UBS Asset Management in the United States

The website contains general information about UBS Asset Management (Americas), Inc., UBS Hedge Fund Solutions LLC, and UBS O'Connor LLC, collectively known as "UBS Asset Management". 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.

Market commentary and similar statements contained herein are based on current expectations and may be considered “forward-looking statements.” Actual future results, however, may prove to be different from expectations. The opinions expressed are a reflection of UBS Asset Management’s best judgment at the time of posting, and any obligation to update or alter any forward-looking statement as a result of new information, future events, or otherwise is disclaimed.

Investments involve risks, are not guaranteed and may not return the original principal amount invested. Past performance is no guarantee of future results. Investors should read all available product information carefully before making an investment decision, including information about applicable risks, fees and expenses. This website does not address the investment objectives, risk tolerance or financial needs of any particular investor. In addition, any statements regarding investment performance expectations, risk and/or return targets do not constitute a representation or warranty that such expectations or targets will be achieved.

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Mutual Fund Prices

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

UBS Funds - Asset Allocation - UBS Dynamic Alpha Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.19.2017 ST Cap Gain As of: 12.19.2017 LT Cap Gain As of: 12.19.2017

A

28,742,967.94

BNAAX

6.32

6.32

0.00

0.0000

0.0000

0.0000

C

11,273,170.23

BNACX

5.83

5.83

0.00

0.0000

0.0000

0.0000

P

28,965,892.72

BNAYX

6.48

6.47

0.01

0.0000

0.0000

0.0000

UBS Funds - Asset Allocation - UBS Global Allocation Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.19.2017 ST Cap Gain As of: 12.19.2017 LT Cap Gain As of: 12.19.2017

A

155,528,859.32

BNGLX

12.14

12.18

(0.04)

0.1711

0.0000

0.0000

C

81,179,438.63

BNPCX

11.80

11.84

(0.04)

0.0747

0.0000

0.0000

P

63,248,887.67

BPGLX

12.41

12.45

(0.04)

0.2033

0.0000

0.0000

UBS Funds - Asset Allocation - UBS U.S. Allocation Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.19.2017 ST Cap Gain As of: 12.19.2017 LT Cap Gain As of: 12.19.2017

A

168,657,045.39

PWTAX

50.72

50.98

(0.26)

0.2643

0.0000

0.8614

C

55,678,040.85

KPAAX

48.69

48.93

(0.24)

0.0000

0.0000

0.8614

P

28,813,339.98

PWTYX

51.68

51.94

(0.26)

0.3949

0.0000

0.8614

UBS Funds - Equity - UBS U.S. Sustainable Equity Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.19.2017 ST Cap Gain As of: 12.19.2017 LT Cap Gain As of: 12.19.2017

A

10,789,340.19

BNEQX

35.53

35.80

(0.27)

0.1314

0.0000

0.0000

C

1,713,893.37

BNQCX

33.82

34.08

(0.26)

0.0000

0.0000

0.0000

P

17,783,299.94

BPEQX

35.71

35.98

(0.27)

0.2037

0.0000

0.0000

UBS Funds - Equity - UBS International Sustainable Equity Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.19.2017 ST Cap Gain As of: 12.19.2017 LT Cap Gain As of: 12.19.2017

A

8,118,879.82

BNIEX

10.25

10.25

0.00

0.1190

0.0000

0.0000

C

2,932,583.45

BNICX

9.97

9.97

0.00

0.0668

0.0000

0.0000

P

102,261,448.41

BNUEX

10.29

10.29

0.00

0.1486

0.0000

0.0000

UBS Funds - Equity - UBS U.S. Small Cap Growth Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.19.2017 ST Cap Gain As of: 12.19.2017 LT Cap Gain As of: 12.19.2017

A

27,746,216.20

BNSCX

22.41

22.91

(0.50)

0.0000

0.6426

4.6260

C

3,783,936.27

BNMCX

17.68

18.08

(0.40)

0.0000

0.6426

4.6260

P

104,627,640.24

BISCX

24.76

25.31

(0.55)

0.0000

0.6426

4.6260

UBS Funds - Equity - UBS Emerging Markets Equity Opportunity Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 06.01.2018 ST Cap Gain As of: 06.01.2018 LT Cap Gain As of: 06.01.2018

P2

90,740,989.03

EMPTX

8.74

8.84

(0.10)

n/a

n/a

n/a

PACE Funds - Alternative - PACE Alternative Strategies Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

7,047,350.91

PASIX

10.79

10.82

(0.03)

0.0000

0.0000

0.0000

C

5,891,418.56

PASOX

10.06

10.09

(0.03)

0.0000

0.0000

0.0000

P

603,212,070.40

PASPX

10.73

10.75

(0.02)

0.0000

0.0000

0.0000

Y

476,927.24

PASYX

10.77

10.79

(0.02)

0.0000

0.0000

0.0000

PACE Funds - Equity - PACE International Emerging Markets Equity Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

3,457,155.94

PWEAX

12.80

12.94

(0.14)

0.1357

0.0000

0.0000

C

1,093,889.23

PWECX

11.78

11.91

(0.13)

0.0426

0.0000

0.0000

P

410,492,467.62

PCEMX

12.84

12.99

(0.15)

0.1690

0.0000

0.0000

Y

6,801,207.24

PWEYX

12.91

13.05

(0.14)

0.1687

0.0000

0.0000

PACE Funds - Equity - PACE International Equity Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

29,948,279.88

PWGAX

16.67

16.64

0.03

0.3146

0.0000

0.0000

C

1,932,119.43

PWGCX

16.32

16.28

0.04

0.1921

0.0000

0.0000

P

1,105,576,541.61

PCIEX

16.58

16.55

0.03

0.3602

0.0000

0.0000

Y

13,583,800.72

PWIYX

16.62

16.59

0.03

0.3590

0.0000

0.0000

PACE Funds - Equity - PACE Large Co Growth Equity Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

48,134,195.74

PLAAX

27.89

28.20

(0.31)

0.0000

0.1374

2.4714

C

2,710,893.07

PLACX

22.34

22.59

(0.25)

0.0000

0.1374

2.4714

P

1,336,298,987.10

PCLCX

28.88

29.19

(0.31)

0.0279

0.1374

2.4714

Y

16,090,849.89

PLAYX

29.10

29.42

(0.32)

0.0319

0.1374

2.4714

PACE Funds - Equity - PACE Small/Medium Co Growth Equity Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

26,566,332.56

PQUAX

21.29

21.70

(0.41)

0.0000

0.0410

0.9672

C

2,892,737.04

PUMCX

16.21

16.52

(0.31)

0.0000

0.0410

0.9672

P

551,829,553.01

PCSGX

22.72

23.16

(0.44)

0.0000

0.0410

0.9672

Y

51,317.59

PUMYX

23.17

23.62

(0.45)

0.0000

0.0410

0.9672

PACE Funds - Equity - PACE Global Real Estate Securities Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

296,393.28

PREAX

7.57

7.53

0.04

0.2719

0.0258

0.0122

C

166,110.57

PREEX

7.24

7.21

0.03

0.1920

0.0258

0.0122

P

134,652,336.19

PREQX

7.29

7.26

0.03

0.2956

0.0258

0.0122

PACE Funds - Equity - PACE Large Co Value Equity Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

111,812,235.35

PCPAX

24.16

24.16

0.00

0.3160

0.1597

1.5380

C

11,069,806.23

PLVCX

24.18

24.18

0.00

0.1226

0.1597

1.5380

P

1,186,309,705.70

PCLVX

24.11

24.11

0.00

0.3742

0.1597

1.5380

Y

17,255,283.13

PLVYX

24.24

24.24

0.00

0.3783

0.1597

1.5380

PACE Funds - Equity - PACE Small/Medium Co Value Equity Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 12.18.2017 ST Cap Gain As of: 12.18.2017 LT Cap Gain As of: 12.18.2017

A

17,882,247.39

PEVAX

21.31

21.49

(0.18)

0.0234

1.2749

1.1167

C

3,526,944.34

PEVCX

17.41

17.55

(0.14)

0.0000

1.2749

1.1167

P

515,467,621.73

PCSVX

21.97

22.16

(0.19)

0.0544

1.2749

1.1167

Y

235,131.64

PVEYX

22.29

22.47

(0.18)

0.0528

1.2749

1.1167

UBS Funds - Fixed Income - UBS Total Return Bond Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

128,544.08

UTBAX

14.42

14.42

0.00

0.0342

0.0000

0.0000

C

63,088.24

UTBCX

14.41

14.40

0.01

0.0337

0.0000

0.0000

P

39,890,021.43

UTBPX

14.43

14.42

0.01

0.0368

0.0000

0.0000

UBS Funds - Fixed Income - UBS Municipal Bond Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

9,034,513.68

UMBAX

10.03

10.04

(0.01)

0.0142

0.0000

0.0000

C

4,434,812.63

UMBCX

10.02

10.02

0.00

0.0129

0.0000

0.0000

P

105,805,327.83

UMBPX

10.03

10.03

0.00

0.0164

0.0000

0.0000

UBS Funds - Fixed Income - UBS Ultra Short Income Fund

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.31.2018 ST Cap Gain As of: 08.31.2018 LT Cap Gain As of: 08.31.2018

A

856,604,244.87

USIAX

10.00

10.00

0.00

0.0006

0.0000

0.0000

P

155,889,729.45

USIPX

9.99

9.99

0.00

0.0006

0.0000

0.0000

I

25,501,483.23

USDIX

9.99

9.99

0.00

0.0007

0.0000

0.0000

PACE Funds - Fixed Income - PACE Global Fixed Income Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

30,917,664.12

PWFAX

9.69

9.67

0.02

0.0135

0.0000

0.0000

C

2,269,336.32

PWFCX

9.69

9.68

0.01

0.0128

0.0000

0.0000

P

365,183,552.33

PCGLX

9.69

9.67

0.02

0.0156

0.0000

0.0000

Y

2,315,645.26

PWFYX

9.65

9.63

0.02

0.0156

0.0000

0.0000

PACE Funds - Fixed Income - PACE High Yield Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

3,617,288.54

PHIAX

9.81

9.80

0.01

0.0444

0.0000

0.0000

C

2,268,587.23

PHYCX

9.80

9.79

0.01

0.0440

0.0000

0.0000

P

343,976,774.78

PHYPX

9.83

9.82

0.01

0.0465

0.0000

0.0000

Y

536,812.94

PHDYX

9.86

9.85

0.01

0.0465

0.0000

0.0000

PACE Funds - Fixed Income - PACE Municipal Fixed Income Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

38,417,915.65

PMUAX

12.66

12.66

0.00

0.0277

0.0000

0.0000

C

7,269,865.30

PMUCX

12.65

12.66

(0.01)

0.0272

0.0000

0.0000

P

306,813,601.86

PCMNX

12.66

12.67

(0.01)

0.0304

0.0000

0.0000

Y

64,524.51

PMUYX

12.66

12.67

(0.01)

0.0304

0.0000

0.0000

PACE Funds - Fixed Income - PACE Intermediate Fixed Income Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

13,914,211.58

PIFAX

11.87

11.87

0.00

0.0247

0.0000

0.0000

C

958,773.76

PIICX

11.88

11.88

0.00

0.0236

0.0000

0.0000

P

350,749,706.07

PCIFX

11.88

11.87

0.01

0.0272

0.0000

0.0000

Y

293,072.06

PIFYX

11.87

11.87

0.00

0.0272

0.0000

0.0000

PACE Funds - Fixed Income - PACE Mortgage-Backed Securities Fixed Income Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

29,789,533.04

PFXAX

12.31

12.31

0.00

0.0327

0.0000

0.0000

C

9,066,798.67

PFXCX

12.32

12.32

0.00

0.0318

0.0000

0.0000

P

323,741,495.22

PCGTX

12.31

12.31

0.00

0.0354

0.0000

0.0000

Y

30,472,737.05

PFXYX

12.31

12.31

0.00

0.0354

0.0000

0.0000

PACE Funds - Fixed Income - PACE Strategic Fixed Income Investments

Information as of 09.17.2018

Class Net Assests NASDAQ NAV Prior Day NAV NAV Change NII Dividend As of: 08.23.2018 ST Cap Gain As of: 08.23.2018 LT Cap Gain As of: 08.23.2018

A

13,523,544.90

PBNAX

13.27

13.27

0.00

0.0331

0.0000

0.0000

C

6,222,116.50

PBNCX

13.27

13.28

(0.01)

0.0325

0.0000

0.0000

P

752,995,825.37

PCSIX

13.27

13.27

0.00

0.0359

0.0000

0.0000

Y

1,361,633.77

PSFYX

13.25

13.25

0.00

0.0359

0.0000

0.0000

 

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 Emerging Markets Equity Opportunity Fund, expense ratios are as of the May 25, 2018 prospectus, as supplemented from time to time. For UBS Ultra Short Income Fund, expense ratios are as of the May 25, 2018 prospectus, as supplemented from time to time. For UBS U.S. Allocation Fund, expense ratios are as of the December 29, 2017 prospectus, as supplemented from time to time. For PACE® Funds, expense ratios are as of the November 28, 2017 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 Ultra Short Income Fund

The fund and UBS Asset Management (Americas), Inc. ("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 August 31, 2019 (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 0.35% for Class A, 0.25% for Class P and 0.23% for Class I. 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 fund’s expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. 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.

UBS U.S. Allocation Fund

The Fund and 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, 2017, 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, 2018 (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 Emerging Markets Equity Opportunity Fund

The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund’s investment advisor (“UBS AM (Americas)” or the “Advisor”), have entered into a written agreement pursuant to which the Advisor has agreed to waive its management fees and administration fees, and to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund’s ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) through the period ending June 21, 2018 to not exceed 0.50% for Class P2. Effective June 22, 2018, UBS AM has agreed to permanently set its advisory and administration fee based on the Fund's average daily net assets to the following rates: $0 to $250 million: 0.90%; in excess of $250 million up to $500 million: 0.875%; in excess of $500 million up to $750 million: 0.850%; in excess of $750 million up to $1 billion: 0.825%; over $1 billion: 0.75%. Effective June 22, 2018, 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 October 29, 2019 (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 0.40% for Class P2, 1.40% for Class A, and 1.15% for Class P. Pursuant to the expense limitation agreement, the Advisor is entitled to be reimbursed for any expenses it reimburses to the extent such reimbursement can be made during the three years following the date on which such expense reimbursements were made, 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 reimbursement, or (ii) at the time of the recoupment. The expense limitation agreement may be terminated by the Fund’s Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund’s advisory contract with the Advisor. Upon termination of the expense limitation agreement, however, the Advisor’s three year recoupment rights will survive.

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

0.91% for Class A, 1.41% for Class C, 0.66% for Class Y and 0.66% 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

1.03% for Class A, 1.51% for Class C, 0.87% for Class Y and 0.84% 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

1.13% for Class A, 1.88% for Class C, 0.88% for Class Y and 0.88% 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 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 (pursuant to item (2)) to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. 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. PACE® Global Real Estate Securities Investments (“PACE Global Real Estate Securities”) ceased offering Class Y shares effective on January 25, 2018. New or additional investments into Class Y shares of PACE Global Real Estate Securities have not been permitted since January 25, 2018.

3Expense ratios listed on the performance table above are based on estimates for the current fiscal year.

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%, and UBS Ultra Short Income Fund that has no sales charge). 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, and no CDSC for UBS Ultra Short Income Fund).

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. Effective July 12, 2018 ("Closure date"), the funds ceased offering Class C shares. Effective on or about October 12, 2018 ("Conversion date"), all outstanding Class C shares of the funds will be automatically converted into Class A shares of the funds. From the Closure Date to the Conversion Date (the “Conversion Period”), 12b-1 distribution fees (currently 0.50% of average net assets for fixed income funds and 0.75% of average net assets for equity funds) and any contingent deferred sales charges applicable to Class C shares will be waived; 12b-1 service fees (currently, 0.25% of average net assets for each fund) will continue to be assessed.

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 US 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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