0001104659-21-074808.txt : 20210601 0001104659-21-074808.hdr.sgml : 20210601 20210601120129 ACCESSION NUMBER: 0001104659-21-074808 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20210601 DATE AS OF CHANGE: 20210601 EFFECTIVENESS DATE: 20210601 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UBS FUNDS CENTRAL INDEX KEY: 0000886244 IRS NUMBER: 367056204 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-47287 FILM NUMBER: 21983897 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 S000002979 UBS GLOBAL ALLOCATION FUND C000008182 CLASS A BNGLX C000008185 CLASS P BPGLX 0000886244 S000002980 UBS International Sustainable Equity Fund C000008186 CLASS A BNIEX C000008189 CLASS P BNUEX 0000886244 S000002985 UBS U.S. SMALL CAP GROWTH FUND C000008206 CLASS A BNSCX C000008209 CLASS P BISCX 0000886244 S000003134 UBS Emerging Markets Equity Opportunity Fund C000008499 CLASS A UEMAX C000008502 CLASS P UEMPX 0000886244 S000003135 UBS DYNAMIC ALPHA FUND C000008503 CLASS A BNAAX C000008506 CLASS P BNAYX 0000886244 S000047156 UBS Municipal Bond Fund C000147812 Class A UMBAX C000147814 Class P UMBPX 0000886244 S000053041 UBS Total Return Bond Fund C000166868 Class A UTBAX C000166870 Class P UTBPX 0000886244 S000063381 UBS Engage For Impact Fund C000205441 Class P UEIPX C000205442 Class A 0000886244 S000063382 UBS Sustainable Development Bank Bond Fund C000205444 Class P UDBPX C000205445 Class A 0000886244 S000065858 UBS All China Equity Fund C000212771 Class A C000212772 Class P 497 1 a21-16877_1497.htm 497

The UBS Funds

Supplement to the Prospectus | June 1, 2021

Includes:

•  UBS All China Equity Fund

•  UBS Dynamic Alpha Fund

•  UBS Emerging Markets Equity Opportunity Fund

•  UBS Engage For Impact Fund

•  UBS Global Allocation Fund

•  UBS International Sustainable Equity Fund

•  UBS U.S. Small Cap Growth Fund

•  UBS Municipal Bond Fund

•  UBS Sustainable Development Bank Bond Fund

•  UBS Total Return Bond Fund

Dear Investor,

The purpose of this supplement is to update certain information in the Prospectus, dated October 28, 2020 (as revised February 22, 2021), relating to Class A and Class P shares for the above-listed series of The UBS Funds, as follows:

I. UBS Dynamic Alpha Fund portfolio manager change

Effective June 1, 2021, Alain Bützberger will no longer serve as a portfolio manager for UBS Dynamic Alpha Fund, and Benjamin Suess will be added as a portfolio manager to UBS Dynamic Alpha Fund.

Therefore, effective June 1, 2021, the bullets under the heading "UBS Dynamic Alpha Fund-Fund Summary" and the sub-heading "Portfolio managers" on page 16 of the Prospectus are deleted in their entirety and replaced with the following:

• Alan Zlatar, portfolio manager of the Fund since 2018.

• Benjamin Suess, portfolio manager of the Fund since June 2021.

Additionally, effective June 1, 2021, the information under the heading "More information about the funds" and the sub-headings "Management-Portfolio management-UBS Dynamic Alpha Fund" beginning on page 156 of the Prospectus is deleted in its entirety and replaced by the following:

UBS Dynamic Alpha Fund

Alan Zlatar and Benjamin Suess are the portfolio managers for UBS Dynamic Alpha Fund. As portfolio managers, Messrs. Zlatar and Suess have responsibility for allocating the portfolio among the various asset classes and reviewing the overall composition of the portfolio to ensure its compliance with its stated investment objective. The team members have access to additional portfolio managers and analysts within the various asset classes and

ZS-1101

markets in which the Fund invests, which aids in research and idea generation. Messrs. Zlatar and Suess also have access to certain members of the fixed-income and equities investment management teams, each of whom may be at certain times (at the discretion of the lead portfolio managers) allocated a specified portion of the portfolio over which he or she has independent responsibility for research, security selection and portfolio construction. Information about Messrs. Zlatar and Suess is provided below.

Alan Zlatar is a senior portfolio manager on the Investment Solutions team. Alan is also a voting member of the Investment Solutions Investment Committee and contributes to UBS Asset Management's investment debate, as well as to the evolution and improvement of UBS Asset Management's investment process, working in partnership with the research, implementation and analytics teams. Mr. Zlatar joined UBS Asset Management in 2018 from Vontobel Asset Management where he was most recently Head of Macro & Strategy and Deputy Head of Group Investment Strategy, Multi Asset Class Investments. Prior to this, he was Head of Portfolio Management in Zurich for Deutsche Bank Wealth Management and member of the Global Investment Committee, responsible for managing multi-currency Balanced Portfolios, Equities, Bonds and Swiss Indirect Real Estate. Mr. Zlatar has been a portfolio manager of the Fund since 2018.

Benjamin Suess is an Asset Allocation Strategist and member of the Asset Allocation group, and a Director at UBS Asset Management. Mr. Suess joined UBS Asset Management in 2010 and has been a portfolio manager of the Fund since June 2021.

II. Exchanges of shares of the funds by Merrill Lynch account holders and customers

The following is added after the third paragraph under the heading "Managing your fund account" and the subheading "A note about financial intermediary fee based advisory programs—intermediary directed share class conversions" beginning on page 148 of the prospectus:

Shareholders who hold Class P shares of the Funds in a Merrill Lynch advisory program and who transfer to a Merrill Lynch brokerage account may be required by Merrill Lynch to exchange those Class P shares for Class A shares of the same Fund to be held in a Merrill Lynch brokerage account. Such exchanges will occur at the net asset value per share, without requiring any investment minimum to be met and without the imposition of any fees or other charges.

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE.


2

The UBS Funds

Supplement to the Statement of Additional Information | June 1, 2021

Includes:

•  UBS Dynamic Alpha Fund

Dear Investor,

The purpose of this supplement is to update certain information in the Statement of Additional Information ("SAI"), dated October 28, 2020, as supplemented, with respect to UBS Dynamic Alpha Fund, a series of The UBS Funds, as follows:

Effective June 1, 2021, Alain Bützberger will no longer serve as a portfolio manager for UBS Dynamic Alpha Fund, and Benjamin Suess will be added as a portfolio manager to UBS Dynamic Alpha Fund.

Therefore, effective June 1, 2021, on page 80 in the SAI under the heading "Investment advisory, principal underwriting and other service arrangements" and the sub-heading "Portfolio managers," the information for Alain Bützberger is deleted in its entirety and replaced with the following:

    Registered
investment companies		   Other pooled
investment vehicles		  

Other accounts

  
Portfolio manager
(Funds managed)		  

Number

   Assets
managed
(in millions)		  

Number

   Assets
managed
(in millions)		  

Number

   Assets
managed
(in millions)		  
Benjamin Suess#
(UBS Dynamic Alpha Fund)		    

0

    

$

0

      

0

    

$

0

      

4,886

    

$

12,238

    

  #  Mr. Suess became a portfolio manager of UBS Dynamic Alpha Fund on June 1, 2021. Information for Mr. Suess is as of March 31, 2021.

In addition, on page 83 of the SAI, under the heading "Investment advisory, principal underwriting and other service arrangements " and the sub-heading "Portfolio managers," the following information for Alain Bützberger is deleted in its entirety and replaced with the following:

Portfolio manager/Fund

  

Range of shares owned

  
Benjamin Suess*******
(UBS Dynamic Alpha Fund)		  

None

  

*******  Mr. Suess became a portfolio manager of UBS Dynamic Alpha Fund on June 1, 2021. Information for Mr. Suess is as of March 31, 2021.

PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE.

ZS-1102

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