UBS EMERGING MARKETS DEBT FUND (Prospectus Summary) | UBS EMERGING MARKETS DEBT FUND

UBS Emerging Markets Debt Fund Summary

Investment objective

The Fund seeks to maximize total return, consisting of capital appreciation and

current income.

Fees and expenses

These tables describe the fees and expenses that you may pay if you buy and hold

shares of the Fund. You may qualify for a sales charge waiver or discount if you

and your family invest, or agree to invest in the future, at least $50,000 in

the Fund. More information about these and other discounts and waivers, as well

as eligibility requirements for each share class, is available from your

financial advisor and in "Managing your fund account" on page 17 of the Fund's

prospectus and in "Reduced sales charges, additional purchase, exchange and

redemption information and other services" on page 66 of the Fund's statement of

additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS EMERGING MARKETS DEBT FUND	CLASS A	CLASS C	CLASS Y
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price)	4.50%	none	none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less)	none	0.75%	none
Redemption fee (as a percentage of amount redeemed within 90 days of purchase, if applicable)	1.00%	1.00%	1.00%

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses UBS EMERGING MARKETS DEBT FUND		CLASS A	CLASS C	CLASS Y
Management fees		0.65%	0.65%	0.65%
Distribution and/or service (12b-1) fees		0.25%	0.75%	none
Other expenses	[1]	0.66%	0.66%	0.66%
Total annual fund operating expenses		1.56%	2.06%	1.31%
Less management fee waiver/expense reimbursements		0.16%	0.16%	0.16%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.40%	1.90%	1.15%

Example

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:

Expense Example UBS EMERGING MARKETS DEBT FUND (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
CLASS A	586	906
CLASS C	268	631
CLASS Y	117	400

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
UBS EMERGING MARKETS DEBT FUND CLASS C	193	631

Portfolio turnover

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.

Principal strategies

Principal investments



Under normal circumstances, the Fund invests at least 80% of its net assets

(plus borrowings for investment purposes, if any) in debt securities that are

tied economically to emerging market countries. The Fund may invest in debt

securities of any maturity, but generally invests in securities having an

initial maturity of more than one year. The Fund is a non-diversified fund.



Such investments may include, but are not limited to, debt securities issued by

governments, government-related entities (including participation in loans

between governments and financial institutions), corporations and entities

organized to restructure outstanding debt of issuers in emerging markets and

instruments whose return is derived from any of the foregoing.



The Fund may, but is not required to, use exchange-traded or over-the-counter

derivative instruments for risk management purposes or as part of the Fund's

investment strategies. The derivatives in which the Fund may invest include

options, futures, forward agreements, swap agreements (specifically, interest

rate, total return, currency 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 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; to establish net short

positions for individual sectors, markets, currencies or securities (except with

respect to credit-linked securities); or to adjust the Fund's portfolio

duration.



The Fund intends to invest primarily in a portfolio of debt securities located

in at least three emerging market countries, which may be located in Asia,

Europe, Latin America, Africa or the Middle East. An emerging market is a

country defined as an emerging or developing economy by any of the World Bank,

the International Finance Corporation or the United Nations or its authorities,

or any country included in an "emerging markets" index. The countries included

in this definition will change over time.



A substantial amount of the Fund's assets may be invested in higher-yielding,

lower-rated bonds. Lower-rated bonds are bonds rated in the lower rating

categories of Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's

Ratings Group ("S&P"), including securities rated Ba or lower by Moody's and BB

or lower by S&P.



The Fund may also invest in debt securities on which the return is derived

primarily from other emerging market instruments, such as interest rate swap

contracts and currency swap contracts. Such investments may be used to satisfy

the Fund's 80% investment policy. The Fund may also invest in Eurodollar

securities, which are fixed income securities of a US issuer or a foreign issuer

that are issued outside the United States.



Management process



The investment decision-making process can be divided up into two parts-country

selection and security selection.



Country selection



The Advisor decides on country over- and under-weights relative to the Fund's

custom benchmark, the Emerging Markets Debt Benchmark Index, which is comprised

of 50% J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) and 50% J.P.

Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM Global

Diversified), by using a price/value framework. Subjective judgments, such as

political risk assessment, also affect the final country decision.



Security selection



The Advisor searches for bonds that will outperform market expectations, given

the Advisor's country and market views. The Advisor also seeks to identify

potential sales in the Fund's portfolio when risk is not being compensated by

expected return. Typically, the Fund invests in sovereign bonds, denominated in

US dollars as well as in local currencies. The Advisor also examines local

market bond and corporate bond opportunities.



The Advisor's analysis of emerging market bonds is enhanced by an advanced

in-house emerging market bond analytics database. The database is specially

designed to assimilate the characteristics of emerging market bonds; it allows

the Advisor to perform detailed instrument-level analysis.



In addition to macroeconomic research, bottom-up input-such as liquidity

considerations, volatility and company risk for specific bonds, to name a few,

is also crucial in the Advisor's decision making process.

Main risks

All investments carry a certain amount of risk and the Fund cannot guarantee

that it will achieve its investment objective. You may lose money by investing

in the Fund. An investment in the Fund is not a deposit of the bank and is not

insured or guaranteed by the Federal Deposit Insurance Corporation or any other

government agency. Below are some of the specific risks of investing in the

Fund.



Interest rate risk: An increase in prevailing interest rates typically causes

the value of fixed income securities to fall. Changes in interest rates will

likely affect the value of longer-duration fixed income securities more than

shorter-duration securities and higher quality securities more than lower

quality securities. When interest rates are falling, some fixed income

securities provide that the issuer may repay them earlier than the maturity

date, and if this occurs the Fund may have to reinvest these repayments at lower

interest rates.



Foreign investing risk: The value of the Fund's investments in foreign

securities may fall due to adverse political, social and economic developments

abroad and due to decreases in foreign currency values relative to the US

dollar. Investments in foreign government bonds involve special risks because

the Fund may have limited legal recourse in the event of default. Also, foreign

securities are sometimes less liquid and more difficult to sell and to value

than securities of US issuers. These risks are greater for investments in

emerging market issuers. In addition, investments in emerging market issuers may

decline in value because of unfavorable foreign government actions, greater

risks of political instability or the absence of accurate information about

emerging market issuers.



Credit risk: The risk that the Fund could lose money if the issuer or guarantor

of a fixed income security, or the counterparty to or guarantor of a derivative

contract, is unable or unwilling to meet its financial obligations. This risk is

likely greater for lower quality investments than for investments that are

higher quality.



High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&P)

or Ba (Moody's) or below, or deemed of equivalent quality, will default or

otherwise be unable to honor a financial obligation. 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.



Market risk: The market value of the Fund's investments may fluctuate, sometimes

rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk

may affect a single issuer, industry, or sector of the economy, or it may affect

the market as a whole.



Geographic concentration risk: The risk that if the Fund has most of its

investments in a single country or region, its portfolio will be more

susceptible to factors adversely affecting issuers located in that country or

region than would a more geographically diverse portfolio of securities.



Non-diversification risk: The Fund is a non-diversified investment company,

which means that the Fund may invest more of its assets in a smaller number of

issuers than a diversified investment company. As a non-diversified fund, the

Fund's share price may be more volatile and the Fund has a greater potential to

realize losses upon the occurrence of adverse events affecting a particular

issuer.



Derivatives risk: The value of "derivatives"-so called because their value

"derives" from the value of an underlying asset, reference rate or index-may

rise or fall more rapidly than other investments. When using derivatives for

non-hedging purposes, it is possible for the Fund to lose more than the amount

it invested in the derivative. The risks of investing in derivative instruments

also include market and management risks. Derivatives relating to fixed income

markets are especially susceptible to interest rate risk and credit risk. In

addition, many types of swaps and other non-exchange traded derivatives may be

subject to liquidity risk, credit risk and mispricing or valuation complexity.

These derivatives risks are different from, and may be greater than, the risks

associated with investing directly in securities and other instruments.



Leverage risk associated with financial instruments: The use of financial

instruments to increase potential returns, including derivatives used for

investment (non-hedging) purposes, may cause the Fund to be more volatile than

if it had not been leveraged. The use of leverage may also accelerate the

velocity of losses and can result in losses to the Fund that exceed the amount

originally invested.



Management risk: The risk that the investment strategies, techniques and risk

analyses employed by the Advisor may not produce the desired results.



Illiquidity risk: 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.

Performance

There is no performance information quoted for the Fund as the Fund had not

commenced investment operations as of the date of this prospectus.

[1] "Other expenses" are based on estimates for the current fiscal year.

[2] The Trust, with respect to the Fund, and UBS Global Asset Management (Americas) Inc., the Fund's investment advisor ("UBS Global 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 27, 2012, do not exceed 1.40% for Class A shares, 1.90% for Class C shares and 1.15% for Class Y shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses for a period of three years following such fee waivers and expense reimbursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed any applicable expense limit that is in place for the Fund.