UBS Global Allocation Trust and UBS Total Return Trust confirms details of merger

    TORONTO, June 2 /CNW/ - UBS Global Asset Management (Canada) Co., as
manager (the "Manager") of both UBS Global Allocation Trust ("GAT") and
UBS Total Return Trust ("UTR") (collectively, the "Funds") has announced that
the merger of the Funds is anticipated to be effective prior to the open of
the markets on June 10, 2008 and that units of UTR will be de-listed at the
close of business on June 10, 2008. Unitholders of UTR will receive units of
GAT to be issued in exchange for the units of UTR based on an exchange ratio
based on the net asset value of the Funds at the close of business on June 9,
    The record date for the special distribution of the Funds is June 9,
2008. At the present time, the Manager does not anticipate that there will be
a special distribution in either of the Funds. In the event there is a special
distribution, it will be made in cash in the normal course to unitholders of
record on June 9, 2008.
    This special distribution would be required in the event of any income
and realized capital gains generated to date that has not been previously
distributed. The Funds' Trust Agreement requires that all taxable income be
paid to Unitholders prior to the end of its taxation year. The merger of the
Funds on June 10, 2008 will trigger a year end for tax purposes resulting in
the requirement to make the special distribution, if necessary, at this time.

    UBS Global Asset Management is one of the world's leading asset managers,
providing traditional, alternative and real estate investment management
solutions to private clients, financial intermediaries and institutional
investors worldwide. Invested assets totaled some CAD 781 billion at 31
December 2007, making the firm one of the largest global institutional asset
    With over 3,600 employees, located in 25 countries, UBS Global Asset
Management is a truly global firm. The main offices are in Basel, Chicago,
Frankfurt, Grand Cayman, Hartford, Hong Kong, London, Luxembourg, New York,
Rio de Janeiro, Sydney, Tokyo, Toronto and Zurich.

    Would you like to receive this information electronically?
    Please contact UBS Global Allocation Trust at

For further information:

For further information: UBS Global Asset Management (Canada) Co.,
Unitholder Relations, 1-866-827-9300,,; For all media
inquiries, please contact Graeme Harris at (416) 345-7050

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