As filed with the U.S. Securities and Exchange Commission on November 18, 2013
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 |
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Pre-Effective Amendment No. |
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Post-Effective Amendment No. 112 |
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REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
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Amendment No. 113 |
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(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)
Registrants Telephone Number, including Area Code 312-525-7100
Mark F. Kemper
UBS Global Asset Management
One North Wacker
Chicago, Illinois 60606
(Name and Address of Agent for Service)
Please send copies of all communications to:
Bruce G. Leto, Esq.
Stradley, Ronon, Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103
(215) 564-8027
Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this registration statement.
It is proposed that this filing will become effective (check appropriate box):
x immediately upon filing pursuant to paragraph (b)
o on [Date] pursuant to paragraph (b)
o 60 days after filing pursuant to paragraph (a)(1)
o on [Date] pursuant to paragraph (a)(1)
o 75 days after filing pursuant to paragraph (a)(2)
o on [Date] pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the Securities Act) and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused Post-Effective Amendment Nos. 112/113 to this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and the State of New York on the 18th day of November, 2013.
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THE UBS FUNDS | |
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By: |
/s/ Mark E. Carver |
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Mark E. Carver* |
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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:
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/s/ Mark E. Carver |
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President and Principal |
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November 18, 2013 |
Mark E. Carver* |
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Executive Officer |
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/s/ Frank K. Reilly |
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Chairman and |
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November 18, 2013 |
Frank K. Reilly* |
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Trustee |
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/s/ Shawn Lytle |
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Trustee |
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November 18, 2013 |
Shawn Lytle* |
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/s/ Edward M. Roob |
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Trustee |
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November 18, 2013 |
Edward M. Roob* |
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/s/ Adela Cepeda |
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Trustee |
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November 18, 2013 |
Adela Cepeda* |
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/s/ J. Mikesell Thomas |
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Trustee |
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November 18, 2013 |
J. Mikesell Thomas* |
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/s/ Abbie J. Smith |
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Trustee |
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November 18, 2013 |
Abbie J. Smith* |
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/s/ John J. Murphy |
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Trustee |
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November 18, 2013 |
John J. Murphy* |
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/s/ Thomas Disbrow |
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Treasurer and Principal |
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November 18, 2013 |
Thomas Disbrow* |
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Accounting Officer |
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* By: |
/s/ Joseph J. Allessie |
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Joseph J. Allessie, Attorney-in-Fact |
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(Pursuant to Powers of Attorney incorporated herein by reference.) |
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EXHIBIT INDEX
Index No. |
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Description of Exhibit |
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EX-101.INS |
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XBRL Instance Document |
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EX-101.SCH |
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XBRL Taxonomy Extension Schema Document |
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EX-101.CAL |
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XBRL Taxonomy Extension Calculation Linkbase |
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EX-101.DEF |
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XBRL Taxonomy Extension Definition Linkbase |
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EX-101.LAB |
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XBRL Taxonomy Extension Labels Linkbase |
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EX-101.PRE |
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XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value | ||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | UBS EMERGING MARKETS EQUITY FUND | ||||||
Objective [Heading] | rr_ObjectiveHeading | Investment objective | ||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Fund seeks to maximize capital appreciation. |
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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. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 11 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 67 of the Fund's statement of additional information ("SAI"). |
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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 | 2014-10-28 | ||||||
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. |
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Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date. | ||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. | ||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 50,000 | ||||||
Other Expenses, New Fund, Based on Estimates [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: |
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Strategy [Heading] | rr_StrategyHeading | Principal strategies | ||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock |
Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock. Securities tied economically to emerging market countries include securities on which the return is derived from issuers in emerging market countries, such as equity swap contracts and equity swap index contracts. The Fund may invest in stocks of companies of any size. The Fund is a non-diversified fund. The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include 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); to obtain exposure to certain markets; or to establish net short positions for individual currencies (except for equity participation notes). The Fund intends to invest primarily in a portfolio of equity securities of issuers located in at least three emerging market countries, which may be located in Asia, Europe, Latin America, Africa or the Middle East. An emerging market country is a country defined as an emerging or developing economy by any of the World Bank, the International Finance Corporation or the United Nations or its authorities. Additionally, the Fund, for purposes of its investments, may consider a country included in JP Morgan or MSCI emerging markets indices to be an emerging market country. The countries included in this definition will change over time. Up to 20% of the Fund's net assets may be invested in higher-yielding, lower-rated fixed income securities ("junk bonds"). The Fund may invest in fixed income securities of any maturity, but generally invests in securities having an initial maturity of more than one year. These securities are rated in the lower rating categories of Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Financial Services LLC ("S&P"), including securities rated Ba or lower by Moody's and BB or lower by S&P. The Fund may also invest in Eurodollar securities, which are fixed income securities of a US issuer or a foreign issuer that are issued outside of the United States. The Fund may also invest in securities of small capitalization companies. Management process The Advisor is a price to intrinsic value investor. Internally generated research, focused on longer term value drivers at the industry, stock and country level, is used to estimate fundamental value for stocks, upon which investment decisions are made. The process does not have an inherent style bias (e.g., "growth," "value," "large cap" or "small cap"). The Advisor's investment style is singularly focused on investment fundamentals. The Advisor tries to identify and exploit periodic discrepancies between market prices and fundamental value. For each security under analysis, an intrinsic value is estimated based upon detailed country, industry and company analysis, including visits to the company, its competitors and suppliers and other independent sources of information. This intrinsic value estimate is a function of the present value of the estimated future cash flows. The resulting intrinsic value estimate is then compared to the company's current market price to ascertain whether a valuation anomaly exists. A stock with a price below the estimated intrinsic value would be considered a candidate for inclusion in the Fund's portfolio. This comparison between price and intrinsic value allows comparison across industries and countries. The Advisor's investment specialists are organized along sector lines. Through an intensive process of company visits and interactions with industry specialists, analysts gain an understanding of both the company and the dynamics of the company's industry. The goal is to gain a clear understanding of the medium-term (up to five years) and long-term prospects of the company, and in particular, its ability to generate earnings. |
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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 the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund. 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. Foreign investing risk: The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Geographic concentration risk: The risk that if the Fund has most of its investments in a single country or region, its portfolio will be more susceptible to factors adversely affecting issuers located in that country or region than would a more geographically diverse portfolio of securities. Management risk: The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. 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. Limited 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. Derivatives risk: The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments. Leverage risk associated with financial instruments: The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Credit risk: The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality. High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&P) or Ba (Moody's) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds. Interest rate risk: An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates. |
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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 Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||||
Performance Narrative [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. |
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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. | ||||||
CLASS A
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.50% | ||||||
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management fees | rr_ManagementFeesOverAssets | 1.10% | ||||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.64% | [2] | |||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.99% | ||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.14%) | ||||||
Total annual fund operating expenses after management fee waiver/expense reimbursements | rr_NetExpensesOverAssets | 1.85% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 728 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 1,127 | ||||||
CLASS C
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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_MaximumDeferredSalesChargeOverOther | 1.00% | ||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management fees | rr_ManagementFeesOverAssets | 1.10% | ||||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.64% | [2] | |||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.74% | ||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.14%) | ||||||
Total annual fund operating expenses after management fee waiver/expense reimbursements | rr_NetExpensesOverAssets | 2.60% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 363 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 836 | ||||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 263 | ||||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 836 | ||||||
CLASS Y
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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_MaximumDeferredSalesChargeOverOther | none | ||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management fees | rr_ManagementFeesOverAssets | 1.10% | ||||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.64% | [2] | |||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.74% | ||||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.14%) | ||||||
Total annual fund operating expenses after management fee waiver/expense reimbursements | rr_NetExpensesOverAssets | 1.60% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 163 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 534 | ||||||
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Label | Element | Value | ||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | UBS DYNAMIC ALPHA 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. |
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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. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI"). |
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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 | 2014-10-28 | ||||||
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. During the most recent fiscal year, the Fund's portfolio turnover rate was 74% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 74.00% | ||||||
Expense Breakpoint Discounts [Text] | rr_ExpenseBreakpointDiscounts | You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. | ||||||
Expense Breakpoint, Minimum Investment Required [Amount] | rr_ExpenseBreakpointMinimumInvestmentRequiredAmount | $ 50,000 | ||||||
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: |
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Strategy [Heading] | rr_StrategyHeading | Principal strategies | ||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock |
In order to achieve the Fund's objective, the Fund employs an asset allocation strategy that seeks to achieve a total rate of return for the Fund that meets or exceeds the Citigroup One-Month US Treasury Bill Index plus 2%-4% (net of fees) over a rolling five year time horizon. The Advisor does not represent or guarantee that the Fund will meet this total return goal. The Fund invests in securities and financial instruments to gain exposure to global equity, global fixed income and cash equivalent markets, including global currencies. The Fund may invest in equity and fixed income securities of issuers located within and outside the United States or in open-end investment companies advised by the Advisor, to gain exposure to certain global equity and global fixed income markets. The Fund is a non-diversified fund. Investments in fixed income securities may include, but are not limited to, debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of corporations and supranationals, inflation protected securities, convertible bonds, mortgage-backed securities, asset-backed securities, equipment trusts and other collateralized debt securities. Investments in fixed income securities may include issuers in both developed (including the United States) and emerging markets. The Fund's fixed income investments may reflect a broad range of investment maturities, credit qualities and sectors, including high yield (lower-rated or "junk bonds") securities and convertible debt securities. Investments in equity securities may include, but are not limited to, common stock and preferred stock of issuers in developed nations (including the United States) and emerging markets. Equity investments may include securities of companies of any capitalization size. In addition, the Fund attempts to generate positive returns and manage risk through asset allocation and sophisticated currency management techniques. These decisions are integrated with analysis of global market and economic conditions. The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include options (on securities, indices, or swap agreements), futures, forward agreements, swap agreements (specifically, interest rate, total return, currency and credit default swaps), credit-linked securities, equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual markets, currencies or securities. Options on indices, options on swap agreements, futures on indices, forward agreements, interest rate swaps, total return swaps, credit default swaps and credit-linked securities may also be used to adjust the Fund's portfolio duration, including to achieve a negative portfolio duration. Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO"). To the extent permitted by the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund may borrow money from banks to purchase investments for the Fund. Management process The portfolio managers will manage the Fund's portfolio using the following investment process as described below: The strategy invests in the full spectrum of instruments and markets globally. The Advisor believes that the Advisor is able to improve the return outcome and risk management of the Fund by employing a well diversified strategy across a broad global opportunity set. Returns are generated from asset allocation across markets, currency and security selection. The Advisor aims to employ 15-25 of the Advisor's highest conviction trade ideas into the following diversified risk buckets: • Market Directional: Explicit view on equities, credit, and interest rates • Relative Value Market: Capitalizing on misvaluation between two markets • Relative Value Currency: Active decisions between two markets that are made independent from market decisions Asset allocation decisions are primarily driven by UBS Global AM (Americas)'s assessment of valuation and prevailing market conditions in the United States and around the world. Using a systematic approach, the portfolio management team analyzes the asset classes and investments across equities, fixed income, and alternative asset classes (including currency), considering both fundamental valuation, economic and other market indicators. Regarding valuation, the portfolio managers evaluate whether asset classes and investments are attractively priced relative to fundamentals. The starting point is to assess the intrinsic value of an asset class, as determined by the fundamentals that drive an asset class' future cash flow. The intrinsic value represents a long term anchor point to which the portfolio managers believe the asset class will eventually revert. Fair value estimates of asset classes and markets are an output of UBS Global AM (Americas)'s proprietary valuation models. Discounting the asset's future cash flow using a discount rate that appropriately reflects the inherent investment risk associated with holding the asset gives the asset's fair value. The competitive advantage of the portfolio managers' models lies in the quality and consistency of the inputs used and, therefore, the reliability of valuation conclusions. The discrepancy between actual market level and fair value (the price/value discrepancy) is the primary valuation signal used in identifying investment opportunities. Next, the portfolio managers assess additional market indicators and consider the effect that other determi- nants of economic growth and overall market volatility will have on each asset class. While in theory price/value discrepancies may resolve themselves quickly and linearly, in practice price/value discrepancy can grow larger before it resolves. While valuation models have proven effective at identifying longer-term price/value discrepancies, in the shorter term other factors can swamp valuation considerations. Thus, the portfolio managers incorporate an additional discipline in our idea generation process. The portfolio managers refer to this additional step in its idea generation process as market behavior analysis. Adding this step helps them to understand what other market indicators might drive the market towards or away from fundamental value. The portfolio managers perform systematic analysis of non-valuation drivers using models measuring sentiment, momentum and flows, market stress, the stage of the economic cycle, as well as an assessment of the general macroeconomic landscape. Evaluating various market indicators become increasingly important when an asset class is trading close to its fair value. Conversely, valuation considerations tend to dominate when an asset class is substantially above or below fair value, but the Advisor recognizes that the use of market behavior analysis during these periods is very important to helping improve the timing in and out of these asset classes with very stretched valuations. The asset allocation process is structured around the Asset Allocation & Currency (AAC) Investment Committee (the "AAC Committee") meetings, which provides a forum for debate and the exploration of all ramifications of any investment decision, rather than aiming for a consensus to be reached. Instead, any voting member of the AAC Committee can sponsor a trade idea, preparing a detailed investment thesis to support the view. An investment thesis has to define the investment rationale based on valuation and market behavioral influences, the time scale for it being realized, the transaction costs and the potential milestones the Advisor would expect to evaluate whether or not the view is correct. The sponsor is then responsible for convincing another member of the AAC Committee to support the idea as co-sponsor. Bottom up selection across active equity and fixed income markets can be utilized as part of the asset allocation process at the asset class level. With respect to specific equity securities for inclusion in the Fund's equity asset classes, the Advisor may utilize fundamental valuation, quantitative and growth-oriented strategies. The Advisor's bottom up fixed income security selection strategy combines judgments about the absolute value of the fixed income universe and the relative value of issuer sectors, maturity intervals, security durations, credit qualities and coupon segments, as well as specific circumstances facing the issuers of fixed income securities. The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The portfolio managers work closely with the Risk Management team, members of which attend the AAC Committee meetings, to determine the appropriate amount of risk capital to allocate to the underlying trade ideas given the strategy's risk budget and objectives, prevailing investment opportunities, and other strategy exposures. To assist in this process the Risk Management team performs scenario and correlation analysis to better understand the risk and diversification of the overall strategy, and ensures that unintended factor exposures are identified, managed and monitored. |
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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 the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund. Interest rate risk: An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates. Credit risk: The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality. High yield bond risk: The risk that the issuer of bonds with ratings of BB (Standard & Poor's Financial Services LLC ("S&P")) or Ba (Moody's Investors Service, Inc. ("Moody's")) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds. Government securities risk: There are different types of US government securities with different levels of credit risk, including risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are. Market risk: The risk that 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. Limited 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. 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. Foreign investing risk: The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Asset allocation risk: The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories. Non-diversification risk: The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund's share price may be more volatile and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. Derivatives risk: The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments. Leverage risk associated with financial instruments: The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested. Leverage risk associated with borrowing: The Fund may borrow money from banks to purchase investments for the Fund, which is a form of leverage. If the Fund borrows money to purchase securities and the Fund's investments decrease in value, the Fund's losses will be greater than if the Fund did not borrow money for investment purposes. In addition, if the return on an investment purchased with borrowed funds is not sufficient to cover the cost of borrowing, then the net income of the Fund would be less than if borrowing were not used. Investing in other funds risk: The Fund's investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds' investments and subject to the underlying funds' expenses. Management risk: The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. |
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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 Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Risk/return bar chart and table | ||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. The MSCI World Free Index (net) shows how the Fund's performance compares to an index that is designed to measure the equity market performance of developed markets. The Citigroup One-Month US Treasury Bill Index shows how the Fund's performance compares to public obligations of the U.S. Treasury with maturities of one month. Life of class performance for the BofA Merrill Lynch US Treasury 1-5 Year Index, the MSCI World Free Index (net) and the Citigroup One-Month US Treasury Bill Index is as of the inception month end of each class of the Fund. Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World Free Index (net) which reflects no deduction for fees and expenses. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. | ||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://globalam-us.ubs.com/corpweb/performance.do | ||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. | ||||||
Bar Chart [Heading] | rr_BarChartHeading | Total return UBS Dynamic Alpha Fund Annual Total Returns of Class Y Shares (2006 is the Fund's first full year of operations) | ||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | Total return January 1 - September 30, 2013: 1.59% |
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Year to Date Return, Label | rr_YearToDateReturnLabel | Total return | ||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2013 | ||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 1.59% | ||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best quarter | ||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2009 | ||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 18.12% | ||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst quarter | ||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2008 | ||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (17.08%) | ||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World Free Index (net) which reflects no deduction for fees and expenses. | ||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. | ||||||
Caption | rr_AverageAnnualReturnCaption | Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012) | ||||||
BofA Merrill Lynch US Treasury 1-5 Year Index
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 0.91% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 3.33% | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 3.78% | ||||||
MSCI World Free Index (net)
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 15.83% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | (1.18%) | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 4.17% | ||||||
Citigroup One-Month US Treasury Bill Index
|
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 0.05% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 0.33% | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 1.72% | ||||||
CLASS A
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 5.50% | ||||||
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) | rr_MaximumDeferredSalesChargeOverOther | none | [1] | |||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management fees | rr_ManagementFeesOverAssets | 0.85% | ||||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.33% | ||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.44% | [2] | |||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.08%) | ||||||
Total annual fund operating expenses after management fee waiver/expense reimbursements | rr_NetExpensesOverAssets | 1.36% | [2],[3] | |||||
Expenses Deferred Charges [Text Block] | rr_ExpensesDeferredChargesTextBlock | Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date. | ||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 681 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 973 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,286 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,173 | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 7.74% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.41% | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 2.39% | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Jan. 27, 2005 | ||||||
CLASS C
|
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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_MaximumDeferredSalesChargeOverOther | 1.00% | ||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management fees | rr_ManagementFeesOverAssets | 0.85% | ||||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 1.00% | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.34% | ||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 2.20% | [2] | |||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.09%) | ||||||
Total annual fund operating expenses after management fee waiver/expense reimbursements | rr_NetExpensesOverAssets | 2.11% | [2],[3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 314 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 680 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,171 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,527 | ||||||
Expense Example, No Redemption, 1 Year | rr_ExpenseExampleNoRedemptionYear01 | 214 | ||||||
Expense Example, No Redemption, 3 Years | rr_ExpenseExampleNoRedemptionYear03 | 680 | ||||||
Expense Example, No Redemption, 5 Years | rr_ExpenseExampleNoRedemptionYear05 | 1,171 | ||||||
Expense Example, No Redemption, 10 Years | rr_ExpenseExampleNoRedemptionYear10 | 2,527 | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 12.16% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.80% | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 2.34% | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Jan. 27, 2005 | ||||||
CLASS Y
|
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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_MaximumDeferredSalesChargeOverOther | none | ||||||
Redemption Fee (as a percentage of Amount Redeemed) | rr_RedemptionFeeOverRedemption | (1.00%) | ||||||
Management fees | rr_ManagementFeesOverAssets | 0.85% | ||||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other expenses | rr_OtherExpensesOverAssets | 0.27% | ||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.13% | [2] | |||||
Fee Waiver or Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.02%) | ||||||
Total annual fund operating expenses after management fee waiver/expense reimbursements | rr_NetExpensesOverAssets | 1.11% | [2],[3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 113 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 357 | ||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 620 | ||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 1,373 | ||||||
Annual Return 2006 | rr_AnnualReturn2006 | 7.69% | ||||||
Annual Return 2007 | rr_AnnualReturn2007 | (3.59%) | ||||||
Annual Return 2008 | rr_AnnualReturn2008 | (21.48%) | ||||||
Annual Return 2009 | rr_AnnualReturn2009 | 27.33% | ||||||
Annual Return 2010 | rr_AnnualReturn2010 | 2.22% | ||||||
Annual Return 2011 | rr_AnnualReturn2011 | (1.28%) | ||||||
Annual Return 2012 | rr_AnnualReturn2012 | 14.34% | ||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 14.34% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 2.90% | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 3.44% | ||||||
Average Annual Returns, Inception Date | rr_AverageAnnualReturnInceptionDate | Jan. 27, 2005 | ||||||
CLASS Y | After Taxes on Distributions
|
||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 13.65% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.21% | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 2.16% | ||||||
CLASS Y | After Taxes on Distributions and Sale of Fund Shares
|
||||||||
Risk/Return: | rr_RiskReturnAbstract | |||||||
Average Annual Returns, 1 Year | rr_AverageAnnualReturnYear01 | 9.38% | ||||||
Average Annual Returns, 5 Years | rr_AverageAnnualReturnYear05 | 1.86% | ||||||
Average Annual Returns, Life of Class | rr_AverageAnnualReturnSinceInception | 2.55% | ||||||
|
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