UBS Global Asset Management (Americas) Inc. I thank you, as always, for your continued support. We dont take lightly the responsibility you assigned to us when you chose UBS Global Asset Management as your asset manager. Implement process refinements and a team restructuring that we believe will deliver value for clients in our multi-asset portfolios in the years to come. This includes bringing on board Andreas Koester, who became Head of Asset Allocation for our Global Investment Solutions (GIS) team in September 2009. Take our shareholders through the next decade and beyond. More recently, we have continued to build out what I believe is an impressive organization of investment professionals who have the experience and insight required to We have already taken to this end, including restructuring our fixed income investment team, and broadening the reach of some of our investment capabilities to ensure they are well-positioned to navigate the marketplace. In the past, I have written of some of the measures We are keenly aware that we need to remain nimbleconstantly growing and evolving to meet the challenges that will be presented by this brave new market landscape. No one can rely on past performance when it comes toĭelivering future results. Still, as satisfying as it is for me to report this news to you, I find myself already looking to the future. Today, I am pleased to report that we are being rewarded for maintaining this conviction, as a number of the UBS Relationship Funds have generated solid performance versus their respective benchmarks over the review period. We firmly believe the key to delivering on this commitment inĪny market environment is adherence to the disciplines and processes that, in our view, have proven their long-term investment value over time. Investors throughout the recent bear market, what remained the same is our unwavering commitment to provide you with investment solutions designed to help you reach your long-term goals. That said, however, the marketsĬontinue to face the very challenging task of assessing the risks of deflation versus inflation.ĭespite the many changes and challenges faced by Whats more, confidence appears to be returning to the marketsalbeit tentativelyas investors begin to venture back into riskier assets. Respectivelyhave generated solid double-digit returns. Today, we can observe that both the S&P 500 Index and the MSCI World Free Index (net)proxies of stock performance in the US and global markets, When I last wrote to you on these pages six months ago, the S&P 500 Index was in theĮarly stages of attempting to climb back from one of the steepest declines in its history, investor confidence was at an all-time low and the investing landscape appeared to be undergoing unprecedented changes. To established investment processes and valuation disciplines. The market developments of the past several months highlight the importance of remaining steadfast Report of independent registered public accounting firm Treasury Inflation Protected Securities Relationship Fund UBS Cash Management Prime Relationship Fund UBS Opportunistic Emerging Markets Debt Relationship Fund UBS Global Aggregate Bond Relationship Fund Large Cap Growth Equity Relationship Fund UBS International Equity Relationship Fund UBS Global (ex-U.S.) All Cap Growth Relationship Fund UBS Emerging Markets Equity Relationship Fund Portfolio Managers commentary and portfolio of investments Registrants telephone number, including area code: 212-713 3000 (Address of principal executive offices) (Zip code) (Exact name of registrant as specified in charter)Īvenue of the Americas, New York, New York 10019-6028 Investment Company Act file number: 811-09036 CERTIFIED SHAREHOLDER REPORT OF REGISTERED
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