Top of the Morning – UBS Wealth Management Research

In this 7-part podcast series, members of the UBS Chief Investment Office sat down to discuss the last two days of market volatility: what happened, what you need to know and their thoughts going forward. In Part 3 of 7, Sangeeta Marfatia, Closed End Fund analyst, discusses the action in the Closed End Fund space. Other podcasts in this series: Part 1 – David Lefkowitz: Equities Part 2 - Leslie Falconio: Interest Rates Part 4 - Kevin Dennean: Technology Part 5 - Nicki Decker: Energy and oil Part 6 - Jon Woloshin: Real Estate and Housing Part 7 - Adam Scheiner: Industrials As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

In this 7-part podcast series, members of the UBS Chief Investment Office sat down to discuss the last two days of market volatility: what happened, what you need to know and their thoughts going forward. In Part 2 of 7, Leslie Falconio, Senior Fixed Income Strategist, discusses the movement in interest rates during this period of volatility. Other podcasts in this series: Part 1 - David Lefkowitz: Equities Part 3 - Sangeeta Marfatia: Closed End Funds Part 4 - Kevin Dennean: Technology Part 5 - Nicki Decker: Energy and oil Part 6 - Jon Woloshin: Real Estate and Housing Part 7 - Adam Scheiner: Industrials As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

In this 7-part podcast series, members of the UBS Chief Investment Office sat down to discuss the last two days of market volatility: what happened, what you need to know and their thoughts going forward. In Part 1 of 7, David Lefkowitz, Senior Equity Strategist, discusses the overall equity market reaction and what you should know. Other podcasts in this series: Part 2 - Leslie Falconio: Interest Rates Part 3 - Sangeeta Marfatia: Closed End Funds Part 4 - Kevin Dennean: Technology Part 5 - Nicki Decker: Energy and oil Part 6 - Jon Woloshin: Real Estate and Housing Part 7 - Adam Scheiner: Industrials As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

The past year has brought about big changes, including the largest reform of the US tax system in over 30 years. As many of you are set to plan your year-end gift giving, you must ask yourself, "How much am I planning to gift to the IRS?" It's a great question, given that significant changes were made to the standard deduction earlier this year within the Tax Cuts and Jobs Act. Today we speak with Justin Waring, Investment Strategist for the UBS Chief Investment Office about this topic and recent blog in which he wrote. Neither UBS Financial Services Inc. nor any of its employees provide tax or legal advice. You should consult with your personal tax or legal advisor regarding your personal circumstances. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

IMO 2020 is on the horizon and it poses implications to the energy space. Today we examine what IMO 2020 is and what it means for clean fuel demand in the years to come and investor's portfolios today. Featured are Energy Equity Sector Strategist Americas for the UBS Chief Investment Office, Nicki Decker and MLP and Utilities Equity Sector Strategist Americas for the UBS Chief Investment Office, Jay Dobson. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

We sit down with Head of Asset Allocation Americas for the UBS Chief Investment Office, Jason Draho, for a conversation on what the catalysts are behind the market volatility, positive market signals, a market outlook and asset allocation recommendations. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

We turn our focus to the US financials as we examine what has been behind the recent performance, an outlook for the sector, and where opportunities exist for investors at this time. Featured is Financials Equity Sector Strategist Americas for the UBS Chief Investment Office, Brad Ball. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

Shane Lieberman, from the UBS US Office of Public Policy, joins the podcast to discuss the latest news out of the beltway and beyond. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC

It's Friday morning and that means it's time for the week in review and preview. We will recap this week's key market moving events and preview what we can expect in the week ahead. Featured is Equity Strategist Americas for the UBS Chief Investment Office, Ed Tran. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Oil prices have been under pressure in recent weeks – today we examine why that is, where oil prices are heading, opportunities in this current environment for energy investors and more. Featured is Energy Equity Sector Strategist Americas for the UBS Chief Investment Office, Nicki Decker. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Key developments have taken place over this past week with respect to Brexit negotiations. Today we examine what has occurred, the next steps and what it all means for the markets and portfolios. Featured is Dean Turner, Economist from the UBS Chief Investment Office in London. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Today we turn our focus to Health Savings Accounts (or HSAs). We will examine what these accounts are, the benefits they offer prior to and during retirement and more. Featured are Investments Strategists Americas for the UBS Chief Investment Office, Ainsley Carbone and Jeff LeForge. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Believe it or not, the 2018 holiday shopping season is right around the corner. Today we will discuss expectations for consumer turnout, how the US consumer will shop this year, the 'must-have' items and much more. Featured is Consumer Discretionary Sector Strategist for the UBS Chief Investment Office, Rob Samuels. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

It's Friday morning and that means it's time for the week in review and preview. We recap this week's key market moving events, and preview what you can expect in the week ahead. Plus, we take a look at the yield and income markets and where opportunities exist within. Featured is Senior Fixed Income Strategist Americas for the UBS Chief Investment Office, Frank Sileo. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.

Decision 2018 had been made – the results of the mid-term elections are in and the American people have spoken. Two subject-matter experts join us to provide perspectives into the election outcome, and what the outcome means for policy and your portfolio. They are Senator George Mitchell, who is a member of the UBS Americas Advisory Council and Chief Investment Officer Americas from the UBS Chief Investment Office, Mike Ryan. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information visit our website at ubs.com/workingwithus. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC.