE Alternative Strategies Investments C

10.22

-0.01

3.02

4.38

0.34

2.72

-0.05

0.90

2.33

0.26

2.55

-0.27

0.79

3.12%

3.05%

04/11/2006

with sales charge

2.02

3.38

0.34

2.72

-0.05

0.90

1.33

0.26

2.55

-0.27

0.79

PACE Alternative Strategies Investments P

10.83

-0.01

4.03

5.45

1.34

3.74

0.94

1.86

3.39

1.27

3.58

0.71

1.75

2.13%

2.06%

04/10/2006

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Alternative Strategies Investments Y *

10.87

-0.01

4.02

5.32

1.36

3.75

n/a

1.45

3.28

1.26

3.57

n/a

1.29

2.18%

2.11%

07/23/2008

with sales charge

4.02

5.32

1.36

3.75

n/a

1.45

3.28

1.26

3.57

n/a

1.29

PACE Funds - Equity

Updated as of: 12/13/2017

Average Annual Total Return (%) as of Month-End: 11/30/2017

Average Annual Total Return (%) as of Quarter-End: 09/30/2017

Annual Operating Expense Ratio (%)1

Global NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE International Emerging Markets Equity Investments A

14.13

0.05

29.04

28.51

2.48

2.43

-0.19

6.82

19.11

2.55

2.44

-0.14

6.75

1.80%

1.70%

12/11/2000

with sales charge

21.92

21.48

0.57

1.27

-0.75

6.46

12.54

0.62

1.29

-0.71

6.39

PACE International Emerging Markets Equity Investments C

12.99

0.05

28.11

27.59

1.74

1.68

-0.92

6.46

18.18

1.81

1.68

-0.88

6.39

2.55%

2.45%

12/01/2000

with sales charge

27.11

26.59

1.74

1.68

-0.92

6.46

17.18

1.81

1.68

-0.88

6.39

PACE International Emerging Markets Equity Investments P

14.18

0.04

29.26

28.80

2.71

2.64

-0.08

4.42

19.43

2.77

2.63

-0.04

4.35

1.59%

1.45%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE International Emerging Markets Equity Investments Y

14.26

0.05

29.28

28.78

2.73

2.69

0.09

7.10

19.36

2.79

2.70

0.13

7.03

1.54%

1.45%

02/09/2001

with sales charge

29.28

28.78

2.73

2.69

0.09

7.10

19.36

2.79

2.70

0.13

7.03

PACE International Equity Investments A

17.20

0.06

23.74

27.35

6.38

8.43

0.78

3.55

18.30

5.36

8.34

0.46

3.40

1.79%

1.74%

11/27/2000

with sales charge

16.93

20.35

4.39

7.21

0.21

3.20

11.77

3.39

7.12

-0.10

3.05

PACE International Equity Investments C

16.80

0.06

22.81

26.30

5.54

7.57

-0.05

2.71

17.34

4.52

7.48

-0.36

2.56

2.58%

2.49%

11/27/2000

with sales charge

21.81

25.30

5.54

7.57

-0.05

2.71

16.34

4.52

7.48

-0.36

2.56

PACE International Equity Investments P

17.12

0.06

24.06

27.70

6.68

8.72

1.04

5.06

18.60

5.66

8.64

0.73

4.95

1.51%

1.49%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE International Equity Investments Y

17.16

0.06

24.08

27.71

6.67

8.73

1.08

4.03

18.63

5.65

8.65

0.76

3.89

1.51%

1.49%

01/17/2001

with sales charge

24.08

27.71

6.67

8.73

1.08

4.03

18.63

5.65

8.65

0.76

3.89

Growth NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE Large Co Growth Equity Investments A

27.24

0.00

29.16

29.42

10.59

15.38

8.00

4.03

19.55

10.76

13.84

7.38

3.75

1.18%

1.18%

11/27/2000

with sales charge

22.04

22.28

8.52

14.07

7.39

3.69

12.99

8.70

12.56

6.77

3.41

PACE Large Co Growth Equity Investments C

22.44

0.01

28.23

28.33

9.68

14.42

7.12

3.19

18.63

9.88

12.91

6.50

2.92

1.99%

1.93%

11/27/2000

with sales charge

27.23

27.33

9.68

14.42

7.12

3.19

17.63

9.88

12.91

6.50

2.92

PACE Large Co Growth Equity Investments P

28.09

0.00

29.45

29.68

10.85

15.66

8.28

7.46

19.90

11.06

14.14

7.66

7.26

0.93%

0.93%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Large Co Growth Equity Investments Y

28.29

0.00

29.47

29.72

10.87

15.67

8.31

4.90

19.90

11.07

14.14

7.69

4.62

0.92%

0.92%

02/15/2001

with sales charge

29.47

29.72

10.87

15.67

8.31

4.90

19.90

11.07

14.14

7.69

4.62

PACE Small/Medium Co Growth Equity Investments A

17.84

0.13

21.86

22.99

8.28

12.24

7.28

5.61

17.36

8.58

10.76

6.39

5.31

1.23%

1.23%

11/27/2000

with sales charge

15.17

16.19

6.26

10.98

6.67

5.26

10.90

6.55

9.52

5.79

4.96

PACE Small/Medium Co Growth Equity Investments C

13.87

0.09

20.92

22.03

7.46

11.40

6.46

4.80

16.43

7.74

9.92

5.57

4.51

2.00%

2.00%

11/27/2000

with sales charge

19.92

21.03

7.46

11.40

6.46

4.80

15.43

7.74

9.92

5.57

4.51

PACE Small/Medium Co Growth Equity Investments P

18.95

0.14

22.02

23.08

8.40

12.38

7.44

8.97

17.54

8.69

10.90

6.55

8.77

1.11%

1.08%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Small/Medium Co Growth Equity Investments Y

19.23

0.14

22.02

23.06

8.36

12.35

7.45

6.81

17.40

8.65

10.86

6.57

6.52

1.24%

1.08%

02/12/2001

with sales charge

22.02

23.06

8.36

12.35

7.45

6.81

17.40

8.65

10.86

6.57

6.52

Real Estate NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE Global Real Estate Securities Investments A

7.88

0.05

9.44

10.96

3.58

6.92

1.29

1.22

1.35

5.54

7.10

0.64

1.09

1.54%

1.45%

12/18/2006

with sales charge

3.41

4.80

1.63

5.71

0.72

0.70

-4.24

3.55

5.89

0.07

0.57

PACE Global Real Estate Securities Investments C

7.51

0.05

8.68

10.15

2.82

6.11

0.52

0.44

0.59

4.72

6.31

-0.14

0.31

2.22%

2.20%

12/18/2006

with sales charge

7.68

9.15

2.82

6.11

0.52

0.44

-0.38

4.72

6.31

-0.14

0.31

PACE Global Real Estate Securities Investments P

7.61

0.05

9.65

11.15

3.80

7.17

1.53

1.05

1.61

5.74

7.37

0.87

0.91

1.58%

1.20%

01/22/2007

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Global Real Estate Securities Investments Y **

7.64

0.05

9.61

11.17

3.74

7.12

n/a

10.83

1.51

5.68

7.32

n/a

10.85

1.53%

1.20%

12/26/2008

with sales charge

9.61

11.17

3.74

7.12

n/a

10.83

1.51

5.68

7.32

n/a

10.85

Value NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE Large Co Value Equity Investments A

25.35

-0.10

12.82

14.05

8.25

14.06

6.29

6.76

16.50

8.51

13.04

5.58

6.58

1.46%

1.46%

11/27/2000

with sales charge

6.60

7.77

6.22

12.77

5.69

6.41

10.09

6.49

11.77

4.98

6.22

PACE Large Co Value Equity Investments C

25.29

-0.10

12.00

13.16

7.40

13.16

5.45

5.93

15.58

7.65

12.15

4.74

5.75

2.25%

2.23%

11/27/2000

with sales charge

11.00

12.16

7.40

13.16

5.45

5.93

14.58

7.65

12.15

4.74

5.75

PACE Large Co Value Equity Investments P

25.33

-0.09

13.08

14.33

8.50

14.33

6.55

8.46

16.79

8.77

13.31

5.84

8.33

1.24%

1.23%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Large Co Value Equity Investments Y

25.45

-0.09

13.11

14.32

8.52

14.34

6.58

6.99

16.78

8.77

13.31

5.86

6.80

1.21%

1.21%

01/19/2001

with sales charge

13.11

14.32

8.52

14.34

6.58

6.99

16.78

8.77

13.31

5.86

6.80

PACE Small/Medium Co Value Equity Investments A

22.08

-0.01

6.98

11.14

8.96

13.43

7.65

8.83

16.71

9.58

13.22

6.71

8.73

1.23%

1.23%

11/27/2000

with sales charge

1.10

5.04

6.92

12.16

7.05

8.47

10.29

7.53

11.95

6.11

8.36

PACE Small/Medium Co Value Equity Investments C

18.52

-0.01

6.19

10.27

8.11

12.57

6.84

8.01

15.76

8.74

12.36

5.90

7.91

1.99%

1.99%

11/27/2000

with sales charge

5.19

9.27

8.11

12.57

6.84

8.01

14.76

8.74

12.36

5.90

7.91

PACE Small/Medium Co Value Equity Investments P

22.69

-0.01

7.08

11.31

9.10

13.57

7.82

8.92

16.87

9.73

13.35

6.87

8.83

1.09%

1.04%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Small/Medium Co Value Equity Investments Y

22.94

-0.01

7.05

11.28

9.09

13.56

7.88

9.23

16.79

9.72

13.35

6.93

9.13

1.13%

1.04%

12/20/2000

with sales charge

7.05

11.28

9.09

13.56

7.88

9.23

16.79

9.72

13.35

6.93

9.13

PACE Funds - Fixed Income

Updated as of: 12/13/2017

Average Annual Total Return (%) as of Month-End: 11/30/2017

Average Annual Total Return (%) as of Quarter-End: 09/30/2017

Annual Operating Expense Ratio (%)1

Global NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE Global Fixed Income Investments A

10.05

0.04

6.39

6.17

1.08

-0.20

2.19

4.24

-4.50

0.85

-0.37

2.48

4.25

1.29%

1.06%

12/11/2000

with sales charge

2.42

2.16

-0.19

-0.95

1.80

4.01

-8.10

-0.42

-1.14

2.09

4.01

PACE Global Fixed Income Investments C

10.06

0.05

5.92

5.65

0.59

-0.66

1.71

3.77

-4.95

0.36

-0.84

1.99

3.78

1.77%

1.54%

12/01/2000

with sales charge

5.17

4.90

0.59

-0.66

1.71

3.77

-5.65

0.36

-0.84

1.99

3.78

PACE Global Fixed Income Investments P

10.05

0.04

6.55

6.35

1.27

-0.00

2.41

4.11

-4.33

1.04

-0.17

2.70

4.12

1.11%

0.87%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Global Fixed Income Investments Y

10.02

0.05

6.56

6.35

1.27

-0.00

2.43

4.35

-4.46

1.00

-0.19

2.71

4.35

1.13%

0.90%

01/16/2001

with sales charge

6.56

6.35

1.27

-0.00

2.43

4.35

-4.46

1.00

-0.19

2.71

4.35

PACE High Yield Investments A

10.06

0.01

7.27

9.13

5.35

5.36

7.82

7.27

9.04

4.98

5.75

7.64

7.34

1.25%

1.06%

05/01/2006

with sales charge

3.29

5.01

4.02

4.55

7.41

6.92

4.96

3.64

4.96

7.23

6.98

PACE High Yield Investments C

10.04

0.00

6.68

8.59

4.84

4.86

n/a

10.28

8.50

4.48

5.25

n/a

10.45

1.74%

1.56%

01/21/2009

with sales charge

5.93

7.84

4.84

4.86

n/a

10.28

7.75

4.48

5.25

n/a

10.45

PACE High Yield Investments P

10.08

0.00

7.39

9.14

5.51

5.55

8.05

7.50

9.17

5.18

5.97

7.87

7.58

1.10%

0.91%

04/10/2006

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE High Yield Investments Y

10.10

0.01

7.55

9.31

5.59

5.61

n/a

12.15

9.21

5.23

6.00

n/a

12.34

1.05%

0.88%

12/26/2008

with sales charge

7.55

9.31

5.59

5.61

n/a

12.15

9.21

5.23

6.00

n/a

12.34

Tax Exempt NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE Municipal Fixed Income Investments A

13.00

0.02

4.17

4.55

1.98

1.75

3.51

3.45

0.39

2.39

2.20

3.67

3.53

0.92%

0.82%

01/23/2001

with sales charge

1.86

2.22

1.19

1.29

3.28

3.31

-1.87

1.60

1.74

3.44

3.39

PACE Municipal Fixed Income Investments C

13.00

0.02

3.69

4.09

1.49

1.26

3.00

3.07

-0.19

1.87

1.69

3.15

3.15

1.42%

1.32%

12/04/2000

with sales charge

2.94

3.34

1.49

1.26

3.00

3.07

-0.92

1.87

1.69

3.15

3.15

PACE Municipal Fixed Income Investments P

13.01

0.03

4.48

4.88

2.25

2.02

3.78

4.12

0.63

2.66

2.47

3.94

4.18

0.67%

0.57%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Municipal Fixed Income Investments Y

13.01

0.03

4.47

4.86

2.21

1.99

3.76

3.71

0.53

2.59

2.43

3.92

3.78

0.71%

0.57%

02/23/2001

with sales charge

4.47

4.86

2.21

1.99

3.76

3.71

0.53

2.59

2.43

3.92

3.78

Taxable NAV NAV Change YTD Return % 1 Year 3 Year 5 Year 10 Year Life 1 Year 3 Year 5 Year 10 Year Life Gross expense Ratio Net expense Ratio2 Performance Inception

PACE Intermediate Fixed Income Investments A

12.33

0.04

3.09

2.68

1.53

1.20

2.71

2.95

1.21

1.89

1.31

2.97

3.00

1.01%

0.93%

01/31/2001

with sales charge

-0.75

-1.14

0.25

0.43

2.31

2.72

-2.56

0.60

0.53

2.57

2.76

PACE Intermediate Fixed Income Investments C

12.35

0.04

2.69

2.15

1.02

0.69

2.19

2.60

0.69

1.37

0.81

2.45

2.64

1.52%

1.43%

12/01/2000

with sales charge

1.94

1.40

1.02

0.69

2.19

2.60

-0.06

1.37

0.81

2.45

2.64

PACE Intermediate Fixed Income Investments P

12.33

0.04

3.33

2.94

1.79

1.46

2.95

3.88

1.38

2.15

1.57

3.22

3.92

0.82%

0.68%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Intermediate Fixed Income Investments Y

12.33

0.04

3.41

2.85

1.76

1.44

2.95

3.22

1.46

2.15

1.57

3.22

3.27

0.93%

0.68%

02/02/2001

with sales charge

3.41

2.85

1.76

1.44

2.95

3.22

1.46

2.15

1.57

3.22

3.27

PACE Mortgage-Backed Securities Fixed Income Investments A

12.82

0.03

2.72

2.45

1.73

1.69

3.61

4.08

0.44

2.33

1.65

3.90

4.14

1.08%

0.97%

01/31/2001

with sales charge

-1.14

-1.40

0.44

0.92

3.21

3.85

-3.31

1.04

0.87

3.50

3.91

PACE Mortgage-Backed Securities Fixed Income Investments C

12.84

0.04

2.24

2.02

1.25

1.18

3.09

3.75

-0.06

1.84

1.15

3.38

3.81

1.58%

1.47%

12/04/2000

with sales charge

1.49

1.27

1.25

1.18

3.09

3.75

-0.80

1.84

1.15

3.38

3.81

PACE Mortgage-Backed Securities Fixed Income Investments P

12.83

0.03

2.95

2.79

2.02

1.95

3.87

5.05

0.69

2.61

1.92

4.16

5.10

0.92%

0.72%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Mortgage-Backed Securities Fixed Income Investments Y

12.82

0.03

2.95

2.71

1.99

1.94

3.87

4.37

0.69

2.59

1.90

4.16

4.43

0.99%

0.72%

02/02/2001

with sales charge

2.95

2.71

1.99

1.94

3.87

4.37

0.69

2.59

1.90

4.16

4.43

PACE Strategic Fixed Income Investments A

13.82

0.05

5.34

5.35

2.72

1.78

5.38

5.65

2.23

3.47

2.06

5.74

5.73

1.12%

1.06%

12/11/2000

with sales charge

1.41

1.41

1.42

1.00

4.98

5.41

-1.58

2.16

1.28

5.33

5.49

PACE Strategic Fixed Income Investments C

13.82

0.05

4.78

4.82

2.22

1.27

4.87

5.17

1.65

2.97

1.56

5.21

5.26

1.62%

1.56%

12/01/2000

with sales charge

4.03

4.07

2.22

1.27

4.87

5.17

0.92

2.97

1.56

5.21

5.26

PACE Strategic Fixed Income Investments P

13.81

0.04

5.51

5.62

2.98

2.02

5.64

6.24

2.49

3.74

2.30

5.99

6.31

0.90%

0.81%

08/24/1995

with sales charge

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

n/a

PACE Strategic Fixed Income Investments Y

13.79

0.04

5.52

5.63

2.93

1.99

5.63

5.79

2.50

3.71

2.29

6.00

5.88

1.03%

0.81%

02/02/2001

with sales charge

5.52

5.63

2.93

1.99

5.63

5.79

2.50

3.71

2.29

6.00

5.88

 

IMPORTANT DISCLOSURES

Performance, gross and net expense ratios table: http://www.ubs.com/us-mutualfundperformance

1Expense ratios are as of a fund's most recent prospectus. Prospectus dates vary among funds. Unless otherwise indicated, for UBS Funds, expense ratios are as of the October 27, 2017 prospectus, as supplemented from time to time. For UBS U.S. Allocation Fund, expense ratios are as of the December 29, 2016 prospectus, as supplemented from time to time. For PACE® Funds, expense ratios are as of the November 28, 2016 prospectus, as supplemented from time to time. This expense ratio includes dividend expense, borrowing costs and related interest expense attributable to securities sold short, if any, which may vary based on actual investments.

2Net expenses reflect fee waivers and expense reimbursements pursuant to agreements that were in effect, as of a fund's most recent prospectus, to cap the expenses for each fund. In the event a fund's operating expense ratio for the period exceeds its expense cap, these waivers and reimbursements would apply. Current effective fee waivers and expense reimbursement agreements for each fund are listed in the paragraphs below.

UBS U.S. Allocation Fund

The Fund and UBS Asset Management (Americas), Inc. ("UBS AM) have entered into a written agreement, separate from UBS AM's investment advisory agreement with the Fund, whereby UBS AM has agreed to permanently reduce its advisory and administration fee based on the Fund's average daily net assets to the following rates: $0 to $250 million: 0.50%; in excess of $250 million up to $500 million: 0.45%; in excess of $500 million up to $2 billion: 0.40%; over $2 billion: 0.35%. Effective December 29, 2016, UBS AM has contractually undertaken to waive fees/reimburse a portion of the fund's expenses, when necessary, so that the ordinary total annual operating expenses of each class through December 31, 2017 (excluding (1) dividend expense, borrowing costs and interest expense relating to short sales, and (2) investments in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses, if any) would not exceed 1.15% for Class A, 1.90% for Class C and 0.90% for Class P.

UBS International Sustainable Equity Fund

The Advisor has agreed irrevocably to waive its fees and reimburse certain expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses) so that total operating expenses of the Fund do not exceed 1.25% for Class A shares, 2.00% for Class C shares and 1.00% for Class P shares.

For the following UBS Funds:

The Trust, with respect to each Fund listed below, and the Advisor, UBS AM, have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses and with respect to UBS Dynamic Alpha Fund, and UBS U.S. Small Cap Growth Fund, also excluding dividend expense and security loan fees for securities sold short) to the extent necessary so that a Fund's operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses and with respect to UBS Dynamic Alpha Fund, and UBS U.S. Small Cap Growth Fund, also excluding dividend expense and security loan fees for securities sold short), through the period ending October 29, 2018, do not exceed the percentages for each Fund listed below. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses for a period of three years following such fee waivers and expense reimbursements, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement, or (ii) at the time of the recoupment. The applicable expense limits are as follows:

UBS Dynamic Alpha Fund

1.35% for Class A, 2.10% for Class C and 1.10% for Class P.

UBS Global Allocation Fund

1.20% for Class A, 1.95% for Class C and 0.95% for Class P.

UBS U.S. Sustainable Equity Fund (formerly, UBS U.S. Large Cap Equity Fund)

0.95% for Class A, 1.70% for Class C and 0.70% for Class P

UBS U.S. Small Cap Growth Fund

1.24% for Class A, 1.99% for Class C and 0.99% for Class P.

UBS Municipal Bond Fund

0.65% for Class A, 1.15% for Class C and 0.40% for Class P.

UBS Total Return Bond Fund

0.75% for Class A, 1.25% for Class C and 0.50% for Class P.

For the following PACE® Funds:

The funds and UBS AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses of each class through November 30, 2018(excluding dividend expense, borrowing costs and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed the percentages for each fund listed below. The funds listed below have agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that they can do so over the following three fiscal years without causing the funds' aggregate operating expenses of the Fund or Class during a year in which such payment is made to exceed the lesser of any applicable expense limit that is in place for the Fund or Class (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment as detailed below. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

PACE® Mortgage-Backed Securities Fixed Income Investments

0.97% for Class A, 1.47% for Class C, 0.72% for Class Y and 0.72% for Class P.

PACE® Intermediate Fixed Income Investments

0.93% for Class A, 1.43% for Class C, 0.68% for Class Y and 0.68% for Class P.

PACE® Strategic Fixed Income Investments

0.96% for Class A, 1.46% for Class C, 0.71% for Class Y and 0.71% for Class P.

PACE® Municipal Fixed Income Investments

0.82% for Class A, 1.32% for Class C, 0.57% for Class Y and 0.57% for Class P.

PACE® Global Fixed Income Investments (f/k/a PACE International Fixed Income Investments)

1.06% for Class A, 1.54% for Class C, 0.90% for Class Y and 0.87% for Class P.

PACE® High Yield Investments

1.06% for Class A, 1.56% for Class C, 0.88% for Class Y and 0.91% for Class P.

PACE® Large Co Value Equity Investments

1.14% for Class A, 1.89% for Class C, 0.89% for Class Y and 0.89% for Class P.

PACE® Large Co Growth Equity Investments

1.18% for Class A, 1.93% for Class C, 0.93% for Class Y and 0.93% for Class P.

PACE® Small/Medium Co Value Equity Investment

1.29% for Class A, 2.04% for Class C, 1.04% for Class Y and 1.04% for Class P.

PACE® Small/Medium Co Growth Equity Investments

1.33% for Class A, 2.08% for Class C, 1.08%, for Class Y and 1.08% for Class P.

PACE® International Equity Investments

1.35% for Class A, 2.10% for Class C, 1.10% for Class Y and 1.10% for Class P.

PACE® International Emerging Markets Equity Investments

1.70% for Class A, 2.45% for Class C, 1.45% for Class Y and 1.45% for Class P.

PACE® Global Real Estate Securities Investments

1.45% for Class A, 2.20% for Class C, 1.20% for Class Y and 1.20% for Class P.

PACE® Alternative Strategies Investments

The fund and UBS AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to: (1) waive its management fees through November 30, 2018 to the extent necessary to offset other unaffiliated pooled investment vehicles and index futures; and (2) waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.88% for Class A, 2.63% for Class C, 1.63% for Class Y and 1.63% for Class P. The fund has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the aggregate operating expenses of the Fund or Class during a year in which such repayment is made to exceed the lesser of any applicable expense limit that is in place for the Fund or Class (i) at the time of the waiver or reimbursement, or (ii) at the time of recoupment The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

* Inception date of PACE® Alternative Strategies Investments - Class Y Shares is 04/03/06. There were no Class Y shares outstanding for this fund from 07/27/06 until 07/22/08. The inception return of the Class is calculated as of 07/23/08, which is the date since Class Y shares have been continuously outstanding.

** Inception date of PACE® Global Real Estate Securities Investments - Class Y Shares is 11/30/06. There were no Class Y shares outstanding for this fund from 02/16/07 until 12/25/08. The inception return of the Class is calculated as of 12/26/08, which is the date since Class Y shares have been continuously outstanding.

Performance Considerations

Performance results assume the reinvestment of all dividends and capital gains, and are shown both with and without the effect of the maximum applicable sales charges. The investment return and principal value of an investment will fluctuate, and Fund shares, when redeemed may be worth more or less than their original cost. Accordingly, you can lose money investing in a Fund. Performance is historical and no guarantee of future results. Certain Funds were subject to certain fee waivers and/or expense reimbursements for certain reported periods. The performance of such Funds would have been lower if the Fund had borne all the expenses that were waived or reimbursed.

Sales Charge and Expenses

Class A shares: Maximum initial sales charge of 5.50% on equity Funds and asset allocation Funds and 3.75% on fixed income Funds (except for UBS Municipal Bond Fund and PACE Municipal Fixed Income Investments that have an initial sales charge of 2.25%). Ongoing 12b-1 service fees. 1% CDSC for redemptions of purchases of $1 million or more made within one year (for UBS Municipal Bond Fund and PACE Municipal Fixed Income Investments, 0.75% CDSC for redemptions of purchases of $500,000 or more made within one year.

Class C shares: 1% CDSC charged on the sale of shares within one year of the date of purchase for equity Funds and asset allocation Funds and 0.75% CDSC charged on the sale of shares within one year of the date of purchase for fixed income Funds. Ongoing 12b-1 service and distribution fees.

Class Y shares of the PACE Funds are not subject to sales charges and are available for limited groups of eligible investors, including institutional investors. Effective July 28, 2014, Class Y shares are no longer offered for The UBS Funds and the UBS U.S. Allocation Fund; Class Y shares of those Funds have been re-designated as Class "P" shares.

Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance. Please refer to each Fund's prospectus for further information on the eligibility to purchase Class P shares.

Investment Considerations

Investors should carefully read and consider a mutual Fund's investment objectives, risks, charges and expenses before investing. The prospectus contains this and other information about a mutual Fund. Contact your Financial Advisor, or UBS AM at 888-793 8637 for a current Fund prospectus.

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