-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Tig6hq/ZUcR13Ibt/kGIM0l3Mzxh4lmyAM2OjA+qudHy9IH3p40aZPaJMglWSA5S 9bMkkttbtATlc2cBbI5Rhw== 0001104659-10-034121.txt : 20100616 0001104659-10-034121.hdr.sgml : 20100616 20100616140939 ACCESSION NUMBER: 0001104659-10-034121 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20100616 DATE AS OF CHANGE: 20100616 EFFECTIVENESS DATE: 20100616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UBS FUNDS CENTRAL INDEX KEY: 0000886244 IRS NUMBER: 367056204 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-47287 FILM NUMBER: 10900280 BUSINESS ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: ONE NORTH WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-525-7100 MAIL ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: ONE NORTH WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: BRINSON FUNDS INC DATE OF NAME CHANGE: 19920929 0000886244 S000002977 UBS High Yield Fund C000008174 CLASS A BNHYX C000008175 CLASS B BNHBX C000008176 CLASS C BNHCX C000008177 CLASS Y BIHYX 0000886244 S000002978 UBS U.S. Large Cap Equity Fund C000008178 Class A BNEQX C000008179 CLASS B BNQBX C000008180 CLASS C BNQCX C000008181 CLASS Y BPEQX 0000886244 S000002979 UBS GLOBAL ALLOCATION FUND C000008182 CLASS A BNGLX C000008183 CLASS B BNPBX C000008184 CLASS C BNPCX C000008185 CLASS Y BPGLX 0000886244 S000002980 UBS INTERNATIONAL EQUITY FUND C000008186 CLASS A BNIEX C000008187 CLASS B BNIBX C000008188 CLASS C BNICX C000008189 CLASS Y BNUEX 0000886244 S000002981 UBS U.S. BOND FUND C000008190 CLASS A BNBDX C000008191 CLASS B BNOBX C000008192 CLASS C BNOCX C000008193 CLASS Y BPBDX 0000886244 S000002982 UBS U.S. LARGE CAP VALUE EQUITY FUND C000008194 CLASS A BNVAX C000008195 CLASS B BNVBX C000008196 CLASS C BNVCX C000008197 CLASS Y BUSVX 0000886244 S000002984 UBS GLOBAL BOND FUND C000008202 CLASS A BNGBX C000008203 CLASS B BNDBX C000008204 CLASS C BNDCX C000008205 CLASS Y BPGBX 0000886244 S000002985 UBS U.S. SMALL CAP GROWTH FUND C000008206 CLASS A BNSCX C000008207 CLASS B BNMBX C000008208 CLASS C BNMCX C000008209 CLASS Y BISCX 0000886244 S000003132 UBS GLOBAL EQUITY FUND C000008491 CLASS A BNGEX C000008492 CLASS B BNEBX C000008493 CLASS C BNECX C000008494 CLASS Y BPGEX 0000886244 S000003135 UBS DYNAMIC ALPHA FUND C000008503 CLASS A BNAAX C000008504 CLASS B BNABX C000008505 CLASS C BNACX C000008506 CLASS Y BNAYX 0000886244 S000003136 UBS ABSOLUTE RETURN BOND FUND C000008507 CLASS A BNRAX C000008508 CLASS C BNRCX C000008509 CLASS Y BNRYX 0000886244 S000013001 UBS U.S. Equity Alpha Fund C000035135 Class A BEAAX C000035136 Class C BEACX C000035137 Class Y BEAYX 0000886244 S000017860 UBS Global Frontier Fund C000049576 Class A BGFAX C000049577 Class C BGFCX C000049578 Class Y BGFYX 497 1 a10-11769_8497.htm 497

 

 

The UBS Funds

 

Supplement to the prospectuses (the “Prospectuses”)

 

June 16, 2010

 

Dear Investor,

 

The purpose of this supplement is to update the Prospectuses of the series of The UBS Funds (the “Trust”), each dated October 28, 2009, as follows:

 

1.             This supplement corrects certain financial information for the UBS Dynamic Alpha Fund.

 

Therefore, the table entitled “Annual fund operating expenses” under the heading “UBS Dynamic Alpha Fund — Expenses and fee tables” on page 10 of the Prospectus is replaced in its entirety with the following:

 

Annual fund operating expenses (expenses that are deducted from fund assets)(4)

 

 

 

Class A

 

Class B

 

Class C

 

Class Y

 

Management fees

 

0.81

%

0.81

%

0.81

%

0.81

%

Distribution and/or service (12b-1) fees

 

0.25

%

1.00

%

1.00

%

None

 

Other expenses:(5)

 

 

 

 

 

 

 

 

 

Dividend expense and securities loan fees for securities sold short

 

0.24

%

0.26

%

0.25

%

0.22

%

Other

& nbsp;

0.24

%

0.32

%

0.26

%

0.19

%

Total other expenses

 

0.48

%

0.58

%

0.51

%

0.41

%

Acquired fund fees and expenses(6)

 

0.04

%

0.04

%

0.04

%

0.04

%

Total annual fund operating expenses(7)

 

1.58

%

2.43

%

2.36

%

1.26

%

Less management fee waiver/expense reimbursements

 

—

 

0.03

%

—

 

—

 

Net expenses(8)

 

1.58

%

2.40

%

2.36

%

1.26

%

 

(4) Please note that the annual fund operating expenses presented are based on the Fund’s average net assets during the Fund’s most recent fiscal year ended prior to the date of this prospectus. As the Fund’s current net assets become higher or lower than the average during such fiscal year, total annual fund operating expenses may become lower or higher, respectively, than those presented.

(5) “Other expenses” include, among other expenses, an administrative fee of 0.075% paid by the Fund to UBS Global AM (Americas).

(6) “Acquired fund fees and expenses” is the amount of the Fund’s proportionate share of the fees and expenses of other investment companies that the Fund indirectly pays as a result of its investment in the investment companies.

(7) Since the “Acquired fund fees and expenses” are not directly borne by the Fund, they are not reflected in the Fund’s financial statements, and therefore the amounts listed in “Total annual fund operating expenses” will differ from those presented in the Financial highlights.

(8) The Trust, with respect to the Fund, and the Advisor 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 interest expense, securities loan fees, dividend expense for securities sold short and expenses incurred through investment in other investment companies) to the extent necessary so that the Fund’s ordinary operating

 

Item # ZS422

 


 

expenses (excluding interest expense, securities loan fees, dividend expense for securities sold short and expenses incurred through investment in other investment companies), through the fiscal year ending June 30, 2010, do not exceed 1.35% for Class A shares, 2.10% for Class B shares, 2.10% for Class C shares and 1.10% for Class Y shares. 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, to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed any applicable expense limit that is in place for the Fund.

 

In addition, the table under the heading “UBS Dynamic Alpha Fund — Expenses and fee tables” and the sub-heading “Example” on page 11 of the Prospectus is replaced in its entirety with the following:

 

Example

 

 

 

1 year

 

3 years

 

5 years

 

10 years

 

Class A

 

$

702

 

$

1,021

 

$

1,363

 

< font size="2" face="Times New Roman" style="font-size:10.0pt;">$

2,325

 

Class B (assuming sale of all shares at end of period)

 

743

 

1,055

 

1,493

 

2,360

**

Class B (assuming no sale of shares)

 

243

 

755

 

1,293

 

2,360

**

Class C (assuming sale of all shares at end of period)

 

339

 

736

 

1,260

 

2,696

 

Class C (assuming no sale of shares)

 

239

 

736

 

1,260

 

2,696

 

Class Y

 

128

 

400

 

692

 

1,523

 

 

** Reflects conversion to Class A shares after a maximum of six years.

 

Also, the financial highlights on pages 60-61 under the heading “UBS Dynamic Alpha Fund — Financial highlights” are replaced in their entirety with the following:

 

< td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.78%;">

520,754

 

 

Class A

 

Class C

 

 

 

 

 

 

 

 

 

 

 

For the

 

 

 

 

 

 

 

 

 

For the

 

 

 

Year ended June 30,

 

period ended

 

Year ended June 30,

 

period ended

 

 

 

2009

 

2008

 

2007

&n bsp;

2006

 

June 30, 2005(6)

 

2009

 

2008

 

2007

 

2006

 

June 30, 2005(6)

 

Net asset value, beginning of period

 

$

9.89

 

$

11.42

 

$

11.04

 

$

10.22

 

$

10.00

 

$

9.68

 

$

11.26

 

$

10.97

 

$

10.19

 

$

10.00

 

Income (loss) from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)(1)

 

0.14

 

0.04

 

0.01

 

(0.09

)

(0.04

)

0.08

 

(0.04

)

(0.08

)

(0.17

)

(0.08

)

Net realized and unrealized gain (loss) from investment activities

 

(1.84

)

(0.56

)

0.37

 

1.01

 

0.26

 

(1.81

)

(0.54

)

0.37

 

1.00

 

0.27

 

Net increase from payment by Advisor

 

0.00

(3)

—

 

—

 

0.00

(3)

—

 

0.00

(3)

—

 

—

 

0.00

(3)

—

 

Total income (loss) from investment operations

 

(1.70

)

(0.52

)

0.38

 

0.92

 

0.22

 

(1.73

)

(0.58

)

0.29

 

0.83

 

0.19

 

Less dividends/distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From net investment income and net foreign currency gains

 

—

 

(0.01

)

0.00

(3)

(0.10

)

—

 

—

 

—

  ;

—

 

(0.05

)

—

 

From net realized gains

 

(2.74

)

(1.00

)

—

 

—

 

—

 

(2.74

)

(1.00

)

—

 

—

 

—

 

Total dividends/distributions

 

(2.74

)

(1.01

)

0.00

(3)

(0.10

)

—

 

(2.74

)

(1.00

)

—

 

(0.05

)

—

 

Net asset value, end of period

 

$

5.45

 

$

9.89

 

$

11.42

 

$

11.04

 

$

10.22

 

$

5.21

 

$

9.68

 

$< /font>

11.26

 

$

10.97

 

$

10.19

 

Total investment return(2)

 

(14.31

)%(8)

(4.95

)%

3.44

%

9.02

%(4)

2.20

%

(14.98

)%(8)

(5.62

)%

2.64

%

8.15

%(4)

1.90

%

Ratios/Supplemental data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 

$

398,321

 

$

1,178,342

 

$

2,168,596

 

$

1,777,329

 

$

528,088

 

$

131,745

 

$

317,450

 

$

579,916

 

$

 

$

202,891

 

Ratio of expenses to average net assets

 

1.54

%(9)

1.20

%

1.17

%

1.20

%

1.32

%(7)

2.32

%(9)

1.97

%

1.93

%

1.97

%

2.09

%(7)

Ratio of net investment income (loss) to average net assets

 

1.99

%

0.35

%

0 .06

%

(0.80

)%

(1.04

)%(7)

1.24

%

(0.41

)%

(0.72

)%

(1.57

)%

(1.81

)%(7)

Portfolio turnover

 

139

%

39

< /td>

%

28

%

38

%

6

%

139

%

39

%

28

%

38

%

6

%

 

 

 

Class B

 

Class Y

 

 

 

 

 

 

 

 

 

 

 

For the

 

 

 

 

 

 

 

 

 

For the

 

 

 

Year ended June 30,

 

period ended

 

Year ended June 30,

 

period ended

 

 

 

2009

 

2008

 

2007

 

2006

 

June 30, 2005(6)

 

2009

 

2008

 

2007

 

2006

 

June 30, 2005(6)

 

Net asset value, beginning of period

 

$

9.68

 

$

11.26

 

$

10.98

 

$

10.19

 

$

10.00

 

$

9.96

 

$

11.48

 

$

11.07

 

$

10.23

 

$

10.00

 

Income (loss) from investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)(1)

 

0.08

 

(0.04

)

(0.09

)

(0.17

)

(0.08

)

0.17

 

0.08

 

0.05

 

(0.06

)

(0.03

)

Net realized and unrealized gain (loss) from investment activities

 

(1.82

)

(0.54

)

0.37

 

1.00

 

0.27

 

(1.85

)

(0.56

)

0.36

 

1.02

 

0.26

 

Net increase from payment by Advisor

 

0.00

(3)

—

 

—

 

0.00

(3)

—

 

0.00

(3)

—

 

—

 

0.00

(3)

—

 

Total income (loss) from investment operations

 

(1.74

)

(0.58

)

0.28

 

0.83

 

0.19

 

(1.68

)

(0.48

)

0.41

 

0.96

 

0.23

 

Less dividends/distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From n et investment income and net foreign currency gains

 

—

 

—

 

—

 

(0.04

)

—

 

—

 

(0.04

)

0.00

(3)

(0.12

)

—

 

From net realized ga ins

 

(2.74

)

(1.00

)

—

 

—

 

—

 

(2.74

)

(1.00

)

—

 

—

 

—

 

Total dividends/distributions

 

(2.74

)

(1.00

)

—

 

(0.04

)

—

 

(2.74

)

(1.04

)

0.00

(3)

(0.12

)

—

 

Net asset value, end of period

 

$

5.20

 

$

9.68

 

$

11.26

 

$

10.98

 

$

10.19

 

$

5.54

 

$

9.96

 

$

11.48

 

$

11.07

 

$

10.23

 

Total investment return(2)

 

(14.98

)%(8)

(5.62

)%

2.64

%

8.09

%(4)

1.90

%

(13.99

)%(8)

(4.64

)%

3.80

%

9.28

%(4)

2.30

%

Ratios/Supplemental data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in 000s)

 

$

6,733

 

$

14,905

 

$

25,790

 

$

30,051

 

$

14,815< /p>

 

$

77,254

 

$

320,839

 

$

478,785

 

$

293,004

 

$

56,220

 

Ratio of expenses to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Before expense reimbursement/recoupment

 

2.39

%(9)

1.99

%

1.95

%

1.98

%

2.11

%(7)

1.22

%(9)

0.91

%

0.89

%

0.92

%

1.00

%(7)

After expense reimbursement/recoupment

 

2.36

%(9)

1.99

%

1.95

%

1.99

%(5)

2.10

%(7)

1.22

%(9)

0.91

%

0.89

%

0.92

%

1.00

%(7)

Ratio of net investment income ( loss) to average net assets

 

1.23

%

(0.42

)%

(0.78

)%

(1.59

)%

(1.82

)%(7)

2.23

%

0.69

%

0.40

%

(0.52

)%

(0.72

)%(7)

Portfolio turnover

 

139

%

39

%

28

%

38

%

6

%

139

%

39

%

28

%

38

%

6

%

 

(1)

 

Calculated using the average shares method.

(2)

 

Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Total investment return for periods of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on dividends/distributions or the redemption of Fund shares.

(3)

 

Amount represents less than $0.005 per share.

(4)

 

During the fiscal year ended June 30, 2006, the Fund’s total investment return included a reimbursement by the Investment Advisor for amounts relating to a trading error that had an impact on the total return of less than 0.005%.

(5)

 

The Investment Manager recouped expenses previously reimbursed by the investment manager on behalf of the Fund, not to exceed the expense cap.

(6)

 

For the period January 27, 2005 (commencement of operations) through June 30, 2005.

(7)

 

Annualized.

(8)

 

During the fiscal year ended June 30, 2009, the Fund’s total investment return included a reimbursement by the Investment Advisor for amounts relating to a trading error that had an impact on total return of less then 0.005%

(9)

 

Ratios have been restated to reflect interest and dividend expense for securities sold short. This restatement had no impact on the Fund’s previously reported net assets, net investment income, net asset value, total return or ratio of net investment income to average net assets.

 

2.             This supplement also updates information regarding the minimum initial investment in Class Y shares of the Funds, which was reduced from $10 million to $5 million for the UBS Global Allocation Fund, UBS Global Equity Fund, UBS International Equity Fund, UBS U.S. Large Cap Equity Fund and UBS U.S. Large Cap Value Equity Fund.

 

The last sentence in the section titled “Managing your Fund account — Class A sales charges” in each Prospectus is deleted in its entirety and replaced with the following:

 

If you intend to purchase more than $5 million of Class A shares, you should instead purchase Class Y shares, which have lower on-going expenses.

 

The Section captioned “Managing your Fund account — Class Y shares” in each Prospectus is revised by replacing the first full paragraph in its entirety with the following:

 

Shareholders pay no front-end or deferred sales charges on Class Y shares. Prior to June 16, 2010, UBS Global AM (US), the principal underwriter of the funds, made payments out of its own resources to certain affiliated dealers (e.g., UBS Financial Services Inc.) and, from time to time, unaffiliated dealers. These dealers may continue to receive such payments after June 16, 2010, in UBS Global AM (US)’s sole discretion. Only specific types of investors can purchase Class Y shares.

 

In addition, the ninth bullet point in the second paragraph in the section titled “Managing your Fund account — Class Y shares”  in each Prospectus is deleted in its entirety and replaced with the following:

 


 

·                  Shareholders who invest a minimum initial amount of $5 million in a Fund. An institutional investor may aggregate its holdings with holdings of certain related institutional investors to meet the foregoing minimums;

 

3.             Effective June 16, 2010, Craig G. Ellinger replaced Shu-Yang Tan as the lead portfolio manager for the UBS High Yield Fund.

 

Therefore, the first paragraph under the heading “Management and the sub-heading “Portfolio Management — UBS High Yield Fund” on page 48 of the Fund’s Prospectus is deleted in its entirety and replaced by the following:

 

UBS High Yield Fund

 

Craig Ellinger and Matthew Iannucci are the portfolio managers for the Fund and are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio.  Mr. Ellinger and Mr. Iannucci have access to a globally integrated team of credit analysts.  Mr. Ellinger and Mr. Iannucci have responsibility for the overall portfolio and for reviewing the overall composition of the portfolio to ensure its compliance with the Fund’s stated investment objectives and strategies.  Information about Mr. Ellinger and Mr. Iannucci is provided below.

 

In addition, the second paragraph under the heading “Management and the sub-heading “Portfolio Management — UBS High Yield Fund” on page 48 of the Fund’s Prospectus is deleted in its entirety and replaced by the following:

 

Craig Ellinger is Managing Director and Global Head of Credit Research and High Yield at UBS Global Asset Management.  Mr. Ellinger has been an investment professional with UBS Global Asset Management since 2000 and a portfolio manager of the Fund since June 2010.

 

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION WITH YOUR PROSPECTUSES, EACH DATED OCTOBER 28, 2009.

 

 


 

 

The UBS Funds

 

Supplement to the Statement of Additional Information (“SAI”)

 

June 16, 2010

 

Dear Investor,

 

The purpose of this supplement is to update the SAI of the series of The UBS Funds (the “Trust”), dated October 28, 2009, as follows:

 

1.               Effective May 21, 2010, Mark Carver succeeded Kai Sotorp as president of the Trust. As a result, the entry for Mr. Sotorp in the listing of the Trust’s officers on page 56 of the SAI is deleted and replaced with the following:

 

Name, address and age

 

Position(s)
held with
the Trust< /p>

 

Term of
office† and
length of
time served

 

Principal occupation(s) during the
past 5 years

Mark E. Carver; 46
UBS Global Asset Management
1285 Avenue of the Americas

New York, NY 10019

 

President

 

Since May 2010

 

Mr. Carver is a managing director and Head of Product Development and Management—Americas for UBS Global AM—Americas region (since 2008). In this role, he oversees product development and management for both wholesale and institutional businesses. He is a member of the Americas Management Committee (since 2008) and the Regional Operating Committee (since 2008). Prior to 2008, Mr. Carver held a number of product-related or sales responsibilities with respect to funds, advisory programs and separately managed accounts. Mr. Carver joined a predecessor of an affiliated firm in 1985 and has been with UBS Global AM—Americas region (or its affiliates) since 1996. Mr. Carver is president of 20 investment companies (consisting of 102 portfolios) for which UBS Glob al AM or one of its affiliates serves as investment advisor, sub-advisor or manager.

 


 

2.               Effective June 16, 2010, Craig G. Ellinger replaced Shu-Yang Tan as a portfolio manager for the UBS High Yield Fund.  Therefore, on page 73 of the SAI, the following information replaces the information for Shu-Yang Tan under the heading “Investment advisory, principal underwriting and other service arrangements” and the sub-heading “Portfolio managers”:

 

 

 

Registered investment
companies

 

Other pooled
investment vehicles

 

Other accounts

 

Portfolio Manager (Funds
managed)

 

Number

 

Assets
managed
(in
millions)

 

Number

 

Assets

managed
(in
millions)

 

Number

 

Assets
managed

(in
millions)

 

Craig G. Ellinger(b)
(UBS High Yield Fund)

 

5

 

$

587

 

7(8)

 

$

130

 

4

 

$

0

(9)

 

(b)         Mr. Ellinger became a portfolio manager of the Fund on June 16, 2010.  Information provided for Mr. Ellinger is as of March 31, 2010.

(8)   Accounts were calculated with the exchange rate as of March 31, 2010 of 0.9489.

(9)   Accounts in this category totaled less then $1 million.

 

In addition, on page 76 of the SAI, the following information replaces the information for Shu-Yang Tan under the heading “Investment advisory, principal underwriting and other service arrangements” and the sub-heading “Portfolio managers”:

 

Portfolio Manager/Fund*

 

Range of shares owned**

Craig G. Ellinger ##
UBS High Yield Fund

 

None

 

##          Information for Mr. Ellinger is as of March 31, 2010.

 

3.               In addition, the section captioned “Reduced sales charges, additional purchase, exchange and redemption information and other services — Payments by UBS Global AM—Class Y shares” on page 108 of the SAI is revised by replacing this section in its entirety with the following:

 

Payments by UBS Global AM—Class Y shares.   Class Y shares are sold without sales charges and do not pay ongoing 12b-1 distribution or service fees.  Prior to June 16, 2010, UBS Global AM (US), the principal underwriter of the funds, made payments out of its own resources to certain affiliated dealers (e.g., UBS Financial Services Inc.) and, from time to time, unaffiliated dealers. These dealers may continue to receive such payments after June 16, 2010, in UBS Global AM (US)’s sole discretion. Only specific types of investors can purchase Class Y shares.

 

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION WITH YOUR SAI DATED OCTOBER 28, 2009.

 

Item # ZS423

 

 

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