UBS Fund Advisor, L.L.C.

UBS Fund Advisor, L.L.C. 1285 Avenue of the Americas New York, New York 10019 212-713-3234 UBS FUND ADVISOR, L.L.C. SEC File Number 801-55537 March 31, 2015 This brochure provides information about the qualifications and business practices of UBS Fund Advisor, L.L.C. that you should consider before becoming a client. If you have any questions about the content of this brochure, please contact us at 888-526-7454. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about UBS Fund Advisor is also available on the SEC's website at www.adviserinfo.sec.gov. Please note that registration as an investment adviser does not imply a certain level of skill or training. ML281837-MAXWELL CONFIDENTIAL UBSTERRAMAR00001465 EFTA00237111 ITEM 2. MATERIAL CHANGES This section describes the material changes to our advisory services since the last annual am