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UBS Municipal Bond Fund Summary Prospectus
The UBS Funds Prospectus
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UBS Municipal Bond Fund Summary Prospectus
The UBS Funds Prospectus
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UBS Municipal Bond Fund Summary Prospectus
The UBS Funds Prospectus
The UBS Funds Statement of Additional Information
Investment Advisor / Portfolio Manager
UBS Municipal Bond Fund Summary Prospectus
The UBS Funds Prospectus
The UBS Funds Statement of Additional Information
Purchase and Sale of Shares
UBS Municipal Bond Fund Summary Prospectus
The UBS Funds Prospectus
The UBS Funds Statement of Additional Information
Tax Information
UBS Municipal Bond Fund Summary Prospectus
The UBS Funds Prospectus
The UBS Funds Statement of Additional Information
Payments to Financial Intermediaries
UBS Municipal Bond Fund Summary Prospectus
The UBS Funds Prospectus
The UBS Funds Statement of Additional Information
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The UBS Funds - Semiannual Report
Investment Objective
UBS Municipal Bond Fund Summary Prospectus
Page 5
The UBS Funds Prospectus
Page 56
The UBS Funds Prospectus
Page 119
Fees and Expenses
UBS Municipal Bond Fund Summary Prospectus
Page 5
The UBS Funds Prospectus
Page 56
Principal Strategies / Principal Risks / Performance
UBS Municipal Bond Fund Summary Prospectus
Page 6
The UBS Funds Prospectus
Page 57
The UBS Funds Prospectus
Page 119
The UBS Funds Statement of Additional Information
Page 11
The UBS Funds - Semiannual Report
Page 80
Investment Advisor / Portfolio Manager
UBS Municipal Bond Fund Summary Prospectus
Page 9
The UBS Funds Prospectus
Page 60
The UBS Funds Prospectus
Page 144
The UBS Funds Statement of Additional Information
Page 81
The UBS Funds - Semiannual Report
Page 157
Purchase and Sale of Shares
UBS Municipal Bond Fund Summary Prospectus
Page 9
The UBS Funds Prospectus
Page 60
The UBS Funds Prospectus
Page 131
The UBS Funds Statement of Additional Information
Page 107
Tax Information
UBS Municipal Bond Fund Summary Prospectus
Page 9
The UBS Funds Prospectus
Page 60
The UBS Funds Prospectus
Page 150
The UBS Funds Statement of Additional Information
Page 113
The UBS Funds - Semiannual Report
Page 169
Payments to Financial Intermediaries
UBS Municipal Bond Fund Summary Prospectus
Page 9
The UBS Funds Prospectus
Page 60
The UBS Funds Prospectus
Page 131
The UBS Funds Prospectus
Page 137
The UBS Funds Statement of Additional Information
Page 90
The UBS Funds Statement of Additional Information
Page 107
The UBS Funds - Semiannual Report
Page 160
The UBS Funds Semiannual Report December 31, 2021
President's letter
Market commentary
UBS All China Equity Fund
UBS Dynamic Alpha Fund
UBS Global Allocation Fund
UBS Emerging Markets Equity Opportunity Fund
UBS Engage For Impact Fund
UBS International Sustainable Equity Fund
UBS US Dividend Ruler Fund
UBS US Quality Growth at Reasonable Price Fund
UBS U.S. Small Cap Growth Fund
UBS Municipal Bond Fund
UBS Sustainable Development Bank Bond Fund
UBS Total Return Bond Fund
Glossary of terms used in the Portfolio of investments
Explanation of expense disclosure
Statement of assets and liabilities
Statement of operations
Statement of changes in net assets
Financial highlights
Notes to financial statements
General information
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Page 160 of 172
Page 160 of 172
UBS Municipal Bond Fund Summary Prospectus
Summary Prospectus Supplement dated April 14, 2022
Summary Prospectus Supplement dated April 1, 2022
Summary Prospectus Supplement dated January 10, 2022
Summary Prospectus October 28, 2021
Back Cover
The UBS Funds Prospectus
The UBS Funds Prospectus Supplement June 30, 2022
The UBS Funds Prospectus Supplement May 2, 2022
The UBS Funds Prospectus Supplement dated April 14, 2022
The UBS Funds Prospectus Supplement dated April 1, 2022
The UBS Funds Prospectus Supplement dated January 10, 2022
The UBS Funds Prospectus dated October 28, 2021
UBS All China Equity Fund
UBS Dynamic Alpha Fund
UBS Emerging Markets Equity Opportunity Fund
UBS Engage For Impact Fund
UBS Global Allocation Fund
UBS International Sustainable Equity Fund
UBS U.S. Small Cap Growth Fund
UBS Municipal Bond Fund
UBS Sustainable Development Bank Bond Fund
UBS All China Equity Fund - Investment objective, strategies, securities selection and risks
UBS Dynamic Alpha Fund - Investment objective, strategies, securities selection and risks
UBS Emerging Markets Equity Opportunity Fund - Investment objective, strategies, securities selection and risks
UBS Engage For Impact Fund - Investment objective, strategies, securities selection and risks
UBS Global Allocation Fund - Investment objective, strategies, securities selection and risks
UBS International Sustainable Equity Fund - Investment objective, strategies, securities selection and risks
UBS U.S. Small Cap Growth Fund - Investment objective, strategies, securities selection and risks
UBS Municipal Bond Fund - Investment objective, strategies, securities selection and risks
UBS Sustainable Development Bank Bond Fund - Investment objective, strategies, securities selection and risks
Managing your fund account
Flexible pricing
Buying shares
Selling shares
Exchanging shares
Pricing and valuation
Management
Disclosure of portfolio holdings
Dividends and taxes
Related prior performance information
Financial highlights
Appendix A
Where to learn more about the funds
Back cover
The UBS Funds Statement of Additional Information
Supplement to the Statement of Additional Information June 30, 2022
Supplement to the Statement of Additional Information May 2, 2022
Supplement to the Statement of Additional Information April 14, 2022
Supplement to the Statement of Additional Information April 1, 2022
Statement of Additional Information October 28, 2021
General information about the Trust
Diversification status
General definitions
Investment strategies
Investments relating to all Funds
Borrowing
Cash and cash equivalents
Repurchase agreements
Reverse repurchase agreements
Loans of portfolio securities
Swaps
Futures
Options
Index options
Special risks of options on indices
Options on futures contracts
Options on swap agreements
Forward foreign currency contracts
Non-deliverable forwards
Options on foreign currencies
Exchange-traded notes ("ETNs")
Special risks of certain derivatives
Risks of potential regulation of swaps and other derivatives
Commodity pool operator exclusions and regulation
Illiquid investments
Rule 144A
Non-publicly traded securities, private placements and restricted securities
Regulation S securities
Investment company securities and investments in affiliated investment companies
Exchange-traded funds ("ETFs")
Real estate investment trusts ("REITs")
Foreign securities
Emerging markets investments
Risks of investing in emerging markets
Variable interest entities
Issuer location
Other investments
Investments relating to UBS All China Equity Fund, UBS Dynamic Alpha Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Engage For Impact Fund, UBS Global Allocation Fund, UBS International Sustainable Equity Fund and UBS U.S. Small Cap Growth Fund
Equity securities
Special purpose acquisition companies ("SPACs")
Equity participation notes or equity linked notes (collectively "EPNs")
Short sales
Investments relating to UBS Dynamic Alpha Fund, UBS Emerging Markets Equity Opportunity Fund, UBS Global Allocation Fund, UBS Municipal Bond Fund, and UBS Sustainable Development Bank Bond Fund
Fixed income securities
Yield factors
Duration
Negative interest rates
Development bank bonds
Municipal securities
Floating rate and variable rate obligations
LIBOR transition risk
Build America Bonds
Lower-rated debt securities
Inflation linked securities
Pay-in-kind bonds
Convertible securities
Trust-preferred securities
When-issued and delayed delivery securities
Mortgage-backed securities and mortgage pass-through securities
Collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits ("REMICs")
Dollar rolls
To-be-announced securities ("TBA")
Other mortgage-backed securities
Asset-backed securities
Equipment trust certificates ("ETCs") and enhanced equipment trust certificates ("EETCs")
Zero coupon and delayed interest securities
Structured notes
Credit-linked securities
Loan participations and assignments
Eurodollar securities
Real estate investments
Investments in Chinese Bonds
Investments relating to UBS Municipal Bond Fund
Municipal lease obligations
Industrial development bonds and private activity bonds
Demand features
Participation interests
Tender option bonds
Put bonds
Tax-exempt commercial paper and short-term municipal notes
Inverse floaters
Mortgage subsidy bonds
Opinions as to validity of municipal bonds
Stand-by commitments
Summary of risks
Cybersecurity risk
Market risk
Investment restrictions
Management of the Trust
Independent trustees
Officers
Information about Independent trustee ownership of securities issued by UBS AM
Information about trustee ownership of Fund shares
Compensation table
Principal holders of securities
Investment advisory, principal underwriting and other service arrangements
Advisor
Portfolio managers
Administrative, accounting and custody services
Principal underwriting arrangements
Transfer agency and related services
Independent registered public accounting firm
Legal counsel
Personal trading policies
Proxy voting policies
Portfolio holdings disclosure policies and procedures
Bank line of credit
Portfolio transactions and brokerage commissions
Portfolio turnover
Shares of beneficial interest
Reduced sales charges, additional purchase, exchange and redemption information and other services
Sales charge reductions and waivers
Additional information regarding purchases through letter of intent
Automatic cash withdrawal plan
Individual retirement accounts
Transfer of securities
Valuation of shares
Taxes
Taxation of the Fund
Taxation of Fund distributions
Sales, exchanges and redemptions of Fund shares
Tax treatment of portfolio transactions
Backup withholding
Abandoned or unclaimed property
Non-US investors
Effect of future legislation; local tax considerations
Additional tax information with respect to UBS Municipal Bond Fund
Potential conflicts of interest
Performance calculations
Securities lending
Financial statements and report of independent registered public accounting firm
Appendix A - Debt ratings
Back Cover
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