0001104659-11-044080.txt : 20110805 0001104659-11-044080.hdr.sgml : 20110805 20110805110315 ACCESSION NUMBER: 0001104659-11-044080 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: 111012788 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 S000030411 UBS Fixed Income Opportunities Fund

C000093446 CLASS A

C000093447 CLASS C

C000093448 CLASS Y

497 1 a11-23779_1497.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 Fixed Income Opportunities Fund series of The UBS Funds (the "Trust") dated November 24, 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 the Fund" and the sub-heading "Collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs")" on page 29 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 Fund 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-494

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