0001104659-11-044079.txt : 20110805 0001104659-11-044079.hdr.sgml : 20110805 20110805110230 ACCESSION NUMBER: 0001104659-11-044079 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20110805 DATE AS OF CHANGE: 20110805 EFFECTIVENESS DATE: 20110805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UBS FUNDS CENTRAL INDEX KEY: 0000886244 IRS NUMBER: 367056204 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-47287 FILM NUMBER: 111012785 BUSINESS ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: ONE NORTH WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-525-7100 MAIL ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: ONE NORTH WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: BRINSON FUNDS INC DATE OF NAME CHANGE: 19920929

0000886244 S000002977 UBS High Yield Fund

C000008174 CLASS A BNHYX

C000008175 CLASS B BNHBX

C000008176 CLASS C BNHCX

C000008177 CLASS Y BIHYX

0000886244 S000002978 UBS U.S. Large Cap Equity Fund

C000008178 Class A BNEQX

C000008179 CLASS B BNQBX

C000008180 CLASS C BNQCX

C000008181 CLASS Y BPEQX

0000886244 S000002979 UBS GLOBAL ALLOCATION FUND

C000008182 CLASS A BNGLX

C000008183 CLASS B BNPBX

C000008184 CLASS C BNPCX

C000008185 CLASS Y BPGLX

0000886244 S000002980 UBS INTERNATIONAL EQUITY FUND

C000008186 CLASS A BNIEX

C000008187 CLASS B BNIBX

C000008188 CLASS C BNICX

C000008189 CLASS Y BNUEX

0000886244 S000002981 UBS CORE PLUS BOND FUND

C000008190 CLASS A BNBDX

C000008191 CLASS B BNOBX

C000008192 CLASS C BNOCX

C000008193 CLASS Y BPBDX

0000886244 S000002982 UBS U.S. LARGE CAP VALUE EQUITY FUND

C000008194 CLASS A BNVAX

C000008195 CLASS B BNVBX

C000008196 CLASS C BNVCX

C000008197 CLASS Y BUSVX

0000886244 S000002984 UBS GLOBAL BOND FUND

C000008202 CLASS A BNGBX

C000008203 CLASS B BNDBX

C000008204 CLASS C BNDCX

C000008205 CLASS Y BPGBX

0000886244 S000002985 UBS U.S. SMALL CAP GROWTH FUND

C000008206 CLASS A BNSCX

C000008207 CLASS B BNMBX

C000008208 CLASS C BNMCX

C000008209 CLASS Y BISCX

0000886244 S000003132 UBS GLOBAL EQUITY FUND

C000008491 CLASS A BNGEX

C000008492 CLASS B BNEBX

C000008493 CLASS C BNECX

C000008494 CLASS Y BPGEX

0000886244 S000003135 UBS DYNAMIC ALPHA FUND

C000008503 CLASS A BNAAX

C000008504 CLASS B BNABX

C000008505 CLASS C BNACX

C000008506 CLASS Y BNAYX

0000886244 S000003136 UBS ABSOLUTE RETURN BOND FUND

C000008507 CLASS A BNRAX

C000008508 CLASS C BNRCX

C000008509 CLASS Y BNRYX

0000886244 S000013001 UBS U.S. Equity Alpha Fund

C000035135 Class A BEAAX

C000035136 Class C BEACX

C000035137 Class Y BEAYX

0000886244 S000017860 UBS Global Frontier Fund

C000049576 Class A BGFAX

C000049577 Class C BGFCX

C000049578 Class Y BGFYX

0000886244 S000029392 UBS Market Neutral Multi-Strategy Fund

C000090281 CLASS A

C000090282 CLASS C

C000090283 CLASS Y

497 1 a11-23779_2497.htm 497

Asset management

August 5, 2011

The UBS Funds

Supplement to the Statement of Additional Information ("SAI")

August 5, 2011

Dear Investor,

The purpose of this supplement is to update the SAI of The UBS Funds (the "Trust") dated October 28, 2010 regarding changes to the disclosure regarding investments in collateralized mortgage obligations.

Collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs"). The fifth paragraph under the heading "Investments relating to UBS Dynamic Alpha Fund, UBS Global Allocation Fund, UBS Global Frontier Fund, UBS Absolute Return Bond Fund, UBS Global Bond Fund, UBS High Yield Fund and UBS Core Plus Bond Fund" and the sub-heading "Collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs")" on page 32 of the SAI is deleted in its entirety and replaced by the following:

CMOs and REMICs issued by private entities are not government securities and are not directly guaranteed by any government agency. They are secured by the underlying collateral of the private issuer. Yields on privately issued CMOs, as described above, have been historically higher than yields on CMOs issued or guaranteed by US government agencies. However, the risk of loss due to default on such instruments is higher since they are not guaranteed by the US government. Such instruments also tend to be more sensitive to interest rates than US government-issued CMOs. For federal income tax purposes, the Funds will be required to accrue income on CMOs and REMIC regular interests using the "catch-up method," with an aggregate prepayment assumption.

PLEASE BE SURE TO RETAIN THIS INFORMATION FOR FUTURE REFERENCE.

ZS-495

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