SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c) and (d) AND AMENDMENTS THERETO FILED
PURSUANT TO 13d-2

UBS AG

(Name of Issuer)

Ordinary shares, par value CHF 0.10 per share
(Title of Class of Securities)

H89231338
(CUSIP Number)

July 10, 2008
(Date of Event Which Requires Filing this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)
     þ Rule 13d-1(c)
     o Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

TABLE OF CONTENTS

CUSIP No. H89231338  Page 2  of  7 

1	NAMES OF REPORTING PERSONS Government of Singapore Investment Corporation Pte. Ltd.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a)   o
	(b)   þ
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Singapore
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			240,223,963
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH:		8	SHARED DISPOSITIVE POWER
			240,223,963
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	240,223,963(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	7.9%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	CO

(1) Securities reported by the Government of Singapore Investment Corporation Pte. Ltd. include 228,832,951 ordinary shares resulting from the assumed conversion of CHF 11 billion principal amount of 9% Mandatory Convertible Notes due 2010. The notes will automatically convert into ordinary shares at maturity and may be converted earlier at the option of the holder or the issuer on or after September 6, 2008 until twenty trading days prior to maturity.

CUSIP No. H89231338  Page 3  of  7 

1	NAMES OF REPORTING PERSONS Government of Singapore
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a)   o
	(b)   þ
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION
	Singapore
		5	SOLE VOTING POWER
NUMBER OF			0
SHARES		6	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			236,415,267
EACH		7	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH:		8	SHARED DISPOSITIVE POWER
			236,415,267
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	236,415,267(1)
10	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
	o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
	7.7%
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
	OO

(1) Securities reported by the Government of Singapore include 228,832,951 ordinary shares resulting from the assumed conversion of CHF 11 billion principal amount of 9% Mandatory Convertible Notes due 2010. The notes will automatically convert into ordinary shares at maturity and may be converted earlier at the option of the holder or the issuer on or after September 6, 2008 until twenty trading days prior to maturity.

Page 4 of 7

Item 1(a). Name of Issuer:

UBS AG

Item 1(b). Address of Issuer’s Principal Executive Offices:

Bahnhofstrasse 45
CH-8001 Zurich, Switzerland

and

Aeschenvorstadt 1,
CH-4051 Basel, Switzerland

Item 2(a). Name of Person Filing:

I	Government of Singapore Investment Corporation Pte. Ltd.
II	Government of Sinapore

Item 2(b). Address of Principal Business Office or, if none, Residence:

I	168, Robinson Road # 37-01, Capital Tower Singapore 068912
II	c/o Government of Singapore Investment Corporation Pte. Ltd. 168, Robinson Road # 37-01, Capital Tower Singapore 068912

Item 2(c). Citizenship:

I & II Singapore

Item 2(d). Title of Class of Securities:

Ordinary shares, par value CHF 0.10 per share

Item 2(e). CUSIP Number:

H89231338

Item 3. If this statement is filed pursuant to §§ 240.13d—1(b) or 240.13d—2(b) or (c), check whether the person filing is a:

Not applicable.

Page 5 of 7

Item 4. Ownership.

     The aggregate number of securities and percentage of the class of securities of the Issuer beneficially owned by each Reporting Person named in Item 2(a), as well as the number of securities as to which such person is deemed to have sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, shared power to dispose or direct the disposition, is set forth in the following table:

	Number of Shares
	Amount Beneficially			Power to Vote				Power to Dispose
Reporting Person	Owned			Sole		Shared(1)		Sole		Shared(1)		Percent of Class
Government of Singapore Investment Corporation Pte. Ltd.		240,223,963	(2)		0		240,223,963		0		240,223,963		7.9	%
Government of Singapore		236,415,267	(3)		0		236,415,267		0		236,415,267		7.7	%
Total (all Reporting Persons)(4)		240,223,963			0		240,223,963		0		240,223,963		7.9	%

(1)	The Government of Singapore Investment Corporation Pte. Ltd. shares power to vote and power to dispose of 236,415,267 securities beneficially owned by it with the Government of Singapore and shares power to vote and dispose of 3,808,696 securities beneficially owned by it with the Monetary Authority of Singapore.
(2)	Securities reported by the Government of Singapore Investment Corporation Pte. Ltd. include 228,832,951 ordinary shares resulting from the assumed conversion of CHF 11 billion principal amount of 9% Mandatory Convertible Notes due 2010. The notes will automatically convert into ordinary shares at maturity and may be converted earlier at the option of the holder or the issuer on or after September 6, 2008 until twenty trading days prior to maturity.
(3)	Securities reported by the Government of Singapore include 228,832,951 ordinary shares resulting from the assumed conversion of CHF 11 billion principal amount of 9% Mandatory Convertible Notes due 2010. The notes will automatically convert into ordinary shares at maturity and may be converted earlier at the option of the holder or the issuer on or after September 6, 2008 until twenty trading days prior to maturity.
(4)	The reporting persons disclaim membership in a group.

Item 5. Ownership of Five Percent or Less of a Class.

Not Applicable.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

Not Applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable.

Page 6 of 7

Item 8. Identification and Classification of Members of the Group.

Not Applicable.

Item 9. Notice of Dissolution of Group.

Not Applicable.

Item 10. Certifications.

     By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Material to be Filed as Exhibits

1. Power of Attorney by Minister for Finance, Singapore dated 5 March 1998.

(Incorporated by reference to Exhibit No. 1 to Schedule 13G, dated March 23, 1998 regarding SPDR Trust Series 1).

Page 7 of 7

SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

     Date: July 15, 2008

Government of Singapore Investment Corporation Pte. Ltd.
By:	/s/ Jessica Lua
	Name:	Jessica Lua
	Title:	Securities & FX Settlements Investment Operations Dept

By:	/s/ Celina Chua
	Name:	Celina Chua
	Title:	Senior Manager Custody & Control/ Investment Operations Dept

Government of Singapore by Government of Singapore Investment Corporation Pte. Ltd., its attorney-in-fact
By:	/s/ Jessica Lua
	Name:	Jessica Lua
	Title:	Securities & FX Settlements Investment Operations Dept

By:	/s/ Celina Chua
	Name:	Celina Chua
	Title:	Senior Manager Custody & Control/ Investment Operations Dept