EX-99.77C VOTES

For period ending   June 30, 2009

File number 811-6637							Exhibit 77C
							           77Q1



UBS U.S. Large Cap Growth Fund
At the special meeting of shareholders held on June 26, 2009, the Funds shareholders voted on an Agreement and Plan of Reorganization between the UBS Trust, on behalf of the UBS Fund, and the Laudus Trust, on behalf of the Laudus Growth Investors U.S. Large Cap Growth  Fund (the Laudus Fund), that provides for: (i) the acquisition of all the assets, subject to the liabilities, of the UBS Fund in exchange for shares of the Laudus Fund; (ii) the pro rata distribution of shares of the Laudus Fund to the shareholders of the UBS Fund; and (iii) the liquidation and dissolution of the UBS Fund.


FOR
AGAINST
ABSTAIN
Approval of the Agreement and Plan of Reorganization
6,175,077.135
59,280.096
64,778.94

EX-99.77D POLICIES

For period ending   June 30, 2009									Exhibit 77D

File number 811-6637





UBS Global Allocation Fund and UBS Global Frontier Fund:  At the March 2009 Board meeting, the Board of Trustees approved changing the Funds investment policy to allow for the use of passively managed sub-components if and when the Advisor deems it appropriate.

UBS Absolute Return Bond Fund:  At the June 2009 Board meeting, the Board of Trustees approved permitting the Fund to loan portfolio securities up to 33 1/3% of its total assets to qualified broker-dealers and financial institutions.

UBS Global Bond Fund: At the June 2009 Board meeting, the Board of Trustees approved permitting the Fund to loan portfolio securities up to 33 1/3% of its total assets to qualified broker-dealers and financial institutions

UBS Global Frontier Fund: At the June 2009 Board meeting, the Board of Trustees approved permitting the Fund to loan portfolio securities up to 33 1/3% of its total assets to qualified broker-dealers and financial institutions

UBS High Yield Fund: At the June 2009 Board meeting, the Board of Trustees approved permitting the Fund to loan portfolio securities up to 33 1/3% of its total assets to qualified broker-dealers and financial institutions

UBS U.S. Large Cap Equity Fund: At the June 2009 Board meeting, the Board of Trustees approved permitting the Fund to loan portfolio securities up to 33 1/3% of its total assets to qualified broker-dealers and financial institutions

UBS U.S. Large Cap Value Equity Fund: At the June 2009 Board meeting, the Board of Trustees approved permitting the Fund to loan portfolio securities up to 33 1/3% of its total assets to qualified broker-dealers and financial institutions

EX-99.77O RULE 10F-3

For period ending June 30, 2009				Exhibit 77O

File number 8116637

FORM 10f3
Registered Domestic Securities and Government Securities

Fund:	The UBS Funds  UBS Dynamic Alpha Fund___                                         ___

Name of Adviser or SubAdviser: UBS Global Asset Management (America) Inc.

1.	Issuer: Mead Johnson Nutrition CoA

2.	Date of Purchase: 02/10/2009		       3.  Date offering commenced:  02/10/2009

4.	Underwriter(s) from whom purchased: Morgan Stanley & Co

5.	Affiliated Underwriter managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    250,000 shares

7.	Aggregate principal amount or total number of shares of offering:   34,500,000 shares

8.	Purchase price (net of fees and expenses):  $24.00

9.	Initial public offering price per unit or share:  $24.00

10.	Commission, spread or profit:   	%	$0.72

11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved:   /s/ Jim Malles			Date:	3/4/09
Print Name: Jim Malles

For period ending June 30, 2009				Exhibit 77O

File number 8116637

FORM 10f3
Registered Domestic Securities and Government Securities

Fund:	 _ The UBS Funds_ UBS Global Equity Fund                                      ___

Name of Adviser or SubAdviser: UBS Global Asset Management (Americas) Inc.

1.	Issuer:  Mead Johnson Nutrition CoA

2.	Date of Purchase:   02/10/2009         3. Date offering commenced:  02/10/2009

4.	Underwriter(s) from whom purchased:  Morgan Stanley & Co.

5.	Affiliated Underwriter managing or participating in syndicate UBS Investment Bank

6.	Aggregate principal amount or number of shares purchased:    250,000 shares

7.	Aggregate principal amount or total number of shares of offering:    34,500,000 shares

8.	Purchase price (net of fees and expenses):  $24.00

9.	Initial public offering price:  $24.00

10.	Commission, spread or profit:        %		0.72


11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved:   /s/ Jim Malles	Date:	3/4/09
Print Name:  Jim Malles


















































For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS U.S. Large Cap Growth Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Mead Johnson CoA
2.  Date of Purchase:  02/10/2009           	3.  Date offering commenced: 02/10/2009
4.  Underwriter(s) from whom purchased:  Morgan Stanley & Co
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  250,000 shares (
7.  Aggregate principal amount or total number of shares of offering:  34,500,000 shares
8.  Purchase price (net of fees and expenses):  $24.00
9.  Initial public offering price:  $24.00
10.  Commission, spread or profit:  __________%              0.72
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Jim Malles		Date: 3/4/09
Print Name: Jim Malles
















For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS Absolute Return Bond Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Cisco Systems 4.95% 02/15/2019
2.  Date of Purchase:  02/09/2009            	3.  Date offering commenced: 02/092009
4.  Underwriter(s) from whom purchased:  Goldman Sachs, London
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  $9,977,400 (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $1,995,480,000
8.  Purchase price (net of fees and expenses):  $99.774
9.  Initial public offering price:  $99.774
10.  Commission, spread or profit:  __________%              0.554
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Tim Winstone		Date: 4 March 2009
Print Name: Tim Winstone

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS High Yield Fund
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Inergy LP Fin 8 3/4% due 03/01/2015
2.  Date of Purchase:  01/28/2009            	3.  Date offering commenced: 01/28/2009
4.  Underwriter(s) from whom purchased:  J.P. Morgan Securities
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  $2,000,000 (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $202,929,750,000
8.  Purchase price (net of fees and expenses):  $90.191
9.  Initial public offering price:  $90.191
10.  Commission, spread or profit:  __________%              0.554
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Shu Yang Tan		Date: 01/30/2009
Print Name: Shu Yang Tan

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS High Yield FundFund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  El Paso Corp 8 1/4 due 02/15/2016
2.  Date of Purchase:  02/04/2009            	3.  Date offering commenced: 02/04/2009
4.  Underwriter(s) from whom purchased:  Morgan Stanley & Co. Inc.
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  $4,000,000(Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $477,675,000,000
8.  Purchase price (net of fees and expenses):  $95.535
9.  Initial public offering price:  $95.535
10.  Commission, spread or profit:  _____1_____%              $ ___________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Shu Yang Tan		Date: 2/13/09
Print Name: Shu Yang Tan

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS U.S. Bond Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Citigroup Funding Inc. 1 1/2% due 7/12/2011
2.  Date of Purchase:  06/25/2009            	3.  Date offering commenced: 06/25/2009
4.  Underwriter(s) from whom purchased:  Citigroup Global Markets Hldgs.
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  $9,993,000 (Firmwide)
7.  Aggregate principal amount or total number of shares of offering: $1,748,775,000
8.  Purchase price (net of fees and expenses):  $99.93
9.  Initial public offering price:  $99.93
10.  Commission, spread or profit:  ______N/A____%              $_______________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Justin C. Tabbellione		Date: 4 March 2009
Print Name: Justin C. Tabbellione

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS High Yield Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Cricket Communications, Inc. 7 3/4% due 05/15/2016
2.  Date of Purchase:  05/28/2009            	3.  Date offering commenced: 05/282009
4.  Underwriter(s) from whom purchased:  Goldman Sachs & Co.
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  $3,845,360 (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $1,057,474,000
8.  Purchase price (net of fees and expenses):  $96.134
9.  Initial public offering price:  $96.134
10.  Commission, spread or profit:  2%              $__________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Shu Yang Tan		Date: 6/25/09
Print Name: Shu Yang Tan

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS High Yield Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Host Hotels  & Resorts LP 9% due 5/15/2017
2.  Date of Purchase:  05/05/2009            	3.  Date offering commenced: 05/05/2009
4.  Underwriter(s) from whom purchased:  Goldman Sachs & Co.
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  $3,863,960 (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $386,396,000
8.  Purchase price (net of fees and expenses):  $96.599
9.  Initial public offering price:  $96.599
10.  Commission, spread or profit:  2%              $__________
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Shu Yang Tan		Date: 5/29/09
Print Name: Shu Yang Tan



For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS High Yield Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Qwest Corporation 8.375% due 5/1/2016
2.  Date of Purchase:  04/07/2009            	3.  Date offering commenced: 04/07/2009
4.  Underwriter(s) from whom purchased:  JP Morgan Securities
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  $1,849,960 (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $749,696,290
8.  Purchase price (net of fees and expenses):  $92.498
9.  Initial public offering price:  $92.498
10.  Commission, spread or profit:  2%
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Shu Yang Tan		Date: 7/23/09
Print Name: Shu Yang Tan

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS Global Equity Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Wells Fargo & Co.
2.  Date of Purchase:  05/08/2009           	3.  Date offering commenced: 05/08/2009
4.  Underwriter(s) from whom purchased:  J.P. Morgan Chase
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  1,300,000 shares
7.  Aggregate principal amount or total number of shares of offering:  392,150,000 Shares
8.  Purchase price (net of fees and expenses):  $22.00
9.  Initial public offering price:  $22.00
10.  Commission, spread or profit:  __________%              $ 0.2772
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Robert A. Durante		Date: 6/9/09
Print Name: Robert A. Durante

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS International Equity Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Sumitomo Mitsui Financial GR
2.  Date of Purchase:  06/23/2009           	3.  Date offering commenced: 06/23/2009
4.  Underwriter(s) from whom purchased:  Daiwa Securities
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  16,500 shares (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $204,400,000 shares
8.  Purchase price (net of fees and expenses):  JPY 3,928
9.  Initial public offering price:  JPY 3,928
10.  Commission, spread or profit:  __________%              0.554
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Nicholas Melhuish		Date: 27/7/09
Print Name: Nicholas Melhuish


For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS Globall Equity Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Sumitomo Mitsui Financial GR
2.  Date of Purchase:  06/23/2009           	3.  Date offering commenced: 06/23/2009
4.  Underwriter(s) from whom purchased:  Daiwa Securities
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  16,500 shares (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $204,400,000 shares
8.  Purchase price (net of fees and expenses):  JPY 3,928
9.  Initial public offering price:  JPY 3,928
10.  Commission, spread or profit:  __________%              0.554
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Nicholas Melhuish		Date: 27/7/09
Print Name: Nicholas Melhuish



For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS U.S. Equity Alpha Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Wells Fargo & Co.
2.  Date of Purchase:  05/08/2009           	3.  Date offering commenced: 05/08/2009
4.  Underwriter(s) from whom purchased:  J.P. Morgan Chase
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  1,300,000 shares
7.  Aggregate principal amount or total number of shares of offering:  392,150,000 Shares
8.  Purchase price (net of fees and expenses):  $22.00
9.  Initial public offering price:  $22.00
10.  Commission, spread or profit:  __________%              $ 0.2772
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Robert A. Durante		Date: 6/9/09
Print Name: Robert A. Durante

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS Global Allocation Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Wells Fargo & Co.
2.  Date of Purchase:  05/08/2009           	3.  Date offering commenced: 05/08/2009
4.  Underwriter(s) from whom purchased:  J.P. Morgan Chase
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  1,300,000 shares
7.  Aggregate principal amount or total number of shares of offering:  392,150,000 Shares
8.  Purchase price (net of fees and expenses):  $22.00
9.  Initial public offering price:  $22.00
10.  Commission, spread or profit:  __________%              $ 0.2772
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Robert A. Durante		Date: 6/9/09
Print Name: Robert A. Durante

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS Globall Allocation Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Sumitomo Mitsui Financial GR
2.  Date of Purchase:  06/23/2009           	3.  Date offering commenced: 06/23/2009
4.  Underwriter(s) from whom purchased:  Daiwa Securities
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  16,500 shares (Firmwide)
7.  Aggregate principal amount or total number of shares of offering:  $204,400,000 shares
8.  Purchase price (net of fees and expenses):  JPY 3,928
9.  Initial public offering price:  JPY 3,928
10.  Commission, spread or profit:  __________%              0.554
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Nicholas Melhuish		Date: 27/7/09
Print Name: Nicholas Melhuish

For period ending June 30, 2009					Exhibit 77O

File number 8116637

FUND:  _ The UBS Funds  UBS U.S. Large Cap Value Equity Fund________
Name of Adviser or SubAdviser:  UBS Global Asset Management (Americas) Inc.
1.  Issuer:  Wells Fargo & Co.
2.  Date of Purchase:  05/08/2009           	3.  Date offering commenced: 05/08/2009
4.  Underwriter(s) from whom purchased:  J.P. Morgan Chase
5.  Affiliated Underwriter managing or participating in syndicate:
UBS Investment Bank
6.  Aggregate principal amount or number of shares purchased:  1,300,000 shares
7.  Aggregate principal amount or total number of shares of offering:  392,150,000 Shares
8.  Purchase price (net of fees and expenses):  $22.00
9.  Initial public offering price:  $22.00
10.  Commission, spread or profit:  __________%              $ 0.2772
11.  Have the following conditions been satisfied?
YES
NO
a.	The securities are sold in an offering exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A or Regulation D.
b.	The securities are sold to persons reasonably believed to be qualified institutional buyers (QIBs).
c.	The securities are reasonably believed to be eligible for resale to other QIBs.
d.	The securities were purchased prior to the end of the first day on which any sales are made (or, if a rights offering, the securities were purchased on or before the fourth day preceding the day on which the offering terminated).


X_______


X_______

X_______





X_______



_______


_______

_______





_______

e.	The securities were purchased at a price not more than the price paid by each other purchaser in the offering or any concurrent offering.
f.	The underwriting was a firm commitment underwriting.
YES

X_______

X_______
NO

_______
g.	The commission, spread or profit was reasonable and fair in relation to that being received by others for underwriting similar securities during the same period.


X_______


_______
h.	The issuer of the securities and any predecessor has been in continuous operation for not less than three years.


X_______


_______
i.	The amount of such securities purchased by the Fund and all other accounts over which the Adviser (or SubAdviser, if applicable) exercises investment discretion did not exceed 25% of the principal amount of the offering.




X_______




_______
j.	No Affiliated Underwriter benefited directly or indirectly from the purchase.

X_______


_______
Note: Refer to the Rule 10f3 Procedures for the definitions of the capitalized terms above.  In particular,  Affiliated Underwriter is defined as affiliates of the Adviser or SubAdviser participating in a selling syndicate, as applicable.

Approved: /s/ Robert A. Durante		Date: 6/9/09
Print Name: Robert A. Durante

EX-99.77B ACCT LTTR

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
The UBS Funds

In planning and performing our audits of the financial statements of The UBS Funds (comprising, respectively, UBS Dynamic Alpha Fund, UBS Global Allocation Fund, UBS Global Frontier Fund, UBS Global Equity Fund, UBS International Equity Fund, UBS U.S. Equity Alpha Fund, UBS U.S. Large Cap Equity Fund, UBS U.S. Large Cap Growth Fund, UBS U.S. Large Cap Value Equity Fund, UBS U.S. Mid Cap Growth Equity Fund, UBS U.S. Small Cap Growth Fund, UBS Absolute Return Bond Fund, UBS Global Bond Fund, UBS High Yield Fund and UBS U.S. Bond Fund) (the "Company") as of and for the year ended June 30, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressin
g an opinion on the effectiveness of the internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and exp
enditures of the company are being made only in accordance with authorizations of management and trustees of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Company's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness as defined above as of June 30, 2009.

This report is intended solely for the information and use of management and the Board of Trustees of The UBS Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

August 27, 2009
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