The Boards of Directors/Trustees for the UBS U.S. Money Market Funds named below (the “Funds”) on October 1, 2008, approved the participation of those money market funds in the U.S. Treasury’s Temporary Guarantee Program. All of these Funds will apply to be covered under the program.

“We recognize the U.S. Treasury’s actions to address what are believed to be temporary dislocations in the credit markets,” said Kai Sotorp, Head Americas, UBS Global Asset Management. “While the UBS money market funds have maintained their $1 net asset value throughout the recent unprecedented turmoil and continued to meet their stated goals of capital preservation, liquidity and income, we are pleased to have the Funds participate in the U.S. Treasury’s Temporary Guarantee Program to provide an added level of protection for covered shareholders.” The Funds continue to operate normally, and maintain a stable net asset value of $1 per share.

Through this program, the U.S. Treasury will guarantee the share price of any eligible money market mutual fund–whether retail or institutional–that applies for and pays a fee to participate in the program. Eligible funds are those that are regulated pursuant to Rule 2a-7 under the Investment Company Act of 1940, have maintained a stable share price of $1, and are publicly offered and registered with the Securities and Exchange Commission. Shareholders will be covered for the value of shares they held in accounts in the participating money market funds as of the close of business on September 19, 2008.