497 1 a37503.txt UBS INVESTMENT TRUST UBS MUTUAL FUNDS Supplement to the Statements of Additional Information of the Funds listed below April 19, 2004 Dear Investor, The following information supplements the information contained in the section entitled "Organization of the Trust/Funds; Directors/Trustees and Officers; Principal Holders and Management Ownership of Securities" in the Statements of Additional Information ("SAI"). Effective April 19, 2004, Brian M. Storms resigned as a Director or Trustee and Chairman of Board. Therefore, all information relating to Mr. Storms contained in each SAI is deleted. Item No. ZS-255 This supplement applies to the following Funds: UBS Cashfund Inc. UBS LIR Government Securities Fund UBS LIR Treasury Securities Fund UBS Select Money Market Fund UBS Select Treasury Fund UBS Cash Reserves Fund UBS Liquid Assets Fund UBS RMA New York Municipal Money Fund UBS RMA California Municipal Money Fund UBS Money Market Fund UBS RMA New Jersey Municipal Money Fund UBS RMA Money Market Portfolio UBS RMA U.S. Government Portfolio UBS Retirement Money Fund UBS RMA Tax-Free Fund UBS Tactical Allocation Fund UBS S&P 500 Index Fund UBS PACE Money Market Investments UBS PACE Government Securities Fixed Income Investments UBS PACE Intermediate Fixed Income Investments UBS PACE Strategic Fixed Income Investments UBS PACE Municipal Fixed Income Investments UBS PACE Global Fixed Income Investments UBS PACE Large Co Value Equity Investments UBS PACE Large Co Growth Equity Investments UBS PACE Small/Medium Co Value Equity Investments UBS PACE Small/Medium Co Growth Equity Investments UBS PACE International Equity Investments UBS PACE International Emerging Markets Equity Investments