UBS Global Asset Management (Canada) Co. today announce further specifics of the proposed merger of UBS Global Allocation Trust (GAT) and UBS Total Return Trust (UTR).

The purpose of the merger is to provide unitholders of UTR with the opportunity to hold units of GAT that offers larger market capitalization and expected lower operating costs on a per unit basis.

Unitholders of UTR who do not wish to participate in the Merger and become unitholders of GAT will have the opportunity to redeem their units at the net asset value by providing notice of their intention to redeem by May 16. The redemption date for surrendered units of UTR has been set at May 30. Unitholders of UTR who wish to redeem their units should use the same notice procedure as set out for annual redemptions in the UTR’s prospectus.

If endorsed by unitholders at the special meeting (as detailed below), completion of the merger is expected to take place on June 10. The merger will be effected at an exchange ratio calculated as the net asset value per unit of UTR divided by the net asset value per unit of GAT, each determined as at the close of trading on the Toronto Stock Exchange on the business day immediately prior to the effective Date.

The planned merger is subject to any required regulatory or exchange approval. GAT trades under the symbol GAT.UN on the TSX.

Unitholders of GAT will be asked to approve the expansion and optimization of the guidelines for GAT at the special meeting of GAT unitholders (as detailed below).

The special meetings are scheduled for May 15 at the offices of UBS Global Asset Management (Canada) Co. in Toronto.