0001104659-20-084804.txt : 20200720 0001104659-20-084804.hdr.sgml : 20200720 20200720145550 ACCESSION NUMBER: 0001104659-20-084804 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 19 FILED AS OF DATE: 20200720 DATE AS OF CHANGE: 20200720 EFFECTIVENESS DATE: 20200720 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: 201036268 BUSINESS ADDRESS: STREET 1: C/O UBS ASSET MANAGEMENT (AMERICAS) INC STREET 2: ONE NORTH WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-525-7100 MAIL ADDRESS: STREET 1: C/O UBS ASSET MANAGEMENT (AMERICAS) INC 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: 1940 Act SEC FILE NUMBER: 811-06637 FILM NUMBER: 201036267 BUSINESS ADDRESS: STREET 1: C/O UBS ASSET MANAGEMENT (AMERICAS) INC STREET 2: ONE NORTH WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-525-7100 MAIL ADDRESS: STREET 1: C/O UBS ASSET MANAGEMENT (AMERICAS) INC 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 S000068969 UBS US Dividend Ruler Fund C000220414 Class P 0000886244 S000068970 UBS US Quality Growth At Reasonable Price Fund C000220415 Class P 485BPOS 1 a20-13140_6485bpos.htm 485BPOS

 

As filed with the U.S. Securities and Exchange Commission on July 20, 2020

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. 145

 

x

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

x

Amendment No. 146

 

 

(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 Asset Management (Americas) Inc.

One North Wacker

Chicago, Illinois  60606

(Name and Address of Agent for Service)

 

Please send copies of all communications to:

 

Jana L. Cresswell, Esq.

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

(215) 564-8048

 

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 this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, and the State of Illinois, on the 20th day of July 2020.

 

 

THE UBS FUNDS

 

 

 

 

 

By:

/s/ Igor Lasun

 

 

Igor Lasun*

 

 

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/ Igor Lasun

 

President and Principal Executive Officer

 

July 20, 2020

Igor Lasun *

 

 

 

 

 

 

 

 

/s/ Frank K. Reilly

 

Chairman and Trustee

 

July 20, 2020

Frank K. Reilly*

 

 

 

 

 

 

 

 

 

/s/ Joanne M. Kilkeary

 

Principal Accounting Officer and Treasurer

 

July 20, 2020

Joanne M. Kilkeary*

 

 

 

 

 

 

 

 

/s/ Adela Cepeda

 

Trustee

 

July 20, 2020

Adela Cepeda*

 

 

 

 

 

 

 

 

 

/s/ J. Mikesell Thomas

 

Trustee

 

July  20, 2020

J. Mikesell Thomas*

 

 

 

 

 

 

 

 

 

/s/ Abbie J. Smith

 

Trustee

 

July 20, 2020

Abbie J. Smith*

 

 

 

 

 

* By:

/s/ Keith A. Weller

 

 

Keith A. Weller, Attorney-in-Fact

 

 

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

 

2


 

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 ck0000886244-20200708.xml XBRL INSTANCE DOCUMENT 0000886244 2020-06-30 2020-06-30 0000886244 ck0000886244:S000068969Member 2020-06-30 2020-06-30 0000886244 ck0000886244:S000068969Member ck0000886244:C000220414Member 2020-06-30 2020-06-30 0000886244 ck0000886244:S000068970Member 2020-06-30 2020-06-30 0000886244 ck0000886244:S000068970Member ck0000886244:C000220415Member 2020-06-30 2020-06-30 xbrli:pure iso4217:USD "Other expenses" are based on estimates for the current fiscal year. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS 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 companies, 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 28, 2021, do not exceed 0.50% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reim-burses 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 the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of recoupment. 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, UBS AM (Americas)'s three year recoupment rights will survive. The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS 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 companies, 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 28, 2021, do not exceed 0.50% for Class P 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 reim-bursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of recoupment. 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, UBS AM (Americas)'s three year recoupment rights will survive. false 2020-07-08 2020-07-08 2020-06-30 485BPOS 0000886244 N-1A UBS FUNDS 2020-07-08 UBS US Dividend Ruler Fund DVRUX Investment objective <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font></p> Fees and expenses <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.</font></p> 0.0000 0.0000 0.0050 0.0000 0.0028 0.0078 -0.0028 0.0050 ~ http://www.UBS.com/20200708/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000886244_S000068969Member row primary compact * ~ ~ http://www.UBS.com/20200708/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000886244_S000068969Member row primary compact * ~ 2021-10-28 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder fees (fees paid directly from your investment) "Other expenses" are based on estimates for the current fiscal year. Example <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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:</font></p> 51 221 ~ http://www.UBS.com/20200708/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000886244_S000068969Member row primary compact * ~ Portfolio turnover <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. Because the Fund had not yet commenced operations as of the date of this prospectus, it does not have a portfolio turnover rate to provide.</font></p> Principal strategies Principal investments <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth (earnings and dividend), attractive dividend yield, quality, and valuation profiles.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in dividend paying securities. The Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including REITs) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Advisor intends to invest the Fund's portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;20-50 stocks in the portfolio</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Companies with a market capitalization of $2.5 billion or greater</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Typical allocation to American Depository Receipts (ADRs) of 15% or less</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Minimum of 6 sectors included in the portfolio for diversification purposes</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;The Fund aims to be fully invested but may allow for a cash allocation&#8212;with a range of 1-10% and a 2% target&#8212;for liquidity purposes.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of </font><font style="font-size:10pt; font-family: Arial, Helvetica;">the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. 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 (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO"). The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor seeks to invest in companies that the Advisor believes have attractive current dividend yields, and strong and consistent historical and prospective dividend growth. The Advisor believes that this focus on consistent and sustainable dividend growth underscores a quality bias for the portfolio which the Advisor believes can help mitigate downside risks and deliver attractive risk-adjusted total returns through the market cycle when compared to the broader equity market.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting individual securities for investment, the Advisor begins with a quantitative model to identify candidates for the portfolio. The investable universe of stocks is screened for the following metrics:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Attractive dividend yield: Indicated dividend yield equal to or greater than the S&amp;P 500 indicated dividend yield</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Healthy dividend growth: 10-year compound annual growth rate of dividends per share (DPS) of greater than 4%. A 7-year compound annual growth rate is used for select industries, such as banks, if the Advisor believes the full historical data set is less relevant as an indication of future dividend growth</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Strong dividend consistency: steady and stable dividend payments and growth over the last 10 years</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Stocks that meet the above criteria may be eligible for inclusion in the portfolio. Stocks are then reviewed from a "bottom-up" or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management ("WM"), an affiliate of the Advisor, Chief Investment Office ("CIO") equity strate-</font><font style="font-size:10pt; font-family: Arial, Helvetica;">gists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for earnings per share, dividends per share growth, quality, and valuation&#8212;among other metrics&#8212;while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio's construction.</font></p> Main risks <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 a 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investment style risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that returns from dividend-paying large capitalization stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better&#8212;or worse&#8212;than other segments of the stock market or the stock market in general.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Model and data risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Advisor uses a proprietary quantitative model in selecting investments for the Fund. Investments selected using a model may perform differently than expected as a result of the factors used in the model, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the model (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor's quantitative model will perform as expected or result in effective investment decisions for the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Dividend paying stock risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may </font><font style="font-size:10pt; font-family: Arial, Helvetica;">reduce or eliminate future dividends or distributions at any time and for any reason. The value of a security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by the Fund decreases, the Fund may have less income to distribute to the Fund's shareholders. In addition, common stocks with higher dividend yields can be sensitive to interest rate movements: when interest rates rise, the prices of these stocks may tend to fall. Conversely, the prices of higher yielding stocks may tend to rise when interest rates fall. Interest rate changes can be sudden and unpredictable and are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Focus risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-diversification risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Real estate and REITs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>IPOs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging markets risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, 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. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"&#8212;so called because their value "derives" from the value of an underlying asset, reference rate or index&#8212;may rise or fall more rapidly than other investments. 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 risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. In addition, many types of swaps and other nonexchange 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; an ETF may not replicate exactly the performance of the benchmark index it seeks to track; trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; and a passively managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of shares of the ETF.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund invests. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying fund's investments and their expenses.</font></p> 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 a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Fund. Performance <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus.</font></p> 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 US Quality Growth At Reasonable Price Fund QGRPX Investment objective <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to provide capital appreciation.</font></p> Fees and expenses <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.</font></p> 0.0000 0.0000 0.0050 0.0000 0.0028 0.0078 -0.0028 0.0050 ~ http://www.UBS.com/20200708/role/ScheduleShareholderFees20006 column dei_LegalEntityAxis compact ck0000886244_S000068970Member row primary compact * ~ ~ http://www.UBS.com/20200708/role/ScheduleAnnualFundOperatingExpenses20007 column dei_LegalEntityAxis compact ck0000886244_S000068970Member row primary compact * ~ 2021-10-28 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder fees (fees paid directly from your investment) "Other expenses" are based on estimates for the current fiscal year. Example <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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:</font></p> 51 221 ~ http://www.UBS.com/20200708/role/ScheduleExpenseExampleTransposed20008 column dei_LegalEntityAxis compact ck0000886244_S000068970Member row primary compact * ~ Portfolio turnover <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. Because the Fund had not yet commenced operations as of the date of this prospectus, it does not have a portfolio turnover rate to provide.</font></p> Principal strategies Principal investments <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth, quality, and valuation profiles.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. Under normal circumstances, the Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including REITs) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal market conditions, the Advisor intends to invest the Fund's portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;20-50 stocks in the portfolio</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Companies with a market capitalization of $2.5 billion or greater</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Typical allocation to American Depository Receipts (ADRs) of 15% or less</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Minimum of 6 sectors included in the portfolio for diversification purposes</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;The Fund aims to be fully invested but may allow for a cash allocation&#8212;with a range of 1-10% and a 2% target&#8212;for liquidity purposes.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO").</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk </font><font style="font-size:10pt; font-family: Arial, Helvetica;">profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. 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 (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor seeks to invest in high quality companies, expected to deliver above-average earnings per share (EPS) growth over the next 3-5 years, trading at attractive valuations. The Advisor believes that investment risks inherent in investing in higher growth-oriented stocks can be mitigated by focusing on both higher quality companies and being disciplined regarding valuations. Using this approach, the Advisor believes the portfolio can deliver attractive risk-adjusted total returns through the market cycle when compared to US large-cap growth indices.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The portfolio management team defines "reasonable price" as attractive valuation relative to a company's peers. While the primary metric used to assess valuation is price-to-earnings, the team may include other metrics such as enterprise value-to-earnings before interest, taxes, depreciation and amortization ("EBITDA") and price-to-sales.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting individual securities for investment, the Advisor begins with a proprietary quantitative model. The investable universe of stocks are scored using the following metrics:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;High-quality as defined by margin stability over a business cycle and return on equity.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Expected earnings growth over the next 3-5 years</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;Valuation relative to its peers.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Stocks are then reviewed from a "bottom-up" or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management ("WM"), an affiliate of the Advisor, Chief Investment Office ("CIO") equity strategists and equity sector analysts, as well as other resources. The Advisor assesses </font><font style="font-size:10pt; font-family: Arial, Helvetica;">the fundamental outlook for revenues, earnings, quality, and valuation&#8212;among other metrics&#8212;while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio's construction.</font></p> Main risks <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 a 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investment style risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that returns from large capitalization growth stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better&#8212;or worse&#8212;than other segments of the stock market or the stock market in general.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Model and data risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Advisor uses a proprietary quantitative model in selecting investments for the Fund. Investments selected using a model may perform differently than expected as a result of the factors used in the model, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the model (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor's quantitative model will perform as expected or result in effective investment decisions for the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Focus risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-diversification risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Real estate and REITs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>IPOs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging markets risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, 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. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"&#8212;so called because their value "derives" from the value of an underlying asset, reference rate or index&#8212;may rise or fall more rapidly than other investments. 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 risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in </font><font style="font-size:10pt; font-family: Arial, Helvetica;">greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; an ETF may not replicate exactly the performance of the benchmark index it seeks to track; trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; and a passively managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of shares of the ETF.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund may invests. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying fund's investments and their expenses.</font></p> 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 a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You may lose money by investing in the Fund. Performance <p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus.</font></p> 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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Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Jun. 30, 2020
Entity Registrant Name UBS FUNDS
Entity Central Index Key 0000886244
Entity Inv Company Type N-1A
Amendment Flag false
Document Creation Date Jul. 08, 2020
Document Effective Date Jul. 08, 2020
Prospectus Date Jul. 08, 2020
UBS US Dividend Ruler Fund | Class P  
Prospectus:  
Trading Symbol DVRUX
UBS US Quality Growth At Reasonable Price Fund | Class P  
Prospectus:  
Trading Symbol QGRPX
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Total
UBS US Dividend Ruler Fund
UBS US Dividend Ruler 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. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.

Shareholder fees (fees paid directly from your investment)
Shareholder Fees
UBS US Dividend Ruler Fund
Class P
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) none
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
UBS US Dividend Ruler Fund
Class P
Management fees 0.50%
Distribution and/or service (12b-1) fees none
Other expenses 0.28% [1]
Total annual fund operating expenses 0.78% [1]
Management fee waiver/expense reimbursements (0.28%)
Total annual fund operating expenses after management fee waiver/expense reimbursements 0.50% [1],[2]
[1] "Other expenses" are based on estimates for the current fiscal year.
[2] The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS 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 companies, 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 28, 2021, do not exceed 0.50% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reim-burses 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 the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of recoupment. 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, UBS 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
1 year
3 years
UBS US Dividend Ruler Fund | Class P | USD ($) 51 221
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. Because the Fund had not yet commenced operations as of the date of this prospectus, it does not have a portfolio turnover rate to provide.

Principal strategies Principal investments

To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth (earnings and dividend), attractive dividend yield, quality, and valuation profiles.


Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in dividend paying securities. The Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including REITs) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.


Under normal circumstances, the Advisor intends to invest the Fund's portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:


•  20-50 stocks in the portfolio


•  Companies with a market capitalization of $2.5 billion or greater


•  Typical allocation to American Depository Receipts (ADRs) of 15% or less


•  Minimum of 6 sectors included in the portfolio for diversification purposes


•  The Fund aims to be fully invested but may allow for a cash allocation—with a range of 1-10% and a 2% target—for liquidity purposes.


The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.


Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. 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 (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.


Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO"). The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.


Management process


The Advisor seeks to invest in companies that the Advisor believes have attractive current dividend yields, and strong and consistent historical and prospective dividend growth. The Advisor believes that this focus on consistent and sustainable dividend growth underscores a quality bias for the portfolio which the Advisor believes can help mitigate downside risks and deliver attractive risk-adjusted total returns through the market cycle when compared to the broader equity market.


In selecting individual securities for investment, the Advisor begins with a quantitative model to identify candidates for the portfolio. The investable universe of stocks is screened for the following metrics:


•  Attractive dividend yield: Indicated dividend yield equal to or greater than the S&P 500 indicated dividend yield


•  Healthy dividend growth: 10-year compound annual growth rate of dividends per share (DPS) of greater than 4%. A 7-year compound annual growth rate is used for select industries, such as banks, if the Advisor believes the full historical data set is less relevant as an indication of future dividend growth


•  Strong dividend consistency: steady and stable dividend payments and growth over the last 10 years


The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.


Stocks that meet the above criteria may be eligible for inclusion in the portfolio. Stocks are then reviewed from a "bottom-up" or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management ("WM"), an affiliate of the Advisor, Chief Investment Office ("CIO") equity strate-gists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for earnings per share, dividends per share growth, quality, and valuation—among other metrics—while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.


In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio's construction.

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 a 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.


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.


Investment style risk: The risk that returns from dividend-paying large capitalization stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general.


Model and data risk: The Advisor uses a proprietary quantitative model in selecting investments for the Fund. Investments selected using a model may perform differently than expected as a result of the factors used in the model, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the model (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor's quantitative model will perform as expected or result in effective investment decisions for the Fund.


Dividend paying stock risk: Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. The value of a security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by the Fund decreases, the Fund may have less income to distribute to the Fund's shareholders. In addition, common stocks with higher dividend yields can be sensitive to interest rate movements: when interest rates rise, the prices of these stocks may tend to fall. Conversely, the prices of higher yielding stocks may tend to rise when interest rates fall. Interest rate changes can be sudden and unpredictable and are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds.


Focus risk: To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.


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. 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.


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


Small- and mid-capitalization risk: The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.


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.


Real estate and REITs risk: The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.


IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.


Emerging markets risk: There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, 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. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.


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.


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. 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 risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. In addition, many types of swaps and other nonexchange 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.


Investing in ETFs risk: The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; an ETF may not replicate exactly the performance of the benchmark index it seeks to track; trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; and a passively managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of shares of the ETF.


Investing in other funds risk: The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund invests. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying fund's investments and their expenses.

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.

XML 13 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Label Element Value
UBS US Dividend Ruler Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading UBS US Dividend Ruler Fund
Objective [Heading] rr_ObjectiveHeading Investment objective
Objective, Primary [Text Block] 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 [Text Block] rr_ExpenseNarrativeTextBlock

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 28, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] 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. Because the Fund had not yet commenced operations as of the date of this prospectus, it does not have a portfolio turnover rate to provide.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" are based on estimates for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] 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:

Strategy [Heading] rr_StrategyHeading Principal strategies Principal investments
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth (earnings and dividend), attractive dividend yield, quality, and valuation profiles.


Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in dividend paying securities. The Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including REITs) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.


Under normal circumstances, the Advisor intends to invest the Fund's portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:


•  20-50 stocks in the portfolio


•  Companies with a market capitalization of $2.5 billion or greater


•  Typical allocation to American Depository Receipts (ADRs) of 15% or less


•  Minimum of 6 sectors included in the portfolio for diversification purposes


•  The Fund aims to be fully invested but may allow for a cash allocation—with a range of 1-10% and a 2% target—for liquidity purposes.


The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.


Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. 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 (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.


Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO"). The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.


Management process


The Advisor seeks to invest in companies that the Advisor believes have attractive current dividend yields, and strong and consistent historical and prospective dividend growth. The Advisor believes that this focus on consistent and sustainable dividend growth underscores a quality bias for the portfolio which the Advisor believes can help mitigate downside risks and deliver attractive risk-adjusted total returns through the market cycle when compared to the broader equity market.


In selecting individual securities for investment, the Advisor begins with a quantitative model to identify candidates for the portfolio. The investable universe of stocks is screened for the following metrics:


•  Attractive dividend yield: Indicated dividend yield equal to or greater than the S&P 500 indicated dividend yield


•  Healthy dividend growth: 10-year compound annual growth rate of dividends per share (DPS) of greater than 4%. A 7-year compound annual growth rate is used for select industries, such as banks, if the Advisor believes the full historical data set is less relevant as an indication of future dividend growth


•  Strong dividend consistency: steady and stable dividend payments and growth over the last 10 years


The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.


Stocks that meet the above criteria may be eligible for inclusion in the portfolio. Stocks are then reviewed from a "bottom-up" or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management ("WM"), an affiliate of the Advisor, Chief Investment Office ("CIO") equity strate-gists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for earnings per share, dividends per share growth, quality, and valuation—among other metrics—while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.


In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio's construction.

Risk [Heading] rr_RiskHeading Main risks
Risk Narrative [Text Block] 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 a 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.


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.


Investment style risk: The risk that returns from dividend-paying large capitalization stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general.


Model and data risk: The Advisor uses a proprietary quantitative model in selecting investments for the Fund. Investments selected using a model may perform differently than expected as a result of the factors used in the model, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the model (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor's quantitative model will perform as expected or result in effective investment decisions for the Fund.


Dividend paying stock risk: Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. The value of a security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by the Fund decreases, the Fund may have less income to distribute to the Fund's shareholders. In addition, common stocks with higher dividend yields can be sensitive to interest rate movements: when interest rates rise, the prices of these stocks may tend to fall. Conversely, the prices of higher yielding stocks may tend to rise when interest rates fall. Interest rate changes can be sudden and unpredictable and are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of bonds.


Focus risk: To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.


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. 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.


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


Small- and mid-capitalization risk: The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.


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.


Real estate and REITs risk: The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.


IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.


Emerging markets risk: There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, 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. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.


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.


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. 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 risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. In addition, many types of swaps and other nonexchange 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.


Investing in ETFs risk: The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; an ETF may not replicate exactly the performance of the benchmark index it seeks to track; trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; and a passively managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of shares of the ETF.


Investing in other funds risk: The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund invests. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying fund's investments and their expenses.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Nondiversified Status [Text] 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 [Text] rr_RiskNotInsured An investment in the Fund is not a deposit of a 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 [Text Block] 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 [Text] 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 US Dividend Ruler Fund | Class P  
Risk/Return: 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
Management fees rr_ManagementFeesOverAssets 0.50%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.28% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 0.78% [1]
Management fee waiver/expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.28%)
Total annual fund operating expenses after management fee waiver/expense reimbursements rr_NetExpensesOverAssets 0.50% [1],[2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 51
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 221
[1] "Other expenses" are based on estimates for the current fiscal year.
[2] The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS 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 companies, 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 28, 2021, do not exceed 0.50% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reim-burses 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 the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of recoupment. 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, UBS AM (Americas)'s three year recoupment rights will survive.
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Total
UBS US Quality Growth At Reasonable Price Fund
UBS US Quality Growth At Reasonable Price Fund
Investment objective

The Fund seeks to provide capital appreciation.

Fees and expenses

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.

Shareholder fees (fees paid directly from your investment)
Shareholder Fees
UBS US Quality Growth At Reasonable Price Fund
Class P
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) none
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
UBS US Quality Growth At Reasonable Price Fund
Class P
Management fees 0.50%
Distribution and/or service (12b-1) fees none
Other expenses 0.28% [1]
Total annual fund operating expenses 0.78% [1]
Management fee waiver/expense reimbursements (0.28%)
Total annual fund operating expenses after management fee waiver/expense reimbursements 0.50% [1],[2]
[1] "Other expenses" are based on estimates for the current fiscal year.
[2] The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS 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 companies, 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 28, 2021, do not exceed 0.50% for Class P 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 reim-bursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of recoupment. 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, UBS 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
1 year
3 years
UBS US Quality Growth At Reasonable Price Fund | Class P | USD ($) 51 221
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. Because the Fund had not yet commenced operations as of the date of this prospectus, it does not have a portfolio turnover rate to provide.

Principal strategies Principal investments

To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth, quality, and valuation profiles.


Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. Under normal circumstances, the Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including REITs) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.


Under normal market conditions, the Advisor intends to invest the Fund's portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:


•  20-50 stocks in the portfolio


•  Companies with a market capitalization of $2.5 billion or greater


•  Typical allocation to American Depository Receipts (ADRs) of 15% or less


•  Minimum of 6 sectors included in the portfolio for diversification purposes


•  The Fund aims to be fully invested but may allow for a cash allocation—with a range of 1-10% and a 2% target—for liquidity purposes.


The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.


Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO").


Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. 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 (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.


The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.


Management process


The Advisor seeks to invest in high quality companies, expected to deliver above-average earnings per share (EPS) growth over the next 3-5 years, trading at attractive valuations. The Advisor believes that investment risks inherent in investing in higher growth-oriented stocks can be mitigated by focusing on both higher quality companies and being disciplined regarding valuations. Using this approach, the Advisor believes the portfolio can deliver attractive risk-adjusted total returns through the market cycle when compared to US large-cap growth indices.


The portfolio management team defines "reasonable price" as attractive valuation relative to a company's peers. While the primary metric used to assess valuation is price-to-earnings, the team may include other metrics such as enterprise value-to-earnings before interest, taxes, depreciation and amortization ("EBITDA") and price-to-sales.


In selecting individual securities for investment, the Advisor begins with a proprietary quantitative model. The investable universe of stocks are scored using the following metrics:


•  High-quality as defined by margin stability over a business cycle and return on equity.


•  Expected earnings growth over the next 3-5 years


•  Valuation relative to its peers.


The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.


Stocks are then reviewed from a "bottom-up" or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management ("WM"), an affiliate of the Advisor, Chief Investment Office ("CIO") equity strategists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for revenues, earnings, quality, and valuation—among other metrics—while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.


In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio's construction.

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 a 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.


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.


Investment style risk: The risk that returns from large capitalization growth stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general.


Model and data risk: The Advisor uses a proprietary quantitative model in selecting investments for the Fund. Investments selected using a model may perform differently than expected as a result of the factors used in the model, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the model (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor's quantitative model will perform as expected or result in effective investment decisions for the Fund.


Focus risk: To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.


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. 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.


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


Small- and mid-capitalization risk: The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.


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.


Real estate and REITs risk: The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.


IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.


Emerging markets risk: There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, 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. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.


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.


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. 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 risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. 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.


Investing in ETFs risk: The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; an ETF may not replicate exactly the performance of the benchmark index it seeks to track; trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; and a passively managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of shares of the ETF.


Investing in other funds risk: The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund may invests. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying fund's investments and their expenses.

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.

XML 15 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Label Element Value
UBS US Quality Growth At Reasonable Price Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading UBS US Quality Growth At Reasonable Price Fund
Objective [Heading] rr_ObjectiveHeading Investment objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. In addition to the fees and expenses described below, you also may be required to pay commissions or other fees to your broker for transactions in Class P shares.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Oct. 28, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] 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. Because the Fund had not yet commenced operations as of the date of this prospectus, it does not have a portfolio turnover rate to provide.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" are based on estimates for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] 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:

Strategy [Heading] rr_StrategyHeading Principal strategies Principal investments
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

To achieve its investment objective, the Fund invests in, or seeks exposure to, stocks with attractive growth, quality, and valuation profiles.


Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in US companies. Under normal circumstances, the Fund invests a substantial portion of its net assets in large-capitalization equities traded in the United States. Investments in equity securities may include but are not limited to common stock (including REITs) of issuers located throughout the world, and American Depositary Receipts. The Fund may invest in issuers from both developed markets (including the United States) and emerging markets.


Under normal market conditions, the Advisor intends to invest the Fund's portfolio under the following guidelines, but reserves the right to deviate if economic and business conditions warrant:


•  20-50 stocks in the portfolio


•  Companies with a market capitalization of $2.5 billion or greater


•  Typical allocation to American Depository Receipts (ADRs) of 15% or less


•  Minimum of 6 sectors included in the portfolio for diversification purposes


•  The Fund aims to be fully invested but may allow for a cash allocation—with a range of 1-10% and a 2% target—for liquidity purposes.


The Fund is a non-diversified fund, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company.


Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO").


Under certain market conditions, the Fund may, but is not required to, use exchange traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. 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 (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.


The Fund also may at times invest in ETFs and other investment companies for the purpose of gaining exposure to the stock market while maintaining liquidity.


Management process


The Advisor seeks to invest in high quality companies, expected to deliver above-average earnings per share (EPS) growth over the next 3-5 years, trading at attractive valuations. The Advisor believes that investment risks inherent in investing in higher growth-oriented stocks can be mitigated by focusing on both higher quality companies and being disciplined regarding valuations. Using this approach, the Advisor believes the portfolio can deliver attractive risk-adjusted total returns through the market cycle when compared to US large-cap growth indices.


The portfolio management team defines "reasonable price" as attractive valuation relative to a company's peers. While the primary metric used to assess valuation is price-to-earnings, the team may include other metrics such as enterprise value-to-earnings before interest, taxes, depreciation and amortization ("EBITDA") and price-to-sales.


In selecting individual securities for investment, the Advisor begins with a proprietary quantitative model. The investable universe of stocks are scored using the following metrics:


•  High-quality as defined by margin stability over a business cycle and return on equity.


•  Expected earnings growth over the next 3-5 years


•  Valuation relative to its peers.


The Advisor may modify the quantitative screening process at any time, without shareholder approval or notice.


Stocks are then reviewed from a "bottom-up" or fundamental perspective by the Advisor, leveraging the intellectual capital of UBS Global Wealth Management ("WM"), an affiliate of the Advisor, Chief Investment Office ("CIO") equity strategists and equity sector analysts, as well as other resources. The Advisor assesses the fundamental outlook for revenues, earnings, quality, and valuation—among other metrics—while determining potential upside and downside risks given current and expected market environments. This assessment is determined with the intention of owning stocks for the portfolio over a multi-year time horizon.


In addition, the Advisor constructs the portfolio taking into account several investment considerations including but not limited to: the UBS House View (a publication of macro and thematic views of WM CIO) on markets, regions, sectors and style factors. While the Advisor may receive input from multiple business units within UBS, the Advisor has final discretion in the portfolio's construction.

Risk [Heading] rr_RiskHeading Main risks
Risk Narrative [Text Block] 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 a 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.


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.


Investment style risk: The risk that returns from large capitalization growth stocks will produce lower returns than the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general.


Model and data risk: The Advisor uses a proprietary quantitative model in selecting investments for the Fund. Investments selected using a model may perform differently than expected as a result of the factors used in the model, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the model (including, for example, data problems, problems with data supplied by third parties, software issues, or other types of errors). There is no guarantee that the Advisor's quantitative model will perform as expected or result in effective investment decisions for the Fund.


Focus risk: To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.


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. 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.


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


Small- and mid-capitalization risk: The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.


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.


Real estate and REITs risk: The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.


IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.


Emerging markets risk: There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, 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. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.


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.


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. 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 risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. 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.


Investing in ETFs risk: The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; an ETF may not replicate exactly the performance of the benchmark index it seeks to track; trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; and a passively managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of shares of the ETF.


Investing in other funds risk: The investment performance of the Fund is affected by the investment performance of the underlying funds in which the Fund may invests. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying fund's investments and their expenses.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk Nondiversified Status [Text] 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 [Text] rr_RiskNotInsured An investment in the Fund is not a deposit of a 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 [Text Block] 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 [Text] 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 US Quality Growth At Reasonable Price Fund | Class P  
Risk/Return: 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
Management fees rr_ManagementFeesOverAssets 0.50%
Distribution and/or service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.28% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 0.78% [1]
Management fee waiver/expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.28%)
Total annual fund operating expenses after management fee waiver/expense reimbursements rr_NetExpensesOverAssets 0.50% [1],[2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 51
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 221
[1] "Other expenses" are based on estimates for the current fiscal year.
[2] The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS 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 companies, 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 28, 2021, do not exceed 0.50% for Class P 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 reim-bursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of recoupment. 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, UBS AM (Americas)'s three year recoupment rights will survive.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jul. 08, 2020
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