If you chose to receive your distributions in cash, a check should have been sent to you or a credit should have been made on your financial intermediary or Fund account statement. If you chose to reinvest your distributions, that statement (or a subsequent one) should indicate the additional shares purchased for your account in full and fractional shares of the Fund's common stock.

You should not draw any conclusions about the Fund’s investment performance from the amount of the monthly distribution or from the terms of the Fund’s managed distribution policy.

If you would like to change your distribution option, please write or call your broker or, if you hold shares directly with the Fund, the Fund's distribution disbursing agent, BNY Mellon Investment Servicing, at 1-800-331-1710. For more information about the Fund, please contact: UBS Global Asset Management Closed-End Funds Desk, 888-793-8637.

Please find below additional information regarding the Fund’s performance. Please note that this information is primarily based on the Fund’s net asset value based performance, not its market price based performance. Market price based performance for various periods is included in the Fund’s most recent report to shareholders and is different.
                       
Fund performance and distribution rate information                          
Fiscal year-to-date 11/1/2012 to 1/31/2013                          

Year-to-date Cumulative Net Asset Value Return 1
3.27 %
Cumulative Distribution Rate 2 1.75 %
 
Preceding five-year period 2/1/2008 to 1/31/2013                          
5 Years Average Annual Total Net Asset Value Return 1 7.85 %
Average Annual Distribution Rate 3 8.66 %
Current Annualized Distribution Rate 4                         7.02 %

 
 

1

The Fund’s net asset value (“NAV”) returns assume, for illustration only, that dividends and other distributions, if any, were reinvested at the NAV on the payable dates.

2

Cumulative Distribution Rate for the Fund’s fiscal period (November 1, 2012 through January 31, 2013) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of January 31, 2013.

3

Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.

4

The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of January 31, 2013.
 
 
Please refer to the chart below for information about the Fund’s historical NAVs, change in NAVs, total returns and distributions paid. Performance data assumes reinvestment of distributions.
                                                           

Fiscal year

ending

Oct 31
     

Average

daily NAV for

period
     

End of

period

NAV per

share
     

Change

in NAV
     

Total returns
     

Distribution

rate 2
     

Net investment

income

distributions paid
     

Short-term

distributions

paid
     

Long-term

distributions paid
     

Return of

capital
     

Total

distributions

paid
Oct-08       $13.92       $9.82       -35.61%      

-25.76%
      14.36%       0.9510       0.2614      

0.4655
      0.3210       1.9989
Oct-09       $11.31       $12.89       31.26%       43.02%       8.64%       0.7167       -       -       0.2600       0.9767
Oct-10       $13.29       $14.16       9.85%       18.91%       7.96%       1.0579       -       -       -       1.0579
Oct-11       $13.47       $13.01       -8.12%       1.95%       10.42%       1.3723       -       -       0.0310       1.4033
Oct-12       $13.01       $13.45       3.38%       11.53%       7.60%       0.7104       -       0.2785       -       0.9889
Jan-13 1       $13.62       $13.65       1.49%       3.27%       1.75%       -       -       -       -       0.2386

 
 

Since inception (October 8, 1993) annualized total return: 10.71%

1

Figures are fiscal year to date, November 1, 2012 through January 31, 2013, and this period's final distribution characterization will not be completed until January 2014.

2

Distribution rate calculated by taking the total distributions paid within the period divided by average daily NAV for the period.
 

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