Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   UBS PACE High Yield P  PHYPX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings UBS PACE High Yield P  PHYPX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of High Yield Bond Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    Avg Duration    ---    Avg Credit Quality    --- As of 2009-06-30 Day Change $ 0.00    NAV (2009-11-20) $ 9.63    YTD Return % (2009-11-20) 46.02%    Total Assets ($ mil) 187 View Data Definitions   Performance     Growth of $10,000 Fund: UBS PACE High Yield P (from 2006-04-11 to 2009-10-31) Category: High Yield Bond Index: BarCap US Agg Bond TR USD Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2006-04-11 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 46.02 56.29 6.88 --- --- 6.85 +/- Category 5.07 20.71 4.27 --- --- --- +/- BarCap US Agg Bond TR USD 39.11 43.80 0.43 --- --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 41.93 24.16 6.68 --- --- 6.51 Month-End (as of 2009-10-31) 44.29 45.00 6.84 --- --- 6.85 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 39.64 3.91 --- --- --- On Distribution & Sale of Shares --- 28.46 4.02 --- --- --- Morningstar Rating --- --- --- --- --- # of compared funds covered (3 yrs : out of 471 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 1.00%. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % US Government 0.00 US Treasuries 0.00 TIPS 0.00 US Agency 0.00 Mortgage 0.00 Mortgage Pass-Thru 0.00 Mortgage CMO 0.00 Mortgage ARM 0.00 Credit 83.72 US Corporate 81.90 Asset-Backed 1.82 Convertible 0.00 Municipal 0.00 Corporate Inflation-Protected 0.00 Foreign 13.92 Foreign Corp 13.92 Foreign Govt 0.00 Cash 2.36 Bond Quality % of Bonds AAA --- AA --- A --- BBB --- BB --- B --- Below B --- Not Rated ---   Asset Allocation % of Net Assets Cash 2.3 Stocks 0.0 Bonds 94.3 Other 3.4 Foreign Stocks 0.0 (as a % of Assets) Data through 2009-06-30 Data through 2009-06-30 Holding Status Total Number of Stock Holdings Turnover % 49 Total Number of Bond Holdings 222 30 Day SEC Yield % 7.74 % of Assets in Top 10 Holdings 13.47 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Maturity Date Amount $000 Value $000 % of Net Assets Hca 6.5% 2016-02-15 3,030 2,447 1.68 Ford Mtr 6.625% 2028-10-01 4,345 2,346 1.61 Novelis 7.25% 2015-02-15 2,670 2,029 1.39 Chesapeake Engy 6.375% 2015-06-15 2,240 1,994 1.37 El Paso 6.875% 2014-06-15 2,055 1,918 1.32 Huntsman 11.5% 2012-07-15 1,810 1,833 1.26 Ford Motor Credit 8% 2016-12-15 2,332 1,783 1.22 Nrg Engy 7.25% 2014-02-01 1,830 1,775 1.22 Softbank 7.75% 2013-10-15 1,450 1,749 1.20 Tesoro 6.25% 2012-11-01 1,835 1,743 1.20 Data through 2009-06-30   Other Information Fund Inception: 2006-04-11 Portfolio Manager  (Start Date) Dan Roberts  (2006-04-03) In October 2004 Dan Roberts came to MacKay Shields when the firm acquired the fixed income division of Pareto Partners. Dan was Chief Investment Officer and an equity shareholder at Pareto. Dan assembled the US fixed income team while serving 10 years at UBS Asset Management, most recently as Managing Director and head of the fixed income group. Prior to its acquisition by UBS, he was a Financial Economist for Chase Manhattan Bank, NA and later was head of Global Interest Rate and Currency Swaps Trading. In 1997, Dan’s fixed income group was lifted out of UBS by Forstmann-Leff International and was subsequently purchased by Pareto Partners, effective February 2000. His regulatory and government experience included a two-year stint at the US Securities and Exchange Commission, serving at The White House with the President's Council of Economic Advisors and as Executive Director (Chief of Staff) of the US Congress Joint Economic Committee. Louis Cohen  (2006-04-03) Louis N. Cohen, CFA Lou also manages the crossover credits in our High Yield portfolios. He joined the Fixed Income Team at UBS in 1991 as a Core/CorePlus Portfolio Manager and was Co-Chairman of the Credit Committee while at UBS. His extensive credit experience began at Bankers Trust in 1978 in the Commercial Banking Department. In 1981 he moved to Kidder Peabody. Lou furthered his fixed income credit experience with stints as a fixed Income Credit Manager at several major Street. Michael Kimble  (2006-04-03) Michael joined MacKay Shields in October 2004 as Director and Co-Head of High Yield portfolio management when MacKay Shields acquired the fixed income active core division of Pareto Partners. Previously the Co-Head of Pareto Partners’ High Yield Investments, Michael began his investment career with positions at Citicorp and E.F. Hutton as a fixed income credit analyst. In 1988 Michael moved to Home Insurance Company as a High Yield Bond Analyst and Portfolio Manager. Shortly thereafter Mike was recruited by Dan Roberts to join the UBS team in the same capacity. While at UBS, Michael was Co-Chairman of the Credit Committee. He received a BA from Columbia University, an MBA from New York University and a JD from Fordham School of Law. With fixed income experience since 1984, Michael is a member of the Capital Markets Credit Analyst Society, the New York Society of Security Analysts and the New York and Louisiana State Bar Associations. Taylor Wagenseil  (2006-04-03) Taylor became Director and Co-Head of High Yield portfolio management after MacKay Shields acquired the fixed income division of Pareto Partners, where he was Co-Head of High Yield Investments and an equity shareholder. He began his investment career with Citibank in 1979, specializing in troubled loan workouts and recoveries. In 1986, Taylor moved to Drexel Burnham Lambert as a Senior Vice President to head High Yield Commercial Paper Research. Taylor remained at Drexel through the bankruptcy and then joined Bear Stearns as a Managing Director in the Financial Restructuring Group. He was recruited to join UBS in 1993 as a Senior Portfolio Manager for High Yield and High Yield Arbitrage Portfolios. Taylor's public service and military experience includes the US Navy (Lieutenant) during the Vietnam War and five years as the Commissioner, Department of Elderly Affairs for the City of Boston. He received a BA from Dartmouth College and a MBA (Finance) from the Harvard Business School. Sales Charge % (taken from prospectus dated 2009-07-31) Front: None Deferred: None Expense Ratio % 1.10 based on net assets (taken from annual report dated 2009-07-31) Correspondence Information c/o UBS Global Asset Management (US) Inc 51 West 52nd St New York,  NY  10019 United States Telephone: 800-647-1568 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.