Exhibit 77D
For period ending June 30, 2002

File number 811-6637

Investment Policy Changes

Pursuant to unanimous written consent of the Board of
Trustees, effective June 28, 2002, UBS Global Allocation
Fund (formerly, UBS Global Balanced Fund), adopted
a policy that, under normal circumstances, the Fund will
allocate its assets between fixed income securities and
equity securities.

At its meeting on March 18, 2002, the Board of Trustees
approved modifications to certain Fund's investment policies,
as indicated below, to comply with Rule 35d-1 under the
Investment Company Act of 1940, as amended (the "Rule").
The Rule generally requires a fund with a name suggesting that
it focuses on a particular type of investment to invest, under
normal circumstances,  at least 80% of its net assets (plus the
amount of any borrowing for investment purposes) in the type of
investment suggested by its name.  The investment policy changes
became effective on April 8, 2002.

Each Fund's new 80% policy has been adopted as a
"non-fundamental" investment policy.  This means that this
investment policy may be changed by the Board of Trustees
without shareholder approval.  However, each Fund has also
adopted a policy to provide its shareholders with at least
60 days' prior written notice of any change to its 80%
investment policy.  The Fund will interpret these new
policies as if the following phrase appeared immediately
after the words "net assets": (plus the amount of any
borrowing for investment purposes)."  If, subsequent
to an investment, a Fund's 80% policy is no longer met
(e.g., a fund receives a very large influx of cash to invest
from new shareholders), then under normal circumstances, the
Fund's future investments would be made in a manner that would
bring the Fund's investments back in line with the 80% threshold.

* UBS U.S. Bond Fund adopted a non-fundamental policy that under
normal circumstances, at least 80% of the Fund's net assets will
be invested in U.S. fixed income securities.
* UBS U.S. Balanced Fund adopted a non-fundamental policy that
under normal circumstances, at least 80% of the Fund's net assets
will be invested in U.S. securities.
* UBS U.S. Equity Fund adopted a non-fundamental policy that under
normal circumstances, at least 80% of the Fund's net assets will
be invested in U.S. equity securities.  Such investments may
include dividend-paying securities.
* UBS U.S. Value Equity Fund adopted a non-fundamental policy that
under normal circumstances, at least 80% of the Fund's net assets
will be invested in U.S. equity securities.  Such investments may
include dividend-paying securities.
* UBS U.S. Large Cap Equity Fund adopted a non-fundamental policy
that under normal circumstances, at least 80% of the Fund's net
assets will be invested in equity securities of U.S. large
capitalization companies.  Large capitalization companies are
those with a market capitalization of $6 billion or greater at
the time of purchase.
* UBS U.S. Large Cap Growth Fund adopted a non-fundamental policy
that under normal circumstances, at least 80% of the Fund's net
assets will be invested in equity securities of U.S. large
capitalization companies.  Large capitalization companies are
those with a market capitalization of $6 billion or greater at the
time of purchase.
* UBS U.S. Small Cap Equity Fund adopted a non-fundamental
policy that under normal circumstances, at least 80% of the Fund's
net assets will be invested in equity securities of U.S. small
capitalization companies.  Small capitalization companies are
those with a market capitalization of $2 billion or less at the
time of purchase.
* UBS U.S. Small Cap Growth Fund adopted a non-fundamental
policy that under normal circumstances, at least 80% of the
Fund's net assets will be invested in equity securities of
U.S. small capitalization companies.  Small capitalization
companies are those with a market capitalization of $2 billion
or less at the time of purchase.
* UBS U.S. Real Estate Equity Fund adopted a non-fundamental
policy that under normal circumstances, at least 80% of the
Fund's net assets will be invested in real estate equity
securities of U.S. issuers which may include real estate
investment trusts (REITs).
* UBS Global Equity Fund adopted a non-fundamental policy that
under normal circumstances, at least 80% of the Fund's net
assets will be invested in equity securities.  Investments in
equity securities may include common stock and preferred stock
of U.S. and foreign issuers.
* UBS Global Technology Fund adopted a non-fundamental
policy that under normal circumstances, at least 80% of the
Fund's net assets will be invested in securities issued by
technology companies.
* UBS Global Biotech Fund adopted a non-fundamental policy
that under normal circumstances, at least 80% of the Fund's
net assets will be invested in securities issued by
biotechnology companies.
* UBS Global Bond Fund adopted a non-fundamental policy that
under normal circumstances, at least 80% of the Fund's net
assets will be invested in fixed income securities.
* UBS International Equity Fund adopted a non-fundamental
policy that under normal circumstances, at least 80% of the
Fund's net assets will be invested in equity securities.
Investments in equity securities may include common stock
and preferred stock of issuers located throughout the world.
* UBS Emerging Markets Debt Fund adopted a non-fundamental
policy that under normal circumstances, at least 80% of the
Fund's net assets will be invested in debt securities that
are tied economically to emerging market countries.  Such
investments may include debt securities issued by governments,
government-related entities (including participation in loans
between governments and financial institutions), corporations
and entities organized to restructure outstanding debt of
issuers in emerging markets.
* UBS Emerging Markets Equity Fund adopted a non-fundamental
policy that under normal circumstances, at least 80% of the
Fund's net assets will be invested in equity securities that
are tied economically to emerging market countries.
Securities tied economically to emerging market countries
include securities  on which the return is derived from
issuers in emerging market countries, such as equity swap
contracts and equity swap index contracts.  Up to 20% of the
Fund's net assets may be invested in higher-yielding,
lower-rated fixed income securities.