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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.
Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" and "Total annual fund operating expenses after management fee waiver/expense reimbursements" will differ from those presented in the Financial highlights.
The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short), through the period ending October 29, 2019, do not exceed 1.35% for Class A shares and 1.10% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.
"Other expenses" and "Acquired fund fees and expenses" are based on estimates for the current fiscal year.
The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 29, 2019, do not exceed 1.40% for Class A shares and 1.15% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.
Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" will differ from those presented in the Financial highlights.
The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, and extraordinary expenses), through the period ending October 29, 2019, do not exceed 1.20% for Class A shares and 0.95% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.
UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), has agreed irrevocably to waive its fees and reimburse certain expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.25% for Class A shares and 1.00% for Class P shares. This fee waiver and expense arrangement may only be amended or terminated by shareholders.
The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc. the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, and dividend expense and security loan fees for securities sold short), through the period ending October 29, 2019, do not exceed 1.24% for Class A shares and 0.99% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.
"Other expenses" include "Acquired fund fees and expenses," which were less than 0.01% of the average net assets of the Fund.
The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 29, 2019, do not exceed 0.95% for Class A shares and 0.70% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.
Purchases of $500,000 or more that were not subject to a front-end sales charge are subject to a 0.75% CDSC if sold within one year of the purchase date.
The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 29, 2019, do not exceed 0.65% for Class A shares and 0.40% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement, or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.
The Trust, with respect to the Fund, and UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 29, 2019, do not exceed 0.75% for Class A shares and 0.50% for Class P shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such fee waivers and expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the waiver or reimbursement or (ii) at the time of the recoupment. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS AM (Americas)'s three year recoupment rights will survive.
Average annual total returns for the Bloomberg Barclays US Aggregate Bond Index for the life of each class were as follows: Class A-0.18; Class P-N/A.
The Trust, with respect to the Fund, and the Advisor have entered into a written agreement pursuant to which the Advisor has agreed to waive its management fees and retained administration fees, and to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, broker-age commissions and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) through the period ending October 29, 2019 do not exceed 0.40%. Pursuant to the expense limitation agreement, the Advisor is entitled to be reimbursed for any expenses it reimburses to the extent such reimbursement can be made during the three fiscal years following the date on which such expense reimbursements were made, provided that the reimbursement of the Advisor by the Fund will not cause the Fund to exceed the lesser of any applicable expense limit that is in place for the Fund (i) at the time of the reimbursement or (ii) at the time of the recoupment. The expense limitation agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the expense limitation agreement, however, the Advisor's three year recoupment rights will survive.
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UBS DYNAMIC ALPHA FUND
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Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 FTSE One-Month US Treasury Bill Index plus 2%-4% (net of fees) over a rolling five year time horizon. This active management process is intended to produce superior performance relative to the benchmark (the difference of which is "alpha"). The Advisor does not represent or guarantee that the Fund will meet this total return goal.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 including those advised by the Advisor to gain exposure to certain global equity and global fixed income markets.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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, </font><font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In addition, the 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 also take active positions on volatility to generate returns or to hedge the Fund's portfolio.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include options (including options on securities, indices, futures, forwards and swap agreements), futures, forward agreements, swap agreements (including interest rate, total return, 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO"). To the extent permitted by the Investment Company Act of 1940, as amended (the "1940 Act"), </font><font style="font-size:10pt; font-family: Arial, Helvetica;">the Fund may borrow money from banks to purchase investments for the Fund. The Fund may seek to implement its investment strategy through investments in exchange-traded funds ("ETFs").</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor will manage the Fund's portfolio using the following investment process as described below:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Market Directional: Explicit view on equities, credit, and interest rates</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Relative Value Market: Capitalizing on misvaluation between two markets</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Relative Value Currency: Active decisions between two markets that are made independent from market decisions</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Asset allocation decisions are primarily driven by UBS 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 Advisor evaluates 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 Advisor believes the asset class will eventually revert.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Fair value estimates of asset classes and markets are an output of UBS 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 Advisor's 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Next, the Advisor assesses additional market indicators and considers the effect that other determinants 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 Advisor incorporates an additional discipline in our idea generation process. The Advisor refers to this additional step in its idea generation process as market behavior analysis. Adding this step helps the Advisor to understand what other market indicators might drive the market towards or away from fundamental value. The Advisor performs 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. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The asset allocation process is structured around the Investment Solutions Investment Committee (the "ISIC 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 ISIC 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 ISIC Committee to support the idea as co-sponsor.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The Advisor works closely with the Risk Management team, members of which attend the ISIC 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 attempts to ensure that unintended factor exposures are identified, managed and monitored.</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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" beginning on page 86 of this prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0550
0.0000
0.0000
0.0000
0.0085
0.0085
0.0025
0.0000
0.0059
0.0058
0.0002
0.0002
0.0171
0.0145
-0.0034
-0.0033
0.0137
0.0112
~ http://ubs.com/20181026/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0000886244_S000003135Member row primary compact * ~
~ http://ubs.com/20181026/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000886244_S000003135Member row primary compact * ~
Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" and "Total annual fund operating expenses after management fee waiver/expense reimbursements" will differ from those presented in the Financial highlights.
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.
50000
Shareholder fees (fees paid directly from your investment)
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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.
2019-10-29
Example
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
682
114
1028
426
1397
761
2432
1707
~ http://ubs.com/20181026/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0000886244_S000003135Member row primary compact * ~
Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.</font></p>
0.31
Performance
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risk/return bar chart and table</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 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 FTSE One-Month US Treasury Bill Index shows how the Fund's performance compares to public obligations of the US Treasury with maturities of one month. Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World 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 www.ubs.com/us-mutualfundperformance.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.</font></p>
Total return (Class P)
-0.2148
0.2733
0.0222
-0.0128
0.1434
0.0606
0.0341
-0.0661
-0.0169
0.0437
~ http://ubs.com/20181026/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0000886244_S000003135Member column rr_ProspectusShareClassAxis compact ck0000886244_C000008506Member row primary compact * ~
Best quarter
0.1812
2009-06-30
Worst quarter
-0.1708
2008-12-31
Total return
-0.0254
2018-09-30
<p style="margin:12pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2018: (2.54)%<br/>Best quarter during calendar years shown—2Q 2009: 18.12%<br/>Worst quarter during calendar years shown—4Q 2008: (17.08)%</font></p>
-0.0165
-0.0036
0.0108
0.0437
0.0100
0.0194
0.0437
0.0030
0.0075
0.0247
0.0045
0.0133
0.0065
0.0075
0.0203
0.2240
0.1164
0.0503
0.0080
0.0022
0.0027
2005-01-27
2005-01-27
~ http://ubs.com/20181026/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0000886244_S000003135Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
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.
After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.
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.
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2017)
Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World Index (net) which reflects no deduction for fees and expenses.
www.ubs.com/us-mutualfundperformance
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Asset allocation risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the issuer of bonds with ratings of Ba1 or lower by Moody's Investors Service, Inc. ("Moody's") or BB+ or lower by Standard & Poor's Financial Services LLC ("S&P") or Fitch Ratings, Inc. ("Fitch"), comparably rated by another nationally recognized statistical rating organization, or, if unrated, are determined to be of comparable quality by the Advisor 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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 </font><font style="font-size:10pt; font-family: Arial, Helvetica;">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. The risks associated with rising interest rates may be more pronounced in the near future as interest rates rise from historically low rates.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>IPOs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with borrowing:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and </font><font style="font-size:10pt; font-family: Arial, Helvetica;">can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Liquidity risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. </font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Mortgage- and asset-backed securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Faster prepayments often happen when interest rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund's income. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than the original purchase value. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger </font><font style="font-size:10pt; font-family: Arial, Helvetica;">capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>US Government securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS Emerging Markets Equity Opportunity Fund
UEMAX
UEMPX
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize capital appreciation.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. Investments in equity securities may include, but are not limited to, common stock; shares of collective trusts, investment companies, including exchange-traded funds ("ETFs"); preferred stock; securities convertible into common stock, rights, warrants and options; sponsored or unsponsored depository receipts and depository shares, including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts; securities sold in private placements; and new issues, including initial and secondary public offerings.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 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 and/or the Middle East.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in stocks of companies of any size. The Fund will generally hold the stocks of between 20 to 40 issuers. The Fund may invest up to 40% of its net assets in any one country or sector.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include options (including options on securities, indices, futures, forwards, and swap agreements) futures, forward currency agreements, swap agreements (including interest rate, total return and currency) and equity participation notes and equity linked 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. Further, the Fund may acquire and sell forward foreign currency exchange contracts in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates in connection with the settlement of securities. 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).</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor considers a number of factors to determine whether an investment is tied to a particular country, including whether the investment is issued or guaranteed by a particular government or any of its agencies, political subdivisions, or instrumentalities; the investment has its primary trading market in a particular country; the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in a particular country; the investment is included in an index representative of a particular country or region; and the investment is exposed to the economic fortunes and risks of a particular country. The Fund considers a country's market to be an "emerging market" if it is defined as an emerging or developing economy by any of the International Bank for Reconstruction and Development (i.e., 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. The Fund's investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in securities issued by companies in any market capitalization range, including small capitalization companies.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor employs a high alpha long opportunistic strategy, also known as the "UBS-HALO" strategy. The UBS-HALO strategy is a long-term investing approach focused on taking opportunities that seek to produce superior performance relative to the benchmark (the difference of which is "alpha"). The Advisor follows a price to intrinsic value approach. The price to intrinsic value investment philosophy means the Advisor pays great attention to investment fundamentals and expected cash flows when assessing investments.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor tries to identify and exploit periodic discrepancies between market prices and fundamental value.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These price/value discrepancies are used as the building blocks for portfolio construction.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting individual securities for investment, the Advisor considers, among others:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  A company's potential cash generation</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Earnings outlook</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Expected sustainable return on investments</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Expected sustainable growth rates</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Stock prices versus a company's asset or franchise values</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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" beginning on page 86 of this Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0550
0.0000
0.0000
0.0000
0.0090
0.0090
0.0025
0.0000
0.0050
0.0050
0.0001
0.0001
0.0166
0.0141
-0.0025
-0.0025
0.0141
0.0116
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"Other expenses" and "Acquired fund fees and expenses" are based on estimates for the current fiscal year.
Shareholder fees (fees paid directly from your investment)
"Other expenses" and "Acquired fund fees and expenses" are based on estimates for the current fiscal year.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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.
2019-10-29
Example
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also </font><font style="font-size:10pt; font-family: Arial, Helvetica;">assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
686
118
1022
422
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Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the period June 4, 2018 (commencement of operations) through June 30, 2018, the Fund's portfolio turnover rate was 0%.</font></p>
0.00
Performance
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">There is no performance information quoted for the Fund as the Fund had not yet completed a full calendar year of operations as of the date of this prospectus.</font></p>
There is no performance information quoted for the Fund as the Fund had not yet completed a full calendar year of operations as of the date of this prospectus.
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin: 0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Derivatives risk:</strong></font><font style="font-size: 10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market security. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Focus risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Geographic concentration risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Greater China and China A-shares risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are special risks associated with investments in China, Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity. Additionally, developing countries, such as those in Greater China, may subject the Fund's investments to a number of tax rules, and the application of many of those rules may be uncertain. Moreover, China has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Initial public offerings ("IPOs")/private placement risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The purchase of shares issued in IPOs and investments in the stocks of privately held companies 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. An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The 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 their expenses.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Liquidity risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies </font><font style="font-size:10pt; font-family: Arial, Helvetica;">to adverse business or economic developments, and they may have more limited resources.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS GLOBAL ALLOCATION FUND
BNGLX
BPGLX
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In order to achieve the Fund's objective, the Fund employs an asset allocation strategy that seeks to maximize total return. The Fund's investment advisor ("UBS AM (Americas)" or the "Advisor") does not represent or guarantee that the Fund will meet this total return goal.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund will invest in securities and derivatives to gain exposure to equity, fixed income, and alternative asset class securities, including, but not limited to, convertible bonds and real estate securities, including real estate investment trusts ("REITs") and real estate operating companies. The Fund may gain exposure to issuers located within and outside the United States, including securities of issuers in both developed (including the United States) and emerging markets countries.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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, mortgage-backed securities and asset-backed securities.</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b> </b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in securities of any </font><font style="font-size:10pt; font-family: Arial, Helvetica;">maturity greater than one year and such securities may be either investment grade or high yield (lower-rated or "junk bonds") securities. Investments in equity securities may include, but are not limited to, common stock and preferred stock. The Fund may invest in other open-end investment companies advised by the Advisor and third-party passively managed exchanged-traded funds ("ETFs") to gain exposure to certain asset classes. The Fund may also take active positions on volatility to generate returns or to hedge the Fund's portfolio.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include index options, futures, forward agreements, swap agreements (including, interest rate, credit default and inflation swaps), 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 (except with respect to equity participation notes and equity linked notes), 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. Futures on indices, forward agreements, interest rate swaps and credit default swaps may also be used to adjust the Fund's portfolio duration.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor will manage the Fund's portfolio using the following investment process as described below:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font></p> <br/><p style="margin: 0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Arial, Helvetica;">Asset allocation decisions are primarily driven by UBS 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 fun</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">damental valuation, economic and other market indicators. Regarding valuation, the Advisor evaluates 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 Advisor believes the asset class will eventually revert.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Fair value estimates of asset classes and markets are an output of UBS 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 Advisor's 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Next, the Advisor assesses additional market indicators and considers the effect that other determinants 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 Advisor incorporates an additional discipline in our idea generation process. The Advisor refers to this additional step in its idea generation process as market behavior analysis. Adding this step helps the Advisor to understand what other market indicators might drive the market towards or away from fundamental value. The Advisor performs 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. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The asset allocation process is structured around the Investment Solutions Investment Committee (the "ISIC 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 ISIC Committee can sponsor a trade idea, preparing a detailed investment thesis to support the view. An </font><font style="font-size:10pt; font-family: Arial, Helvetica;">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 ISIC Committee to support the idea as co-sponsor.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The Advisor works closely with the Risk Management team, members of which attend the ISIC 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 attempts to ensure that unintended factor exposures are identified, managed and monitored.</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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" beginning on page 86 of this prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0550
0.0000
0.0000
0.0000
0.0080
0.0080
0.0025
0.0000
0.0035
0.0034
0.0009
0.0009
0.0149
0.0123
-0.0020
-0.0019
0.0129
0.0104
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~ http://ubs.com/20181026/role/ScheduleAnnualFundOperatingExpenses20014 column dei_LegalEntityAxis compact ck0000886244_S000002979Member row primary compact * ~
Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" will differ from those presented in the Financial highlights.
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.
50000
Shareholder fees (fees paid directly from your investment)
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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.
2019-10-29
Example
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first fiscal year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
674
106
977
372
1301
657
2215
1472
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Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54% of the average value of its portfolio.</font></p>
0.54
Performance
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risk/return bar chart and table</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 All Country World Index (net) shows how the Fund's performance compares to an index that is designed to measure the equity market performance of developed and emerging markets. The FTSE World Government Bond Index (Hedged in USD) shows how the Fund's performance compares to an index composed of straight (i.e., not floating rate or index-linked) government bonds with a one-year minimum maturity that is hedged back to the US dollar. The Fund's secondary benchmark index is a blend of 60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (Hedged in USD) and shows how the Fund's performance compares with a blend of prominent industry indices that better reflect the asset allocation of the Fund's portfolio. Indices reflect no deduction for fees, expenses or taxes, except for the MSCI All Country World 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 www.ubs.com/us-mutualfundperformance.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.</font></p>
Total return (Class P)
-0.3588
0.3568
0.1211
-0.0737
0.1269
0.1053
0.0655
-0.0170
0.0157
0.1709
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Best quarter
0.2356
2009-06-30
Worst quarter
-0.2144
2008-12-31
Total return
0.0113
2018-09-30
<p style="margin:12pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2018: 1.13%<br/>Best quarter during calendar years shown—2Q 2009: 23.56%<br/>Worst quarter during calendar years shown—4Q 2008: (21.44)%</font></p>
0.1019
0.0512
0.0255
0.1709
0.0661
0.0344
0.1651
0.0602
0.0217
0.0991
0.0497
0.0220
0.2397
0.1080
0.0465
0.0214
0.0311
0.0389
0.1479
0.0780
0.0475
1997-06-30
1992-08-31
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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
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.
After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.
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.
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2017)
Indices reflect no deduction for fees, expenses or taxes, except for the MSCI All Country World Index (net) which reflects no deduction for fees and expenses.
The Fund's secondary benchmark index is a blend of 60% MSCI All Country World Index (net)/40% FTSE World Government Bond Index (Hedged in USD) and shows how the Fund's performance compares with a blend of prominent industry indices that better reflect the asset allocation of the Fund's portfolio.
www.ubs.com/us-mutualfundperformance
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Asset allocation risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. 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.</font></p> <br/><p style="margin: 0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>High yield bond risk:</strong></font><font style="font-size: 10pt; font-family: Arial, Helvetica;"> The risk that the issuer of bonds with ratings of Ba1 or lower by Moody's Investors Service, Inc. ("Moody's") or BB+ or lower by Standard & Poor's Financial Services LLC ("S&P") or Fitch Ratings, Inc. ("Fitch"), comparably rated by another nationally recognized statistical rating organization, or, if unrated, are determined to be of comparable quality by the Advisor, 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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. The risks associated with rising interest rates may be more pronounced in the near future as interest rates rise from historically low rates.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment performance is affected by the investment performance of the underlying funds in which the Fund may invest, including ETFs. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more </font><font style="font-size:10pt; font-family: Arial, Helvetica;">volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Liquidity risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results. </font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Mortgage- and asset-backed securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Faster prepayments often happen when interest rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund's income. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than the original purchase value. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Passive investment risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> ETFs purchased by the Fund are not actively managed and may be affected by general decline in market segments relating to their respective indices. An ETF typically invests in securities included in, or representative of, its index regardless of their investment merits and does not attempt to take defensive positions in declining markets.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Real estate securities and REITs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Tracking error risk for ETFs and derivatives:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Imperfect correlation between a derivative or ETF's portfolio securities and those in its index, rounding of prices, the timing of cash flows, the ETF's size, changes to the index and regulatory requirements may cause tracking error, which is the divergence of an ETF's performance from that of its underlying index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because an ETF incurs fees and expenses while its underlying index does not.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>US Government securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS International Sustainable Equity Fund
BNIEX
BNUEX
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing primarily in the equity securities of non-US issuers.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock of issuers located throughout the world. Under normal market conditions, the Fund invests primarily (at least 65% of its total assets) in issuers organized or having their principal place of business outside the United States or doing a substantial amount of business outside the United States. Up to 35% of the Fund's assets may be invested in US equity securities. The Fund may invest in issuers from both developed and emerging markets. The Advisor, on behalf of the Fund, intends to diversify broadly among countries, but reserves the right to invest a substantial portion of the Fund's assets in one or more countries if economic and business conditions warrant such investments. The Fund may invest in stocks of companies of any size.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative </font><font style="font-size:10pt; font-family: Arial, Helvetica;">instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor's investment decisions are based upon price/value discrepancies as identified by the Advisor's fundamental valuation process.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting securities for the portion of the Fund that is managed according to the Advisor's fundamental valuation process, the Advisor focuses on, among other things, identifying discrepancies between a security's fundamental value and its market price. In this context, the fundamental value of a given security is the Advisor's assessment of what a security is worth. The Advisor will select a security whose fundamental value it estimates to be greater than its market value at any given time. For each stock under analysis, the Advisor bases its estimates of value upon country, economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The Advisor then compares its assessment of a security's value against the prevailing market prices, with the aim of constructing a portfolio of stocks across industries and countries with attractive relative price/value characteristics.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor will employ both a positive and negative screening process with regard to securities selection for the Fund. The negative screening process will exclude securities with more than 5% of sales in alcohol, tobacco, defense, nuclear, GMO (Genetically Modified Organisms), gambling and pornography from the Fund's portfolio. We believe that this negative screen reduces the global universe by about 7% by market capitalization, and we do not expect it to have a material impact on portfolio construction or strategy. The Advisor may modify the above list of negative screens at any time, without prior shareholder approval or notice.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The positive screening process will identify securities of companies that are attractive based on their fundamental and valuation profile in addition to evaluating specific sustainability factors.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These sustainability factors are material factors that help the Advisor evaluate and compare the environmental, social and governance performance of the investable universe. This information is combined with additional financial analysis and research to identify companies the Advisor believes will provide attractively valued and sustainable investment opportunities.</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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" beginning on page 86 of this prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0550
0.0000
0.0000
0.0000
0.0080
0.0080
0.0025
0.0000
0.0097
0.0090
0.0001
0.0001
0.0203
0.0171
-0.0077
-0.0070
0.0126
0.0101
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Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" and "Total annual fund operating expenses after management fee waiver/expense reimbursements" will differ from those presented in the Financial highlights.
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.
50000
Shareholder fees (fees paid directly from your investment)
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
Example
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the irrevocable fee waiver and expense reimbursement for all </font><font style="font-size:10pt; font-family: Arial, Helvetica;">years. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
671
103
928
322
1204
558
1989
1236
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Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.</font></p>
0.43
Performance
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risk/return bar chart and table</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. Indicies reflect 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. In October 2013, the Fund's investment strategies </font><font style="font-size:10pt; font-family: Arial, Helvetica;">changed. The performance below for periods prior to that date is attributable to the Fund's performance before the strategy change. Updated performance for the Fund is available at www.ubs.com/us-mutualfundperformance.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.</font></p>
Total return (Class P)
-0.4409
0.3965
0.1239
-0.1779
0.1880
0.1587
0.0540
-0.0112
-0.0080
0.3121
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Best quarter
0.2994
2009-06-30
Worst quarter
-0.2388
2011-09-30
Total return
-0.0289
2018-09-30
<p style="margin:12pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2018: (2.89)%<br/>Best quarter during calendar years shown—2Q 2009: 29.94%<br/>Worst quarter during calendar years shown—3Q 2011: (23.88)%</font></p>
0.2375
0.0799
0.0220
0.3121
0.0947
0.0303
0.3096
0.0908
0.0235
0.1819
0.0750
0.0228
0.2421
0.0746
0.0187
1997-06-30
1993-08-31
~ http://ubs.com/20181026/role/ScheduleAverageAnnualReturnsTransposed20024 column dei_LegalEntityAxis compact ck0000886244_S000002980Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
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.
After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.
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.
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2017)
Indicies reflect no deduction for fees and expenses.
www.ubs.com/us-mutualfundperformance
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US </font><font style="font-size:10pt; font-family: Arial, Helvetica;">dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Sustainability factor risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's sustainability factors used in its investment process will likely make the Fund perform differently from a fund that relies solely or primarily on financial metrics. The sustainability factors may cause the Fund's industry allocation to deviate from that of funds without these considerations.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS U.S. SMALL CAP GROWTH FUND
BNSCX
BISCX
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to provide long-term capital appreciation.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of US small capitalization companies. Small capitalization companies are those companies within the range of the largest and smallest company in the Russell 2000 Index at the time of purchase. However, the Fund may invest a portion of its assets in securities outside of this range. Investments in equity securities may include, but are not limited to, common stock and preferred stock. The Fund may invest up to 20% of its net assets in foreign securities.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures and forward currency agreements. These </font><font style="font-size:10pt; font-family: Arial, Helvetica;">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, futures on indices may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO").</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting securities, the Advisor seeks to invest in companies that possess dominant market positions or franchises, a major technological edge, or a unique competitive advantage. To this end, the Advisor considers earnings revision trends, positive stock price momentum and sales acceleration when selecting securities. The Fund may invest in emerging growth companies, which are companies that the Advisor expects to experience above-average earnings or cash flow growth or meaningful changes in underlying asset values.</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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" beginning on page 86 of this prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0550
0.0000
0.0000
0.0000
0.0085
0.0085
0.0025
0.0000
0.0056
0.0049
0.0001
0.0001
0.0167
0.0135
-0.0042
-0.0035
0.0125
0.0100
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~ http://ubs.com/20181026/role/ScheduleAnnualFundOperatingExpenses20028 column dei_LegalEntityAxis compact ck0000886244_S000002985Member row primary compact * ~
Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" and "Total annual fund operating expenses after management fee waiver/expense reimbursements" will differ from those presented in the Financial highlights.
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.
50000
Shareholder fees (fees paid directly from your investment)
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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.
2019-10-29
Example
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
670
102
1009
393
1370
706
2384
1593
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Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.</font></p>
0.67
Performance
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risk/return bar chart and table</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 </font><font style="font-size:10pt; font-family: Arial, Helvetica;">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. An index reflects no deduction for fees, expenses or taxes. 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 www.ubs.com/us-mutualfundperformance.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.</font></p>
Total return (Class P)
-0.4411
0.3341
0.3862
-0.0033
0.1653
0.4729
0.0750
-0.0226
0.0669
0.1944
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Best quarter
0.2011
2010-12-31
Worst quarter
-0.3203
2008-12-31
Total return
0.2616
2018-09-30
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2018: 26.16%<br/>Best quarter during calendar years shown—4Q 2010: 20.11%<br/>Worst quarter during calendar years shown—4Q 2008: (32.03)%</font></p>
0.1257
0.1294
0.0810
0.1944
0.1455
0.0900
0.1296
0.1129
0.0744
0.1540
0.1096
0.0703
0.2217
0.1521
0.0919
1998-12-31
1997-09-30
~ http://ubs.com/20181026/role/ScheduleAverageAnnualReturnsTransposed20031 column dei_LegalEntityAxis compact ck0000886244_S000002985Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
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.
After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.
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.
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2017)
An index reflects no deduction for fees, expenses or taxes.
www.ubs.com/us-mutualfundperformance
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Focus risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or </font><font style="font-size:10pt; font-family: Arial, Helvetica;">other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>IPOs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS U.S. Sustainable Equity Fund
BNEQX
BPEQX
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">To achieve its investment objective, the Fund invests in, or seeks exposure to companies based on various financial factors and fundamental sustainability factors such as environmental, social and governance performance of such companies.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of US companies. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock, preferred stock, shares of investment companies, convertible securities, warrants and rights.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include futures and forward currency </font><font style="font-size:10pt; font-family: Arial, Helvetica;">agreements. 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, futures on indices may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor's investment decisions are based upon price/value discrepancies as identified by the Advisor's fundamental valuation process. In selecting securities, the Advisor focuses on, among other things, identifying discrepancies between a security's fundamental value and its market price. In this context, the fundamental value of a given security is the Advisor's assessment of what a security is worth. The Advisor will select a security whose fundamental value it estimates to be greater than its market value at any given time. For each stock under analysis, the Advisor bases its estimates of value upon economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The Advisor then compares its assessment of a security's value against the prevailing market prices, with the aim of constructing a portfolio of stocks with attractive relative price/value characteristics.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor will employ both a positive and negative screening process in selecting securities for the Fund. The positive screening process will identify securities of companies that are fundamentally attractive and that have superior valuation characteristics. In addition, the positive screening process will also include material, fundamental sustainability factors that the Advisor believes confirm the fundamental investment case and can enhance the ability to make good investment decisions. The sustainability factors are material extra-financial factors that evaluate the environmental, social and governance performance of companies that, along with more traditional financial analytics, identify companies that the Advisor believes will provide sustained, long-term value. The Advisor believes that the sustainability strategy provides the Fund with a high quality portfolio and mitigates risk.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor also applies a negative screening process that will exclude from the Fund's portfolio securities with more than 5% of sales in industries such as alcohol, tobacco, defense, nuclear, GMO (Genetically Modified Organisms), gambling and pornography. The Advisor may modify this list of negative screens at any time, without prior shareholder approval or notice.</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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" beginning on page 86 of this prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0550
0.0000
0.0000
0.0000
0.0070
0.0070
0.0025
0.0000
0.0112
0.0109
0.0207
0.0179
-0.0112
-0.0109
0.0095
0.0070
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Shareholder fees (fees paid directly from your investment)
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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.
2019-10-29
Example
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
642
72
1061
457
1505
868
2734
2015
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Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 166% of the average value of its portfolio.</font></p>
1.66
Performance
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risk/return bar chart and table</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. An index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. In October 2017, the Fund's investment strategies changed. The performance below for periods prior to that date is attributable to the Fund's performance before the strategy change. Updated performance for the Fund is available at www.ubs.com/us-mutualfundperformance.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.</font></p>
Total return (Class P)
-0.4028
0.3207
0.1339
-0.0283
0.1305
0.3562
0.1513
-0.0083
0.1112
0.1911
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Best quarter
0.1955
2009-06-30
Worst quarter
-0.2634
2008-12-31
Total return
0.0864
2018-09-30
<p style="margin:12pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2018: 8.64%<br/>Best quarter during calendar years shown—2Q 2009: 19.55%<br/>Worst quarter during calendar years shown—4Q 2008: (26.34)%</font></p>
0.1227
0.1385
0.0637
0.1911
0.1543
0.0725
0.1893
0.1514
0.0696
0.1096
0.1242
0.0581
0.2183
0.1579
0.0850
1994-02-22
1997-06-30
~ http://ubs.com/20181026/role/ScheduleAverageAnnualReturnsTransposed20038 column dei_LegalEntityAxis compact ck0000886244_S000002978Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
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.
After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.
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.
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2017)
An index reflects no deduction for fees, expenses or taxes.
www.ubs.com/us-mutualfundperformance
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Focused investment risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that investing in a select group of securities could subject the Fund to greater risk of loss and could be considerably more volatile than the Fund's primary benchmark or other mutual funds that are diversified across a greater number of securities.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin: 0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Market risk:</strong></font><font style="font-size: 10pt; font-family: Arial, Helvetica;"> The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Portfolio turnover risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> High portfolio turnover from frequent trading will increase the Fund's transaction costs and may increase the portion of the Fund's capital gains that are realized for tax purposes in any given year. The Fund does not restrict the frequency of trading in order to limit expenses or the tax effect that its distributions may have on shareholders.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments, and they may have more limited resources.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Sustainability factor risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's sustainability factors used in its investment process will likely make the Fund perform differently from a fund that relies solely or primarily on financial metrics. The sustainability factors may cause the Fund's industry allocation to deviate from that of funds without these considerations.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS Municipal Bond Fund
UMBAX
UMBPX
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to provide total return consisting of capital appreciation and current income exempt from federal income tax.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes, if any) in municipal bonds and other investments with similar economic characteristics, the interest on which is exempt from regular federal income tax. The Fund primarily invests in securities that, at the time of purchase, are rated investment grade by an independent rating agency (or if unrated are deemed to be of comparable quality by the Advisor), but may invest up to 10% in securities rated below investment grade (also known as "junk bonds"). The Fund may also, to a lesser extent, invest in US Treasury securities and other securities of the US government, its agencies and government-sponsored enterprises. The Fund is a non-diversified fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's weighted average portfolio duration will normally range between 3 and 10 years, but the Fund generally targets a duration of between 4.5 and 7 years. The Fund may invest in bonds of any maturity or duration.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in insured and uninsured municipal securities. The Fund's investments may include, but are not limited to, general obligation and revenue bonds, tax-exempt commercial paper, short-term municipal notes, tender option bonds (including inverse floaters), floating and variable rate obligations, and other municipal securities that pay income exempt from federal income tax. The Fund does not intend to invest substantially in securities whose interest is subject to the federal alternative minimum tax.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include interest rate and credit instruments such as options (including, options on futures and swap agreements), futures, swap agreements (including, interest rate, total return, and credit default swaps), credit-linked securities and structured investments. All of these derivatives may be used for risk management purposes, such as hedging against a specific security, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; to establish net short positions for individual sectors, markets or securities; or to adjust the Fund's portfolio duration.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor adheres to a disciplined top-down and bottom-up investment process that seeks to leverage information advantage by using a proprietary credit research framework while focusing on three key decisions: duration, sector allocation and security selection. The investment process begins with an in-depth analysis of top-down inputs to determine the correct duration positioning of the portfolio. These inputs originate from the Advisor's proprietary research on the structure of the yield curve and its relationship to the US Treasury market. The Advisor's sector allocation analysis determines the attractiveness of various segments of the municipal market with a focus on two main themes—bond security (e.g., state vs. local general obligation bonds) and essential services (e.g., water and sewer systems or electric utilities). Security selection represents the final level of decision-making in the Advisor's investment process. The Advisor uses rigorous credit/structure analysis and relative pricing to select securities that the Advisor believes demonstrate superior risk/return characteristics. The Advisor then seeks to select individual securities that will provide the portfolio the desired sector and duration exposures at the lowest cost.</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 $100,000 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" beginning on page 86 of this prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0225
0.0000
0.0000
0.0000
0.0040
0.0040
0.0025
0.0000
0.0038
0.0039
0.0103
0.0079
-0.0038
-0.0039
0.0065
0.0040
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Purchases of $500,000 or more that were not subject to a front-end sales charge are subject to a 0.75% CDSC if sold within one year of the purchase date.
100000
Shareholder fees (fees paid directly from your investment)
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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 $100,000 in the Fund.
2019-10-29
Example
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each </font><font style="font-size:10pt; font-family: Arial, Helvetica;">year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
290
41
508
213
745
400
1422
942
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Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as mark-ups, 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 39% of the average value of its portfolio.</font></p>
0.39
Performance
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risk/return bar chart and table</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 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 Bloomberg Barclays Municipal Bond Index shows how the Fund's performance compares to an index that is designed to measure the fixed income market performance of the tax-exempt bond market. The Bloomberg Barclays Municipal Managed Money Intermediate (1-17) Index compares the Fund's performance to an index that measures the performance of municipal securities issued by state and local municipalities whose interest is exempt from both federal income tax and the federal alternative minimum tax. Indices reflect no deduction for fees, expenses or taxes. 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 www.ubs.com/us-mutualfundperformance.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.</font></p>
Total return (Class P)*
0.0310
0.0025
0.0418
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Best quarter
0.0238
2016-06-30
Worst quarter
-0.0344
2016-12-31
Total return
-0.0092
2018-09-30
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2018: (0.92)%<br/>Best quarter during calendar year shown—2Q 2016: 2.38%<br/>Worst quarter during calendar year shown—4Q 2016: (3.44)%</font></p>
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">* 2015 is the Fund's first full year of operations.<br/></font></p>
0.0168
0.0171
0.0418
0.0267
0.0417
0.0264
0.0317
0.0247
0.0545
0.0315
0.0488
0.0278
2014-11-10
2014-11-10
~ http://ubs.com/20181026/role/ScheduleAverageAnnualReturnsTransposed20045 column dei_LegalEntityAxis compact ck0000886244_S000047156Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
The information provides some indication of the risks of investing in the Fund by showing 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.
After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.
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.
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2017)
Indices reflect no deduction for fees, expenses or taxes.
www.ubs.com/us-mutualfundperformance
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the issuer of municipal bonds with ratings of Ba1 or lower by Moody's Investors Service, Inc. ("Moody's") or BB+ or lower by Standard & Poor's Financial Services LLC ("S&P") or Fitch Ratings, Inc. ("Fitch"), comparably rated by another nationally recognized statistical rating organization, or, if unrated, are determined to be of comparable quality by the Advisor, 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-rated municipal bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) municipal bonds.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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. The risks associated with rising interest rates may be more pronounced in the near future as interest rates rise from historically low rates.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Liquidity risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Municipal securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Municipal securities are subject to interest rate and credit risks. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the fund's net asset value and/or the distributions paid by the fund. Municipal bonds secured by revenues from public housing authorities may be subject to additional uncertainties relating to the possibility that proceeds may exceed supply of available mortgages to be purchased by public housing authorities, resulting in early retirement of bonds, or that homeowner repayments will create an irregular cash flow. Municipalities continue to experience difficulties in the current economic and political </font><font style="font-size:10pt; font-family: Arial, Helvetica;">environment, including legislation or proposals at either the state or the federal level to eliminate or limit the tax-exempt status of municipal bond interest or the tax-exempt status of a municipal bond fund's dividends.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-diversification risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund's share price may be more volatile and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Political risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investments may be significantly affected by political changes, including legislative proposals that may make municipal bonds less attractive in comparison to taxable bonds or other types of investments.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Prepayment or call risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that issuers will prepay fixed rate obligations when interest rates fall, forcing the Fund to reinvest in obligations with lower interest rates than the original obligations. When interest rates are rising, slower prepayments may extend the duration of the securities and may reduce their value.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Related securities concentration risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Because the Fund may invest more than 25% of its net assets in municipal bonds that are issued to finance similar projects, economic, business, or political developments or changes that affect one municipal bond also may affect other municipal bonds in the same sector.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Tax liability risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Tax liability risk is the risk of noncompliant conduct by a municipal bond issuer, resulting in distributions by the Fund being taxable to shareholders as ordinary income.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>US Government securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Variable rate obligations risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> Variable rate demand obligations are floating rate securities that combine an interest in a long-term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money. The absence of an active secondary market for certain variable and floating rate obligations could make it difficult to dispose of these instruments, which could result in a loss.</font></p>
The Fund is a non-diversified investment company, which means that the Fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the Fund's share price may be more volatile and the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS Total Return Bond Fund
UTBAX
UTBPX
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds and/or instruments that provide exposure to bond markets.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">For purposes of the Fund's 80% policy above, the Fund's investments in bonds include a variety of fixed income securities, which may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed (including commercial and residential mortgage-backed securities) and asset-backed securities, and other securitized and structured securities.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund will invest at least 75% of its net assets in securities that, at the time of purchase, are rated investment grade by an independent rating agency (or, if unrated, are deemed to be of comparable quality by the Advisor), but may invest up to 25% in securities rated below investment grade (also known as lower-rated or "junk bonds").</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investments in fixed income securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, zero coupon, pay-in-kind and auction rate features. In addition, the fixed income securities purchased by the Fund may be denominated in any currency, have coupons payable in any currency and may be of any maturity or duration.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund invests in the United States and abroad, including emerging markets, and may purchase securities issued by domestic and foreign issuers. However, the Fund expects to limit foreign currency exposure to 25% of its net assets. Furthermore, no more than 25% of the Fund's net assets may be invested in emerging markets securities. Depending on its assessment of market conditions, the Advisor may choose to allocate the Fund's assets in any combination among these types of investments or may choose not to invest in these types of investments.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include options (including, options on futures, forwards and swap agreements), futures, forward agreements, swap agreements (including, interest rate, total return, currency, credit default and inflation swaps), credit-linked securities and structured investments. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual sectors, markets, currencies or securities. The Fund may use options, futures, swap agreements, credit-linked securities and structured investments to adjust the Fund's portfolio duration.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor's investment strategy is based on identifying compelling and attractive opportunities where the Advisor believes that the return profile sufficiently compensates for the risk of owning a position. The Advisor focuses on identifying relative value opportunities and </font><font style="font-size:10pt; font-family: Arial, Helvetica;">discrepancies between observable market prices and the Advisor's own estimates of fundamental value across various maturities, sectors and issuers.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The investment process combines both a top-down and bottom-up dynamic approach to exploit diversified sources of alpha. The Advisor makes active decisions related to top-down factors, including duration, yield curve, and sector positioning. After defining these parameters, portfolio managers and credit research analysts work in close collaboration to develop investment themes for industry overweights and underweights as well as to determine the portions of the credit curve that are most attractive. The team then works to select securities to build optimal portfolios using bottom-up research and analysis.</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 $100,000 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" beginning on page 86 of this prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" beginning on page 99 of the Fund's statement of additional information ("SAI"). Different intermediaries and financial professionals may make available different sales charge waivers or discounts. These variations are described in Appendix A beginning on page A-1 of this prospectus.</font></p>
0.0375
0.0000
0.0000
0.0000
0.0050
0.0050
0.0025
0.0000
0.0070
0.0080
0.0001
0.0001
0.0146
0.0131
-0.0070
-0.0080
0.0076
0.0051
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~ http://ubs.com/20181026/role/ScheduleAnnualFundOperatingExpenses20049 column dei_LegalEntityAxis compact ck0000886244_S000053041Member row primary compact * ~
Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" will differ from those presented in the Financial highlights.
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.
100000
Shareholder fees (fees paid directly from your investment)
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
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 $100,000 in the Fund.
2019-10-29
Example
<p style="margin: 0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicat</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">ed and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
450
52
753
336
1078
641
1998
1509
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Portfolio turnover
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as mark-ups, 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 236% of the average value of its portfolio.</font></p>
2.36
Performance
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Risk/return bar chart and table</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's Class P shares acquired the assets and liabilities of Fort Dearborn Income Securities, Inc., a closed-end fund (the "Predecessor Fund"), prior to the opening of business on May 23, 2016 (the "Reorganization"). The Predecessor Fund was also managed by the Advisor, and the day-to-day management of, and investment decisions for, the Fund and the Predecessor Fund are made by the same portfolio management team. The Funds have generally similar investment objectives and strategies. Therefore, the information shown below for Class P shares reflects the historical performance of the Predecessor Fund for periods prior to the Reorganization.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The bar chart and average annual return table show the performance of the Predecessor Fund's performance adopted by the Class P shares of the Fund for periods prior to the Reorganization. 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 performance information shown for periods prior to the Reorganization is for the Predecessor Fund and may not be representative of performance of the Fund. An index reflects no deduction for fees, expenses or taxes. 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 https://www.ubs.com/us-mutualfundperformance.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.</font></p>
Total return (Class P)
-0.0106
0.1568
0.1015
0.13
0.1162
-0.0221
0.0469
-0.0304
0.0268
0.0480
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Best quarter
0.1032
2009-09-30
Worst quarter
-0.0801
2008-09-30
Total return
-0.0212
2018-09-30
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2018: (2.12)%<br/>Best quarter during calendar years shown—3Q 2009: 10.32%<br/>Worst quarter during calendar years shown—3Q 2008: (8.01)%</font></p>
0.0071
-0.0190
0.0480
0.0133
0.0544
0.0769
0.0371
-0.0027
0.0334
0.0402
0.0271
0.0033
0.0347
0.0404
0.0354
0.0210
0.0401
2016-09-29
1972-12-19
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The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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-advantaged arrangements, such as 401(k) plans or individual retirement accounts.
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.
After-tax returns for other classes will vary from the Class P shares' after-tax returns shown.
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.
Average annual total returns (for the periods ended December 31, 2017)
An index reflects no deduction for fees, expenses or taxes.
https://www.ubs.com/us-mutualfundperformance
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market securities. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging </font><font style="font-size:10pt; font-family: Arial, Helvetica;">market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the issuer of bonds with ratings of Ba1 or lower by Moody's Investors Service, Inc. ("Moody's") or BB+ or lower by Standard & Poor's Financial Services LLC ("S&P") or Fitch Ratings, Inc. ("Fitch"), comparably rated by another nationally recognized statistical rating organization, or, if unrated, are determined to be of comparable quality by the Advisor, 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-rated bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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. The risks associated with rising interest rates may be more pronounced in </font><font style="font-size:10pt; font-family: Arial, Helvetica;">the near future as interest rates rise from historically low rates.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Liquidity risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Mortgage- and asset-backed securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund may invest in mortgage- and asset-backed securities that are subject to prepayment or call risk, which is the risk that the borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Faster prepayments often happen when interest rates are falling. As a result, the Fund may reinvest these early payments at lower interest rates, thereby reducing the Fund's income. Conversely, when interest rates rise, prepayments may happen more slowly, causing the security to lengthen in duration. Longer duration securities tend to be more volatile. Securities may be prepaid at a price less than </font><font style="font-size:10pt; font-family: Arial, Helvetica;">the original purchase value. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Portfolio turnover risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> High portfolio turnover from frequent trading will increase the Fund's transaction costs and may increase the portion of the Fund's capital gains that are realized for tax purposes in any given year. The Fund does not restrict the frequency of trading in order to limit expenses or the tax effect that its distributions may have on shareholders.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>US Government securities risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are different types of US government securities with different levels of credit risk, including the 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.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
UBS Emerging Markets Equity Opportunity Fund
Investment objective
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize capital appreciation.</font></p>
Principal strategies
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. Investments in equity securities may include, but are not limited to, common stock; shares of collective trusts, investment companies, including exchange-traded funds ("ETFs"); preferred stock; securities convertible into common stock, rights, warrants and options; sponsored or unsponsored depository receipts and depository shares, including American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts; securities sold in private placements; and new issues, including initial and secondary public offerings.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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 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 and/or the Middle East.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in stocks of companies of any size. The Fund will generally hold the stocks of between 20 to 40 issuers. The Fund may invest up to 40% of its net assets in any one country or sector.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">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. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, index or other market factor and may relate to stocks, bonds, interest rates, credit, currencies or currency exchange rates, commodities and related indexes. The derivatives in which the Fund may invest include options (including options on securities, indices, futures, forwards, and swap agreements) futures, forward currency agreements, swap agreements (including interest rate, total return and currency) and equity participation notes and equity linked 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. Further, the Fund may acquire and sell forward foreign currency exchange contracts in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates in connection with the settlement of securities. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn </font><font style="font-size:10pt; font-family: Arial, Helvetica;">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).</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor considers a number of factors to determine whether an investment is tied to a particular country, including whether the investment is issued or guaranteed by a particular government or any of its agencies, political subdivisions, or instrumentalities; the investment has its primary trading market in a particular country; the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in a particular country; the investment is included in an index representative of a particular country or region; and the investment is exposed to the economic fortunes and risks of a particular country. The Fund considers a country's market to be an "emerging market" if it is defined as an emerging or developing economy by any of the International Bank for Reconstruction and Development (i.e., 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. The Fund's investments may include investments in China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in securities issued by companies in any market capitalization range, including small capitalization companies.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor employs a high alpha long opportunistic strategy, also known as the "UBS-HALO" strategy. The UBS-HALO strategy is a long-term investing approach focused on taking opportunities that seek to produce superior performance relative to the benchmark (the difference of which is "alpha"). The Advisor follows a price to intrinsic value approach. The price to intrinsic value investment philosophy means the Advisor pays great attention to investment fundamentals and expected cash flows when assessing investments.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor tries to identify and exploit periodic discrepancies between market prices and fundamental value.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These price/value discrepancies are used as the building blocks for portfolio construction.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting individual securities for investment, the Advisor considers, among others:</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  A company's potential cash generation</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Earnings outlook</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Expected sustainable return on investments</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Expected sustainable growth rates</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">•  Stock prices versus a company's asset or franchise values</font></p>
Fees and expenses
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. Shares of Class P2 are available for purchase on behalf of clients of a fee-based program or certain other advisory programs in which the UBS Asset Management (Americas) Inc., the Fund's investment advisor and administrator ("UBS AM (Americas)" or the "Advisor"), exercises investment discretion. Clients pay a wrap fee or a similar advisory fee to participate in such programs. Shares of Class P2 are also available for purchase on behalf of institutional clients with which the Advisor or its affiliates has signed a separate investment management agreement, pursuant to which such clients pay an advisory fee.</font></p>
0.0000
0.0000
0.0090
0.0000
0.0050
0.0001
0.0141
-0.0100
0.0041
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"Other expenses" and "Acquired fund fees and expenses" are based on estimates for the current fiscal year.
Shareholder fees (fees paid directly from your investment)
"Other expenses" and "Acquired fund fees and expenses" are based on estimates for the current fiscal year.
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
2019-10-29
Example
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font></p>
42
348
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Portfolio turnover
<p style="margin: 0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size: 10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. For the period June 4, 2018 (commence</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">ment of operations) through June 30, 2018, the Fund's portfolio turnover rate was 0%.</font></p>
0.00
Performance
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">There is no performance information quoted for the Fund as the Fund had not yet completed a full calendar year of operations as of the date of this prospectus.</font></p>
There is no performance information quoted for the Fund as the Fund had not yet completed a full calendar year of operations as of the date of this prospectus.
Main risks
<p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations) and the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index or overall market security. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Emerging market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are additional risks inherent in investing in less developed countries that are applicable to the Fund. Compared to the United States and other developed countries, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers. Further, emerging countries may have economies based on only a few industries and securities markets that trade only a small number of securities and employ settlement procedures different from those used in the United States. Prices on these exchanges tend to be volatile and, in the past, securities in these countries have offered greater potential for gain (as well as loss) than securities of companies located in developed countries. Further, investments by foreign investors are subject to a variety of restrictions in many emerging countries. Countries such as those in which the Fund may invest may experience high rates of </font><font style="font-size:10pt; font-family: Arial, Helvetica;">inflation, high interest rates, exchange rate fluctuations or currency depreciation, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Focus risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> To the extent the Fund's investment strategy leads to sizable allocations to a particular market, sector or industry, the Fund may be more sensitive to any single economic, business, political, regulatory, or other event that occurs in that market, sector or industry. As a result, there may be more fluctuation in the price of the Fund's shares.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Geographic concentration risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> 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.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Greater China and China A-shares risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> There are special risks associated with investments in China, Hong Kong and Taiwan, including exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of China, Hong Kong and Taiwan. In addition, investments in Taiwan could be adversely affected by its political and economic relationship with China. Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions, quota limitations and less market liquidity. Additionally, developing countries, such as those in Greater China, may subject the Fund's investments to a number of tax rules, and the application of many of those rules may be uncertain. Moreover, China has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retractive effect. Changes in applicable Chinese tax law could reduce the after-tax profits of the Fund, directly or indirectly, including by reducing the after-tax profits of companies in China in which the Fund invests. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Initial public offerings ("IPOs")/private placement risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The purchase of shares issued in IPOs and investments in the stocks of privately held companies 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. An investment may be illiquid due to a lack of trading volume in the investment or if the investment is privately placed and not traded in any public market or is otherwise restricted from trading.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;">: The 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 their expenses.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Liquidity risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. In recent years, the number and capacity of dealers that make markets in fixed income securities has decreased. Consequently, the decline in </font><font style="font-size:10pt; font-family: Arial, Helvetica;">dealers engaging in market making trading activities may increase liquidity risk, which can be more pronounced in periods of market turmoil. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. Liquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font></p> <br/><p style="margin:0pt 0pt 12pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Small- and mid-capitalization risk:</b></font><font style="font-size:10pt; font-family: Arial, Helvetica;"> The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font></p>
You may lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.