Filing by The UBS Funds pursuant to Rule 425 under the Secutities Act of 1933, as amended. Subject Company: UBS Managed Investments Trust IC File No.: 811-04040 - -------------------------------------------------------------------------------- UBS UBS Global Asset Management (US) Inc. 51 West 52nd Street New York, NY 10019 www.ubs.com Brian M. Storms President, UBS Funds Tel: 212-882 5000 December 18, 2002 Dear Shareholder, In our ongoing effort to ensure that you receive the highest quality investment management expertise, we are proposing to merge the UBS Strategy Fund (Strategy Fund) into the UBS Global Equity Fund (Global Equity Fund). The enclosed supplement to the Strategy Fund prospectus provides more details about the proposed merger. Why are we proposing this merger? When the Strategy Fund was launched, the Fund's investment adviser, then known as Mitchell Hutchins Asset Management ("Mitchell Hutchins"), had no affiliation with UBS AG. Approximately eighteen months later, Mitchell Hutchins became part of UBS AG's asset management division and began offering UBS's vast investment management capabilities. The Global Equity Fund, managed by UBS Global Asset Management, and the Strategy Fund are both global in scope and have similar investment objectives. However, the Global Equity Fund is an actively managed portfolio that currently holds more than 160 securities across 12 global sectors and provides greater diversification than the Strategy Fund. Additionally, the Global Equity Fund has more investment flexibility since its investments are not limited to only those stocks that are included in UBS Warburg's Global 50 Highlighted StocksSM list, which is a requirement imposed on the Strategy Fund by its prospectus. Given these benefits, we believe that the merger is in your best interest. Performance1 The Global Equity Fund has outperformed the Strategy Fund over the Strategy Fund's three-year lifespan with an average annual return of -7.38% versus - -24.74%, respectively (December 2, 1999 to December 2, 2002). Below you will find additional performance information with respect to both Funds and their benchmarks, as of October 31, 2002. As of October 31, 2002 YTD 1 Yr. 3 Yrs. 5 Yrs. Life - ------------------------------------------------------------------------------------ UBS Global Equity Fund Class A Shares -17.11% -10.89% -6.57% -0.66% -1.18% After maximum sales charge -21.70% -15.82% -8.31% -1.78% -2.22% MSCI World Equity (Free) Index -19.80% -14.50% -13.46% -1.24% -- UBS Strategy Fund Class A Shares -20.00% -6.78% -- -- -24.57% After maximum sales charge -24.40% -11.82% -- -- -25.97% Dow Jones World Index -20.34% -14.64% -13.80% -2.66% -- S&P 500 Index -21.83% -15.10% -12.22% 0.73% -- UBS Global Asset Management (US) Inc. is a subsidiary of UBS AG What additional benefits will the proposed merger provide to you? We believe the proposed merger also offers the following benefits: • Access to an experienced portfolio management team with an average of more than 20 years of investment experience in both up and down markets. • A disciplined investment style. UBS Global Equity Fund is based on the Global Equity Strategy, which has been available to institutional investors for more than 20 years using a disciplined investment process. What are the advantages of active management by UBS Global Asset Management? • A truly integrated global investment platform that is supported by 86 analysts located in 12 countries, who follow more than 3,000 individual companies. • An investment philosophy focused on intrinsic value. Our investment management teams employ an investment research process that looks to identify discrepancies between security prices and values arising from market behavior that they believe indicate a likelihood that a security will outperform the market. • A leader in risk management and asset allocation. We have a dedicated team of 49 asset allocation and risk management professionals who use a state-of-the-art, proprietary risk management system to help our portfolio managers minimize risk and maximize return potential. • A commitment to exceptional research. We strive to look at things in an unconventional manner and identify emerging trends before critical shifts take place in the markets. What happens next? In a few weeks, you will be receiving a proxy statement that explains in detail the proposed merger of the UBS Strategy Fund into the UBS Global Equity Fund. If you have any questions about the proposed merger, please contact your financial advisor or UBS Global Asset Management Client Services at 800-647 1568. Yours sincerely, Brian M. Storms President and Chief Executive Officer UBS Global Asset Management (US) Inc. Enclosure For more complete information about UBS Strategy Fund or UBS Global Equity Fund, including information regarding sales charges and expenses, please contact your financial advisor for a prospectus for either Fund. Please read the prospectus carefully before investing. A Proxy Statement on Form N-14 will be filed with Securities and Exchange Commission (SEC) and will be mailed to shareholders at no cost. This Proxy Statement will contain important information about the proposed merger, including information about the expenses, investment objectives and policies of UBS Strategy Fund and UBS Global Equity Fund. The Proxy Statement will contain important information. Please read it carefully. You may review and copy information about the Fund, including the Proxy Statement, when available, shareholder reports and the SAI, at the Public Reference Room of the SEC. You may obtain information about the operations of the SEC's Public Reference Room by calling the SEC at 202-942 8090. You can get copies of reports and other information about the Fund: • For a fee, by electronic request at publicinfo@sec.gov or by writing the ------------------ SEC's Public Reference Section, Washington, D.C. 20549-0102; or • Free from the EDGAR Database on the SEC's Web Site at http://www.sec.gov. ------------------ - -------------------------------- 1 Performance is for Class A shares after deducting maximum sales charge. The performance for the period 12/2/99 - 12/2/02, prior to deducting sales charges, was -5.62% for Global Equity Fund and -23.31% for Strategy Fund. Other share classes are offered and their returns will vary depending on expenses and sales charges. Performance is historical and does not represent future performance. UBS Strategy Fund Class A shares commenced operations on December 2, 1999. UBS Global Equity Fund Class A shares commenced operations on June 30, 1997. Class A shares are subject to a maximum initial sales charge of 5.50% and ongoing 12b-1 service fees. Purchases of $1 million or more are not subject to an initial sales charge; however, there is a 1% contingent-deferred sales charge for redemptions of purchases made within one year. The MSCI World Equity (free) Index is a broad-based index that represents the U.S. and developed non-U.S. equity markets in terms of capitalization and performance. It is designed to provide a representative total return for all major stock exchanges located inside and outside the U.S. The S&P 500 Index is an unmanaged, weighted index comprising 500 widely held common stocks varying in composition and is unavailable for investment. The Dow Jones World Index is a broad market benchmark that covers 34 countries and the 10 economic sectors, 18 market sectors, 51 industry groups and 89 subgroups.
- Company Dashboard
- Filings
-
425 Filing
Painewebber Managed Investments Trust Inactive 425Business combination disclosure
Filed: 11 Dec 02, 12:00am