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

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 28, 2021 prospectus, as supplemented from time to time. For UBS Ultra Short Income Fund, expense ratios are as of the August 27, 2021 prospectus, as supplemented from time to time. For UBS U.S. Allocation Fund, expense ratios are as of the December 29, 2021 prospectus, as supplemented from time to time. For PACE^® Funds, expense ratios are as of the November 26, 2021 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, 2022 (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, such as proxy-related 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, 2021, 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, 2022 (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, such as proxy-related expenses) would not exceed 1.15% for Class A and 0.90% 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 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 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, such as proxy-related expenses) through the period ending October 28, 2022 would not exceed 1.25% for Class A, 1.00% for Class P and 0.40% for Class P2 shares. 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 fiscal 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 Engage For Impact 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, such as proxy-related 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 October 28, 2022 will not exceed 1.10% for Class A,0.85% for Class P and 0.25% for Class P2 shares. 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 fiscal 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 Sustainable Development Bank Bond 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, such as proxy-related expenses) through the period ending October 28, 2022 will not exceed 0.35% for Class A, 0.25% for Class P and 0.15% for Class P2 shares. 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 fiscal 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, such as proxy-related expenses) so that total operating expenses of the Fund do not exceed 1.25% for Class A shares, 1.00% for Class P and 0.25% for Class P2 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, such as proxy-related 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 28, 2022, 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 All China Equity Fund
1.10% for Class P and 0.30% for Class P2.

UBS Dynamic Alpha Fund
1.35% for Class A and 1.10% for Class P.

UBS Global Allocation Fund
1.20% for Class A and 0.95% for Class P.

UBS US Dividend Ruler Fund
0.50% for Class P.

UBS US Quality Growth at Reasonable Price Fund
0.50% for Class P.

UBS U.S. Small Cap Growth Fund
1.24% for Class A and 0.99% for Class P.

UBS Municipal Bond Fund
0.65% for Class A and 0.40% for Class P.

UBS Total Return Bond Fund
0.75% for Class A 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, 2022 (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, such as proxy-related 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, 0.72% for Class Y and 0.72% for Class P.

PACE^® Intermediate Fixed Income Investments
0.91% for Class A, 0.66% for Class Y and 0.66% for Class P.

PACE^® Strategic Fixed Income Investments
0.90% for Class A, 0.65% for Class Y and 0.65% for Class P.

PACE^® Municipal Fixed Income Investments
0.82% for Class A, 0.57% for Class Y and 0.57% for Class P.

PACE^® Global Fixed Income Investments
1.03% for Class A, 0.87% for Class Y and 0.84% for Class P.

PACE^® High Yield Investments
1.06% for Class A, 0.88% for Class Y and 0.91% for Class P.

PACE^® Large Co Value Equity Investments
1.14% for Class A, 0.89% for Class Y and 0.89% for Class P.

PACE^® Large Co Growth Equity Investments
1.13% for Class A, 0.88% for Class Y and 0.88% for Class P.

PACE^® Small/Medium Co Value Equity Investment
1.29% for Class A, 1.04% for Class Y and 1.04% for Class P.

PACE^® Small/Medium Co Growth Equity Investments
1.33% for Class A, 1.08%, for Class Y and 1.08% for Class P.

PACE^® International Equity Investments
1.25% for Class A, 1.00% for Class Y and 1.00% for Class P.

PACE^® International Emerging Markets Equity Investments
1.45% for Class A, 1.20% for Class Y and 1.20% for Class P.

PACE^® Global Real Estate Securities Investments
1.45% for Class A 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, 2022 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, 2022 (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, such as proxy-related expenses) would not exceed 1.88% for Class A, 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 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.