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2025-12-31 0000886244 ck0000886244:doc_UBS_Sustainable_Development_Bank_Bond_Fund_Class_P2_ProspectusMember ck0000886244:index_Solactive_Global_Multilateral_Development_Bank_Bond_USD_40_15_Year_60_510_Year_Total_Return_IndexMember 2020-10-30 2025-12-31 0000886244 ck0000886244:doc_UBS_Sustainable_Development_Bank_Bond_Fund_Class_P2_ProspectusMember ck0000886244:C000205443Member 2026-10-27 2026-10-27 pure iso4217:USD 2026-10-27 N-1A THE UBS FUNDS 2026-10-28 UBS Emerging Markets Equity Opportunity Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize capital appreciation.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in “Managing your fund account” beginning on page 112 of this Fund’s prospectus and in “Reduced sales charges, additional purchase, exchange and redemption information and other services” beginning on page 97 of the Fund’s statement of additional information (“SAI”). In addition to the fees and expenses described below, you may also be required to pay commissions or other fees to your broker for transactions in Class P shares. Shares of the Fund are available in classes other than Class P that have different fees and expenses.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A‑1 of this prospectus.</span></p> You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on <br/>purchases (as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) <br/>(as a % of purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> </table> 0.055 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:2.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:171pt; max-width:171pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.89</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.89</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b-1) fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.25</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.31</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.31</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.45</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.20</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.20</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.20</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management <br/>fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.25</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.00</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” for Class A are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short 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, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 1.25% for Class A shares and 1.00% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.0089 0.0089 0.0025 0 0.0031 0.0031 0.0145 0.012 -0.002 -0.002 0.0125 0.01 <span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span> “Other expenses” for Class A are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:240.95pt; border-spacing: 0px;"><tr><td style="min-width:111pt; max-width:111pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:26.96pt; max-width:26.96pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:24.04pt; max-width:24.04pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:23.94pt; max-width:23.94pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:31pt; max-width:31pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:111pt; max-width:111pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.98%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12.43pt; max-width:12.43pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.57pt; max-width:11.57pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">670</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.04pt; max-width:3.04pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:9.43pt; max-width:9.43pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.57pt; max-width:11.57pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">965</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.94pt; max-width:1.94pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.73pt; max-width:4.73pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:17.27pt; max-width:17.27pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,281</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:20.43pt; max-width:20.43pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2,174</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:111pt; max-width:111pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.98%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:12.43pt; max-width:12.43pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:11.57pt; max-width:11.57pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">102</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.04pt; max-width:3.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:9.43pt; max-width:9.43pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:11.57pt; max-width:11.57pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">361</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.94pt; max-width:1.94pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.73pt; max-width:4.73pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.27pt; max-width:17.27pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">640</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.43pt; max-width:20.43pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,437</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 670 965 1281 2174 102 361 640 1437 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio.</span></p> 0.43 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. Investments in equity securities may include, but are not limited to, common stock; shares of collective trusts, investment companies, including exchange-traded funds (“ETFs”); preferred stock; securities convertible into common stock, rights, warrants and options; sponsored or unsponsored depository receipts and depository shares, including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts; equity securities of real estate investment trusts (“REITs”); securities sold in private placements; and new issues, including initial and secondary public offerings.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">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. The Fund intends to invest primarily in a portfolio of equity securities of issuers located in at least three emerging market countries, which may be located in Asia, Europe, Latin America, Africa and/or the Middle East.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund will generally hold the stocks of between 20 to 40 issuers. The Fund may invest up to +/- 15% of its benchmark’s weighting (the MSCI Emerging Markets Index) in any one country or sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:-0.16pt; color:#231f20">The Fund may, but is not required to, use exchange-traded </span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">or over-the-counter derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include options (including options on securities, indices, futures, forwards, and swap agreements) futures, forward currency agreements, swap agreements (including interest rate, total return and currency) and equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. Further, the Fund may acquire and sell forward foreign currency exchange contracts in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates in connection with the settlement of securities. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); to obtain exposure to certain markets; or to establish net short positions for individual currencies (except for equity participation notes). Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor considers a number of factors to determine whether an investment is tied to a particular country, including whether the investment is issued or guaranteed by a particular government or any of its agencies, political subdivisions, or instrumentalities; the investment has its primary trading market in a particular country; the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in a particular country; the investment is included in an index representative of a particular country or region; and the investment is exposed to the economic fortunes and risks of a particular country. For purposes of the Fund’s 80% policy, emerging market countries are countries that are not included in the MSCI World Index of major world economies. However, countries included in the MSCI World Index may also be considered emerging market countries based on current political and economic factors. The countries included in </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">this definition will change over time. The Fund’s investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the Beijing Stock Exchange). The Fund may also invest in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity (“VIE”). In a VIE structure, instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the Chinese entity (and/or related persons). These contractual arrangements are expected to provide the listed company (and investors in such company, such as the Fund) with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may invest in securities issued by companies in any market capitalization range, including small capitalization companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In pursuing its investment strategy, depending upon market and economic conditions, the Fund may have a significant degree of investments in securities of issuers within a single sector, including the information technology sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor employs a high alpha long opportunistic strategy, also known as the “UBS-HALO” strategy. The UBS-HALO strategy is a long-term investing approach focused on taking opportunities that seek to produce superior performance relative to the benchmark (the difference of which is “alpha”). The Advisor follows a price to intrinsic value approach. The price to intrinsic value investment philosophy means the Advisor pays great attention to investment fundamentals and expected cash flows when assessing investments. The Advisor tries to identify and exploit periodic discrepancies between market prices and fundamental value. These price/value discrepancies are used as the building blocks for portfolio construction.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In selecting individual securities for investment, the Advisor considers, among others:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 63.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:170.5pt; max-width:170.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">A company’s potential cash generation</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 157.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:76.5pt; max-width:76.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Earnings outlook</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 45.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:188.5pt; max-width:188.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Expected sustainable return on investments</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 83.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:150.5pt; max-width:150.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Expected sustainable growth rates</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.18; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Stock prices versus a company’s asset or franchise values</span></p></td></tr> </table><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investment process integrates material sustainability and/or environmental, social and governance (“ESG”) considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by specific ethical principles or norms. The analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply chain management, fair customer treatment and governance processes of a company. This analysis is captured in a qualitative ESG assessment by the Advisor that leverages internal research. The Advisor also accesses quantitative ESG data that combines multiple sources and provides information on ESG risks and opportunities. ESG considerations and weights considered may change over time. The Fund’s portfolio managers may still invest in securities without respect to sustainability and/or ESG considerations or in securities which present sustainability and/or ESG risks, including where the portfolio managers believe the potential compensation outweighs the risks identified.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Focus risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund’s investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry than another fund having a broader range of investments. As a result, there may be more fluctuation in the price of the Fund’s shares.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Information technology sector risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund’s performance may be particularly affected by developments affecting the information technology sector as a result of significant investments in such sector. Information technology companies may face rapid technological change, short product cycles, intense competition, changing customer preferences, and substantial research and development costs. A company’s products or services may become obsolete or fail to gain market acceptance, and its financial results may depend on a limited number of products, customers, or key personnel. These companies may also be adversely affected by cybersecurity incidents, service disruptions, data-privacy requirements, changes in government regulation, and the failure to obtain (or delays in obtaining) financing or regulatory approvals. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights and disputes over intellectual property rights may adversely affect the profitability of these companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The market prices of information technology securities may be especially volatile, and adverse developments </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">affecting the information technology sector could cause the Fund’s shares to decline in value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are special risks associated with investments in China (including Chinese companies listed on US and Hong Kong exchanges), Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan and Hong Kong could be adversely affected by their respective political and economic relationship with China. China, Hong Kong and Taiwan are deemed by the investment manager to be emerging markets countries, which means an investment in these countries has more heightened risks than general foreign investing due to a lack of established legal, political, business and social frameworks; inefficiencies resulting from erratic growth; the unavailability of consistently reliable financial data; asset price volatility; limited accessibility; currency devaluation; absence of operating history for companies; and lack of accounting standards or auditor oversight in these countries to support securities markets as well as the possibility for more widespread corruption and fraud. Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the United States as economic and strategic competition between the United States and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. The Chinese government exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based entity (and/or related persons). Investments through a VIE structure are subject to the risk that a counterparty will breach its contracts with the listed company that holds such contractual rights; that any breach of such contracts will likely be subject to Chinese law and jurisdiction; and that Chinese law may be interpreted or change in a way that affects the enforceability of such arrangements, or contracts between the China-based entity (and/or related persons) </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">and the listed company may otherwise not be enforceable under Chinese law. As a result, the market value of the Fund’s associated holdings would likely be significantly negatively impacted, which may result in significant losses with little or no recourse available. Further, investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based entity and the stockholders of the listed company, which may adversely impact the value of the investments of the listed company. Additionally, the Chinese economy is highly dependent on the property sector and exportation of products and services, and could experience a significant slowdown or otherwise be adversely impacted due to a slowdown in the housing construction and development markets, a reduction in global demand for Chinese exports, contraction in spending on domestic goods by Chinese consumers, the institution of tariffs or other trade barriers, trade or political disputes with China’s major trading partners, natural disasters, or public health threats. Additionally, emerging market countries, such as China, may subject the Fund’s investments to a number of tax rules, and the application of many of those rules may be uncertain. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Geographic concentration risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund focuses its investments in a single country or region, its portfolio will be more susceptible to factors adversely affecting issuers located in that country or region than would a more geographically diverse portfolio of securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China A-shares and Stock Connect investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> China A-shares are subject to a number of restrictions imposed by Chinese securities regulations and listing rules. Investments by foreign investors in China A-shares are subject to various restrictions, regulations and limits. The China A-share market is volatile and can have a higher risk of suspension of trading in a particular security or multiple securities or government intervention than many other global equity markets. Trading suspensions could lead to greater market execution risk, valuation risks, liquidity risks, and costs for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Investing in A-shares through Stock Connect continues to evolve and future developments may restrict or otherwise affect the Fund’s investments or returns. Stock Connect is subject to trading, clearance, settlement, and other procedures, which could pose risks to the Fund. Trading through the Stock Connect program is subject to daily quotas that limit the maximum daily net purchases on any particular day, each of which may restrict or preclude the Fund’s ability to invest in A-shares through the Stock Connect program. The Fund’s invest‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ments in Stock Connect A-shares are generally subject to People’s Republic of China (“PRC”) securities regulations and listing rules, among other restrictions. Any changes in laws, regulations and policies of the China A-shares market or rules in relation to Stock Connect may affect China A-share prices and tax treatment. These risks are heightened by the developing state of the PRC’s investment and banking systems in general. The Shanghai, Shenzhen, and Beijing markets may be open at a time when the Stock Connect Program is not trading, with the result that prices of China A-shares may fluctuate at times when the Fund is unable to add to or exit its position.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Initial public offerings (“IPOs”)/private placement risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The purchase of shares issued in IPOs and investments in the stocks of privately held companies may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, involve high transaction costs, face liquidity risk, and share prices of newly-public companies may fluctuate significantly over a short period of time. An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. Preferred stocks in which the Fund may invest are also sensitive to interest rate changes, credit risk, risks related to deferred and omitted distributions, limited voting rights, liquidity risk, and risks related to regulatory changes. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, involve certain risks. The Fund’s investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s Class P performance information in a bar chart and an average annual total returns table. There is no performance information quoted for the Class A shares of the Fund as the Class A shares have not completed a full calendar year of operations as of the date of this </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">prospectus. Although the Class A shares are invested in the same portfolio of securities as the Class P shares, returns for the Class A shares will differ from the Class P shares to the extent that the Class A shares are subject to different expenses. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The MSCI Emerging Markets Index (net) reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The MSCI Emerging Markets Index (net) reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown. Total return (Class P)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:240.25pt; height:105.32pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234272_ba001.jpg" style="margin:-0.07pt 0.2pt; width: 319.73px; height: 140.58px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2020 is the Fund’s Class P shares’ first full year of operations</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: 25.02%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—4Q 2020: 22.32%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—1Q 2020: (23.34)%</span></p> Total return 2026-09-30 0.2502 Best quarter 2020-12-31 0.2232 Worst quarter 2020-03-31 -0.2334 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:5.9pt 0pt 0pt; width:239.16pt; border-spacing: 0px;"><tr><td style="min-width:135.14pt; max-width:135.14pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:3.96pt; max-width:3.96pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:24.82pt; max-width:24.82pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3.47pt; max-width:3.47pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:30.2pt; max-width:30.2pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.95pt; max-width:4.95pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:24.75pt; max-width:24.75pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of class</span></p> </td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:135.14pt; max-width:135.14pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (1/31/19)<br/>Return before taxes</span></p> </td><td style="min-width:3.96pt; max-width:3.96pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">42.69</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3.47pt; max-width:3.47pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.79pt; max-width:20.79pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.91</span></p> </td><td style="min-width:9.41pt; max-width:9.41pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.95pt; max-width:4.95pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.02pt; max-width:17.02pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> 5.81</span></p> </td><td style="min-width:7.73pt; max-width:7.73pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:135.14pt; max-width:135.14pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:3.96pt; max-width:3.96pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">42.17</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.47pt; max-width:3.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.79pt; max-width:20.79pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.07</span></p> </td><td style="min-width:9.41pt; max-width:9.41pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.95pt; max-width:4.95pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.02pt; max-width:17.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.07</span></p> </td><td style="min-width:7.73pt; max-width:7.73pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:135.14pt; max-width:135.14pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions<br/>and sale of fund shares</span></p> </td><td style="min-width:3.96pt; max-width:3.96pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">25.88</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.47pt; max-width:3.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.79pt; max-width:20.79pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.65</span></p> </td><td style="min-width:9.41pt; max-width:9.41pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.95pt; max-width:4.95pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.02pt; max-width:17.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.56</span></p> </td><td style="min-width:7.73pt; max-width:7.73pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:135.14pt; max-width:135.14pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">MSCI Emerging Markets Index (net)</span></p> </td><td style="min-width:3.96pt; max-width:3.96pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">33.57</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.47pt; max-width:3.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.79pt; max-width:20.79pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.20 </span></p> </td><td style="min-width:9.41pt; max-width:9.41pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.97pt; max-width:2.97pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.95pt; max-width:4.95pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.02pt; max-width:17.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.86</span></p> </td><td style="min-width:7.73pt; max-width:7.73pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 2019-01-31 0.4269 0.0091 0.0581 0.4217 0.0007 0.0507 0.2588 0.0065 0.0456 0.3357 0.042 0.0686 UBS Global Allocation Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in “Managing your fund account” beginning on page 112 of this prospectus and in “Reduced sales charges, additional purchase, exchange and redemption information and other services” beginning on page 97 of the Fund’s statement of additional information (“SAI”). In addition to the fees and expenses described below, you may also be required to pay commissions or other fees to your broker for transactions in Class P shares. Shares of the Fund are available in a class other than Class P that has different fees and expenses.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A‑1 of this prospectus.</span></p> You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on <br/>purchases (as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) <br/>(as a % of purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> </table> 0.055 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:171pt; max-width:171pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.80</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.80</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.25</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.51</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.49</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Acquired fund fees and expenses</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.13</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.13</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.69</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.42</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.36</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.34</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management <br/>fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2,3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.33</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.08</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">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” and “Total annual fund operating expenses after management fee waiver/expense reimbursements” will differ from those presented in the Financial highlights.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund’s operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 1.20% for Class A shares and 0.95% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.008 0.008 0.0025 0 0.0051 0.0049 0.0013 0.0013 0.0169 0.0142 -0.0036 -0.0034 0.0133 0.0108 <span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span> 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” and “Total annual fund operating expenses after management fee waiver/expense reimbursements” will differ from those presented in the Financial highlights. 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:241.09pt; border-spacing: 0px;"><tr><td style="min-width:107pt; max-width:107pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:33.59pt; max-width:33.59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:24pt; max-width:24pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:31pt; max-width:31pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td></tr> <tr><td style="min-width:107pt; max-width:107pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.94%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.92pt; max-width:2.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18.43pt; max-width:18.43pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:12.24pt; max-width:12.24pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">678</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.26pt; max-width:2.26pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.95pt; max-width:3.95pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:17.79pt; max-width:17.79pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,020</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.86pt; max-width:1.86pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.03pt; max-width:4.03pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,385</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:21.01pt; max-width:21.01pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2,410</span></p> </td></tr> <tr><td style="min-width:107pt; max-width:107pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.94%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.92pt; max-width:2.92pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18.43pt; max-width:18.43pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12.24pt; max-width:12.24pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">110</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.26pt; max-width:2.26pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.95pt; max-width:3.95pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.79pt; max-width:17.79pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">416</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.86pt; max-width:1.86pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.03pt; max-width:4.03pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">744</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.01pt; max-width:21.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,673</span></p> </td></tr> </table> 678 1020 1385 2410 110 416 744 1673 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. </span><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.11pt; color:#231f20">These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 77% of the average value of its portfolio, including TBA transactions, and 44% of the average value of its portfolio, excluding TBA transactions.</span></p> 0.77 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In order to achieve the Fund’s objective, the Fund employs an asset allocation strategy that seeks to maximize total return. The Advisor does not represent or guarantee that the Fund will meet this total return goal.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund will invest in securities and derivatives to gain exposure to equity, fixed income, and alternative asset class securities, including, but not limited to, convertible bonds and real estate securities, including real estate investment trusts (“REITs”) and real estate operating companies. The Fund may gain exposure to issuers located within and outside the United States, including securities of issuers in both developed (including the United States) and emerging markets countries.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Investments in fixed income securities may include, but are not limited to, debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of corporations, mortgage-backed securities and asset-backed </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">securities. The Fund may invest in securities of any maturity greater than one year and such securities may be either investment grade or high yield (lower-rated or “junk bonds”) securities. The Fund may invest in “to be announced” or “TBA” securities, which are mortgage-backed securities that usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date, issued or guaranteed by US government agencies and instrumentalities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Investments in equity securities may include, but are not limited to, common stock and preferred stock. The Fund may invest in other open-end investment companies advised by the Advisor and third-party passively managed exchanged-traded funds (“ETFs”) to gain exposure to certain asset classes. The Fund may also take active positions on volatility to generate returns or to hedge the Fund’s portfolio.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:-0.16pt; color:#231f20">The Fund may, but is not required to, use exchange-traded</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> or over-the-counter derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include index options, futures, forward agreements, swap agreements (including, interest rate, credit default and inflation swaps), equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency (except with respect to equity participation notes and equity linked notes), or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual markets, currencies or securities. Futures on indices, forward agreements, interest rate swaps and credit default swaps may also be used to adjust the Fund’s portfolio duration.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering (“IPO”).</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor will manage the Fund’s portfolio using the following investment process as described below:</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The strategy invests in the full spectrum of instruments and markets globally. The Advisor believes that the Advisor is able to improve the return outcome and risk management of the Fund by employing a well diversified strategy across a broad global opportunity set. Returns are generated from asset allocation across markets, currency and security selection.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Asset allocation decisions are primarily driven by UBS AM (Americas)’s assessment of valuation and prevailing market conditions in the United States and around the world. Using a systematic approach, the portfolio management team analyzes the asset classes and investments across equities, fixed income, and alternative asset classes (including currency), considering both fundamental valuation, economic and other market indicators. Regarding valuation, the Advisor evaluates whether asset classes and investments are attractively priced relative to fundamentals. The starting point is to assess the intrinsic value of an asset class, as determined by the fundamentals that drive an asset class’ future cash flow. The intrinsic value represents a long term anchor point to which the Advisor believes the asset class will eventually revert.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Fair value estimates of asset classes and markets are an output of UBS AM (Americas)’s proprietary valuation models. Discounting the asset’s future cash flow using a discount rate that appropriately reflects the inherent investment risk associated with holding the asset gives the asset’s fair value. The competitive advantage of the Advisor’s models lies in the quality and consistency of the inputs used and, therefore, the reliability of valuation conclusions. The discrepancy between actual market level and fair value (the price/value discrepancy) is the primary valuation signal used in identifying investment opportunities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Next, the Advisor assesses additional market indicators and considers the effect that other determinants of economic growth and overall market volatility will have on each asset class. While in theory price/value discrepancies may resolve themselves quickly and linearly, in practice price/value discrepancy can grow larger before it resolves. While valuation models have proven effective at identifying longer-term price/value discrepancies, in the shorter term other factors can swamp valuation considerations. Thus, the Advisor incorporates an additional discipline in our idea generation process. The Advisor refers to this additional step in its idea generation process as market behavior analysis. Adding this step helps the Advisor to understand what other market indicators might drive the market towards or away from fundamental value. The Advisor performs systematic analysis of non-valuation drivers using models measuring sentiment, momentum and flows, market stress, the stage of the economic cycle, as well as an assessment of the general macroeconomic landscape. Conversely, valuation considerations tend to dominate when an asset </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">class is substantially above or below fair value, but the Advisor recognizes that the use of market behavior analysis during these periods is very important to helping improve the timing in and out of these asset classes with very stretched valuations.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:-0.15pt; color:#231f20">The asset allocation process is structured around the Active Multi-Asset Investment Committee (the “AMA IC”) meetings, which provides a forum for debate and the exploration of all ramifications of any investment decision, rather than aiming for a consensus to be reached. Instead, any voting member of the AMA IC can sponsor a trade idea, preparing a detailed investment thesis to support the view. An investment thesis has to define the investment rationale based on valuation and market behavioral influences, the time scale for it being realized, the transaction costs and the potential milestones the Advisor would expect to evaluate whether or not the view is correct. The sponsor is then responsible for convincing another member of the AMA IC to support the idea as co-sponsor.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Bottom up selection across active equity and fixed income markets can be utilized as part of the asset allocation process at the asset class level. With respect to specific equity securities for inclusion in the Fund’s equity asset classes, the Advisor may utilize fundamental valuation, quantitative and growth-oriented strategies. The Advisor’s bottom up fixed income security selection strategy combines judgments about the absolute value of the fixed income universe and the relative value of issuer sectors, maturity intervals, security durations, credit qualities and coupon segments, as well as specific circumstances facing the issuers of fixed income securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The Advisor works closely with the Risk Management team, members of which attend the AMA IC meetings, to determine the appropriate amount of risk capital to allocate to the underlying trade ideas given the strategy’s risk budget and objectives, prevailing investment opportunities, and other strategy exposures. To assist in this process the Risk Management team performs scenario and correlation analysis to better understand the risk and diversification of the overall strategy, and attempts to ensure that unintended factor exposures are identified, managed and monitored.</span></p> Principal strategies You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Asset allocation risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Interest rate risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments generally will fall when short term interest rates rise, and its yield will tend to lag behind prevailing rates. Securities with longer maturities generally are subject to greater fluctuations in value. Changes in interest rates will likely affect the value of higher-quality securities more than lower-quality securities. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for fund investments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Credit risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract or transaction, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting stan‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">dards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">High yield securities (“junk bonds”) risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Lower-rated securities (the issuers of which are typically in poorer financial health) are subject to higher risks than investment grade securities and are considered to be speculative. For example, lower-rated securities may be (1) subject to a greater risk of loss of principal and non-payment of interest (including subordination to other creditors and default by the issuer); (2) subject to greater price volatility; and (3) less liquid than investment grade securities. The prices of such securities may be more vulnerable to bad economic news, or even the expectation of bad news, and more likely to be subject to an issuer’s downgrade than higher rated fixed income securities. In addition, high yield securities are often thinly traded and may be more difficult to sell and value than higher rated fixed income securities of a similar maturity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buy‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ers for its portfolio securities or can only sell its portfolio securities at a material loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Mortgage- and asset-backed securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Mortgage- and asset-backed securities are subject to risks that are different from and/or more acute than risks associated with other types of debt instruments. Such risks may include prepayment risk. Conversely, in periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected, causing additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and become illiquid. Certain types of mortgage-backed securities (e.g., collateralized mortgage obligations, as applicable) can be even more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. TBA securities are subject to the risk that the actual securities received by the Fund may be less favorable than anticipated, or that a counterparty will default or otherwise fail to deliver the security. In addition, TBA transactions may significantly increase the Fund’s portfolio turnover rate.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Prepayment or call risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Prepayment or call risk refers to the risk that issuers of debt securities will prepay obligations more rapidly than expected, especially when interest rates are falling, and the Fund may have to reinvest those prepayments at lower interest rates. When interest rates are rising, slower prepayments may extend the duration of the securities and may reduce their value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Floating or variable rate securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Floating or variable rate securities bear interest at rates that are not fixed but that vary with changes in specified market rates or indices. The market value of floating rate and variable rate securities generally fluctuates less than the market value of fixed rate obligations. Accordingly, as interest rates decrease or increase, the potential for capital appreciation or capital depreciation is less than for fixed rate obligations. Additionally, these securities may decline in value if their coupon/interest rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportion‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Sovereign debt risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investment in sovereign debt involves special risks, including the risk that the issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal and/or interest when due in accordance with the terms of such debt, and the Fund may have limited legal recourse in the event of a default.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">US Government securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are different types of US government securities with different levels of credit risk, including risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. Securities issued or guaranteed by the US Treasury are backed by the full faith and credit of the United States, but are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the timely payment of interest or principal, which could result in losses to the Fund (e.g., Congressional debt ceiling impasses).</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">IPOs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, involve high transaction costs, face liquidity risk, and share prices of newly-public companies may fluctuate significantly over a short period of time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. Preferred stocks in which the Fund may invest are also sensitive to interest rate changes, credit risk, risks related to deferred and omitted distributions, limited voting rights, liquidity risk, and risks related to regulatory changes. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Portfolio turnover risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund engages in frequent trading from time to time, which can result in high portfolio turnover (100% or more). A high portfolio turnover rate involves greater expenses to the Fund, including transaction costs, and is likely to generate more taxable short-term gains for shareholders, which may have an adverse impact on performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, involve certain risks. The Fund’s investment performance </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the 60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (Hedged in USD) and FTSE World Government Bond Index (Hedged in USD), </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">which are additional indices with characteristics relevant to the Fund. Indices reflect no deduction for fees, expenses or taxes, except for the MSCI All Country World Index (net) which reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/mutual-</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">fund-performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other class will vary from the Class P shares’ after-tax returns shown.</span></p> Performance The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the 60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (Hedged in USD) and FTSE World Government Bond Index (Hedged in USD), which are additional indices with characteristics relevant to the Fund. Indices reflect no deduction for fees, expenses or taxes, except for the MSCI All Country World Index (net) which reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for the other class will vary from the Class P shares’ after-tax returns shown. Total return (Class P) <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:240.25pt; height:105.32pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234272_ba002.jpg" style="margin:-0.07pt 0.2pt 0.21pt; width: 319.73px; height: 140.21px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: 7.40%</span></p><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—4Q 2020: 13.57%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—1Q 2020: (14.97)%</span></p> Total return 2026-09-30 0.074 Best quarter 2020-12-31 0.1357 Worst quarter 2020-03-31 -0.1497 Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:5.4pt 0pt 0pt; width:240.5pt; border-spacing: 0px;"><tr><td style="min-width:139pt; max-width:139pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date)</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:26pt; max-width:26pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (<span style="-sec-ix-hidden: hidden-fact-1">6/30/97</span>) <br/>Return before taxes</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">12.22</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">3.55</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.77</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (<span style="-sec-ix-hidden: hidden-fact-2">8/31/92</span>) <br/>Return before taxes</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">19.03</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.00</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.63</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">18.10</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">3.21</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.32</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions <br/>and sale of fund shares</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.33</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">3.29</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.87</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">MSCI All Country World Index (net)</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">22.34</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.19</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.72</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">FTSE World Government Bond <br/>Index (Hedged in USD)</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">3.79</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.76</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.80</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">60% MSCI All Country World Index <br/>(net)/40% FTSE World Government <br/>Bond Index (Hedged in USD)</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">14.68 </span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.42</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.90</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 0.1222 0.0355 0.0577 0.1903 0.05 0.0663 0.181 0.0321 0.0532 0.1133 0.0329 0.0487 0.2234 0.1119 0.1172 0.0379 -0.0076 0.018 0.1468 0.0642 0.079 UBS International Sustainable Aware Equity Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing primarily in the equity securities of non-US issuers.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in “Managing your fund account” beginning on page 112 of this prospectus and in “Reduced sales charges, additional purchase, exchange and redemption information and other services” beginning on page 97 of the Fund’s statement of additional information (“SAI”). In addition to the fees and expenses described below, you may also be required to pay commissions or other fees to your broker for transactions in Class P shares. Shares of the Fund are available in classes other than Class P that have different fees and expenses.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A‑1 of this prospectus.</span></p> You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on <br/>purchases (as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) <br/>(as a % of purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> </table> 0.055 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:171pt; max-width:171pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.80</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.80</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.25</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2,3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.49</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.44</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.54</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.24</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">4</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.28</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.23</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management <br/>fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">4</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.26</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.01</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 78.02pt 0pt 0pt"><td style="min-width:163pt; max-width:163pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3 </span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include interest expense of 0.01%.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">4</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 the 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) do not exceed 1.25% for Class A shares and 1.00% for Class P shares. This fee waiver and expense arrangement may only be amended or terminated by shareholders.</span></p></td></tr> </table> 0.008 0.008 0.0025 0 0.0049 0.0044 0.0154 0.0124 -0.0028 -0.0023 0.0126 0.0101 <span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span> Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the irrevocable fee waiver and expense reimbursement for all </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">years. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:238.61pt; border-spacing: 0px;"><tr><td style="min-width:89.5pt; max-width:89.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:28.39pt; max-width:28.39pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:26.54pt; max-width:26.54pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:31.37pt; max-width:31.37pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:37.81pt; max-width:37.81pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td></tr> <tr><td style="min-width:89.5pt; max-width:89.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.72%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.23pt; max-width:3.23pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:13.55pt; max-width:13.55pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.62pt; max-width:11.62pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">671</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.28pt; max-width:2.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12.82pt; max-width:12.82pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.44pt; max-width:11.44pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">928 </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.85pt; max-width:1.85pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12.4pt; max-width:12.4pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:17.13pt; max-width:17.13pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,204</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:14.44pt; max-width:14.44pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:20.38pt; max-width:20.38pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,989</span></p> </td></tr> <tr><td style="min-width:89.5pt; max-width:89.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.72%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.23pt; max-width:3.23pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:13.55pt; max-width:13.55pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:11.62pt; max-width:11.62pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">103 </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.28pt; max-width:2.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12.82pt; max-width:12.82pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:11.44pt; max-width:11.44pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">322 </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.85pt; max-width:1.85pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12.4pt; max-width:12.4pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.13pt; max-width:17.13pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">558</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:14.44pt; max-width:14.44pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.38pt; max-width:20.38pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,236</span></p> </td></tr> </table> 671 928 1204 1989 103 322 558 1236 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.</span></p> 0.31 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock of issuers located throughout the world and equity securities of real estate investment trusts (“REITs”). Under normal market conditions, the Fund invests primarily (at least 65% of its total assets) in issuers organized or having their principal place of business outside the United States or doing a substantial amount of business outside the United States. Up to 35% of the Fund’s assets may be invested in US equity securities. The Fund may invest in issuers from both developed and emerging markets. The Fund’s investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the Beijing Stock Exchange). The Fund may also invest in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity (“VIE”). In a VIE structure, instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the Chinese entity (and/or related persons). These contractual arrangements are expected to provide the listed company (and investors in such company, such as the Fund) with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. The Advisor, on behalf of the Fund, intends to diversify broadly among countries, but reserves the right to invest a substantial portion of the Fund’s assets in one or more countries if economic and business conditions warrant such investments. The Fund may invest in stocks of companies of any size.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may, but is not required to, use exchange-traded or over-the-counter (“OTC”) derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering (“IPO”).</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In pursuing its investment strategy and as a result of increased sector concentrations in the Fund’s benchmark, depending upon market and economic conditions, the Fund may have a significant degree of investments in securities of issuers within a single sector, including the financials sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor’s investment decisions are based upon price/value discrepancies as identified by the Advisor’s fundamental valuation process and material sustainability factors across environmental, social and governance (“ESG”) criteria.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In constructing the Fund’s portfolio, the Advisor employs a positive screening process to identify equity securities of companies that are attractive based on their fundamental valuation profile in addition to evaluating specific sustainability factors. In selecting securities for the Fund, the Advisor focuses on, among other things, identifying discrepancies between a security’s fundamental value and its market price. In this context, the fundamental value of a given security is the Advisor’s assessment of what a security is worth. The Advisor will select a security whose fundamental value it estimates to be </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">greater than its market value at any given time. For each stock under analysis, the Advisor bases its estimates of value upon country, economic, industry and company analysis, as well as upon a company’s management team, competitive advantage and core competencies. The Advisor then compares its assessment of a security’s value against the prevailing market prices, with the aim of constructing a portfolio of stocks across industries and countries with attractive relative price/value characteristics. Sustainability factors used by the Advisor in security selection are considered to be financially material factors that help the Advisor evaluate and compare the ESG performance relative to an investment’s industry and/or sector. This information is combined with additional financial analysis and research described above to identify companies the Advisor believes will provide attractively valued and sustainable investment opportunities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In considering sustainability factors, the Advisor uses ESG tools such as an ESG materiality framework from the Sustainability Accounting Standards Board (SASB) to identify the most financially relevant factors, per sector, that can impact the investment thesis across different industry sectors. The universe of sustainability issues includes environmental factors such as global greenhouse gas emissions and wastewater management; social factors such as customer privacy and product safety; and governance factors such as critical and systemic risk management.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor also uses a proprietary risk tool to combine scores and data points from one or more reputable external research providers together with the UBS ESG Score to form the UBS Blended ESG Score. The Blended ESG Score is a normalized weighted average of ESG Score data from internal and recognized external providers (on a scale of 1‑10 with 10 having the best sustainability profile). In addition, absolute ESG risks such as poor corporate governance and high ESG controversy levels are included in the Advisor’s risk tool. Collectively, these inputs may lead to an ESG Risk Signal which flags companies with high ESG risks. The results of this analysis can then be incorporated into the Advisor’s portfolio allocations.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The individual investments in the Fund have a UBS Blended ESG Score (on a scale of 1‑10, with 10 having the best sustainability profile). The Fund’s sustainability profile is measured using the weighted average UBS Blended ESG score. The Fund seeks to maintain a sustainability profile, measured at the portfolio level, that is higher than its benchmark, the MSCI World ex-US Index, based on the Advisor’s framework. The Fund’s sustainability profile is measured against the benchmark’s profile and the corresponding results are calculated at least once a year. Because the Fund’s sustainability profile is assessed at the portfolio level, this means that individual investments may have a lower UBS Blended </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ESG Score than the sustainability profile of the Fund’s benchmark. The Fund’s sustainability profile calculation does not take account of cash and unrated investment instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In addition, the Advisor excludes from the Fund’s portfolio companies that are involved in certain sectors and manufacture products or engage in business activities, or derive material revenue from certain sectors and business activities, that are viewed as having a negative social or environmental impact. Such products or business activities include certain controversial weapons, natural resource extraction activities, thermal coal power generation, and certain controversial behavior and business activities as well as the failure of a portfolio company to meet certain engagement objectives identified by the Advisor. Certain exclusions are subject to thresholds based on metrics such as revenue to determine the extent of a company’s involvement in the associated activity. The Advisor may modify the above list of negative screens at any time, without prior shareholder approval or notice.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock of issuers located throughout the world and equity securities of real estate investment trusts (“REITs”). Under normal market conditions, the Fund invests primarily (at least 65% of its total assets) in issuers organized or having their principal place of business outside the United States or doing a substantial amount of business outside the United States. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uni‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">form accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are special risks associated with investments in China (including Chinese companies listed on US and Hong Kong exchanges), Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan and Hong Kong could be adversely affected by their respective political and economic relationship with China. China, Hong Kong and Taiwan are deemed by the investment manager to be emerging markets countries, which means an investment in these countries has more heightened risks than general foreign investing due to a lack of established legal, political, business and social frameworks; inefficiencies resulting from erratic growth; the unavailability of consistently reliable financial data; asset price volatility; limited accessibility; currency devaluation; absence of operating history for companies; and lack of accounting standards or auditor oversight in these countries to support securities markets as well as the possibility for more widespread corruption and fraud. Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the United States as economic and strategic competition between the United States and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. In addition, the standards for environmental, social and corporate governance matters in China, Hong Kong and Taiwan tend to be lower than such standards in more developed economies. The Chinese government exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based entity (and/or related persons). Investments through a VIE structure are subject to the risk that a counterparty will breach its contracts with the listed company that holds such contractual rights; that any breach of such contracts will likely be subject to Chinese law and jurisdiction; and that Chinese law may be interpreted or change in a way that affects the enforceability of such arrangements, or contracts between the China-based entity (and/or related persons) and the listed company may otherwise not be enforceable under Chinese law. As a result, the market value of the Fund’s associated holdings would likely be significantly negatively impacted, which may result in significant losses with little or no recourse available. Further, investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based entity and the stockholders of the listed company, which may adversely impact the value of the investments of the listed company. Additionally, the Chinese economy is highly dependent on the property sector and exportation of products and services, and could experience a significant slowdown or otherwise be adversely impacted due to a slowdown in the housing construction and development markets, a reduction in global demand for Chinese exports, contraction in spending on domestic goods by Chinese consumers, the institution of tariffs or other trade barriers, trade or political disputes with China’s major trading partners, natural disasters, or public health threats. Additionally, emerging market countries, such as China, may subject the Fund’s investments to a number of tax rules, and the application of many of those rules may be uncertain. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Sustainability factor risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Because the Fund uses sustainability factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. As a result, the Fund’s sustainability factors used in its investment process will likely make the Fund perform differently from a fund that relies solely or primarily on financial metrics, and the Fund’s </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">sustainability factors may be linked to long-term rather than short-term returns. The sustainability factors may cause the Fund’s industry allocation to deviate from that of funds without these considerations.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">IPOs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, involve high transaction costs, face liquidity risk, and share prices of newly-public companies may fluctuate significantly over a short period of time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Focus risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund’s investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry than another fund having a broader range of investments. As a result, there may be more fluctuation in the price of the Fund’s shares.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Financials sector risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund’s performance may be particularly affected by developments affecting the financials sector as a result of significant investments in such sector. In particular, investments in the financials sector may be particularly affected by economic cycles, business developments, interest rate changes, regulatory changes, and intense competition, among other factors.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Geographic concentration risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund focuses its investments in a single country or region, its portfolio will be more susceptible to factors adversely affecting issuers located in that country or region than would a more geographically diverse portfolio of securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. Preferred stocks in which the Fund may invest are also sensitive to interest rate changes, credit risk, risks related to deferred and omitted distributions, limited voting rights, liquidity risk, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">and risks related to regulatory changes. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. In addition, non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance consider‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s performance information in a bar chart and an average annual total returns table.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:-0.09pt; color:#231f20">The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of </span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">how the Fund will perform in the future. Updated performance for the Fund is available at www.ubs.com/us/en/assetmanagement/funds/mutual‑fund-performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual‑fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown. Total return (Class P) <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:240.25pt; height:105.32pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234272_ba003.jpg" style="margin:-0.07pt 0.2pt 0.31pt; width: 319.73px; height: 140.08px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: 8.85%</span></p><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—2Q 2020: 17.80%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—1Q 2020: (22.64)%</span></p> Total return 2026-09-30 0.0885 Best quarter 2020-06-30 0.178 Worst quarter 2020-03-31 -0.2264 Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:4.9pt 0pt 0pt; width:240.5pt; border-spacing: 0px;"><tr><td style="min-width:139pt; max-width:139pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date)</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 1pt 1.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:26pt; max-width:26pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 1pt 1.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 1pt 1.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (<span style="-sec-ix-hidden: hidden-fact-3">6/30/97</span>) <br/>Return before taxes</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">21.79</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.65</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.91</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (<span style="-sec-ix-hidden: hidden-fact-4">8/31/93</span>) <br/>Return before taxes</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">29.10</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.11</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.79</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">28.77</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.87</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.02</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions <br/>and sale of fund shares</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">17.90</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.36</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.22</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:139pt; max-width:139pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">MSCI World ex-USA Index Net (USD)</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">31.85</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19pt; max-width:19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">9.46</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.72pt; max-width:21.72pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">8.55</span></p> </td><td style="min-width:7.28pt; max-width:7.28pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 0.2179 0.0565 0.0691 0.291 0.0711 0.0779 0.2877 0.0587 0.0702 0.179 0.0536 0.0622 0.3185 0.0946 0.0855 UBS Multi Income Bond Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in “Managing your fund account” beginning on page 112 of this prospectus and in “Reduced sales charges, additional purchase, exchange and redemption information and other services” beginning on page 97 of the Fund’s statement of additional information (“SAI”). In addition to the fees and expenses described below, you may also be required to pay commissions or other fees to your broker for transactions in Class P shares. Shares of the Fund are available in classes other than Class P that have different fees and expenses.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A‑1 of this prospectus.</span></p> You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on <br/>purchases (as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">3.75</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> <tr><td style="min-width:177pt; max-width:177pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) <br/>(as a % of purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.1%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> </table> 0.0375 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:171pt; max-width:171pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.25</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.67</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.71</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.42</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.21</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.52</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.56</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management <br/>fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.90</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.65</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:11pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.90% for Class A shares and 0.65% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.005 0.005 0.0025 0 0.0067 0.0071 0.0142 0.0121 -0.0052 -0.0056 0.009 0.0065 <span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.</span> 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:240.76pt; border-spacing: 0px;"><tr><td style="min-width:113pt; max-width:113pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:26.92pt; max-width:26.92pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:24.42pt; max-width:24.42pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:24.08pt; max-width:24.08pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:27.99pt; max-width:27.99pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3.34pt; max-width:3.34pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:113pt; max-width:113pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.99%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.92pt; max-width:2.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12pt; max-width:12pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:12pt; max-width:12pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">463</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.42pt; max-width:2.42pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10.49pt; max-width:10.49pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.51pt; max-width:11.51pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">758</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.08pt; max-width:1.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5.65pt; max-width:5.65pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:17.35pt; max-width:17.35pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,075</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.99pt; max-width:1.99pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.74pt; max-width:8.74pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:17.26pt; max-width:17.26pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,970</span></p> </td><td style="min-width:3.34pt; max-width:3.34pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:113pt; max-width:113pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.99%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.92pt; max-width:2.92pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12pt; max-width:12pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12pt; max-width:12pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">66</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.42pt; max-width:2.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10.49pt; max-width:10.49pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:11.51pt; max-width:11.51pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">329</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.08pt; max-width:1.08pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5.65pt; max-width:5.65pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.35pt; max-width:17.35pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">611</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.99pt; max-width:1.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.74pt; max-width:8.74pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.26pt; max-width:17.26pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1,416</span></p> </td><td style="min-width:3.34pt; max-width:3.34pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 463 758 1075 1970 66 329 611 1416 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as mark-ups, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 295% of the average value of its portfolio, including TBA transactions, and 38% of the average value of its portfolio, excluding TBA transactions.</span></p> 2.95 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">For purposes of the Fund’s 80% policy above, the Fund’s investments in bonds include a variety of fixed income securities, which may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, securities issued by municipalities, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed (including commercial and residential mortgage-backed securities) and asset-backed securities, and other securitized and structured securities. “Multi income bond” refers to the Fund’s investments in multiple types of fixed income securities/across multiple fixed income sectors.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund will invest at least 65% of its net assets in securities that, at the time of purchase, are rated investment grade by an independent rating agency (or, if unrated, are deemed to be of comparable quality by the Advisor), but may invest up to 35% in securities rated below investment grade (also known as lower-rated or “junk bonds”).</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investments in fixed income securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, and auction rate features. In addition, the fixed income securities purchased by the Fund may be denominated in any currency, have coupons payable in any currency and may be of any maturity or duration. The Fund may invest in “to be announced” or “TBA” securities, which are mortgage-backed securities that usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date, issued or guaranteed by US government agencies and instrumentalities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund invests in the United States and abroad, including in China and other emerging markets, and may purchase securities issued by domestic and foreign issuers. However, the Fund expects to limit foreign currency exposure to 25% of its net assets. Furthermore, no more than 40% of the Fund’s net assets may be invested in emerging markets securities. Depending on its assessment of market conditions, the Advisor may choose to allocate the Fund’s assets in any combination among these types of investments or may choose not to invest in these types of investments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may also invest in equity securities, such as preferred stock. Equity investments may include securities of companies of any capitalization size, however the Fund expects to invest primarily in large and mid-capitalization companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may, but is not required to, use exchange-traded or over-the-counter (“OTC”) derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include options (including, options on futures, forwards and swap agreements), futures, forward agreements, swap agreements (including, interest rate, total return, currency, credit default and inflation swaps), credit-linked securities and structured investments. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual sectors, markets, currencies or securities. The Fund may use options, futures, swap agreements, credit-linked securities and structured investments to adjust the Fund’s portfolio duration. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor’s investment strategy is based on identifying compelling and attractive opportunities where the Advisor believes that the return profile sufficiently compensates for the risk of owning a position. The Advisor focuses on identifying relative value opportunities and discrepancies between observable market prices and the Advisor’s own estimates of fundamental value across various maturities, sectors and issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The investment process combines both a top-down and bottom-up dynamic approach to exploit diversified sources of alpha (that is, potential sources of return in excess of a base market rate). The Advisor makes active decisions related to top-down factors, including duration, yield curve, and sector positioning. After defining these parameters, portfolio managers and credit research analysts work in close collaboration to develop investment themes for industry overweights and underweights as well as to determine the portions of the credit curve that are most attractive. The team then works to select securities to build optimal portfolios using bottom-up research and analysis.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investment process integrates material sustainability and/or environmental, social and governance (“ESG”) considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by specific ethical principles or norms. The analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply chain management, fair customer treatment and governance processes of a company. This analysis is captured in a qualitative ESG assessment by the Advisor that leverages internal research. The Advisor also accesses quantitative ESG data that combines multiple sources and provides information on ESG risks and opportunities. ESG considerations and weights considered may change over time. The Fund’s portfolio managers may </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">still invest in securities without respect to sustainability and/or ESG considerations or in securities which present sustainability and/or ESG risks, including where the portfolio managers believe the potential compensation outweighs the risks identified.</span></p> Principal strategies <span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets.</span> For purposes of the Fund’s 80% policy above, the Fund’s investments in bonds include a variety of fixed income securities, which may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, securities issued by municipalities, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed (including commercial and residential mortgage-backed securities) and asset-backed securities, and other securitized and structured securities. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Interest rate risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments generally will fall when short term interest rates rise, and its yield will tend to lag behind prevailing rates. Securities with longer maturities generally are subject to greater fluctuations in value. Changes in interest rates will likely affect the value of higher-quality securities more than lower-quality securities. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for fund investments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Floating or variable rate securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Floating or variable rate securities bear interest at rates that are not fixed but that vary with changes in specified market rates or indices. The market value of floating rate and variable rate securities generally fluctuates less than the market value of fixed rate obligations. Accordingly, as interest rates decrease or increase, the potential for capital appreciation or capital depreciation is less than for fixed rate obligations. Additionally, these securities may decline in value if their coupon/interest rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Credit risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract or transaction, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Mortgage- and asset-backed securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Mortgage- and asset-backed securities are subject to risks that are different from and/or more acute than risks associated with other types of debt instruments. Such risks may include prepayment risk. Conversely, in periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected, causing additional volatility. During periods of </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and become illiquid. Certain types of mortgage-backed securities (e.g., collateralized mortgage obligations, as applicable) can be even more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. TBA securities are subject to the risk that the actual securities received by the Fund may be less favorable than anticipated, or that a counterparty will default or otherwise fail to deliver the security. In addition, TBA transactions may significantly increase the Fund’s portfolio turnover rate.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Prepayment or call risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Prepayment or call risk refers to the risk that issuers of debt securities will prepay obligations more rapidly than expected, especially when interest rates are falling, and the Fund may have to reinvest those prepayments at lower interest rates. When interest rates are rising, slower prepayments may extend the duration of the securities and may reduce their value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">High yield securities (“junk bonds”) risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Lower-rated securities (the issuers of which are typically in poorer financial health) are subject to higher risks than investment grade securities and are considered to be speculative. For example, lower-rated securities may be </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">(1) subject to a greater risk of loss of principal and non-payment of interest (including subordination to other creditors and default by the issuer); (2) subject to greater price volatility; and (3) less liquid than investment grade securities. The prices of such securities may be more vulnerable to bad economic news, or even the expectation of bad news, and more likely to be subject to an issuer’s downgrade than higher rated fixed income securities. In addition, high yield securities are often thinly traded and may be more difficult to sell and value than higher rated fixed income securities of a similar maturity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are special risks associated with investments in China (including Chinese companies listed on US and Hong Kong exchanges), Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan and Hong Kong could be adversely affected by their respective political and economic relationship with China. China, Hong Kong and Taiwan are deemed by the investment manager to be emerging markets countries, which means an investment in these countries has more heightened risks than general foreign investing due to a lack of established legal, political, business and social frameworks; inefficiencies resulting from erratic growth; the unavailability of consistently reliable financial data; asset price volatility; limited accessibility; currency devaluation; absence of operating history for companies; and lack of accounting standards or auditor oversight in these countries to support securities markets as well as the possibility for more widespread corruption and fraud. Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the United States as economic and strategic competition between the United States and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. The Chinese government exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may invest in bonds issued by the PRC and certain other PRC-based entities which trade on the China interbank bond market (“CIBM”) through the CIBM Direct Access Program or the China—Hong Kong Bond Connect program (the “Bond Connect Program”). The CIBM Direct Access Program and the Bond Connect Program may be subject to further interpretation and guidance and future developments may restrict or otherwise affect the Fund’s investments or returns. There can be no assurance that the CIBM Direct Access Program will not be restricted, suspended or abolished. If such event occurs, the Fund’s ability to invest in the CIBM through the CIBM Direct Access Program will be adversely affected, and if the Fund is unable to ade‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">quately access the CIBM through other means, the Fund’s ability to achieve its investment objective will be adversely affected. There also can be no assurance that further regulations will not affect the availability of securities in the Bond Connect Program, the frequency of redemptions or other limitations. Further, the necessary trading, settlement and information technology systems for the Bond Connect Program may not function properly, causing the Bond Connect Program to be disrupted. In addition, the application and interpretation of the laws and regulations of Hong Kong, the PRC, and the People’s Bank of China and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the CIBM Direct Access Program and Bond Connect Program are uncertain, and they may have an adverse effect on the Fund’s performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Additionally, emerging market countries, such as China, may subject the Fund’s investments to a number of tax rules, and the application of many of those rules may be uncertain. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">leverage, operational, legal, and management risks. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. Preferred stocks in which the Fund may invest are also sensitive to interest rate changes, credit risk, risks related to deferred and omitted distributions, limited voting rights, liquidity risk, and risks related to regulatory changes. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Municipal securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Municipal securities are subject to interest rate, credit, illiquidity, market and political risks. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the fund’s net asset value and/or the distributions paid by the fund. Municipal bonds secured by revenues from public housing authorities may be subject to additional uncertainties relating to the possibility that proceeds may exceed supply of available mortgages to be purchased by public housing authorities, resulting in early retirement of bonds, or that homeowner repayments will create an irregular cash flow. Municipalities continue to experience difficulties in the current economic and political environment.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Sovereign debt risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investment in sovereign debt involves special risks, including the risk that the issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal and/or interest when due in accordance with the terms of such debt, and the Fund may have limited legal recourse in the event of a default.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">US Government securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. Securities issued or guaranteed by the US Treasury are backed by the full faith and credit of the United States, but are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the timely payment of interest or principal, which could result in losses to the Fund (e.g., Congressional debt ceiling impasses).</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s Class P shares acquired the assets and liabilities of Fort Dearborn Income Securities, Inc., a closed-end fund (the “Predecessor Fund”), prior to the opening of business on May 23, 2016 (the “Reorganization”). The Predecessor Fund was also managed by the Advisor, and, prior to June 13, 2022, the day-to-day management of, and investment decisions for, the Fund and the Predecessor Fund were made by the same portfolio management team. The Predecessor Fund and the Fund have substantially similar investment objectives and, prior to June 13, 2022, had substantially similar strategies. Therefore, the information shown below for Class P shares reflects the historical performance of the Predecessor Fund for periods prior to the Reorganization.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s performance information in a bar chart and an average annual total returns table. The bar chart and average annual total returns table show the performance of the Predecessor Fund’s performance adopted by the Class P shares of the Fund for periods prior to the Reorganization. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The performance information shown for periods prior to the Reorganization is for the Predecessor </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Fund and may not be representative of performance of the Fund. In June 2022, the Fund’s investment strategies changed. The performance below for periods prior to that date is attributable to the Fund’s performance before the strategy change. The index reflects no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at www.ubs</span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">.com/us/en/assetmanagement/funds/</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">mutual‑fund‑performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual‑fund‑performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown. Total return (Class P) <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:240.25pt; height:105.32pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234272_bc001.jpg" style="margin:-0.07pt 0.2pt; width: 319.72px; height: 140.58px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: (2.81)% <br/>Best quarter during calendar years shown—4Q 2023: 6.47%<br/>Worst quarter during calendar years shown—2Q 2022: (7.69)%</span></p> Total return 2026-09-30 -0.0281 Best quarter 2023-12-31 0.0647 Worst quarter 2022-06-30 -0.0769 Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:7.9pt 0pt 0pt; width:240.45pt; border-spacing: 0px;"><tr><td style="min-width:106pt; max-width:106pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:26.5pt; max-width:26.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:30pt; max-width:30pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:22.95pt; max-width:22.95pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0.5pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of class</span></p> </td></tr> <tr><td style="min-width:106pt; max-width:106pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (09/29/16) <br/>Return before taxes</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.03pt; max-width:21.03pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2.85</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.80</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)%</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">N/A</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.45pt; max-width:16.45pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.18</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:106pt; max-width:106pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (<span style="-sec-ix-hidden: hidden-fact-5">12/19/72</span>) <br/>Return before taxes</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.03pt; max-width:21.03pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.07</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.19</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2.29</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.45pt; max-width:16.45pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">N/A</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:106pt; max-width:106pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.03pt; max-width:21.03pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.05</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(1.22</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.01</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.45pt; max-width:16.45pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">N/A</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:106pt; max-width:106pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions <br/>and sale of fund shares</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.03pt; max-width:21.03pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.14</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.47</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.19</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.45pt; max-width:16.45pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">N/A</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:106pt; max-width:106pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Bloomberg US Aggregate <br/>Bond Index</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.03pt; max-width:21.03pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.30</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.36</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2.01</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.45pt; max-width:16.45pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="-sec-ix-hidden: hidden-fact-0; margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">*</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:11pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(1.23,0,0,1.23,0,0); max-width:81.3%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">*</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Average annual total returns for the Bloomberg US Aggregate Bond Index for the life of Class A were 1.53%.</span></p></td></tr> </table> 2016-09-29 0.0285 -0.008 0.0118 0.0707 0.0019 0.0229 0.0505 -0.0122 0.0101 0.0414 -0.0047 0.0119 0.073 -0.0036 0.0201 UBS Sustainable Development Bank Bond Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks current income.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; letter-spacing:0.06pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Information about eligibility requirements for each share class is available from your financial advisor and in “Managing your fund account” beginning on page 112 of this prospectus. In addition to the fees and expenses described below, you may also be required to pay commissions or other fees to your broker for transactions in Class P shares. Shares of the Fund are available in classes other than Class P that have different fees and expenses.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:9.4pt 0pt 0pt; width:240.75pt; border-spacing: 0px;"><tr><td style="min-width:175pt; max-width:175pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:29.25pt; max-width:29.25pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:175pt; max-width:175pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on <br/>purchases (as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:26.25pt; max-width:26.25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.32%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> <tr><td style="min-width:175pt; max-width:175pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) <br/>(as a % of purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:26.25pt; max-width:26.25pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.32%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p> </td><td style="min-width:5.5pt; max-width:5.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.08%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> </table> 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:171pt; max-width:171pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0.1pt 0pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.15</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.15</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.10</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.54</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.54</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.79</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.69</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.46%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.44</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.44</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:171pt; max-width:171pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management <br/>fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.35</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.25</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Shares of the Fund acquired through the exchange of shares of another Family Fund (“Family Funds” include PACE</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">®</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> Select funds, series of The UBS Funds and other funds for which UBS AM (US) serves as principal underwriter) may be subject to a deferred sales charge if you later sell the Fund shares acquired in the exchange, based on the terms of the shares of the Family Fund you originally held.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” for Class A are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short 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, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.35% for Class A shares and 0.25% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.0015 0.0015 0.001 0 0.0054 0.0054 0.0079 0.0069 -0.0044 -0.0044 0.0035 0.0025 “Other expenses” for Class A are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:241.03pt; border-spacing: 0px;"><tr><td style="min-width:119.74pt; max-width:119.74pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:21.21pt; max-width:21.21pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.82pt; max-width:2.82pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:24.18pt; max-width:24.18pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.32pt; max-width:2.32pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:24.76pt; max-width:24.76pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:31pt; max-width:31pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td></tr> <tr><td style="min-width:119.74pt; max-width:119.74pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:118.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class A</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.92pt; max-width:2.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10.64pt; max-width:10.64pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:7.65pt; max-width:7.65pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">36</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.82pt; max-width:2.82pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:9.69pt; max-width:9.69pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.49pt; max-width:11.49pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">208</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.32pt; max-width:2.32pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10.35pt; max-width:10.35pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.4pt; max-width:11.4pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">395</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.65pt; max-width:3.65pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.05pt; max-width:7.05pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.3pt; max-width:20.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$937</span></p> </td></tr> <tr><td style="min-width:119.74pt; max-width:119.74pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:118.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.92pt; max-width:2.92pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10.64pt; max-width:10.64pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.65pt; max-width:7.65pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">26</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.82pt; max-width:2.82pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:9.69pt; max-width:9.69pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:11.49pt; max-width:11.49pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">176</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.32pt; max-width:2.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10.35pt; max-width:10.35pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:11.4pt; max-width:11.4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">341</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.65pt; max-width:3.65pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.05pt; max-width:7.05pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.3pt; max-width:20.3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">817</span></p> </td></tr> </table> 36 208 395 937 26 176 341 817 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></p> 0.40 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bonds issued by development banks. Development banks are financial organizations formed by government entities to promote economic and social development. The Fund invests in multilateral development bank bonds but may also invest in regional or national development bank obligations. The Fund’s investment in obligations issued by the International Bank for Reconstruction and Development and the Inter-American Development Bank may be significant, but the Fund normally will not invest more than 25% of its net assets in either issuer.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund will invest in securities that, at the time of purchase, possess a minimum rating of A3 by Moody’s Ratings (“Moody’s”) or A- by Standard &amp; Poor’s Financial Services LLC (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”), comparably rated by another nationally recognized statistical rating organization, or, if unrated, are determined by the Advisor to be of comparable quality.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investments in fixed income securities may have all types of interest rate payment and reset terms. The Fund generally invests only in US dollar-denominated securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may, but is not required to, engage in derivatives transactions. Derivative instruments such as futures may be used for risk management purposes to hedge against a specific security or for investment (non-hedging) purposes to earn income or adjust portfolio duration. The Fund does not seek to use derivatives extensively. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to certain asset classes.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor seeks to invest in bonds issued by development banks. The Advisor constructs the portfolio consisting of multilateral and regional development banks. The Advisor focuses primarily on bonds issued by multilateral development banks which may include, but are not limited to, the International Bank for Reconstruction and Development and other member institutions of the World Bank Group, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development. Development banks are formed by their member states with the objective to provide financial and technical assistance to improve overall living standards through sustainable economic development and growth, and, as such, the Advisor considers investments in development bank bonds to be sustainable investments. While each development bank has a distinct focus, development banks generally use their capital for projects that seek to improve the state of the developing world, promote sustainable growth and raise living standards.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor selects investments for the Fund based on available supply and liquidity parameters (including, for example, such factors as evaluating amounts outstanding, available dealer inventory, and volumes traded in the secondary market) utilizing a stratified sampling approach (investing in a representative cross-section of the investment universe) to optimize tracking error and minimize transaction cost. The Fund will be managed relative to a composite index, which is a blend of two market indexes designed to measure the performance of the US dollar denominated multilateral development bank bond market. The Fund does not seek to directly replicate the index. The Fund’s composite index is the Solactive Global Multilateral Development Bank Bond USD 40% 1‑5 Year 60% 5‑10 Year Total Return Index. The index aims to represent exposure to bonds issued by entitled multilateral development banks, defined as international financial institutions created for the purpose of economic development. Eligible issuers must meet minimum thresholds for ESG ratings and controversy scores, as defined by the index provider. The index methodology excludes issuers assessed to be failing standards of the UN Global Compact and excludes UN country sanctions. These norms are reflected using assessments by Sustainalytics. Non-compliant issues will be removed from the index at the subsequent rebalance and will be reflected in the fund in line with the rebal‐</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ancing of the index. Activity-based exclusions are not applied by the index. The Fund reserves the right in its discretion to change the index.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s development bank bond investments may include issuers that are not part of the composite index. The Fund will seek to maintain a concentrated portfolio of development bank bonds emphasizing multilateral development banks. The portfolio management team will select the bonds in the market that meet their selection criteria with intention to provide similar risk/return characteristics as the broader development bank bond market.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may engage in active trading to adjust the portfolio in response to investor activity and to rebalance the portfolio as new development bank issuers come to the market and existing issuers enter the index or mature.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bonds issued by development banks. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Risks of development bank bonds:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in bonds issued by development banks may fall due to adverse financial market developments in the United States and abroad. Borrowers from development banks include foreign countries, which may include emerging market countries, and borrowers of specific development banks also include the private sector with or without government guarantee. Therefore, negative economic, social and political developments could affect the ability of a borrower to repay its loan to the development bank and thus affect its financial condition. In addition, investments in such development bank bonds may involve special risks because the Fund may have limited legal recourse in the event of default. Also, development bank bonds may sometimes be less liquid and more difficult to sell and to value than high-quality securities of US issuers. Bonds issued by a development bank are backed by the shareholders of the development bank. The development bank may be supported via various mechanisms, including preferred creditor status, equity injections by its shareholders and callable capital, even though the latter may have never been tested with respect to an issuer. Changes in the shareholder structure of a development bank or changes in the strength of the support by its shareholders could affect the credit rating and thus the value of the bonds issued by the development bank.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Interest rate risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments generally will fall when short term interest rates rise, and its yield will tend to lag behind prevailing rates. Securities with longer maturities generally are subject to greater fluctuations in value. Changes in interest rates will likely affect the value of higher-quality securities more than lower-quality securities. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for fund investments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Concentration risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund concentrates investments in the bonds of development banks. The risk is that if the Fund has most of its investments in a single industry, its portfolio will be more susceptible to factors adversely affecting that industry than would a more diverse portfolio of securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Credit risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract or transaction, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Non-diversification risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund’s share price may be more vol‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">atile, and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Portfolio turnover risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund engages in frequent trading from time to time, which can result in high portfolio turnover (100% or more). A high portfolio turnover rate involves greater expenses to the Fund, including transaction costs, and is likely to generate more taxable short-term gains for shareholders, which may have an adverse impact on performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market leverage, operational, legal, and management risks. Derivatives relating to fixed income markets are especially susceptible to interest rate risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), and credit risk. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, involve certain risks. The Fund’s investment performance is affected by the investment performance of the under‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">lying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s performance information in a bar chart and an average annual total returns table. There is no performance information quoted for the Class A shares of the Fund as the Class A shares have not completed a full calendar year of operations as of the date of this prospectus. Returns for Class A shares will differ from the Class P shares to the extent that the Class A shares are subject to shareholder services fees and/or distribution fees.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the Bloomberg U.S. Treasury Index and Solactive Global Multilateral Development Bank Bond USD 40% 1‑5 Year 60% 5‑10 Year Total Return Index, which are additional indices with characteristics relevant to the Fund. Indices reflect no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/mutual-</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">fund-performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the Bloomberg U.S. Treasury Index and Solactive Global Multilateral Development Bank Bond USD 40% 1‑5 Year 60% 5‑10 Year Total Return Index, which are additional indices with characteristics relevant to the Fund. Indices reflect no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares’ after-tax returns shown. Total return (Class P)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:240.25pt; height:105.32pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234272_bc002.jpg" style="margin:-0.07pt 0.2pt; width: 319.73px; height: 140.58px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2019 is the Fund’s first full year of operations.</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: (2.61)%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—1Q 2020: 5.50%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—1Q 2022: (5.12)%</span></p> Total return 2026-09-30 -0.0261 Best quarter 2020-03-31 0.055 Worst quarter 2022-03-31 -0.0512 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:7.9pt 0pt 0pt; width:241.69pt; border-spacing: 0px;"><tr><td style="min-width:136.5pt; max-width:136.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:26.5pt; max-width:26.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:23.69pt; max-width:23.69pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:136.5pt; max-width:136.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P </span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(10/24/18)<br/>Return before taxes</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.93pt; max-width:18.93pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.24</span></p> </td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.10</span></p> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.19pt; max-width:17.19pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2.08</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:136.5pt; max-width:136.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.93pt; max-width:18.93pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.76</span></p> </td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.97</span></p> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.19pt; max-width:17.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.07</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:136.5pt; max-width:136.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions <br/>and sale of fund shares</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.93pt; max-width:18.93pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.26</span></p> </td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.45</span></p> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.19pt; max-width:17.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.18</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:136.5pt; max-width:136.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Bloomberg U.S. Treasury Index</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.93pt; max-width:18.93pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.32</span></p> </td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.99</span></p> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.19pt; max-width:17.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.71</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:136.5pt; max-width:136.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Bloomberg US Aggregate Bond Index</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.93pt; max-width:18.93pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.30</span></p> </td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.36</span></p> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.19pt; max-width:17.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2.24</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:136.5pt; max-width:136.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Solactive Global Multilateral Development Bank Bond USD 40% <br/>1‑5 Year 60% 5‑10 Year Total Return Index</span></p> </td><td style="min-width:4pt; max-width:4pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.93pt; max-width:18.93pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.36</span></p> </td><td style="min-width:7.57pt; max-width:7.57pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.5pt; max-width:3.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.11</span></p> </td><td style="min-width:9.5pt; max-width:9.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.19pt; max-width:17.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">2.30</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 2018-10-24 0.0724 -0.001 0.0208 0.0576 -0.0097 0.0107 0.0426 -0.0045 0.0118 0.0632 -0.0099 0.0171 0.073 -0.0036 0.0224 0.0736 0.0011 0.023 UBS US Dividend Ruler Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:241.02pt; border-spacing: 0px;"><tr><td style="min-width:200.59pt; max-width:200.59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:40.42pt; max-width:40.42pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:200.59pt; max-width:200.59pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on purchases <br/>(as a % of offering price)</span></p> </td><td style="min-width:40.42pt; max-width:40.42pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:125.03%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> <tr><td style="min-width:200.59pt; max-width:200.59pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) <br/>(as a % of purchase or sales price, whichever is less)</span></p> </td><td style="min-width:40.42pt; max-width:40.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:125.03%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> </table> 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:240.5pt; border-spacing: 0px;"><tr><td style="min-width:213pt; max-width:213pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:213pt; max-width:213pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:213pt; max-width:213pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b-1) fees</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:213pt; max-width:213pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.28</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:213pt; max-width:213pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.78</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:213pt; max-width:213pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.13</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:213pt; max-width:213pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management fee <br/>waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.65</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:11pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.65% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt 5pt"><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.005 0 0.0028 0.0078 -0.0013 0.0065 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:243.27pt; border-spacing: 0px;"><tr><td style="min-width:92pt; max-width:92pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.77pt; max-width:3.77pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:20.96pt; max-width:20.96pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:32.87pt; max-width:32.87pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:27pt; max-width:27pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:39.66pt; max-width:39.66pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:92pt; max-width:92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.75%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td><td style="min-width:3.77pt; max-width:3.77pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10.21pt; max-width:10.21pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:7.79pt; max-width:7.79pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">66 </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.98pt; max-width:2.98pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.27pt; max-width:18.27pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.62pt; max-width:11.62pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">236</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.81pt; max-width:1.81pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:13.68pt; max-width:13.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.5pt; max-width:11.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">420</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:21.97pt; max-width:21.97pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:14.69pt; max-width:14.69pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">954</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 66 236 420 954 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.</span></p> 0.28 <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth (earnings and dividend), attractive dividend yield, quality, and valuation profiles.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in dividend paying securities. For purposes of this policy, dividend paying securities are those that pay dividends on a regular basis. The Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including real estate investment trusts (“REITs”)) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Advisor intends to invest the Fund’s portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 108.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:125.5pt; max-width:125.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">20‑50 stocks in the portfolio</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Companies with a market capitalization of $2.5 billion or greater</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Typical allocation to American Depository Receipts (ADRs) of 15% or less</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Minimum of 6 sectors included in the portfolio for diversification purposes</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund aims to be fully invested but may allow for a cash allocation—with a range of 0.50‑10% of net assets—for liquidity purposes.</span></p></td></tr> </table> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policies or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In pursuing its investment strategy, depending upon market and economic conditions, the Fund may have a significant degree of investments in securities of issuers within a single sector, including the information technology sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor seeks to invest in companies that the Advisor believes have attractive current dividend yields, and strong and consistent historical and prospective dividend growth. The Advisor believes that this focus on consistent and sustainable dividend growth underscores a quality bias for the portfolio which the Advisor believes can help mitigate downside risks and deliver attractive risk-adjusted total returns through the market cycle when compared to the broader equity market.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In selecting individual securities for investment, the Advisor begins with a quantitative model to identify candidates for the portfolio. The investable universe of stocks is screened for the following metrics pursuant to the Advisor’s “dividend ruler” strategy:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Attractive dividend yield: Indicated dividend yield equal to or greater than the S&amp;P 500 indicated dividend yield</span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Healthy dividend growth: 10-year compound annual growth rate of dividends per share (DPS) of greater than 4%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Strong dividend consistency: steady and stable dividend payments and growth over the last 10 years</span></p></td></tr> </table> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Stocks that meet the above criteria may be eligible for inclusion in the portfolio. Stocks are then reviewed from a “bottom-up” or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management (“WM”), an affiliate of the Advisor, Chief Investment Office (“CIO”) equity strategists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for earnings per share, dividends per share growth, quality, and valuation—among other metrics—while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio’s construction.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investment process integrates material sustainability and/or ESG considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by specific ethical principles or norms. The analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply chain management, fair customer treatment and governance processes of a company. This analysis is captured in a qualitative ESG assessment by the Advisor that leverages internal research. The Advisor also accesses quantitative ESG data that combines multiple sources and provides information on ESG risks and opportunities. ESG considerations and weights considered may change over time. The Fund’s portfolio managers may still invest in securities without respect to sustainability and/or ESG considerations or in securities which present </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">sustainability and/or ESG risks, including where the portfolio managers believe the potential compensation outweighs the risks identified.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in dividend paying securities. For purposes of this policy, dividend paying securities are those that pay dividends on a regular basis. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investment style risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that returns from dividend-paying large capitalization stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Dividend paying stock risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. The value of a security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by the Fund decreases, the Fund may have less income to distribute to the Fund’s shareholders. In addition, common stocks with higher dividend yields can be sensitive to interest rate movements: when interest rates rise, the prices of these stocks may tend to fall. Conversely, the prices of higher yielding stocks may tend to rise when interest rates fall. Interest rate changes can be sudden and unpredictable and are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Focus risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund’s investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">event that occurs in that market, sector or industry than another fund having a broader range of investments. As a result, there may be more fluctuation in the price of the Fund’s shares.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Information technology sector risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund’s performance may be particularly affected by developments affecting the information technology sector as a result of significant investments in such sector. Information technology companies may face rapid technological change, short product cycles, intense competition, changing customer preferences, and substantial research and development costs. A company’s products or services may become obsolete or fail to gain market acceptance, and its financial results may depend on a limited number of products, customers, or key personnel. These companies may also be adversely affected by cybersecurity incidents, service disruptions, data-privacy requirements, changes in government regulation, and the failure to obtain (or delays in obtaining) financing or regulatory approvals. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights and disputes over intellectual property rights may adversely affect the profitability of these companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The market prices of information technology securities may be especially volatile, and adverse developments affecting the information technology sector could cause the Fund’s shares to decline in value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Model and data risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Advisor may employ a complex strategy using proprietary quantitative models in selecting investments for the Fund. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor’s quantitative models will perform as expected or result in effective investment decisions for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">funds with a similar benchmark or similar objectives and investment strategies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. In addition, nonexchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">involve certain risks. The Fund’s investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">mutual‑fund‑performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual‑fund‑performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Total return (Class P)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:240.25pt; height:105.32pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234272_be001.jpg" style="margin:0pt 0.2pt; width: 319.73px; height: 140.39px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2021 is the Fund’s first full calendar year of operations.</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: 8.14%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—4Q 2022: 14.07%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—2Q 2022: (10.72)%</span></p> Total return 2026-09-30 0.0814 Best quarter 2022-12-31 0.1407 Worst quarter 2022-06-30 -0.1072 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:6.4pt 0pt 0pt; width:240.41pt; border-spacing: 0px;"><tr><td style="min-width:122.62pt; max-width:122.62pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td colspan="2" style="min-width:26.72pt; max-width:26.72pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:26.24pt; max-width:26.24pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:40.42pt; max-width:40.42pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of class</span></p> </td><td style="min-width:4.41pt; max-width:4.41pt; vertical-align:top; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:122.62pt; max-width:122.62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (July 9, 2020)<br/>Return before taxes</span></p> </td><td style="min-width:18.3pt; max-width:18.3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">16.63</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">12.96</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:32.01pt; max-width:32.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">14.71</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.41pt; max-width:4.41pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:122.62pt; max-width:122.62pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:18.3pt; max-width:18.3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">14.60</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.75</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:32.01pt; max-width:32.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">13.53</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.41pt; max-width:4.41pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:122.62pt; max-width:122.62pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions <br/>and sale of fund shares</span></p> </td><td style="min-width:18.3pt; max-width:18.3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.26</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">10.11</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:32.01pt; max-width:32.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.63</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.41pt; max-width:4.41pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:122.62pt; max-width:122.62pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">S&amp;P 500 Index</span></p> </td><td style="min-width:18.3pt; max-width:18.3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">17.88</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.82pt; max-width:17.82pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">14.42</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:32.01pt; max-width:32.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">16.93</span></p> </td><td style="min-width:8.42pt; max-width:8.42pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.41pt; max-width:4.41pt; vertical-align:top; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 2020-07-09 0.1663 0.1296 0.1471 0.146 0.1175 0.1353 0.1126 0.1011 0.1163 0.1788 0.1442 0.1693 UBS US Quality Growth At Reasonable Price Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to provide capital appreciation.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:9.9pt 0pt 0pt; width:241.02pt; border-spacing: 0px;"><tr><td style="min-width:200.59pt; max-width:200.59pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:40.42pt; max-width:40.42pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:200.59pt; max-width:200.59pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on purchases <br/>(as a % of offering price)</span></p> </td><td style="min-width:40.42pt; max-width:40.42pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:125.03%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> <tr><td style="min-width:200.59pt; max-width:200.59pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) <br/>(as a % of purchase or sales price, whichever is less)</span></p> </td><td style="min-width:40.42pt; max-width:40.42pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:125.03%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td></tr> </table> 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:6.9pt 0pt 0pt; width:238.92pt; border-spacing: 0px;"><tr><td style="min-width:211.42pt; max-width:211.42pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.5pt; max-width:27.5pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td></tr> <tr><td style="min-width:211.42pt; max-width:211.42pt; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:211.42pt; max-width:211.42pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b-1) fees</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:211.42pt; max-width:211.42pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.25</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:211.42pt; max-width:211.42pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.75</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:211.42pt; max-width:211.42pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.6%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.10</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:211.42pt; max-width:211.42pt; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management fee <br/>waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:21pt; max-width:21pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.65</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:11pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.65% for Class P shares. Pursuant to the written agreement, the Advisor is </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt 5pt"><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.005 0 0.0025 0.0075 -0.001 0.0065 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:243.9pt; border-spacing: 0px;"><tr><td style="min-width:88pt; max-width:88pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3.77pt; max-width:3.77pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:23.38pt; max-width:23.38pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:32.67pt; max-width:32.67pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:28.48pt; max-width:28.48pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6.08pt; max-width:6.08pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:37.51pt; max-width:37.51pt; vertical-align:top; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; text-indent:1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:88pt; max-width:88pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.69%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span></p> </td><td style="min-width:3.77pt; max-width:3.77pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.96pt; max-width:2.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:12.53pt; max-width:12.53pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:7.89pt; max-width:7.89pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">66</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.98pt; max-width:2.98pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.94pt; max-width:17.94pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.76pt; max-width:11.76pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">230</span></p> </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:1.99pt; max-width:1.99pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:15.05pt; max-width:15.05pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:11.44pt; max-width:11.44pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">407</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.08pt; max-width:6.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.62pt; max-width:3.62pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.3pt; max-width:19.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$</span></p> </td><td style="min-width:14.59pt; max-width:14.59pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">921</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 66 230 407 921 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.</span></p> 0.36 <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"><br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth, quality, and valuation profiles.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US growth companies. The Fund invests primarily in stocks of companies that are believed to have substantial potential for capital growth. The Fund defines a company as a growth company if it is (i) included in an index that is representative of growth companies; (ii) classified as a growth company by an independent third party financial data provider; or (iii) considered by the advisor to exhibit characteristics of a growth company, considering metrics such as historical and/or projected growth rates relative to the applicable equity market.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including REITs) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal market conditions, the Advisor intends to invest the Fund’s portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 108.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:125.5pt; max-width:125.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">20‑50 stocks in the portfolio</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Companies with a market capitalization of $2.5 billion or greater</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Typical allocation to American Depository Receipts (ADRs) of 15% or less</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Minimum of 6 sectors included in the portfolio for diversification purposes</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund aims to be fully invested but may allow for a cash allocation—with a range of 0.50‑10% of net assets—for liquidity purposes.</span></p></td></tr> </table> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In pursuing its investment strategy, depending upon market and economic conditions, the Fund may have a significant degree of investments in securities of issuers within a single sector or industry, including the information technology sector and semiconductor industry.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor seeks to invest in high quality companies, expected to deliver above-average earnings per share (EPS) growth over the next 3‑5 years, trading at attractive valuations. The Advisor believes that investment risks inherent in investing in higher growth-oriented stocks can be mitigated by focusing on both higher quality companies and being disciplined regarding valuations. Using this approach, the Advisor believes the portfolio can deliver attractive risk-adjusted total returns through the market cycle when compared to US large-cap growth indices.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The portfolio management team defines “reasonable price” as attractive valuation relative to the broader growth index (Russell 1000 Growth Index). While the primary metric used to assess valuation is price-to-earnings, the team may include other metrics such as enterprise value-to-earnings before interest, taxes, depreciation and amortization (“EBITDA”) and price-to-sales.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In selecting individual securities for investment, the Advisor begins with a proprietary quantitative model. The investable universe of stocks are scored using the following metrics:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">High-quality as defined by margin stability over a business cycle and return on equity.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 17.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:216.5pt; max-width:216.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Expected earnings growth over the next 3‑5 years</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Valuation relative to the broader growth index (Russell 1000 Growth Index).</span></p></td></tr> </table> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Stocks are then reviewed from a “bottom-up” or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management (“WM”), an affiliate of the Advisor, Chief Investment Office (“CIO”) equity strategists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for revenues, earnings, quality, and valuation—among other metrics—while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio’s construction.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investment process integrates material sustainability and/or environmental, social and governance (“ESG”) considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">specific ethical principles or norms. The analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply chain management, fair customer treatment and governance processes of a company. This analysis is captured in a qualitative ESG assessment by the Advisor that leverages internal research. The Advisor also accesses quantitative ESG data that combines multiple sources and provides information on ESG risks and opportunities. ESG considerations and weights considered may change over time. The Fund’s portfolio managers may still invest in securities without respect to sustainability and/or ESG considerations or in securities which present sustainability and/or ESG risks, including where the portfolio managers believe the potential compensation outweighs the risks identified.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US growth companies. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investment style risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that returns from large capitalization growth stocks will produce lower returns than the overall stock market. Growth stocks tend to go through cycles of doing better—or worse—than other segments of the stock market, such as value stocks, or the stock market in general.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Focus risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund’s investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry than another fund having a broader range of investments. As a result, there may be more fluctuation in the price of the Fund’s shares.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Information technology sector risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund’s performance may be particularly affected by developments affecting the information technology sector as a result of significant investments in such sector. Information technology companies may face rapid technological change, short product cycles, intense competition, changing customer preferences, and substantial research and development costs. A company’s products or services may become obsolete or fail to gain market acceptance, and its financial results may depend on a limited number of products, customers, or key personnel. These companies may also be adversely affected by cybersecurity incidents, service disruptions, data-privacy requirements, changes in government regulation, and the failure to obtain (or delays in obtaining) financing or regulatory approvals. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights and disputes over intellectual property rights may adversely affect the profitability of these companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s performance may also be particularly affected by developments affecting the semiconductor industry as a result of significant investments in such industry. Semiconductor companies may be particularly sensitive to fluctuations in demand and competitive pressures, rapid changes in technology, high capital expenditures, manufacturing defects, and disruptions in complex global supply chains. Their operations may also be affected by limited availability of specialized materials or manufacturing capacity and by trade restrictions, tariffs, or export controls.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The market prices of information technology securities, including semiconductor companies, may be especially volatile, and adverse developments affecting the information technology sector and semiconductor industry could cause the Fund’s shares to decline in value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Non-diversification risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund’s share price may be more volatile, and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Model and data risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Advisor may employ a complex strategy using proprietary quantitative models in selecting investments for the Fund. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems, problems with data supplied by third parties, software issues, or other types </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">of errors). There is no guarantee that the Advisor’s quantitative models will perform as expected or result in effective investment decisions for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">investing in derivative instruments also include market, leverage, operational, legal, and management risks. In addition, non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, involve certain risks. The Fund’s investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the Russell 1000 Growth Index, which is an additional index with characteristics relevant to the Fund. The indices reflect no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/mutual-</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">fund-performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the Russell 1000 Growth Index, which is an additional index with characteristics relevant to the Fund. The indices reflect no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Total return (Class P)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:240.25pt; height:105.32pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234272_be002.jpg" style="margin:0pt 0.2pt; width: 319.73px; height: 140.39px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2021 is the Fund’s first full calendar year of operations.</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1—September 30, 2026: 5.02%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—2Q 2025: 16.28%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—2Q 2022: (17.91)%</span></p> Total return 2026-09-30 0.0502 Best quarter 2025-06-30 0.1628 Worst quarter 2022-06-30 -0.1791 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:6.9pt 0pt 0pt; width:240.7pt; border-spacing: 0px;"><tr><td style="min-width:114.82pt; max-width:114.82pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:4.01pt; max-width:4.01pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:7.19pt; max-width:7.19pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:27.23pt; max-width:27.23pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:26.26pt; max-width:26.26pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:41.19pt; max-width:41.19pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 1pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of class</span></p> </td></tr> <tr><td style="min-width:114.82pt; max-width:114.82pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (July 9, 2020)<br/>Return before taxes</span></p> </td><td style="min-width:4.01pt; max-width:4.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.19pt; max-width:7.19pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.54pt; max-width:20.54pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">15.63</span></p> </td><td style="min-width:6.68pt; max-width:6.68pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.68pt; max-width:19.68pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">13.53</span></p> </td><td style="min-width:6.58pt; max-width:6.58pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:34.19pt; max-width:34.19pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">15.11</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:114.82pt; max-width:114.82pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:4.01pt; max-width:4.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.19pt; max-width:7.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.54pt; max-width:20.54pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">13.98</span></p> </td><td style="min-width:6.68pt; max-width:6.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.68pt; max-width:19.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">12.68</span></p> </td><td style="min-width:6.58pt; max-width:6.58pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:34.19pt; max-width:34.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">14.30</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:114.82pt; max-width:114.82pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions <br/>and sale of fund shares</span></p> </td><td style="min-width:4.01pt; max-width:4.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.19pt; max-width:7.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.54pt; max-width:20.54pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">10.36</span></p> </td><td style="min-width:6.68pt; max-width:6.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.68pt; max-width:19.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">10.66</span></p> </td><td style="min-width:6.58pt; max-width:6.58pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:34.19pt; max-width:34.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">12.05</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:114.82pt; max-width:114.82pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Russell 1000 Growth Index</span></p> </td><td style="min-width:4.01pt; max-width:4.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.19pt; max-width:7.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.54pt; max-width:20.54pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">18.70</span></p> </td><td style="min-width:6.68pt; max-width:6.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.68pt; max-width:19.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">15.35</span></p> </td><td style="min-width:6.58pt; max-width:6.58pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:34.19pt; max-width:34.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">17.79</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:114.82pt; max-width:114.82pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">S&amp;P 500 Index</span></p> </td><td style="min-width:4.01pt; max-width:4.01pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.19pt; max-width:7.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:20.54pt; max-width:20.54pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">17.88</span></p> </td><td style="min-width:6.68pt; max-width:6.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.68pt; max-width:19.68pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">14.42</span></p> </td><td style="min-width:6.58pt; max-width:6.58pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:10pt; max-width:10pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:34.19pt; max-width:34.19pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">16.93</span></p> </td><td style="min-width:7pt; max-width:7pt; vertical-align:top; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 2020-07-09 0.1563 0.1353 0.1511 0.1398 0.1268 0.143 0.1036 0.1066 0.1205 0.187 0.1535 0.1779 0.1788 0.1442 0.1693 UBS Emerging Markets Equity Opportunity Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize capital appreciation.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Shares of Class P2 are available for purchase on behalf of clients of a fee-based program or certain other advisory programs in which UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or the “Advisor”) exercises investment discretion. Clients pay a wrap fee or a similar advisory fee to participate in such programs. Shares of Class P2 are also available for purchase on behalf of institutional clients with which the Advisor or its affiliates has signed a separate investment management agreement, pursuant to which such clients pay an advisory fee.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:7.9pt 0pt 0pt; width:244pt; border-spacing: 0px;"><tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on purchases <br/>(as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) (as a % of <br/>purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:35.5pt; max-width:35.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.89</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.32</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.21</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.95</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management fee <br/>waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.26</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and the Advisor have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.40% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.0089 0 0.0032 0.0121 -0.0095 0.0026 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:243.91pt; border-spacing: 0px;"><tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.89pt; max-width:25.89pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.51pt; max-width:25.51pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:33.5pt; max-width:33.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.77%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$27</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.89pt; max-width:2.89pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23pt; max-width:23pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.63%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$290</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.75%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$573</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.54%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$1,382</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 27 290 573 1382 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio.</span></p> 0.43 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. Investments in equity securities may include, but are not limited to, common stock; shares of collective trusts, investment companies, including exchange-traded funds (“ETFs”); preferred stock; securities convertible into common stock, rights, warrants and options; sponsored or unsponsored depository receipts and depository shares, including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts; equity securities of real estate investment trusts (“REITs”); securities sold in private placements; and new issues, including initial and secondary public offerings.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">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. The Fund intends to invest primarily in a portfolio of equity securities of issuers located in at least three emerging market countries, which may be located in Asia, Europe, Latin America, Africa and/or the Middle East.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund will generally hold the stocks of between 20 to 40 issuers. The Fund may invest up to +/- 15% of its benchmark’s weighting (the MSCI Emerging Markets Index) in any one country or sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include options (including options on securities, indices, futures, forwards, and swap agreements) futures, forward currency agreements, swap agreements (including interest rate, total return and currency) and equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. Further, the Fund may </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">acquire and sell forward foreign currency exchange contracts in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates in connection with the settlement of securities. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); to obtain exposure to certain markets; or to establish net short positions for individual currencies (except for equity participation notes). Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor considers a number of factors to determine whether an investment is tied to a particular country, including whether the investment is issued or guaranteed by a particular government or any of its agencies, political subdivisions, or instrumentalities; the investment has its primary trading market in a particular country; the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in a particular country; the investment is included in an index representative of a particular country or region; and the investment is exposed to the economic fortunes and risks of a particular country. For purposes of the Fund’s 80% policy, emerging market countries are countries that are not included in the MSCI World Index of major world economies. However, countries included in the MSCI World Index may also be considered emerging market countries based on current political and economic factors. The countries included in this definition will change over time. The Fund’s investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the Beijing Stock Exchange). The Fund may also invest in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity (“VIE”). In a VIE structure, instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the Chinese entity (and/or related persons). These contractual arrangements are expected to provide the listed company (and investors in such company, such as the Fund) with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may invest in securities issued by companies in any market capitalization range, including small capitalization companies.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In pursuing its investment strategy, depending upon market and economic conditions, the Fund may have a significant degree of investments in securities of issuers within a single sector, including the information technology sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor employs a high alpha long opportunistic strategy, also known as the “UBS-HALO” strategy. The UBS-HALO strategy is a long-term investing approach focused on taking opportunities that seek to produce superior performance relative to the benchmark (the difference of which is “alpha”). The Advisor follows a price to intrinsic value approach. The price to intrinsic value investment philosophy means the Advisor pays great attention to investment fundamentals and expected cash flows when assessing investments. The Advisor tries to identify and exploit periodic discrepancies between market prices and fundamental value. These price/value discrepancies are used as the building blocks for portfolio construction.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In selecting individual securities for investment, the Advisor considers, among others:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 63.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:170.5pt; max-width:170.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">A company’s potential cash generation</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 157.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:76.5pt; max-width:76.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Earnings outlook</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 45.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:188.5pt; max-width:188.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Expected sustainable return on investments</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 83.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:150.5pt; max-width:150.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Expected sustainable growth rates</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Stock prices versus a company’s asset or franchise values</span></p></td></tr> </table> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investment process integrates material sustainability and/or environmental, social and governance (“ESG”) considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by specific ethical principles or norms. The analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply chain management, fair customer treatment and governance processes of a company. This analysis is captured in a qualitative ESG assessment by the Advisor that leverages internal research. The Advisor also accesses quantitative ESG data that combines multiple sources and provides information on ESG risks and opportunities. ESG considerations and weights considered may change over time. The Fund’s portfolio managers may still invest in securities without respect to sustainability </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">and/or ESG considerations or in securities which present sustainability and/or ESG risks, including where the portfolio managers believe the potential compensation outweighs the risks identified.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Focus risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund’s investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry than another fund having a broader range of investments. As a result, there may be more fluctuation in the price of the Fund’s shares.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Information technology sector risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund’s performance may be particularly affected by developments affecting the information technology sector as a result of significant investments in such sector. Information technology companies may face rapid technological change, short product cycles, intense competition, changing customer preferences, and substantial research and development costs. A company’s products or services may become obsolete or fail to gain market acceptance, and its financial results may depend on a limited number of products, customers, or key personnel. These companies may also be adversely affected by cybersecurity incidents, service disruptions, data-privacy requirements, changes in government regulation, and the failure to obtain (or delays in obtaining) financing or regulatory approvals. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights and disputes over intellectual property rights may adversely affect the profitability of these companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The market prices of information technology securities may be especially volatile, and adverse developments affecting the information technology sector could cause the Fund’s shares to decline in value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are special risks associated with investments in China (including Chinese companies listed on US and Hong Kong exchanges), Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan and Hong Kong could be adversely affected by their respective political and economic relationship with China. China, Hong Kong and Taiwan are deemed by the investment manager to be emerging markets countries, which means an investment in these countries has more heightened risks than general foreign investing due to a lack of established legal, political, business and social frameworks; inefficiencies resulting from erratic growth; the unavailability of consistently reliable financial data; asset price volatili‐</span></p><div style="display:table-cell; min-width:242.52pt; max-width:242.52pt; vertical-align:top"><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ty; limited accessibility; currency devaluation; absence of operating history for companies; and lack of accounting standards or auditor oversight in these countries to support securities markets as well as the possibility for more widespread corruption and fraud. Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the United States as economic and strategic competition between the United States and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. The Chinese government exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based entity (and/or related persons). Investments through a VIE structure are subject to the risk that a counterparty will breach its contracts with the listed company that holds such contractual rights; that any breach of such contracts will likely be subject to Chinese law and jurisdiction; and that Chinese law may be interpreted or change in a way that affects the enforceability of such arrangements, or contracts between the China-based entity (and/or related persons) and the listed company may otherwise not be enforceable under Chinese law. As a result, the market value of the Fund’s associated holdings would likely be significantly negatively impacted, which may result in significant losses with little or no recourse available. Further, investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based entity and the stockholders of the listed company, which may adversely impact the value of the investments of the listed company. Additionally, the Chinese economy is highly dependent on the property sector and exportation of products and services, and could experience a significant slowdown or otherwise be adversely impacted due to a slowdown in the housing construction and development markets, a reduction in global demand for Chinese exports, contraction in spending on domestic goods by Chinese consumers, the institution of tariffs or other trade barriers, trade or political disputes with China’s major trading partners, natural disasters, or public health threats. Additionally, emerging market countries, such as China, may subject the Fund’s investments to a number of tax rules, and the application of many of those rules may be </span></p> </div><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">uncertain. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Geographic concentration risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund focuses its investments in a single country or region, its portfolio will be more susceptible to factors adversely affecting issuers located in that country or region than would a more geographically diverse portfolio of securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China A-shares and Stock Connect investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> China A-shares are subject to a number of restrictions imposed by Chinese securities regulations and listing rules. Investments by foreign investors in China A-shares are subject to various restrictions, regulations and limits. The China A-share market is volatile and can have a higher risk of suspension of trading in a particular security or multiple securities or government intervention than many other global equity markets. Trading suspensions could lead to greater market execution risk, valuation risks, liquidity risks, and costs for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Investing in A-shares through Stock Connect continues to evolve and future developments may restrict or otherwise affect the Fund’s investments or returns. Stock Connect is subject to trading, clearance, settlement, and other procedures, which could pose risks to the Fund. Trading through the Stock Connect program is subject to daily quotas that limit the maximum daily net purchases on any particular day, each of which may restrict or preclude the Fund’s ability to invest in A-shares through the Stock Connect program. The Fund’s investments in Stock Connect A-shares are generally subject to People’s Republic of China (“PRC”) securities regulations and listing rules, among other restrictions. Any changes in laws, regulations and policies of the China A-shares market or rules in relation to Stock Connect may affect China A-share prices and tax treatment. These risks are heightened by the developing state of the PRC’s investment and banking systems in general. The Shanghai, Shenzhen, and Beijing markets may be open at a time when the Stock Connect Program is not trading, with the result that prices of China A-shares may fluctuate at times when the Fund is unable to add to or exit its position.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Initial public offerings (“IPOs”)/private placement risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The purchase of shares issued in IPOs and investments in the stocks of privately held companies may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, involve high transaction costs, face </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">liquidity risk, and share prices of newly-public companies may fluctuate significantly over a short period of time. An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. Preferred stocks in which the Fund may invest are also sensitive to interest rate changes, credit risk, risks related to deferred and omitted distributions, limited voting rights, liquidity risk, and risks related to regulatory changes. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, involve certain risks. The Fund’s investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The MSCI Emerging Markets Index (net) reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/mutual-</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">fund-performance. Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b‑1 service and distribution fees, but Class P2 shares held through advisory programs may be subject to a program fee, advisory fee or other fees, which, if included, would have reduced performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The MSCI Emerging Markets Index (net) reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown. Total return (Class P2)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:241pt; height:108pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234273_ba001.jpg" style="margin:1.44pt 0.42pt; width: 320.12px; height: 140.14px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2019 is the Fund’s first full year of operations.</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: 25.67%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—4Q 2020: 22.60%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—1Q 2020: (23.25)%</span></p> Total return 2026-09-30 0.2567 Best quarter 2020-12-31 0.226 Worst quarter 2020-03-31 -0.2325 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:4.9pt 0pt 0pt; width:244.02pt; border-spacing: 0px;"><tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:27.52pt; max-width:27.52pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:28pt; max-width:28pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of <br/>class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (6/4/18)<br/>Return before taxes</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">43.81</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.71</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.56</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">43.31</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.64</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">3.71</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions<br/>and sale of fund shares</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">26.54</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.16</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">3.48</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">MSCI Emerging Markets Index (net)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">33.57</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.20</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.26</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 2018-06-04 0.4381 0.0171 0.0456 0.4331 0.0064 0.0371 0.2654 0.0116 0.0348 0.3357 0.042 0.0526 UBS International Sustainable Aware Equity Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing primarily in the equity securities of non-US issuers.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Shares of Class P2 are available for purchase on behalf of clients of a fee-based program or certain other advisory programs in which UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or the “Advisor”) exercises investment discretion. Clients pay a wrap fee or a similar advisory fee to participate in such programs. Shares of Class P2 are also available for purchase on behalf of institutional clients with which the Advisor or its affiliates has signed a separate investment management agreement, pursuant to which such clients pay an advisory fee.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:7.9pt 0pt 0pt; width:244pt; border-spacing: 0px;"><tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on purchases <br/>(as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) (as a % of <br/>purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:35.5pt; max-width:35.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.80</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1,2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.46</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.26</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.00</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management fee <br/>waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.26</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 76.02pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:160pt; max-width:160pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include interest expense of 0.01%.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">3</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and the Advisor have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.25% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.008 0 0.0046 0.0126 -0.01 0.0026 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:243.91pt; border-spacing: 0px;"><tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.89pt; max-width:25.89pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.51pt; max-width:25.51pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:33.5pt; max-width:33.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.77%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$27 </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.89pt; max-width:2.89pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23pt; max-width:23pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.63%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$301</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.75%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$595</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.54%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$1,434</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 27 301 595 1434 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.</span></p> 0.31 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock of issuers located throughout the world and equity securities of real estate investment trusts (“REITs”). Under normal market conditions, the Fund invests primarily (at least 65% of its total assets) in issuers organized or having their principal place of business outside the United States or doing a substantial amount of business outside the United States. Up to 35% of the Fund’s assets may be invested in US equity securities. The Fund may invest in issuers from both developed and emerging markets. The Fund’s investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and the Beijing Stock Exchange). The Fund may also invest in US- or Hong Kong-listed issuers that have entered into contractual relationships with a China-based business and/or individuals/entities affiliated with the business structured as a variable interest entity (“VIE”). In a VIE structure, instead of directly owning the equity interests in a Chinese company, the listed company has contractual arrangements with the Chinese entity (and/or related persons). These contractual arrangements are expected to provide the listed company (and investors in such company, such as the Fund) with exposure to the China-based company. These arrangements are often used because of Chinese governmental restrictions on non-Chinese ownership of companies in certain industries in China. The Advisor, on behalf of the Fund, intends to diversify broadly among countries, but reserves the right to invest a substantial portion of the Fund’s assets in one or more countries if economic and business conditions warrant such investments. The Fund may invest in stocks of companies of any size.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may, but is not required to, use exchange-traded or over-the-counter (“OTC”) derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering (“IPO”).</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In pursuing its investment strategy and as a result of increased sector concentrations in the Fund’s benchmark, depending upon market and economic conditions, the Fund may have a significant degree of investments in securities of issuers within a single sector, including the financials sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor’s investment decisions are based upon price/value discrepancies as identified by the Advisor’s fundamental valuation process and material sustainability factors across environmental, social and governance (“ESG”) criteria.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In constructing the Fund’s portfolio, the Advisor employs a positive screening process to identify equity securities of companies that are attractive based on their fundamental valuation profile in addition to evaluating specific sustainability factors. In selecting securities for the Fund, the Advisor focuses on, among other things, identifying discrepancies between a security’s fundamental value and its market price. In this context, the fundamental value of a given security is the Advisor’s assessment of what a security is worth. The Advisor will select a security whose fundamental value it estimates to be greater than its market value at any given time. For each stock under analysis, the Advisor bases its estimates of value upon country, economic, industry and company analysis, as well as upon a company’s management team, competitive advantage and core competencies. The Advisor then compares its assessment of a security’s value against the prevailing market prices, with the aim </span></p><p style="margin:0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">of constructing a portfolio of stocks across industries and countries with attractive relative price/value characteristics. Sustainability factors used by the Advisor in security selection are considered to be financially material factors that help the Advisor evaluate and compare the ESG performance relative to an investment’s industry and/or sector. This information is combined with additional financial analysis and research described above to identify companies the Advisor believes will provide attractively valued and sustainable investment opportunities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In considering sustainability factors, the Advisor uses ESG tools such as an ESG materiality framework from the Sustainability Accounting Standards Board (SASB) to identify the most financially relevant factors, per sector, that can impact the investment thesis across different industry sectors. The universe of sustainability issues includes environmental factors such as global greenhouse gas emissions and wastewater management; social factors such as customer privacy and product safety; and governance factors such as critical and systemic risk management.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor also uses a proprietary risk tool to combine scores and data points from one or more reputable external research providers together with the UBS ESG Score to form the UBS Blended ESG Score. The Blended ESG Score is a normalized weighted average of ESG Score data from internal and recognized external providers (on a scale of 1‑10, with 10 having the best sustainability profile). In addition, absolute ESG risks such as poor corporate governance and high ESG controversy levels are included in the Advisor’s risk tool. Collectively, these inputs may lead to an ESG Risk Signal which flags companies with high ESG risks. The results of this analysis can then be incorporated into the Advisor’s portfolio allocations.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The individual investments in the Fund have a UBS Blended ESG Score (on a scale of 1‑10, with 10 having the best sustainability profile). The Fund’s sustainability profile is measured using the weighted average UBS Blended ESG score. The Fund seeks to maintain a sustainability profile, measured at the portfolio level, that is higher than its benchmark, the MSCI World ex-US Index, based on the Advisor’s framework. The Fund’s sustainability profile is measured against the benchmark’s profile and the corresponding results are calculated at least once a year. Because the Fund’s sustainability profile is assessed at the portfolio level, this means that individual investments may have a lower UBS Blended ESG Score than the sustainability profile of the Fund’s benchmark. The Fund’s sustainability profile calculation does not take account of cash and unrated investment instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In addition, the Advisor excludes from the Fund’s portfolio companies that are involved in certain sectors and manufacture products or engage in business activities, or derive material revenue from certain sectors and busi‐</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">ness activities, that are viewed as having a negative social or environmental impact. Such products or business activities include certain controversial weapons, natural resource extraction activities, thermal coal power generation, and certain controversial behavior and business activities as well as the failure of a portfolio company to meet certain engagement objectives identified by the Advisor. Certain exclusions are subject to thresholds based on metrics such as revenue to determine the extent of a company’s involvement in the associated activity. The Advisor may modify the above list of negative screens at any time, without prior shareholder approval or notice.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock of issuers located throughout the world and equity securities of real estate investment trusts (“REITs”). Under normal market conditions, the Fund invests primarily (at least 65% of its total assets) in issuers organized or having their principal place of business outside the United States or doing a substantial amount of business outside the United States. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of </span></p><p style="margin:0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are special risks associated with investments in China (including Chinese companies listed on US and Hong Kong exchanges), Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan and Hong Kong could be adversely affected by their respective political and economic relationship with China. China, Hong Kong and Taiwan are deemed by the investment manager to be emerging markets countries, which means an investment in these countries has more heightened risks than general foreign investing due to a lack of established legal, political, business and social frameworks; inefficiencies resulting from erratic growth; the unavailability of consistently reliable financial data; asset price volatility; limited accessibility; currency devaluation; absence of operating history for companies; and lack of accounting standards or auditor oversight in these countries to support securities markets as well as the possibility for more widespread corruption and fraud. Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the United States as economic and strategic competition between the United States and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. In addition, the standards for environmental, social and corporate governance matters in China, Hong Kong and Taiwan tend to be lower than such standards in more developed economies. The Chinese government exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity. For investments using a VIE structure, all or most of the value of such an investment depends on the enforceability of the contracts between the listed company and the China-based entity (and/or related persons). Investments through a VIE structure are subject to </span></p><p style="margin:0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">the risk that a counterparty will breach its contracts with the listed company that holds such contractual rights; that any breach of such contracts will likely be subject to Chinese law and jurisdiction; and that Chinese law may be interpreted or change in a way that affects the enforceability of such arrangements, or contracts between the China-based entity (and/or related persons) and the listed company may otherwise not be enforceable under Chinese law. As a result, the market value of the Fund’s associated holdings would likely be significantly negatively impacted, which may result in significant losses with little or no recourse available. Further, investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based entity and the stockholders of the listed company, which may adversely impact the value of the investments of the listed company. Additionally, the Chinese economy is highly dependent on the property sector and exportation of products and services, and could experience a significant slowdown or otherwise be adversely impacted due to a slowdown in the housing construction and development markets, a reduction in global demand for Chinese exports, contraction in spending on domestic goods by Chinese consumers, the institution of tariffs or other trade barriers, trade or political disputes with China’s major trading partners, natural disasters, or public health threats. Additionally, emerging market countries, such as China, may subject the Fund’s investments to a number of tax rules, and the application of many of those rules may be uncertain. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Sustainability factor risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Because the Fund uses sustainability factors to assess and exclude certain investments for non-financial reasons, the Fund may forego some market opportunities available to funds that do not use these factors. As a result, the Fund’s sustainability factors used in its investment process will likely make the Fund perform differently from a fund that relies solely or primarily on financial metrics, and the Fund’s sustainability factors may be linked to long-term rather than short-term returns. The sustainability factors may cause the Fund’s industry allocation to deviate from that of funds without these considerations.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.15; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">IPOs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, involve high transaction costs, face liquidity risk, and share prices of newly-public companies may fluctuate significantly over a short period of time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Focus risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund’s investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry than another fund having a broader range of investments. As a result, there may be more fluctuation in the price of the Fund’s shares.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Financials sector risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund’s performance may be particularly affected by developments affecting the financials sector as a result of significant investments in such sector. In particular, investments in the financials sector may be particularly affected by economic cycles, business developments, interest rate changes, regulatory changes, and intense competition, among other factors.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Geographic concentration risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund focuses its investments in a single country or region, its portfolio will be more susceptible to factors adversely affecting issuers located in that country or region than would a more geographically diverse portfolio of securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. Preferred stocks in which the Fund may invest are also sensitive to interest rate changes, credit risk, risks related to deferred and omitted distributions, limited voting rights, liquidity risk, and risks related to regulatory changes. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. In addition, non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s Class P2 performance information in a bar chart and an average annual total returns table.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at www.ubs.com/us/en/assetmanagement/funds/mutual‑fund-performance. Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b‑1 service and distribution fees, but Class P2 shares held through advisory programs may be subject to a program fee, advisory fee or other fees, which, if included, would have reduced performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown.</span></p> Performance The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual‑fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown. Total return (Class P2)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:241pt; height:108pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234273_ba002.jpg" style="margin:1.27pt 0.57pt; width: 319.72px; height: 140.58px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2021 is the Fund’s Class P2 shares’ first full year of operations</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: 9.37%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—4Q 2022: 17.41%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—2Q 2022: (11.21)%</span></p> Total return 2026-09-30 0.0937 Best quarter 2022-12-31 0.1741 Worst quarter 2022-06-30 -0.1121 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:6.9pt 0pt 0pt; width:244.02pt; border-spacing: 0px;"><tr><td style="min-width:141.5pt; max-width:141.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:27.52pt; max-width:27.52pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:29.5pt; max-width:29.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of <br/>Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141.5pt; max-width:141.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (10/30/20)<br/>Return before taxes</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">30.19</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.94</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.39</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141.5pt; max-width:141.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">29.87</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.53</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">9.94</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141.5pt; max-width:141.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions<br/>and sale of fund shares</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">18.54</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.94</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">8.79</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:141.5pt; max-width:141.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">MSCI World ex-US Index</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">31.85</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">9.46</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">13.16</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 2020-10-30 0.3019 0.0794 0.1139 0.2987 0.0653 0.0994 0.1854 0.0594 0.0879 0.3185 0.0946 0.1316 UBS US Dividend Ruler Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Shares of Class P2 are available for purchase on behalf of clients of a fee-based program or certain other advisory programs in which UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or the “Advisor”) exercises investment discretion. Clients pay a wrap fee or a similar advisory fee to participate in such programs. Shares of Class P2 are also available for purchase on behalf of institutional clients with which the Advisor or its affiliates has signed a separate investment management agreement, pursuant to which such clients pay an advisory fee.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:7.9pt 0pt 0pt; width:244pt; border-spacing: 0px;"><tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on purchases <br/>(as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) (as a % of <br/>purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:35.5pt; max-width:35.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.50</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.28</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.78</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.48</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management fee <br/>waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.30</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” are based on estimates for the current fiscal year.</span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20"> </span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and the Advisor, have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027, do not exceed 0.30% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.005 0 0.0028 0.0078 -0.0048 0.003 “Other expenses” are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:243.91pt; border-spacing: 0px;"><tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.89pt; max-width:25.89pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.51pt; max-width:25.51pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:33.5pt; max-width:33.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.77%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$31</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.89pt; max-width:2.89pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23pt; max-width:23pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.63%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$201</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.75%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$386</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.54%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$921</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 31 201 386 921 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.</span></p> 0.28 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth (earnings and dividend), attractive dividend yield, quality, and valuation profiles.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in dividend paying securities. For purposes of this policy, dividend paying securities are those that pay dividends on a regular basis. The Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including real estate investment trusts (“REITs”)) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Advisor intends to invest the Fund’s portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 108.02pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:125.5pt; max-width:125.5pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">20‑50 stocks in the portfolio</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Companies with a market capitalization of $2.5 billion or greater</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Typical allocation to American Depository Receipts (ADRs) of 15% or less</span></p></td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-2.1pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Minimum of 6 sectors included in the portfolio for diversification purposes</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund aims to be fully invested but may allow for a cash allocation—with a range of 0.50‑10% of net assets—for liquidity purposes.</span></p></td></tr> </table> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policies or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund also may at times invest in exchange-traded funds (“ETFs”) and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In pursuing its investment strategy, depending upon market and economic conditions, the Fund may have a significant degree of investments in securities of issuers within a single sector, including the information technology sector.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor seeks to invest in companies that the Advisor believes have attractive current dividend yields, and strong and consistent historical and prospective dividend growth. The Advisor believes that this focus on consistent and sustainable dividend growth underscores a quality bias for the portfolio which the Advisor believes can help mitigate downside risks and deliver attractive risk-adjusted total returns through the market cycle when compared to the broader equity market.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In selecting individual securities for investment, the Advisor begins with a quantitative model to identify candidates for the portfolio. The investable universe of stocks is screened for the following metrics pursuant to the Advisor’s “dividend ruler” strategy:</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Attractive dividend yield: Indicated dividend yield equal to or greater than the S&amp;P 500 indicated dividend yield</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Healthy dividend growth: 10-year compound annual growth rate of dividends per share (DPS) of greater than 4%</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:top"><p style="white-space:nowrap; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(1.43,0,0,1.43,0,0); max-width:69.93%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">•</span></p></td><td style="min-width:233.52pt; max-width:233.52pt; vertical-align:bottom"><p style="font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; margin:0"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Strong dividend consistency: steady and stable dividend payments and growth over the last 10 years</span></p></td></tr> </table> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Stocks that meet the above criteria may be eligible for inclusion in the portfolio. Stocks are then reviewed from a “bottom-up” or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management (“WM”), an affiliate of the Advisor, Chief Investment Office (“CIO”) equity strategists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for earnings per share, dividends per share growth, quality, and valuation—among other metrics—while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio’s construction.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investment process integrates material sustainability and/or environmental, social and governance (“ESG”) considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by specific ethical principles or norms. The analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">chain management, fair customer treatment and governance processes of a company. This analysis is captured in a qualitative ESG assessment by the Advisor that leverages internal research. The Advisor also accesses quantitative ESG data that combines multiple sources and provides information on ESG risks and opportunities. ESG considerations and weights considered may change over time. The Fund’s portfolio managers may still invest in securities without respect to sustainability and/or ESG considerations or in securities which present sustainability and/or ESG risks, including where the portfolio managers believe the potential compensation outweighs the risks identified.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in dividend paying securities. For purposes of this policy, dividend paying securities are those that pay dividends on a regular basis. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investment style risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that returns from dividend-paying large capitalization stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Dividend paying stock risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. The value of a security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by the Fund decreases, the Fund may have less income to distribute to the Fund’s shareholders. In addition, common stocks with higher dividend yields can be sensitive to interest rate movements: when interest rates rise, the prices of these stocks may tend to fall. Conversely, the prices of higher yielding stocks may tend to rise when interest rates fall. Interest rate chang‐</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">es can be sudden and unpredictable and are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Focus risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> To the extent the Fund’s investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry than another fund having a broader range of investments. As a result, there may be more fluctuation in the price of the Fund’s shares.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Information technology sector risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund’s performance may be particularly affected by developments affecting the information technology sector as a result of significant investments in such sector. Information technology companies may face rapid technological change, short product cycles, intense competition, changing customer preferences, and substantial research and development costs. A company’s products or services may become obsolete or fail to gain market acceptance, and its financial results may depend on a limited number of products, customers, or key personnel. These companies may also be adversely affected by cybersecurity incidents, service disruptions, data-privacy requirements, changes in government regulation, and the failure to obtain (or delays in obtaining) financing or regulatory approvals. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights and disputes over intellectual property rights may adversely affect the profitability of these companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The market prices of information technology securities may be especially volatile, and adverse developments affecting the information technology sector could cause the Fund’s shares to decline in value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Model and data risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Advisor may employ a complex strategy using proprietary quantitative models in selecting investments for the Fund. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the con‐</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">struction and implementation of the models (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor’s quantitative models will perform as expected or result in effective investment decisions for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Real estate securities and REITs risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund’s performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. The performance of REITs depends on how well each REIT manages its properties. Equity REITs, which invest directly in real estate properties and property developers, may be affected by any changes in the value of the underlying property owned by the trusts. REITs expose investors in the Fund to the risks of owning real estate directly, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Small- and mid-capitalization risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund’s ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. In addition, nonexchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, involve certain risks. The Fund’s investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s Class P2 performance information in a bar chart and an average annual total returns table.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/mutual-</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">fund-performance. Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b‑1 service and distribution fees, but Class P2 shares held through advisory programs may be subject to a program fee, advisory fee or other fees, which, if included, would have reduced performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown.</span></p> Performance The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown. Total return (Class P2)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:241pt; height:108pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234273_ba003.jpg" style="margin:1.34pt 1.55pt; width: 317.11px; height: 140.39px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2024 is the Fund’s Class P2 shares’ first full year of operations.</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: 8.14%</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar year shown—2Q 2025: 11.48%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar year shown—1Q 2025: (1.90)%</span></p> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Class P2 shares ceased operations as of January 30, 2026. Returns after January 30, 2026 are those of Class P shares. Although the Class P2 shares are invested in the same portfolio of securities as the Class P shares, returns for the Class P2 shares will differ from the Class P shares to the extent that the Class P2 shares are subject to different expenses.</span></p></td></tr> </table> Total return 2026-09-30 0.0814 Best quarter 2025-06-30 0.1148 Worst quarter 2025-03-31 -0.019 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:6.9pt 0pt 0pt; width:240.89pt; border-spacing: 0px;"><tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:6.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:49.6pt; max-width:49.6pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:6.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:43.15pt; max-width:43.15pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:6.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of class</span></p> </td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (3/15/23)<br/>Return before taxes</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">17.09</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">19.94</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">15.07</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">18.17</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions<br/>and sale of fund shares</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">11.53</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">15.40</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">S&amp;P 500 Index</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">17.88</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">24.09</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 2023-03-15 0.1709 0.1994 0.1507 0.1817 0.1153 0.154 0.1788 0.2409 UBS Multi Income Bond Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Shares of Class P2 are available for purchase on behalf of clients of a fee-based program or certain other advisory programs in which UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or the “Advisor”) exercises investment discretion. Clients pay a wrap fee or a similar advisory fee to participate in such programs. Shares of Class P2 are also available for purchase on behalf of institutional clients with which the Advisor or its affiliates have signed a separate investment management agreement, pursuant to which such clients pay an advisory fee.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:7.9pt 0pt 0pt; width:244pt; border-spacing: 0px;"><tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on purchases <br/>(as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) (as a % of <br/>purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:35.5pt; max-width:35.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.50</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.53</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">1.03</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.83</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management fee <br/>waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.20</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and the Advisor have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, </span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt 5pt"><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.20% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.005 0 0.0053 0.0103 -0.0083 0.002 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:243.91pt; border-spacing: 0px;"><tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.89pt; max-width:25.89pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.51pt; max-width:25.51pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:33.5pt; max-width:33.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.77%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$20</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.89pt; max-width:2.89pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23pt; max-width:23pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.63%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$245</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.75%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$488</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.54%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$1,184</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 20 245 488 1184 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as mark-ups, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating </span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 295% of the average value of its portfolio, including TBA transactions, and 38% of the average value of its portfolio, excluding TBA transactions.</span></p> 2.95 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">For purposes of the Fund’s 80% policy above, the Fund’s investments in bonds include a variety of fixed income securities, which may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, securities issued by municipalities, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed (including commercial and residential mortgage-backed securities) and asset-backed securities, and other securitized and structured securities.</span><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> </span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">“Multi income bond” refers to the Fund’s investments in multiple types of fixed income securities/across multiple fixed income sectors.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund will invest at least 65% of its net assets in securities that, at the time of purchase, are rated investment grade by an independent rating agency (or, if unrated, are deemed to be of comparable quality by the Advisor), but may invest up to 35% in securities rated below investment grade (also known as lower-rated or “junk bonds”).</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investments in fixed income securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, and auction rate features. In addition, the fixed income securities purchased by the Fund may be denominated in any currency, have coupons payable in any currency and may be of any maturity or duration. The Fund may invest in “to be announced” or “TBA” securities, which are mortgage-backed securities that usually are traded on a forward commitment basis with an approximate principal amount and no defined maturity date, issued or guaranteed by US government agencies and instrumentalities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund invests in the United States and abroad, including in China and other emerging markets, and may purchase securities issued by domestic and foreign issuers. However, the Fund expects to limit foreign cur‐</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">rency exposure to 25% of its net assets. Furthermore, no more than 40% of the Fund’s net assets may be invested in emerging markets securities. Depending on its assessment of market conditions, the Advisor may choose to allocate the Fund’s assets in any combination among these types of investments or may choose not to invest in these types of investments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may also invest in equity securities, such as preferred stock. Equity investments may include securities of companies of any capitalization size, however the Fund expects to invest primarily in large and mid-capitalization companies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may, but is not required to, use exchange-traded or over-the-counter (“OTC”) derivative instruments for risk management purposes or as part of the Fund’s investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indices. The derivatives in which the Fund may invest include options (including, options on futures, forwards and swap agreements), futures, forward agreements, swap agreements (including, interest rate, total return, currency, credit default and inflation swaps), credit-linked securities and structured investments. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual sectors, markets, currencies or securities. The Fund may use options, futures, swap agreements, credit-linked securities and structured investments to adjust the Fund’s portfolio duration. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor’s investment strategy is based on identifying compelling and attractive opportunities where the Advisor believes that the return profile sufficiently compensates for the risk of owning a position. The Advisor focuses on identifying relative value opportunities and discrepancies between observable market prices and the Advisor’s own estimates of fundamental value across various maturities, sectors and issuers.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The investment process combines both a top-down and bottom-up dynamic approach to exploit diversified sources of alpha (that is, potential sources of return in excess of a base market rate). The Advisor makes active decisions related to top-down factors, including duration, yield curve, and sector positioning. After defining these parameters, portfolio managers and credit research analysts work in close collaboration to develop investment themes for industry overweights and underweights as well as to determine the portions of the credit curve that are most attractive. The team then works to select securities to build optimal portfolios using bottom-up research and analysis.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investment process integrates material sustainability and/or environmental, social and governance (“ESG”) considerations into the research process for portfolio investments and portfolio holdings for which ESG data is available. Therefore, the Advisor does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. ESG integration is driven by taking into account material sustainability and/or ESG risks which could impact investment returns, rather than being driven by specific ethical principles or norms. The analysis of material sustainability and/or ESG considerations can include many different aspects, including, for example, the carbon footprint, employee health and well-being, supply chain management, fair customer treatment and governance processes of a company. This analysis is captured in a qualitative ESG assessment by the Advisor that leverages internal research. The Advisor also accesses quantitative ESG data that combines multiple sources and provides information on ESG risks and opportunities. ESG considerations and weights considered may change over time. The Fund’s portfolio managers may still invest in securities without respect to sustainability and/or ESG considerations or in securities which present sustainability and/or ESG risks, including where the portfolio managers believe the potential compensation outweighs the risks identified.</span></p> Principal strategies <span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets.</span> <span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">For purposes of the Fund’s 80% policy above, the Fund’s investments in bonds include a variety of fixed income securities, which may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, securities issued by municipalities, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed (including commercial and residential mortgage-backed securities) and asset-backed securities, and other securitized and structured securities.</span> You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Interest rate risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments generally will fall when short term interest rates rise, and its yield will tend to lag behind prevailing rates. Securities with longer maturities generally are subject to greater fluctuations in value. Changes in interest rates will likely affect the value of higher-quality securities </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">more than lower-quality securities. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for fund investments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Floating or variable rate securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Floating or variable rate securities bear interest at rates that are not fixed but that vary with changes in specified market rates or indices. The market value of floating rate and variable rate securities generally fluctuates less than the market value of fixed rate obligations. Accordingly, as interest rates decrease or increase, the potential for capital appreciation or capital depreciation is less than for fixed rate obligations. Additionally, these securities may decline in value if their coupon/interest rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Credit risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract or transaction, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Mortgage- and asset-backed securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Mortgage- and asset-backed securities are subject to risks that are different from and/or more acute than risks associated with other types of debt instruments. Such risks may include prepayment risk. Conversely, in periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected, causing additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and become illiquid. Certain types of mortgage-backed securities (e.g., collateralized mortgage obligations, as applicable) can be even more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The structure of some of these securities may be complex, and there may be less available information than other types of debt securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. TBA securities are subject to the risk that the actual securities received by the Fund may be less favorable than anticipated, or that a counterparty will default or otherwise fail to deliver the security. In addition, TBA transactions may significantly increase the Fund’s portfolio turnover rate.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Prepayment or call risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Prepayment or call risk refers to the risk that issuers of debt securities will prepay obligations more rapidly than expected, especially when interest rates are falling, and the Fund may have to reinvest those prepayments at lower interest rates. When interest rates are rising, slower prepayments may extend the duration of the securities and may reduce their value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">High yield securities (“junk bonds”) risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Lower-rated securities (the issuers of which are typically in poorer financial health) are subject to higher risks than investment grade securities and are considered to be speculative. For example, lower-rated securities may be (1) subject to a greater risk of loss of principal and non-payment of interest (including subordination to other creditors and default by the issuer); (2) subject to greater price volatility; and (3) less liquid than investment grade securities. The prices of such securities may be more vulnerable to bad economic news, or even the expectation of bad news, and more likely to be subject to an issuer’s downgrade than higher rated fixed income securities. In addition, high yield securities are often thinly traded and may be more difficult to sell and value than higher rated fixed income securities of a similar maturity.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Foreign investing risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Emerging market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions (such as expropriation or nationalization), greater risks of political and civil instability, or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to US issuers. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high transaction costs, possible foreign controls on investment, less stringent investor protections, high rates of inflation or deflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s or issuer’s legal obligations in certain jurisdictions outside of the United States, and it may be more difficult for investors or for US regulators to bring litigation or enforcement actions against such issuers, which can increase the risks of loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">China risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are special risks associated with investments in China (including Chinese companies listed on US and Hong Kong exchanges), Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan and Hong Kong could be adversely affected by their respective political and economic relationship with China. China, Hong Kong and Taiwan are deemed by the investment manager to be emerging markets countries, which means an investment in these countries has more heightened risks than general foreign investing due to a lack of established </span></p><div style="display:table-cell; min-width:242.52pt; max-width:242.52pt; vertical-align:top"><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">legal, political, business and social frameworks; inefficiencies resulting from erratic growth; the unavailability of consistently reliable financial data; asset price volatility; limited accessibility; currency devaluation; absence of operating history for companies; and lack of accounting standards or auditor oversight in these countries to support securities markets as well as the possibility for more widespread corruption and fraud. Investments in China, Hong Kong, and Taiwan are also subject to the risk of escalating tensions and deteriorating relations with the United States as economic and strategic competition between the United States and China intensifies, which could result in further tariffs, trade restrictions, sanctions, or other actions that adversely impact the value of such investments. The Chinese government exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may invest in bonds issued by the PRC and certain other PRC-based entities which trade on the China interbank bond market (“CIBM”) through the CIBM Direct Access Program or the China—Hong Kong Bond Connect program (the “Bond Connect Program”). The CIBM Direct Access Program and the Bond Connect Program may be subject to further interpretation and guidance and future developments may restrict or otherwise affect the Fund’s investments or returns. There can be no assurance that the CIBM Direct Access Program will not be restricted, suspended or abolished. If such event occurs, the Fund’s ability to invest in the CIBM through the CIBM Direct Access Program will be adversely affected, and if the Fund is unable to adequately access the CIBM through other means, the Fund’s ability to achieve its investment objective will be adversely affected. There also can be no assurance that further regulations will not affect the availability of securities in the Bond Connect Program, the frequency of redemptions or other limitations. Further, the necessary trading, settlement and information technology systems for the Bond Connect Program may not function properly, causing the Bond Connect Program to be disrupted. In addition, the application and interpretation of the laws and regulations of Hong Kong, the PRC, and the People’s Bank of China and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the CIBM Direct Access Program and Bond Connect Program are uncertain, and they may have an adverse effect on the Fund’s performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Additionally, emerging market countries, such as China, may subject the Fund’s investments to a number of tax rules, and the application of many of those rules may be </span></p> </div><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">uncertain. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), credit risk and mispricing or valuation complexity. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Equity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Stocks and other equity securities, and securities convertible into stocks, generally fluctuate in value more than bonds. The value of these securities may decline due to general market conditions, not specific to a particular company or industry. Preferred stocks </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">in which the Fund may invest are also sensitive to interest rate changes, credit risk, risks related to deferred and omitted distributions, limited voting rights, liquidity risk, and risks related to regulatory changes. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. The Fund could lose all of its investment in a company’s stock.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Municipal securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Municipal securities are subject to interest rate, credit, illiquidity, market and political risks. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the fund’s net asset value and/or the distributions paid by the fund. Municipal bonds secured by revenues from public housing authorities may be subject to additional uncertainties relating to the possibility that proceeds may exceed supply of available mortgages to be purchased by public housing authorities, resulting in early retirement of bonds, or that homeowner repayments will create an irregular cash flow. Municipalities continue to experience difficulties in the current economic and political environment.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Sovereign debt risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investment in sovereign debt involves special risks, including the risk that the issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal and/or interest when due in accordance with the terms of such debt, and the Fund may have limited legal recourse in the event of a default.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">US Government securities risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. Securities issued or guaranteed by the US Treasury are backed by the full faith and credit of the United States, but are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the timely payment of interest or principal, which could result in losses to the Fund (e.g., Congressional debt ceiling impasses).</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Risk/return bar chart and table</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s Class P2 performance information in a bar chart and an average annual total returns table.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/mutual-</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">fund-performance. Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b‑1 service and distribution fees, but Class P2 shares held through advisory programs may be subject to a program fee, advisory fee or other fees, which, if included, would have reduced performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown.</span></p> Performance The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The index reflects no deduction for fees, expenses or taxes but is net of dividend tax withholding. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown. Total return (Class P2)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:241pt; height:108pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234273_ba004.jpg" style="margin:1.29pt 3.53pt 3.02pt; width: 311.99px; height: 138.31px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2024 is the Fund’s Class P2 shares’ first full year of operations.</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: (2.53)%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar year shown—3Q 2024: 4.83%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar year shown—4Q 2024: (2.41)%</span></p> Total return 2026-09-30 -0.0253 Best quarter 2024-09-30 0.0483 Worst quarter 2024-12-31 -0.0241 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:240.89pt; border-spacing: 0px;"><tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:4.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:49.6pt; max-width:49.6pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:4.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:43.15pt; max-width:43.15pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:4.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of class</span></p> </td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (10/11/23)<br/>Return before taxes</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.64</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.50</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.65</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.56</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions<br/>and sale of fund shares</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.47</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.91</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:133.62pt; max-width:133.62pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Bloomberg US Aggregate <br/>Bond Index</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:6.64pt; max-width:6.64pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:36.36pt; max-width:36.36pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.30</span></p> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:8.52pt; max-width:8.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:17.52pt; max-width:17.52pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:19.13pt; max-width:19.13pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.85</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 2023-10-11 0.0764 0.075 0.0565 0.0556 0.0447 0.0491 0.073 0.0685 UBS Sustainable Development Bank Bond Fund Investment objective <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund seeks current income.</span></p> Fees and expenses <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Shares of Class P2 are available for purchase on behalf of clients of a fee-based program or certain other advisory programs in which UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or the “Advisor”) exercises investment discretion. Clients pay a wrap fee or a similar advisory fee to participate in such programs. Shares of Class P2 are also available for purchase on behalf of institutional clients with which the Advisor or its affiliates has signed a separate investment management agreement, pursuant to which such clients pay an advisory fee.</span></p> Shareholder fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:7.9pt 0pt 0pt; width:244pt; border-spacing: 0px;"><tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:31.5pt; max-width:31.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum front-end sales charge (load) imposed on purchases <br/>(as a % of offering price)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:206.5pt; max-width:206.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Maximum contingent deferred sales charge (load) (CDSC) (as a % of <br/>purchase or sales price, whichever is less)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.71%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:1.9pt 0pt 0pt; width:241pt; border-spacing: 0px;"><tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:35.5pt; max-width:35.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Management fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.15</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Distribution and/or service (12b‑1) fees</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">None</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Other expenses</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.56</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.71</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:127.57%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Less management fee waiver/expense reimbursements</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.56</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:202.5pt; max-width:202.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total annual fund operating expenses after management fee <br/>waiver/expense reimbursement</span><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:2.99pt; max-width:2.99pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:26.04pt; max-width:26.04pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.15</span></p> </td><td style="min-width:6.47pt; max-width:6.47pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:12pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="white-space:nowrap; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">1</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">“Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.</span></p></td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.88pt 0pt 0pt"><td style="min-width:5pt; max-width:5pt; vertical-align:top"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.86,0,0,1,0,0); min-width:116.28%; margin:0"><span style="font-family:Arial, sans-serif; font-size:4.66pt; vertical-align:baseline; position:relative; top:-2.66pt; color:#231f20">2</span><span style="font-size:8pt">​</span></p></td><td style="min-width:236.02pt; max-width:236.02pt; vertical-align:bottom"><p style="font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; margin:0"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">The Trust, with respect to the Fund, and the Advisor, have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.15% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive.</span></p></td></tr> </table> 0.0015 0 0.0056 0.0071 -0.0056 0.0015 2027-10-28 Example <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></p> <table cellpadding="0" style="border-collapse:collapse; margin:12.9pt 0pt 0pt; width:243.91pt; border-spacing: 0px;"><tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25pt; max-width:25pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.89pt; max-width:25.89pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">3 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:25.51pt; max-width:25.51pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="2" style="min-width:33.5pt; max-width:33.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">10 years</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:93pt; max-width:93pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; padding:0pt 0pt 0pt 1.19pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:117.77%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span></p> </td><td style="min-width:8.5pt; max-width:8.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:22pt; max-width:22pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$15</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.89pt; max-width:2.89pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23pt; max-width:23pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.63%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$171</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7pt; max-width:7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:23.5pt; max-width:23.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:122.75%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$340</span></p> </td><td style="min-width:2.01pt; max-width:2.01pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:7.5pt; max-width:7.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:1.12pt 3pt 0.32pt 0pt"><p style="margin:0pt; text-align:right; padding:0pt 0pt 0pt 1.28pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:123.54%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">$830</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> </table> 15 171 340 830 Portfolio turnover <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40% of the average value of its portfolio.</span></p> 0.40 <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20"> <br/>Principal investments</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bonds issued by development banks. Development banks are financial organizations formed by government entities to promote economic and social development. The Fund invests in multilateral development bank bonds but may also invest in regional or national development bank obligations. The Fund’s investment in obligations issued by the International Bank for Reconstruction and Development and the Inter-American Development Bank may be significant, but the Fund normally will not invest more than 25% of its net assets in either issuer.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">Under normal circumstances, the Fund will invest in securities that, at the time of purchase, possess a minimum rating of A3 by Moody’s Ratings (“Moody’s”) or A- by Standard &amp; Poor’s Financial Services LLC (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”), comparably rated by another nationally recognized statistical rating organization, or, if unrated, are determined by the Advisor to be of comparable quality.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s investments in fixed income securities may have all types of interest rate payment and reset terms. The Fund generally invests only in US dollar-denominated securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may, but is not required to, engage in derivatives transactions. Derivative instruments such as futures may be used for risk management purposes to hedge against a specific security or for investment (non-hedging) purposes to earn income or adjust portfolio duration. The Fund does not seek to use derivatives extensively. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may invest in exchange-traded funds (“ETFs”) to gain exposure to certain asset classes.</span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.94,0,0,1,0,0); min-width:106.38%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management process</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor seeks to invest in bonds issued by development banks. The Advisor constructs the portfolio consisting of multilateral and regional development banks. The Advisor focuses primarily on bonds issued by multilateral development banks which may include, but are not limited to, the International Bank for Reconstruction and Development and other member institutions of the World Bank Group, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, and the European Bank for Reconstruction and Development. Development banks are formed by their member states with the objective to provide financial and technical assistance to improve overall living standards through sustainable economic development and growth, and, as such, the Advisor considers investments in development bank bonds to be sustainable investments. While each development bank has a distinct focus, development banks generally use their capital for projects that seek to improve the state of the developing world, promote sustainable growth and raise living standards.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Advisor selects investments for the Fund based on available supply and liquidity parameters (including, for example, such factors as evaluating amounts outstanding, available dealer inventory, and volumes traded in the secondary market) utilizing a stratified sampling approach (investing in a representative cross-section of the investment universe) to optimize tracking error and minimize transaction cost. The Fund will be managed relative to a composite index, which is a blend of two market indexes designed to measure the performance of the US dollar denominated multilateral development bank bond market. The Fund does not seek to directly replicate the index. The Fund’s composite index is the Solactive Global Multilateral Development Bank Bond USD 40% 1‑5 Year 60% 5‑10 Year Total Return Index. The index aims to represent exposure to bonds issued by entitled multilateral development banks, defined as international financial institutions created for the purpose of economic development. Eligible issuers must meet minimum thresholds for ESG ratings and controversy scores, as defined by the index provider. The index methodology excludes issuers assessed to be failing standards of the UN Global Compact and excludes UN country sanctions. These norms are reflected using assessments by Sustainalytics. Non-compliant issues will be removed from the index at the subsequent rebalance and will be reflected in the fund in line with the rebalancing of the index. Activity-based exclusions are not applied by the index. The Fund reserves the right in its discretion to change the index.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund’s development bank bond investments may include issuers that are not part of the composite index. The Fund will seek to maintain a concentrated portfolio of development bank bonds emphasizing multilateral development banks. The portfolio management team will select the bonds in the market that meet their selection criteria with intention to provide similar risk/return characteristics as the broader development bank bond market.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The Fund may engage in active trading to adjust the portfolio in response to investor activity and to rebalance the portfolio as new development bank issuers come to the market and existing issuers enter the index or mature.</span></p> Principal strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bonds issued by development banks. Derivative instruments that provide investment exposure to investments in the Fund’s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Risks of development bank bonds:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments in bonds issued by development banks may fall due to adverse financial market developments in the United States and abroad. Borrowers from development banks include foreign countries, which may include emerging market countries, and borrowers of specific development banks also include the private sector with or without government guarantee. Therefore, negative economic, social and political developments could affect the ability of a borrower to repay its loan to the development bank and thus affect its financial condition. In addition, investments in such development bank bonds may involve special risks because the Fund may have limited legal recourse in the event of default. Also, development bank bonds may sometimes be less liquid and more difficult to sell and to value than high-quality securities of US issuers. Bonds issued by a development bank are backed by the shareholders of the development bank. The development bank may be supported via various mechanisms, including preferred creditor status, equity injections by its shareholders and callable capital, even though the latter may have never been tested with respect to an issuer. Changes in the shareholder structure of a development bank or changes in the strength of the support by its shareholders could affect the credit rating and thus the value of the bonds issued by the development bank.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Interest rate risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of the Fund’s investments generally will fall when short term interest rates rise, and its yield will tend to lag behind prevailing rates. Securities with longer maturities generally are subject to </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">greater fluctuations in value. Changes in interest rates will likely affect the value of higher-quality securities more than lower-quality securities. The Fund may face a heightened level of interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for fund investments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Concentration risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund concentrates investments in the bonds of development banks. The risk is that if the Fund has most of its investments in a single industry, its portfolio will be more susceptible to factors adversely affecting that industry than would a more diverse portfolio of securities.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Credit risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract or transaction, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Liquidity risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Non-diversification risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund’s share price may be more volatile, and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></p> <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Portfolio turnover risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The Fund engages in frequent trading from time to time, which can result in high portfolio turnover (100% or more). A high portfolio turnover rate involves greater expenses to the Fund, including transaction costs, and is likely to generate more taxable short-term gains for shareholders, which may have an adverse impact on performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Market risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the market value of the Fund’s investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Leverage risk associated with financial instruments:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Even small changes in the value of underlying instruments can have a disproportionately large impact on the Fund.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Derivatives risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The value of “derivatives”—so called because their value “derives” from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. When using derivatives for hedging purposes, the Fund’s overall returns may be reduced if the hedged investment experiences a favorable price movement. In addition, if the Fund has insufficient cash to meet daily variation margin or payment requirements, it may have to sell securities from its portfolio at a time when it may be disadvantageous to do so. The risks of investing in derivative instruments also include market, leverage, operational, legal, and management risks. Derivatives relating to fixed income markets are especially susceptible to interest rate risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations), and credit risk. Derivatives also involve the risk that changes in the value of a derivative may not correlate as anticipated with the underlying asset, rate, index or overall securities markets, thereby reducing their effectiveness. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Investing in other funds risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> Investments in open- or closed-end investment companies, including ETFs, involve certain risks. The Fund’s investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its </span></p><p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">investment in the underlying funds, the Fund is subject to the risks of the underlying funds’ investments and their expenses. The shares of other investment companies are subject to the management fees and other expenses of those companies, and the purchase of shares of some investment companies requires the payment of sales loads. In addition, ETFs or closed-end investment companies may trade at a premium or a discount to their net asset value.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:10pt; color:#231f20">Management risk:</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. Consequently, the Fund may underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies.</span></p> Performance <p style="margin:0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The performance information that follows shows the Fund’s Class P2 performance information in a bar chart and an average annual total returns table.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the Bloomberg U.S. Treasury Index and Solactive Global Multilateral Development Bank Bond USD 40% 1‑5 Year 60% 5‑10 Year Total Return Index, which are additional indices with characteristics relevant to the Fund. Indices reflect no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at </span><span style="font-family:Arial, sans-serif; font-size:10pt; hyphens:auto; color:#231f20">www.ubs.com/us/en/assetmanagement/funds/mutual-</span><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">fund-performance. Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b‑1 service and distribution fees, but Class P2 shares held through advisory programs may be subject to a program fee, advisory fee or other fees, which, if included, would have reduced performance.</span></p> <p style="margin:12pt 0pt 0pt; font-size:10pt; line-height:1.2; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:10pt; color:#231f20">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the aftertax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown.</span></p> The information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance year to year and by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. The table also shows the Bloomberg U.S. Treasury Index and Solactive Global Multilateral Development Bank Bond USD 40% 1‑5 Year 60% 5‑10 Year Total Return Index, which are additional indices with characteristics relevant to the Fund. Indices reflect no deduction for fees, expenses or taxes. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.ubs.com/us/en/assetmanagement/funds/mutual-fund-performance After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the aftertax returns shown are not relevant to investors who hold Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P2 shares’ after-tax returns shown. Total return (Class P2)* <div style="margin:8pt 0pt 0pt; word-wrap:break-word"><span style="display:inline-block; width:241pt; height:108pt; vertical-align:0pt; overflow:hidden"><img alt="" src="j26234273_ba005.jpg" style="margin:0.93pt 0.57pt; width: 319.73px; height: 141.49px;"/></span></div> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">* 2021 is the Fund’s Class P2 shares’ first full year of operations</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Total return January 1 - September 30, 2026: (2.50)%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Best quarter during calendar years shown—Q4 2023: 4.78%</span></p> <p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.9,0,0,1,0,0); min-width:111.11%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Worst quarter during calendar years shown—1Q 2022: (4.99)%</span></p> Total return 2026-09-30 -0.025 Best quarter 2023-12-31 0.0478 Worst quarter 2022-03-31 -0.0499 Average annual total returns (for the periods ended December 31, 2025) <table cellpadding="0" style="border-collapse:collapse; margin:4.9pt 0pt 0pt; width:244.02pt; border-spacing: 0px;"><tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class (inception date) </span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:27.52pt; max-width:27.52pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">1 year</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:29pt; max-width:29pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">5 years</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td colspan="3" style="min-width:28pt; max-width:28pt; vertical-align:bottom; border-bottom:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Life of <br/>Class</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Class P2</span><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20"> (10/30/20)<br/>Return before taxes</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.30</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.02</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.08</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">%</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">5.75</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.92</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(1.00</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">Return after taxes on distributions and sale of fund shares</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">4.30</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.39</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.37</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Bloomberg U.S. Treasury Index</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">6.32</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.99</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.94</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Bloomberg US Aggregate Bond Index</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.30</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.36</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">(0.14</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">)</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> <tr><td style="min-width:143pt; max-width:143pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.84,0,0,1,0,0); min-width:119.05%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-weight:bold; font-size:8pt; color:#231f20">Solactive Global Multilateral Development Bank Bond USD 40% 1‑5 Year 60% 5‑10 Year Total Return Index</span></p> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:3.02pt; max-width:3.02pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18pt; max-width:18pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">7.36</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:6pt; max-width:6pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:4.07pt; max-width:4.07pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:18.32pt; max-width:18.32pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.11</span></p> </td><td style="min-width:6.61pt; max-width:6.61pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:4.5pt; max-width:4.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:5pt; max-width:5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right"><p style="font-size:6pt"> </p></td><td style="min-width:16.5pt; max-width:16.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:right; padding:2.12pt 0pt 0.32pt"><p style="margin:0pt; text-align:right; font-size:8pt; line-height:1.25; transform-origin:left; transform:matrix(0.78,0,0,1,0,0); min-width:128.21%; word-wrap:break-word"><span style="font-family:Arial, sans-serif; font-size:8pt; color:#231f20">0.16</span></p> </td><td style="min-width:6.5pt; max-width:6.5pt; vertical-align:bottom; border-top:0.25pt solid #231f20; border-bottom:0.25pt solid #231f20; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:left"><p style="font-size:6pt"> </p></td></tr> </table> 2020-10-30 0.073 0.0002 0.0008 0.0575 -0.0092 -0.01 0.043 -0.0039 -0.0037 0.0632 -0.0099 -0.0094 0.073 -0.0036 -0.0014 0.0736 0.0011 0.0016 0.2380 -0.0998 -0.2600 0.0817 0.0175 0.4269 0.0157 0.1709 -0.0756 0.1903 0.1384 0.0823 -0.1680 0.0968 0.0856 0.1903 -0.0080 0.3121 -0.1671 0.2261 0.1296 0.0334 -0.1410 0.1539 0.0662 0.2910 0.0268 0.0480 -0.0208 0.1062 0.0651 -0.0149 -0.1174 0.0667 0.0168 0.0707 0.0680 0.0680 -0.0243 -0.1041 0.0452 0.0155 0.0724 0.2330 -0.0693 0.1356 0.2100 0.1663 0.2919 -0.2556 0.3551 0.2515 0.1563 0.2647 0.2481 -0.0918 -0.2539 0.0893 0.0252 0.4381 0.0414 -0.1343 0.1621 0.0740 0.3019 0.2148 0.1709 0.0211 0.0764 -0.0237 -0.1027 0.0468 0.0171 0.0730 1997-06-30 1992-08-31 1997-06-30 1993-08-31 1972-12-19 485BPOS 0000886244 false Derivative instruments that provide investment exposure to investments in the Fund&amp;amp;#8217;s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund&amp;amp;#8217;s 80% investment policy. For purposes of the Fund&amp;amp;#8217;s 80% policy, emerging market countries are countries that are not included in the MSCI World Index of major world economies. However, countries included in the MSCI World Index may also be considered emerging market countries based on current political and economic factors. The countries included in this definition will change over time. Investments in equity securities may include, but are not limited to, common stock; shares of collective trusts, investment companies, including exchange-traded funds (&amp;amp;#8220;ETFs&amp;amp;#8221;); preferred stock; securities convertible into common stock, rights, warrants and options; sponsored or unsponsored depository receipts and depository shares, including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts; equity securities of real estate investment trusts (&amp;amp;#8220;REITs&amp;amp;#8221;); securities sold in private placements; and new issues, including initial and secondary public offerings. For purposes of the Fund&amp;amp;#8217;s 80% policy, emerging market countries are countries that are not included in the MSCI World Index of major world economies. However, countries included in the MSCI World Index may also be considered emerging market countries based on current political and economic factors. The countries included in this definition will change over time. For purposes of the Fund&amp;amp;#8217;s 80% policy above, the Fund&amp;amp;#8217;s investments in bonds include a variety of fixed income securities, which may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, securities issued by municipalities, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed (including commercial and residential mortgage-backed securities) and asset-backed securities, and other securitized and structured securities. Derivative instruments that provide investment exposure to investments in the Fund&amp;amp;#8217;s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund&amp;amp;#8217;s 80% investment policy. Development banks are financial organizations formed by government entities to promote economic and social development. The Fund invests in multilateral development bank bonds but may also invest in regional or national development bank obligations. Development banks are formed by their member states with the objective to provide financial and technical assistance to improve overall living standards through sustainable economic development and growth, and, as such, the Advisor considers investments in development bank bonds to be sustainable investments. The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States. Derivative instruments that provide investment exposure to investments in the Fund&amp;amp;#8217;s 80% investment policies or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund&amp;amp;#8217;s 80% investment policies. For purposes of this policy, dividend paying securities are those that pay dividends on a regular basis. The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States. The Fund invests primarily in stocks of companies that are believed to have substantial potential for capital growth. The Fund defines a company as a growth company if it is (i) included in an index that is representative of growth companies; (ii) classified as a growth company by an independent third party financial data provider; or (iii) considered by the advisor to exhibit characteristics of a growth company, considering metrics such as historical and/or projected growth rates relative to the applicable equity market. The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States. Derivative instruments that provide investment exposure to investments in the Fund&amp;amp;#8217;s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund&amp;amp;#8217;s 80% investment policy. The Fund invests primarily in stocks of companies that are believed to have substantial potential for capital growth. The Fund defines a company as a growth company if it is (i) included in an index that is representative of growth companies; (ii) classified as a growth company by an independent third party financial data provider; or (iii) considered by the advisor to exhibit characteristics of a growth company, considering metrics such as historical and/or projected growth rates relative to the applicable equity market. The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States. The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States. Derivative instruments that provide investment exposure to investments in the Fund&amp;amp;#8217;s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund&amp;amp;#8217;s 80% investment policy. For purposes of the Fund&amp;amp;#8217;s 80% policy, emerging market countries are countries that are not included in the MSCI World Index of major world economies. However, countries included in the MSCI World Index may also be considered emerging market countries based on current political and economic factors. The countries included in this definition will change over time. Investments in equity securities may include, but are not limited to, common stock; shares of collective trusts, investment companies, including exchange-traded funds (&amp;amp;#8220;ETFs&amp;amp;#8221;); preferred stock; securities convertible into common stock, rights, warrants and options; sponsored or unsponsored depository receipts and depository shares, including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts; equity securities of real estate investment trusts (&amp;amp;#8220;REITs&amp;amp;#8221;); securities sold in private placements; and new issues, including initial and secondary public offerings. For purposes of the Fund&amp;amp;#8217;s 80% policy, emerging market countries are countries that are not included in the MSCI World Index of major world economies. However, countries included in the MSCI World Index may also be considered emerging market countries based on current political and economic factors. The countries included in this definition will change over time. The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States. Derivative instruments that provide investment exposure to investments in the Fund&amp;amp;#8217;s 80% investment policies or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund&amp;amp;#8217;s 80% investment policies. For purposes of this policy, dividend paying securities are those that pay dividends on a regular basis. The Advisor considers a number of factors to determine whether an investment is tied to the United States, including whether the issuer is listed in the United States, the issuer is organized in the United States, the issuer derives at least 50% of its revenues in the United States, the issuer has at least 50% of its assets in the United States, the investment is included in an index representative of the United States, and the investment is exposed to the economic fortunes and risks of the United States. For purposes of the Fund&amp;amp;#8217;s 80% policy above, the Fund&amp;amp;#8217;s investments in bonds include a variety of fixed income securities, which may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, securities issued by municipalities, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed (including commercial and residential mortgage-backed securities) and asset-backed securities, and other securitized and structured securities. Derivative instruments that provide investment exposure to investments in the Fund&amp;amp;#8217;s 80% investment policy or provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund&amp;amp;#8217;s 80% investment policy. Development banks are financial organizations formed by government entities to promote economic and social development. The Fund invests in multilateral development bank bonds but may also invest in regional or national development bank obligations. Development banks are formed by their member states with the objective to provide financial and technical assistance to improve overall living standards through sustainable economic development and growth, and, as such, the Advisor considers investments in development bank bonds to be sustainable investments. Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date. The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short 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, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 1.25% for Class A shares and 1.00% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. “Other expenses” for Class A are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date. The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses) to the extent necessary so that the Fund’s operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 1.20% for Class A shares and 0.95% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. 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” and “Total annual fund operating expenses after management fee waiver/expense reimbursements” will differ from those presented in the Financial highlights. Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date. UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 the 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) do not exceed 1.25% for Class A shares and 1.00% for Class P shares. This fee waiver and expense arrangement may only be amended or terminated by shareholders. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. “Other expenses” include interest expense of 0.01%. Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.90% for Class A shares and 0.65% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. Average annual total returns for the Bloomberg US Aggregate Bond Index for the life of Class A were 1.53%. Shares of the Fund acquired through the exchange of shares of another Family Fund (“Family Funds” include PACE® Select funds, series of The UBS Funds and other funds for which UBS AM (US) serves as principal underwriter) may be subject to a deferred sales charge if you later sell the Fund shares acquired in the exchange, based on the terms of the shares of the Family Fund you originally held. The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short 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, dividend expense and security loan fees for securities sold short and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.35% for Class A shares and 0.25% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. “Other expenses” for Class A are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.65% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. The Trust, with respect to the Fund, and UBS Asset Management (Americas) LLC, the Fund’s investment advisor and administrator (“UBS AM (Americas)” or 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 expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses), through the period ending October 28, 2027, do not exceed 0.65% for Class P shares. Pursuant to the written agreement, the Advisor is The Trust, with respect to the Fund, and the Advisor have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.40% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. “Other expenses” include interest expense of 0.01%. The Trust, with respect to the Fund, and the Advisor have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.25% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. The Trust, with respect to the Fund, and the Advisor, have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027, do not exceed 0.30% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. “Other expenses” are based on estimates for the current fiscal year. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund. The Trust, with respect to the Fund, and the Advisor have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.20% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. The Trust, with respect to the Fund, and the Advisor, have entered into a written agreement pursuant to which the Advisor has agreed to (i) waive its management fees and retained administration fees, and (ii) reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, dividend expense and security loan fees for securities sold short, 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, dividend expense and security loan fees for securities sold short, and extraordinary expenses, such as proxy-related expenses) through the period ending October 28, 2027 do not exceed 0.15% for Class P2 shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three years following the period during which such fee waivers and 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 waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement 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 fee waiver/expense reimbursement agreement, however, UBS AM (Americas)’s three year recoupment rights will survive. “Other expenses” include “Acquired fund fees and expenses,” which were less than 0.01% of the average net assets of the Fund.