UBS U.S. Large Cap Value Equity Fund to change name, investment policy

By Toni Weeks

San Diego, Oct. 28 - The board of trustees of UBS Funds approved a name change and investment policy modifications to the UBS U.S. Large Cap Value Equity Fund, according to a 497 filing with the Securities and Exchange Commission.

Effective Dec. 28, the fund's name will change to UBS U.S. Equity Opportunity Fund to better align its investable universe with its view of market opportunities, better position it from a competitive standpoint and result in better risk-adjusted returns.

Along with the name change, the fund's benchmark will change to the Russell 1000 index from the Russell 1000 Value index.

In addition, the fund will now invest at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of U.S. companies. Previously, the fund invested, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. large capitalization companies.

The fund will continue to have the ability to invest up to 20% of its net assets in the equity securities of foreign issuers, including companies in both developed and emerging markets.

The fund's adviser is New York-based UBS Global Asset Management.

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