0001104659-12-051241.txt : 20120726 0001104659-12-051241.hdr.sgml : 20120726 20120726100248 ACCESSION NUMBER: 0001104659-12-051241 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20120726 DATE AS OF CHANGE: 20120726 EFFECTIVENESS DATE: 20120726 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06637 FILM NUMBER: 12986342 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 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-47287 FILM NUMBER: 12986343 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 S000003133 UBS EMERGING MARKETS DEBT FUND C000008495 CLASS A C000008497 CLASS C C000008498 CLASS Y 485BPOS 1 a12-9625_5485bpos.htm 485BPOS

 

As filed with the U.S. Securities and Exchange Commission on July 26, 2012

File No. 033-47287

File No. 811-06637

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

Pre-Effective Amendment No.

o

Post-Effective Amendment No. 101

x

 

 

and/or

 

 

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

Amendment No. 102

 

(Check appropriate box or boxes.)

 

THE UBS FUNDS

(Exact Name of Registrant as Specified in Charter)

 

One North Wacker, Chicago, Illinois 60606

(Address of Principal Executive Office)  (Zip Code)

 

Registrant’s Telephone Number, including Area Code   312-525-7100

 

Mark F. Kemper
UBS Global Asset Management
One North Wacker
Chicago, Illinois 60606

(Name and Address of Agent for Service)

 

Please send copies of all communications to:

 

Bruce G. Leto, Esq.
Stradley, Ronon, Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103
(215) 564-8027

 

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this registration statement.

 

It is proposed that this filing will become effective (check appropriate box):

 

x          immediately upon filing pursuant to paragraph (b)

o            on [Date] pursuant to paragraph (b)

o            60 days after filing pursuant to paragraph (a)(1)

o            on [Date] pursuant to paragraph (a)(1)

o            75 days after filing pursuant to paragraph (a)(2)

o            on [Date] pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

o            This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused Post-Effective Amendment Nos. 101/102 to this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and the State of New York on the 26th day of July 2012.

 

 

THE UBS FUNDS

 

 

 

 

 

By:

/s/ Mark E. Carver

 

 

Mark E. Carver*

 

 

President and Principal Executive Officer

 

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

 

Signature

 

Title

 

Date

 

 

 

 

 

/s/ Mark E. Carver

 

President and Principal

 

July 26, 2012

Mark E. Carver*

 

Executive Officer

 

 

 

 

 

 

 

/s/ Frank K. Reilly

 

Chairman and

 

July 26, 2012

Frank K. Reilly*

 

Trustee

 

 

 

 

 

 

 

/s/ Shawn Lytle

 

Trustee

 

July 26, 2012

Shawn Lytle*

 

 

 

 

 

 

 

 

 

/s/ Edward M. Roob

 

Trustee

 

July 26, 2012

Edward M. Roob*

 

 

 

 

 

 

 

 

 

/s/ Adela Cepeda

 

Trustee

 

July 26, 2012

Adela Cepeda*

 

 

 

 

 

 

 

 

 

/s/ J. Mikesell Thomas

 

Trustee

 

July 26, 2012

J. Mikesell Thomas*

 

 

 

 

 

 

 

 

 

/s/ Abbie J. Smith

 

Trustee

 

July 26, 2012

Abbie J. Smith*

 

 

 

 

 

 

 

 

 

/s/ John J. Murphy

 

Trustee

 

July 26, 2012

John J. Murphy*

 

 

 

 

 

 

 

 

 

/s/ Thomas Disbrow

 

Treasurer and Principal

 

July 26, 2012

Thomas Disbrow*

 

Accounting Officer

 

 

 

 

 

* By:

/s/ Tammie Lee

 

 

 

Tammie Lee, Attorney-in-Fact

 

 

 

(Pursuant to Powers of Attorney incorporated herein by reference.)

 

 



 

EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

 

XBRL Instance Document

 

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

 

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

 

 

 

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

 

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

 

 

 

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 


EX-101.INS 2 ck0000886244-20120716.xml XBRL INSTANCE DOCUMENT UBS FUNDS 2012-07-16 2012-07-16 2012-07-16 485BPOS 0000886244 false 2012-07-16 The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund's share price may be more volatile and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Example "Other expenses" are based on estimates for the current fiscal year, and include "Acquired fund fees and expenses," which are estimated to be less than 0.01% of the average net assets of the Fund. There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus. Investment objective You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) Performance 50000 <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in debt securities and other<br />debt instruments that are tied economically to emerging market countries.<br /> <br />Such investments may include, but are not limited to, debt securities issued by<br />governments, government-related entities, corporations, supranational entities<br />and entities organized to restructure outstanding debt of issuers in emerging<br />markets, and instruments whose return is derived from any of the foregoing.<br /> <br />The Fund may invest in debt instruments of all types and denominated in any<br />currency. These may include, but are not limited to, bonds, debentures, notes,<br />convertible securities, loans and related assignments and participations,<br />when-issued and delayed-delivery securities, mortgage-backed and other types of<br />asset-backed securities issued on a public or private basis, and cash equivalents.<br /> <br />The Fund is a non-diversified fund.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />options, futures, forward agreements, swap agreements (specifically, interest<br />rate, total return, currency and credit default swaps), credit-linked securities<br />and structured investments. All of these derivatives may be used for risk<br />management purposes, such as hedging against a specific security or currency, <br />or to manage or adjust the risk profile of the Fund. In addition, all of the<br />derivative instruments listed above may be used for investment (non-hedging)<br />purposes to earn income; to enhance returns; to replace more traditional direct<br />investments; to obtain exposure to certain markets; to establish net short<br />positions for individual sectors, markets, currencies or securities; or to<br />adjust the Fund's portfolio duration.<br /> <br />The Fund intends to invest primarily in a portfolio of debt securities located<br />in at least three emerging market countries, which may be located in Asia,<br />Europe, Latin America, Africa or the Middle East. An emerging market country is<br />a country defined as an emerging or developing economy by any of the World Bank,<br />the International Finance Corporation or the United Nations or its authorities.<br />Additionally, the Fund, for purposes of its investments, may consider a country<br />included in JP Morgan or MSCI emerging markets indices to be an emerging market<br />country. The countries included in this definition will change over time.<br /> <br />A substantial amount of the Fund's assets may be invested in higher-yielding,<br />lower-rated bonds. Lower-rated bonds are bonds rated in the lower rating<br />categories of Moody's Investors Service, Inc. ("Moody's") and Standard &amp; Poor's<br />Ratings Group ("S&amp;P"), including securities rated Ba or lower by Moody's and BB<br />or lower by S&amp;P.<br /> <br />Derivative instruments such as swaps, options, futures, credit linked or<br />structured investments or other debt instruments that are tied economically <br />to emerging market countries may be used to satisfy the Fund's 80% investment<br />policy.<br /> <br />Management process<br /> <br />The investment process is based on fundamental analysis, coupling a top-down<br />strategy with an equally important bottom-up security selection strategy. The<br />Advisor manages and monitors risk/return trade-offs in a disciplined manner<br />across country allocation, sector allocation, issue selection, duration/yield<br />curve positioning, and currency management. Proprietary valuation and risk<br />models enhance seasoned professional judgment.<br /> <br />The investment process is founded upon the Advisor's conviction that discrepancies <br />occur between market prices and fundamental values. In the case of emerging markets <br />debt, price volatility generally exceeds that of the underlying macroeconomic <br />fundamentals. The investment team takes advantage of these discrepancies by applying <br />a disciplined approach to measure fundamental value from the perspective of a <br />long-term investor.<br /><br />The investment decision-making process can be divided up into three<br />parts-country, currency and security selection.<br /> <br />Country selection<br /> <br />The Advisor decides on country over- and under-weights relative to the Fund's<br />custom benchmark, the Emerging Markets Debt Benchmark Index, which is comprised<br />of 50% J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) and 50% J.P.<br />Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM Global<br />Diversified), by using a price/value framework. Subjective judgments, such as<br />political risk assessment, also affect the final country decision.<br /> <br />Currency selection<br /> <br />The Advisor searches for currencies that will outperform market expectations,<br />given the Advisor's currency and market views. The Advisor also seeks to<br />identify potential sales in the Fund's portfolio when risk is not being<br />compensated by expected return. Typically, the Fund obtains exposure to local<br />currencies via bonds denominated in local currency or derivative positions.<br /> <br />Security selection<br /> <br />The Advisor searches for bonds that will outperform market expectations, given<br />the Advisor's country and market views. The Advisor also seeks to identify<br />potential sales in the Fund's portfolio when risk is not being compensated by<br />expected return. Typically, the Fund invests in sovereign bonds, denominated <br />in US dollars as well as in local currencies. The Advisor also examines local<br />market bond and corporate bond opportunities.<br /> <br />The Advisor's analysis of emerging market bonds is enhanced by an advanced<br />in-house emerging market bond analytics database. The database is specially<br />designed to assimilate the characteristics of emerging market bonds; it allows<br />the Advisor to perform detailed instrument-level analysis.<br /> <br />In addition to macroeconomic research, bottom-up input-such as liquidity<br />considerations, volatility and company risk for specific bonds, to name a few,<br />is also crucial in the Advisor's decision making process.</tt> UBS Emerging Markets Debt Fund Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at <br />lower interest rates.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers <br />may decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&amp;P)<br />or Ba (Moody's) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately speculative <br />with respect to an issuer's capacity to pay interest and repay principal in <br />accordance with the terms of the obligations. Lower-quality bonds are more likely <br />to be subject to an issuer's default or downgrade than investment grade <br />(higher-quality) bonds.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Geographic concentration risk: The risk that if the Fund has most of its<br />investments in a single country or region, its portfolio will be more<br />susceptible to factors adversely affecting issuers located in that country <br />or region than would a more geographically diverse portfolio of securities.<br /><br />Non-diversification risk: The Fund is a non-diversified investment company,<br />which means that the Fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />Fund's share price may be more volatile and the Fund has a greater potential <br />to realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile <br />than if it had not been leveraged. The use of leverage may also accelerate <br />the velocity of losses and can result in losses to the Fund that exceed the <br />amount originally invested.<br /> <br />Currency risk: The risk that the changing value of a currency versus the US<br />dollar may adversely affect the value of an investment. A depreciation in an<br />invested currency versus the US dollar typically causes the value of the<br />investment to fall, while an appreciation in an invested currency versus the US<br />dollar may cause the market value of the investment to rise.<br /> <br />Sovereign debt risk: Investments in foreign sovereign debt obligations involve<br />certain risks in addition to those relating to foreign securities or debt<br />securities generally. The issuer of the debt or the governmental authorities<br />that control the repayment of the debt may be unable or unwilling to repay<br />principal or interest when due in accordance with the terms of such debt, and<br />the Fund may have limited recourse in the event of a default against the<br />defaulting government. Without the approval of debt holders, some governmental<br />debtors have in the past been able to reschedule or restructure their debt<br />payments or declare moratoria on payments.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the desired <br />time or price, and the Fund may have to accept a lower price or may not be able to <br />sell the security at all. An inability to sell securities can adversely affect the <br />Fund's value or prevent the Fund from taking advantage of other investment <br />opportunities.</tt> Fees and expenses Principal strategies <tt>There is no performance information quoted for the Fund as the Fund had not<br />commenced investment operations as of the date of this prospectus.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your financial <br />advisor and in "Managing your fund account" on page 11 of the Fund's prospectus and<br />in "Reduced sales charges, additional purchase, exchange and redemption information <br />and other services" on page 65 of the Fund's statement of additional information <br />("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. The costs described in the example reflect <br />the expenses of the Fund that would result from the contractual fee waiver and <br />expense reimbursement agreement with the Advisor for the first year only. <br />Although your actual costs may be higher or lower, based on these assumptions, <br />your costs would be:</tt> EMFYX 0.0000 -0.0059 -0.0100 0.0084 0.0075 2013-10-27 102 444 0.0000 0.0100 0.0159 0.0000 EMFCX 0.0075 -0.0059 -0.0100 0.0084 0.0075 2013-10-27 674 253 674 0.0075 0.0175 0.0234 178 0.0000 EMFAX 0.0000 -0.0059 -0.0100 0.0084 0.0075 2013-10-27 572 948 0.0025 0.0125 0.0184 0.0450 0000886244 ck0000886244:SummaryS000003133Memberck0000886244:S000003133Memberck0000886244:C000008495Member 2012-07-16 2012-07-16 0000886244 ck0000886244:SummaryS000003133Memberck0000886244:S000003133Memberck0000886244:C000008497Member 2012-07-16 2012-07-16 0000886244 ck0000886244:SummaryS000003133Memberck0000886244:S000003133Memberck0000886244:C000008498Member 2012-07-16 2012-07-16 0000886244 ck0000886244:SummaryS000003133Memberck0000886244:S000003133Member 2012-07-16 2012-07-16 0000886244 2012-07-16 2012-07-16 iso4217:USD pure "Other expenses" are based on estimates for the current fiscal year, and include "Acquired fund fees and expenses," which are estimated to be less than 0.01% of the average net assets of the Fund. The Trust, with respect to the Fund, and UBS Global Asset Management (Americas) Inc., the Fund's investment advisor ("UBS Global AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment ompanies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short), through the period ending October 27, 2013, do not exceed 1.25% for Class A shares, 1.75% for Class C shares and 1.00% for Class Y shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses for a period of three years following such fee waivers and expense reimbursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed any applicable expense limit that is in place for the Fund. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, the UBS Global AM (Americas)'s three year recoupment rights will survive. 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UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND
UBS Emerging Markets Debt Fund
Investment objective
The Fund seeks to maximize total return, consisting of capital appreciation and
current income.
Fees and expenses
These tables describe the fees and expenses that you may pay if you buy and hold
shares of the Fund. You may qualify for a sales charge waiver or discount if you
and your family invest, or agree to invest in the future, at least $50,000 in
the Fund. More information about these and other discounts and waivers, as well
as eligibility requirements for each share class, is available from your financial
advisor and in "Managing your fund account" on page 11 of the Fund's prospectus and
in "Reduced sales charges, additional purchase, exchange and redemption information
and other services" on page 65 of the Fund's statement of additional information
("SAI").
Shareholder fees (fees paid directly from your investment)
Shareholder Fees UBS EMERGING MARKETS DEBT FUND
Class A
Class C
Class Y
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) 4.50% none none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) none 0.75% none
Redemption fee (as a percentage of amount redeemed within 90 days of purchase, if applicable) 1.00% 1.00% 1.00%
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses UBS EMERGING MARKETS DEBT FUND
Class A
Class C
Class Y
Management fees 0.75% 0.75% 0.75%
Distribution and/or service (12b-1) fees 0.25% 0.75% none
Other expenses [1] 0.84% 0.84% 0.84%
Total annual fund operating expenses 1.84% 2.34% 1.59%
Less management fee waiver/expense reimbursements 0.59% 0.59% 0.59%
Total annual fund operating expenses after management fee waiver/expense reimbursements [2] 1.25% 1.75% 1.00%
[1] "Other expenses" are based on estimates for the current fiscal year, and include "Acquired fund fees and expenses," which are estimated to be less than 0.01% of the average net assets of the Fund.
[2] The Trust, with respect to the Fund, and UBS Global Asset Management (Americas) Inc., the Fund's investment advisor ("UBS Global AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment ompanies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short), through the period ending October 27, 2013, do not exceed 1.25% for Class A shares, 1.75% for Class C shares and 1.00% for Class Y shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses for a period of three years following such fee waivers and expense reimbursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed any applicable expense limit that is in place for the Fund. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, the UBS Global AM (Americas)'s three year recoupment rights will survive.
Example
This example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The example assumes that you
invest $10,000 in the Fund for the time periods indicated and then sell all of
your shares at the end of those periods unless otherwise stated. The example
also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The costs described in the example reflect
the expenses of the Fund that would result from the contractual fee waiver and
expense reimbursement agreement with the Advisor for the first year only.
Although your actual costs may be higher or lower, based on these assumptions,
your costs would be:
Expense Example UBS EMERGING MARKETS DEBT FUND (USD $)
Expense Example, With Redemption, 1 Year
Expense Example, With Redemption, 3 Years
Class A
572 948
Class C
253 674
Class Y
102 444
Expense Example, No Redemption (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
UBS EMERGING MARKETS DEBT FUND Class C
178 674
Portfolio turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund's performance.
Principal strategies
Principal investments

Under normal circumstances, the Fund invests at least 80% of its net assets
(plus borrowings for investment purposes, if any) in debt securities and other
debt instruments that are tied economically to emerging market countries.

Such investments may include, but are not limited to, debt securities issued by
governments, government-related entities, corporations, supranational entities
and entities organized to restructure outstanding debt of issuers in emerging
markets, and instruments whose return is derived from any of the foregoing.

The Fund may invest in debt instruments of all types and denominated in any
currency. These may include, but are not limited to, bonds, debentures, notes,
convertible securities, loans and related assignments and participations,
when-issued and delayed-delivery securities, mortgage-backed and other types of
asset-backed securities issued on a public or private basis, and cash equivalents.

The Fund is a non-diversified fund.

The Fund may, but is not required to, use exchange-traded or over-the-counter
derivative instruments for risk management purposes or as part of the Fund's
investment strategies. The derivatives in which the Fund may invest include
options, futures, forward agreements, swap agreements (specifically, interest
rate, total return, currency and credit default swaps), credit-linked securities
and structured investments. All of these derivatives may be used for risk
management purposes, such as hedging against a specific security or currency,
or to manage or adjust the risk profile of the Fund. In addition, all of the
derivative instruments listed above may be used for investment (non-hedging)
purposes to earn income; to enhance returns; to replace more traditional direct
investments; to obtain exposure to certain markets; to establish net short
positions for individual sectors, markets, currencies or securities; or to
adjust the Fund's portfolio duration.

The Fund intends to invest primarily in a portfolio of debt securities located
in at least three emerging market countries, which may be located in Asia,
Europe, Latin America, Africa or the Middle East. An emerging market country is
a country defined as an emerging or developing economy by any of the World Bank,
the International Finance Corporation or the United Nations or its authorities.
Additionally, the Fund, for purposes of its investments, may consider a country
included in JP Morgan or MSCI emerging markets indices to be an emerging market
country. The countries included in this definition will change over time.

A substantial amount of the Fund's assets may be invested in higher-yielding,
lower-rated bonds. Lower-rated bonds are bonds rated in the lower rating
categories of Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's
Ratings Group ("S&P"), including securities rated Ba or lower by Moody's and BB
or lower by S&P.

Derivative instruments such as swaps, options, futures, credit linked or
structured investments or other debt instruments that are tied economically
to emerging market countries may be used to satisfy the Fund's 80% investment
policy.

Management process

The investment process is based on fundamental analysis, coupling a top-down
strategy with an equally important bottom-up security selection strategy. The
Advisor manages and monitors risk/return trade-offs in a disciplined manner
across country allocation, sector allocation, issue selection, duration/yield
curve positioning, and currency management. Proprietary valuation and risk
models enhance seasoned professional judgment.

The investment process is founded upon the Advisor's conviction that discrepancies
occur between market prices and fundamental values. In the case of emerging markets
debt, price volatility generally exceeds that of the underlying macroeconomic
fundamentals. The investment team takes advantage of these discrepancies by applying
a disciplined approach to measure fundamental value from the perspective of a
long-term investor.

The investment decision-making process can be divided up into three
parts-country, currency and security selection.

Country selection

The Advisor decides on country over- and under-weights relative to the Fund's
custom benchmark, the Emerging Markets Debt Benchmark Index, which is comprised
of 50% J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) and 50% J.P.
Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM Global
Diversified), by using a price/value framework. Subjective judgments, such as
political risk assessment, also affect the final country decision.

Currency selection

The Advisor searches for currencies that will outperform market expectations,
given the Advisor's currency and market views. The Advisor also seeks to
identify potential sales in the Fund's portfolio when risk is not being
compensated by expected return. Typically, the Fund obtains exposure to local
currencies via bonds denominated in local currency or derivative positions.

Security selection

The Advisor searches for bonds that will outperform market expectations, given
the Advisor's country and market views. The Advisor also seeks to identify
potential sales in the Fund's portfolio when risk is not being compensated by
expected return. Typically, the Fund invests in sovereign bonds, denominated
in US dollars as well as in local currencies. The Advisor also examines local
market bond and corporate bond opportunities.

The Advisor's analysis of emerging market bonds is enhanced by an advanced
in-house emerging market bond analytics database. The database is specially
designed to assimilate the characteristics of emerging market bonds; it allows
the Advisor to perform detailed instrument-level analysis.

In addition to macroeconomic research, bottom-up input-such as liquidity
considerations, volatility and company risk for specific bonds, to name a few,
is also crucial in the Advisor's decision making process.
Main risks
All investments carry a certain amount of risk and the Fund cannot guarantee
that it will achieve its investment objective. You may lose money by investing
in the Fund. An investment in the Fund is not a deposit of the bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Below are some of the specific risks of investing in the
Fund.

Interest rate risk: An increase in prevailing interest rates typically causes
the value of fixed income securities to fall. Changes in interest rates will
likely affect the value of longer-duration fixed income securities more than
shorter-duration securities and higher quality securities more than lower
quality securities. When interest rates are falling, some fixed income
securities provide that the issuer may repay them earlier than the maturity
date, and if this occurs the Fund may have to reinvest these repayments at
lower interest rates.

Foreign investing risk: The value of the Fund's investments in foreign
securities may fall due to adverse political, social and economic developments
abroad and due to decreases in foreign currency values relative to the US
dollar. Investments in foreign government bonds involve special risks because
the Fund may have limited legal recourse in the event of default. Also, foreign
securities are sometimes less liquid and more difficult to sell and to value
than securities of US issuers. These risks are greater for investments in
emerging market issuers. In addition, investments in emerging market issuers
may decline in value because of unfavorable foreign government actions, greater
risks of political instability or the absence of accurate information about
emerging market issuers.

Credit risk: The risk that the Fund could lose money if the issuer or guarantor
of a fixed income security, or the counterparty to or guarantor of a derivative
contract, is unable or unwilling to meet its financial obligations. This risk is
likely greater for lower quality investments than for investments that are
higher quality.

High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&P)
or Ba (Moody's) or below, or deemed of equivalent quality, will default or
otherwise be unable to honor a financial obligation (also known as lower-rated
or "junk bonds"). These securities are considered to be predominately speculative
with respect to an issuer's capacity to pay interest and repay principal in
accordance with the terms of the obligations. Lower-quality bonds are more likely
to be subject to an issuer's default or downgrade than investment grade
(higher-quality) bonds.

Market risk: The market value of the Fund's investments may fluctuate, sometimes
rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk
may affect a single issuer, industry, or sector of the economy, or it may affect
the market as a whole.

Geographic concentration risk: The risk that if the Fund has most of its
investments in a single country or region, its portfolio will be more
susceptible to factors adversely affecting issuers located in that country
or region than would a more geographically diverse portfolio of securities.

Non-diversification risk: The Fund is a non-diversified investment company,
which means that the Fund may invest more of its assets in a smaller number of
issuers than a diversified investment company. As a non-diversified fund, the
Fund's share price may be more volatile and the Fund has a greater potential
to realize losses upon the occurrence of adverse events affecting a particular
issuer.

Derivatives risk: The value of "derivatives"-so called because their value
"derives" from the value of an underlying asset, reference rate or index-may
rise or fall more rapidly than other investments. When using derivatives for
non-hedging purposes, it is possible for the Fund to lose more than the amount
it invested in the derivative. The risks of investing in derivative instruments
also include market and management risks. Derivatives relating to fixed income
markets are especially susceptible to interest rate risk and credit risk. In
addition, many types of swaps and other non-exchange traded derivatives may be
subject to liquidity risk, credit risk and mispricing or valuation complexity.
These derivatives risks are different from, and may be greater than, the risks
associated with investing directly in securities and other instruments.

Leverage risk associated with financial instruments: The use of financial
instruments to increase potential returns, including derivatives used for
investment (non-hedging) purposes, may cause the Fund to be more volatile
than if it had not been leveraged. The use of leverage may also accelerate
the velocity of losses and can result in losses to the Fund that exceed the
amount originally invested.

Currency risk: The risk that the changing value of a currency versus the US
dollar may adversely affect the value of an investment. A depreciation in an
invested currency versus the US dollar typically causes the value of the
investment to fall, while an appreciation in an invested currency versus the US
dollar may cause the market value of the investment to rise.

Sovereign debt risk: Investments in foreign sovereign debt obligations involve
certain risks in addition to those relating to foreign securities or debt
securities generally. The issuer of the debt or the governmental authorities
that control the repayment of the debt may be unable or unwilling to repay
principal or interest when due in accordance with the terms of such debt, and
the Fund may have limited recourse in the event of a default against the
defaulting government. Without the approval of debt holders, some governmental
debtors have in the past been able to reschedule or restructure their debt
payments or declare moratoria on payments.

Management risk: The risk that the investment strategies, techniques and risk
analyses employed by the Advisor may not produce the desired results.

Illiquidity risk: The risk that investments cannot be readily sold at the desired
time or price, and the Fund may have to accept a lower price or may not be able to
sell the security at all. An inability to sell securities can adversely affect the
Fund's value or prevent the Fund from taking advantage of other investment
opportunities.
Performance
There is no performance information quoted for the Fund as the Fund had not
commenced investment operations as of the date of this prospectus.
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XML 14 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jul. 16, 2012
UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading UBS Emerging Markets Debt Fund
Investment Objective, Heading rr_ObjectiveHeading Investment objective
investment Objective, Primary rr_ObjectivePrimaryTextBlock The Fund seeks to maximize total return, consisting of capital appreciation and
current income.
Expense, Heading rr_ExpenseHeading Fees and expenses
Expense, Narrative rr_ExpenseNarrativeTextBlock These tables describe the fees and expenses that you may pay if you buy and hold
shares of the Fund. You may qualify for a sales charge waiver or discount if you
and your family invest, or agree to invest in the future, at least $50,000 in
the Fund. More information about these and other discounts and waivers, as well
as eligibility requirements for each share class, is available from your financial
advisor and in "Managing your fund account" on page 11 of the Fund's prospectus and
in "Reduced sales charges, additional purchase, exchange and redemption information
and other services" on page 65 of the Fund's statement of additional information
("SAI").
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund's performance.
Expense Breakpoint, Discounts rr_ExpenseBreakpointDiscounts You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
Expense Breakpoint, Minimum Investment Required Amount rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" are based on estimates for the current fiscal year, and include "Acquired fund fees and expenses," which are estimated to be less than 0.01% of the average net assets of the Fund.
Expense Example, Heading rr_ExpenseExampleHeading Example
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The example assumes that you
invest $10,000 in the Fund for the time periods indicated and then sell all of
your shares at the end of those periods unless otherwise stated. The example
also assumes that your investment has a 5% return each year and that the Fund's
operating expenses remain the same. The costs described in the example reflect
the expenses of the Fund that would result from the contractual fee waiver and
expense reimbursement agreement with the Advisor for the first year only.
Although your actual costs may be higher or lower, based on these assumptions,
your costs would be:
Investment Strategy, Heading rr_StrategyHeading Principal strategies
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock Principal investments

Under normal circumstances, the Fund invests at least 80% of its net assets
(plus borrowings for investment purposes, if any) in debt securities and other
debt instruments that are tied economically to emerging market countries.

Such investments may include, but are not limited to, debt securities issued by
governments, government-related entities, corporations, supranational entities
and entities organized to restructure outstanding debt of issuers in emerging
markets, and instruments whose return is derived from any of the foregoing.

The Fund may invest in debt instruments of all types and denominated in any
currency. These may include, but are not limited to, bonds, debentures, notes,
convertible securities, loans and related assignments and participations,
when-issued and delayed-delivery securities, mortgage-backed and other types of
asset-backed securities issued on a public or private basis, and cash equivalents.

The Fund is a non-diversified fund.

The Fund may, but is not required to, use exchange-traded or over-the-counter
derivative instruments for risk management purposes or as part of the Fund's
investment strategies. The derivatives in which the Fund may invest include
options, futures, forward agreements, swap agreements (specifically, interest
rate, total return, currency and credit default swaps), credit-linked securities
and structured investments. All of these derivatives may be used for risk
management purposes, such as hedging against a specific security or currency,
or to manage or adjust the risk profile of the Fund. In addition, all of the
derivative instruments listed above may be used for investment (non-hedging)
purposes to earn income; to enhance returns; to replace more traditional direct
investments; to obtain exposure to certain markets; to establish net short
positions for individual sectors, markets, currencies or securities; or to
adjust the Fund's portfolio duration.

The Fund intends to invest primarily in a portfolio of debt securities located
in at least three emerging market countries, which may be located in Asia,
Europe, Latin America, Africa or the Middle East. An emerging market country is
a country defined as an emerging or developing economy by any of the World Bank,
the International Finance Corporation or the United Nations or its authorities.
Additionally, the Fund, for purposes of its investments, may consider a country
included in JP Morgan or MSCI emerging markets indices to be an emerging market
country. The countries included in this definition will change over time.

A substantial amount of the Fund's assets may be invested in higher-yielding,
lower-rated bonds. Lower-rated bonds are bonds rated in the lower rating
categories of Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's
Ratings Group ("S&P"), including securities rated Ba or lower by Moody's and BB
or lower by S&P.

Derivative instruments such as swaps, options, futures, credit linked or
structured investments or other debt instruments that are tied economically
to emerging market countries may be used to satisfy the Fund's 80% investment
policy.

Management process

The investment process is based on fundamental analysis, coupling a top-down
strategy with an equally important bottom-up security selection strategy. The
Advisor manages and monitors risk/return trade-offs in a disciplined manner
across country allocation, sector allocation, issue selection, duration/yield
curve positioning, and currency management. Proprietary valuation and risk
models enhance seasoned professional judgment.

The investment process is founded upon the Advisor's conviction that discrepancies
occur between market prices and fundamental values. In the case of emerging markets
debt, price volatility generally exceeds that of the underlying macroeconomic
fundamentals. The investment team takes advantage of these discrepancies by applying
a disciplined approach to measure fundamental value from the perspective of a
long-term investor.

The investment decision-making process can be divided up into three
parts-country, currency and security selection.

Country selection

The Advisor decides on country over- and under-weights relative to the Fund's
custom benchmark, the Emerging Markets Debt Benchmark Index, which is comprised
of 50% J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) and 50% J.P.
Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM Global
Diversified), by using a price/value framework. Subjective judgments, such as
political risk assessment, also affect the final country decision.

Currency selection

The Advisor searches for currencies that will outperform market expectations,
given the Advisor's currency and market views. The Advisor also seeks to
identify potential sales in the Fund's portfolio when risk is not being
compensated by expected return. Typically, the Fund obtains exposure to local
currencies via bonds denominated in local currency or derivative positions.

Security selection

The Advisor searches for bonds that will outperform market expectations, given
the Advisor's country and market views. The Advisor also seeks to identify
potential sales in the Fund's portfolio when risk is not being compensated by
expected return. Typically, the Fund invests in sovereign bonds, denominated
in US dollars as well as in local currencies. The Advisor also examines local
market bond and corporate bond opportunities.

The Advisor's analysis of emerging market bonds is enhanced by an advanced
in-house emerging market bond analytics database. The database is specially
designed to assimilate the characteristics of emerging market bonds; it allows
the Advisor to perform detailed instrument-level analysis.

In addition to macroeconomic research, bottom-up input-such as liquidity
considerations, volatility and company risk for specific bonds, to name a few,
is also crucial in the Advisor's decision making process.
Risk, Heading rr_RiskHeading Main risks
Risk, Narrative rr_RiskNarrativeTextBlock All investments carry a certain amount of risk and the Fund cannot guarantee
that it will achieve its investment objective. You may lose money by investing
in the Fund. An investment in the Fund is not a deposit of the bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Below are some of the specific risks of investing in the
Fund.

Interest rate risk: An increase in prevailing interest rates typically causes
the value of fixed income securities to fall. Changes in interest rates will
likely affect the value of longer-duration fixed income securities more than
shorter-duration securities and higher quality securities more than lower
quality securities. When interest rates are falling, some fixed income
securities provide that the issuer may repay them earlier than the maturity
date, and if this occurs the Fund may have to reinvest these repayments at
lower interest rates.

Foreign investing risk: The value of the Fund's investments in foreign
securities may fall due to adverse political, social and economic developments
abroad and due to decreases in foreign currency values relative to the US
dollar. Investments in foreign government bonds involve special risks because
the Fund may have limited legal recourse in the event of default. Also, foreign
securities are sometimes less liquid and more difficult to sell and to value
than securities of US issuers. These risks are greater for investments in
emerging market issuers. In addition, investments in emerging market issuers
may decline in value because of unfavorable foreign government actions, greater
risks of political instability or the absence of accurate information about
emerging market issuers.

Credit risk: The risk that the Fund could lose money if the issuer or guarantor
of a fixed income security, or the counterparty to or guarantor of a derivative
contract, is unable or unwilling to meet its financial obligations. This risk is
likely greater for lower quality investments than for investments that are
higher quality.

High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&P)
or Ba (Moody's) or below, or deemed of equivalent quality, will default or
otherwise be unable to honor a financial obligation (also known as lower-rated
or "junk bonds"). These securities are considered to be predominately speculative
with respect to an issuer's capacity to pay interest and repay principal in
accordance with the terms of the obligations. Lower-quality bonds are more likely
to be subject to an issuer's default or downgrade than investment grade
(higher-quality) bonds.

Market risk: The market value of the Fund's investments may fluctuate, sometimes
rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk
may affect a single issuer, industry, or sector of the economy, or it may affect
the market as a whole.

Geographic concentration risk: The risk that if the Fund has most of its
investments in a single country or region, its portfolio will be more
susceptible to factors adversely affecting issuers located in that country
or region than would a more geographically diverse portfolio of securities.

Non-diversification risk: The Fund is a non-diversified investment company,
which means that the Fund may invest more of its assets in a smaller number of
issuers than a diversified investment company. As a non-diversified fund, the
Fund's share price may be more volatile and the Fund has a greater potential
to realize losses upon the occurrence of adverse events affecting a particular
issuer.

Derivatives risk: The value of "derivatives"-so called because their value
"derives" from the value of an underlying asset, reference rate or index-may
rise or fall more rapidly than other investments. When using derivatives for
non-hedging purposes, it is possible for the Fund to lose more than the amount
it invested in the derivative. The risks of investing in derivative instruments
also include market and management risks. Derivatives relating to fixed income
markets are especially susceptible to interest rate risk and credit risk. In
addition, many types of swaps and other non-exchange traded derivatives may be
subject to liquidity risk, credit risk and mispricing or valuation complexity.
These derivatives risks are different from, and may be greater than, the risks
associated with investing directly in securities and other instruments.

Leverage risk associated with financial instruments: The use of financial
instruments to increase potential returns, including derivatives used for
investment (non-hedging) purposes, may cause the Fund to be more volatile
than if it had not been leveraged. The use of leverage may also accelerate
the velocity of losses and can result in losses to the Fund that exceed the
amount originally invested.

Currency risk: The risk that the changing value of a currency versus the US
dollar may adversely affect the value of an investment. A depreciation in an
invested currency versus the US dollar typically causes the value of the
investment to fall, while an appreciation in an invested currency versus the US
dollar may cause the market value of the investment to rise.

Sovereign debt risk: Investments in foreign sovereign debt obligations involve
certain risks in addition to those relating to foreign securities or debt
securities generally. The issuer of the debt or the governmental authorities
that control the repayment of the debt may be unable or unwilling to repay
principal or interest when due in accordance with the terms of such debt, and
the Fund may have limited recourse in the event of a default against the
defaulting government. Without the approval of debt holders, some governmental
debtors have in the past been able to reschedule or restructure their debt
payments or declare moratoria on payments.

Management risk: The risk that the investment strategies, techniques and risk
analyses employed by the Advisor may not produce the desired results.

Illiquidity risk: The risk that investments cannot be readily sold at the desired
time or price, and the Fund may have to accept a lower price or may not be able to
sell the security at all. An inability to sell securities can adversely affect the
Fund's value or prevent the Fund from taking advantage of other investment
opportunities.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Nondiversified Status rr_RiskNondiversifiedStatus The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund's share price may be more volatile and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading Performance
Performance, Narrative rr_PerformanceNarrativeTextBlock There is no performance information quoted for the Fund as the Fund had not
commenced investment operations as of the date of this prospectus.
Performance, One Year or Less rr_PerformanceOneYearOrLess There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus.
UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.50%
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed within 90 days of purchase, if applicable) rr_RedemptionFeeOverRedemption (1.00%)
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.84% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 1.84%
Less management fee waiver/expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.59%)
Total annual fund operating expenses after management fee waiver/expense reimbursements rr_NetExpensesOverAssets 1.25% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-10-27
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 572
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 948
UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) rr_MaximumDeferredSalesChargeOverOfferingPrice 0.75%
Redemption fee (as a percentage of amount redeemed within 90 days of purchase, if applicable) rr_RedemptionFeeOverRedemption (1.00%)
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other expenses rr_OtherExpensesOverAssets 0.84% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 2.34%
Less management fee waiver/expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.59%)
Total annual fund operating expenses after management fee waiver/expense reimbursements rr_NetExpensesOverAssets 1.75% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-10-27
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 253
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 674
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 178
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 674
UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND | Class Y
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed within 90 days of purchase, if applicable) rr_RedemptionFeeOverRedemption (1.00%)
Management fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.84% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 1.59%
Less management fee waiver/expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.59%)
Total annual fund operating expenses after management fee waiver/expense reimbursements rr_NetExpensesOverAssets 1.00% [2]
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-10-27
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 102
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 444
[1] "Other expenses" are based on estimates for the current fiscal year, and include "Acquired fund fees and expenses," which are estimated to be less than 0.01% of the average net assets of the Fund.
[2] The Trust, with respect to the Fund, and UBS Global Asset Management (Americas) Inc., the Fund's investment advisor ("UBS Global AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment ompanies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short), through the period ending October 27, 2013, do not exceed 1.25% for Class A shares, 1.75% for Class C shares and 1.00% for Class Y shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses for a period of three years following such fee waivers and expense reimbursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed any applicable expense limit that is in place for the Fund. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, the UBS Global AM (Americas)'s three year recoupment rights will survive.
XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Jul. 16, 2012
Registrant Name dei_EntityRegistrantName UBS FUNDS
Central Index Key dei_EntityCentralIndexKey 0000886244
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jul. 16, 2012
Document Effective Date dei_DocumentEffectiveDate Jul. 16, 2012
UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND | Class A
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol EMFAX
UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND | Class C
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol EMFCX
UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND | Class Y
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol EMFYX
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