UBS GLOBAL FRONTIER FUND (Prospectus Summary) | UBS GLOBAL FRONTIER FUND

UBS Global Frontier Fund Summary

Investment objective

The Fund seeks to obtain superior long-term returns on capital.

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 35 of the Fund's

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

redemption information and other services" on page 103 of the Fund's statement

of additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS GLOBAL FRONTIER FUND	Class A	Class C	Class Y
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price)	5.50%	none	none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less)	none	1.00%	none
Redemption fee (as a % 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 GLOBAL FRONTIER FUND		Class A	Class C	Class Y
Management fees		0.95%	0.95%	0.95%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses		0.44%	0.46%	0.48%
Acquired fund fees and expenses		0.14%	0.14%	0.14%
Total annual fund operating expenses	[1]	1.78%	2.55%	1.57%
Less management fee waiver/expense reimbursements		0.24%	0.26%	0.28%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	1.54%	2.29%	1.29%

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 GLOBAL FRONTIER FUND (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class A	698	1,057	1,440	2,511
Class C	332	769	1,332	2,866
Class Y	131	468	829	1,844

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
UBS GLOBAL FRONTIER FUND Class C	232	769	1,332	2,866

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.

During the most recent fiscal year, the Fund's portfolio turnover rate was 33%

of the average value of its portfolio.

Principal strategies

Principal investments



In order to achieve the Fund's investment objective, the Advisor employs an

enhancement to its global securities (allocation) strategy ("Global Securities

(Allocation) Strategy"). The Advisor's Global Securities (Allocation) Strategy

seeks to provide exposure to the major asset classes of the global markets and

is currently utilized by other funds and products managed by the Advisor,

including the UBS Global Allocation Fund, a series of the Trust, and the UBS

Global Securities Relationship Fund, a series of UBS Relationship Funds (the

"GSR Fund"). The Advisor enhances its Global Securities (Allocation) Strategy

with respect to the Fund by increasing the Fund's exposure to the global markets

through the use of leverage to achieve higher returns than the Global Securities

(Allocation) Strategy typically with equity-like risk. However, when warranted

by market conditions, the Advisor attempts to limit the Fund's equity risk

through active asset allocation.



The Fund principally invests directly or indirectly in equity and fixed income

securities and other financial instruments to gain exposure to issuers located

within and outside the United States. In connection with its Global Securities

(Allocation) Strategy, under normal circumstances, the Advisor allocates the

exposure of the Fund's assets between fixed income securities and equity

securities, including securities of issuers in both developed (including the

United States) and emerging markets countries. The Fund may invest directly in

such securities and financial instruments and/or indirectly in such investments

by investing in shares of open-end investment companies ("Underlying Funds"),

including open-end investment companies advised by the Advisor. In addition, the

Fund increases its exposure to the global markets through the use of leverage.

Leverage by the Fund generally is achieved by entering into total return swap

agreements with respect to the return of the GSR Fund. Alternatively, the Fund

may achieve leverage by engaging in futures contracts with respect to securities

or indices.



Investments by the Fund or an Underlying Fund 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. These securities will have an initial maturity of more than one year

and may be either investment grade or high yield (lower-rated) securities.

Investments by the Fund or an Underlying Fund in equity securities may include,

but are not limited to, common stock and preferred stock. The Fund may invest in

equity securities of issuers in any capitalization range based on market

conditions and in accordance with its investment objective.



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

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

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

futures, forward agreements, swap agreements (specifically, total return 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 and forward agreements may also be used to adjust

the Fund's portfolio duration.



In particular, the Fund may seek to increase its exposure to the global markets

through the use of leverage by investing in total return swap agreements with

respect to the return of the GSR Fund. As an alternative to investing in total

return swap agreements based on the return of the GSR Fund, the Fund may also

leverage by borrowing from banks to the extent permitted by the Investment

Company Act of 1940, as amended (the "1940 Act"), to invest additional assets in

the global markets by investing the borrowed assets in the GSR Fund. The use of leverage by

the Fund through total return swaps, futures contracts or borrowing is permitted

to range between 0% to 50% of the Fund's total assets (including amounts

borrowed), but typically ranges between 25% to 40% of the Fund's total assets

(including amounts borrowed).



Management process



The Fund is a multi-asset fund managed in accordance with the Advisor's Global

Securities (Allocation) Strategy. Asset allocation decisions are tactical, based

upon the Advisor's assessment of valuations and prevailing market conditions in

the United States and abroad. In determining the asset allocation of the Fund,

the Advisor may utilize fundamental valuation and market behavior indicators to

construct the Fund's portfolio.



With respect to the Advisor's selection of specific equity securities for

inclusion in the Fund's or an Underlying Fund's equity asset classes, the

Advisor may utilize fundamental valuation and growth-oriented strategies.



In selecting equity securities for the Fund or an Underlying Fund using the

fundamental valuation process, the Advisor selects securities whose fundamental

values (the Advisor's assessment of what a security is worth) it believes are

greater than what is reflected in market prices. A stock with a market price

below its assessed fundamental value would be considered for inclusion in the

Fund's or an Underlying Fund's portfolio.



Under certain circumstances the Advisor also may utilize a growth-oriented

strategy within its equity asset classes. In selecting growth equities, the

Advisor seeks to invest in companies that possess a dominant market position and

franchise, a major technological edge or a unique competitive advantage.



The Advisor's fixed income strategy combines judgments about the absolute value

of the fixed income universe and the relative value of issuer sectors, maturity

intervals, security durations, credit qualities and coupon segments, as well as

specific circumstances facing the issuers of fixed income securities.



The Fund's and the Underlying Funds' risks are carefully monitored with

consideration given to the risk generated by individual position, sector,

country and currency views.



The Advisor enhances its Global Securities (Allocation) Strategy with respect to

the Fund by increasing the Fund's exposure to the global markets through the use

of leverage. The Advisor's employment of leverage mechanisms with respect to the

Fund's portfolio is based on the belief that, in conventional portfolio

management, increasing a portfolio's long-term expected return entails adding

riskier equity-like assets and reducing the allocation to lower-risk fixed

income investments. The Advisor seeks to step beyond this framework to provide

higher risk-adjusted returns than the Global Securities (Allocation) Strategy by

employing leverage through investing in total return swaps based on the return

of the GSR Fund, engaging in futures contracts with respect to securities or

indices, or borrowing from banks to the extent permitted by the 1940 Act to

purchase additional shares of the GSR Fund to increase the Fund's risk and

return in an efficient manner.

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.



Investing in other funds risks: 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.



Market risk: The risk that the market value of the Fund's investments may

fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets

fluctuate. Market risk may affect a single issuer, industry, or sector of the

economy, or it may affect the market as a whole.



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.



Government securities risk: There are different types of US government

securities with different levels of credit risk, including risk of default,

depending on the nature of the particular government support for that security.

For example, a US government-sponsored entity, although chartered or sponsored

by an Act of Congress, may issue securities that are neither insured nor

guaranteed by the US Treasury and are therefore riskier than those that are.



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

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

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

likely greater for lower quality investments than for investments that are

higher quality.



High yield bond risk: The risk that the issuer of bonds with ratings of BB

(Standard & Poor's Ratings Group ("S&P")) or Ba (Moody's Investors Service, Inc.

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

otherwise be unable to honor a financial obligation. 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.



Limited capitalization risk: The risk that securities of smaller capitalization

companies tend to be more volatile and less liquid than securities of larger

capitalization companies. This can have a disproportionate effect on the market

price of smaller capitalization companies and affect the Fund's ability to

purchase or sell these securities. In general, smaller capitalization companies

are more vulnerable than larger companies to adverse business or economic

developments and they may have more limited resources.



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

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

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

dollar. Investments in foreign government bonds involve special risks because

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

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

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

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

decline in value because of unfavorable foreign government actions, greater

risks of political instability or the absence of accurate information about

emerging market issuers.



Asset allocation risk: The risk that the Fund may allocate assets to an asset

category that performs poorly relative to other asset categories.



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.



Leverage risk associated with borrowing: The Fund may borrow money from banks to

purchase investments for the Fund, which is a form of leverage. If the Fund

borrows money to purchase securities and the Fund's investments decrease in

value, the Fund's losses will be greater than if the Fund did not borrow money

for investment purposes. In addition, if the return on an investment purchased

with borrowed funds is not sufficient to cover the cost of borrowing, then the

net income of the Fund would be less than if borrowing were not used.



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

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

Performance

Risk/return bar chart and table



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 GSMI Mutual Fund Index shows how the Fund's performance

compares to an index compiled by the Advisor that is constructed as follows: 65%

MSCI All Country World Index (net), 15% Citigroup World Government Bond ex US

Index, 15% Citigroup US Government Bond Index, 2% J.P. Morgan Emerging Markets

Bond Index Global (EMBI Global) and 3% BofA Merrill Lynch US High Yield Cash Pay

Constrained Index. Life of class performance for the MSCI World Free Index (net)

and the GSMI Mutual Fund Index is as of the inception month end. Indices reflect

no deduction for fees, expenses or taxes, except for the MSCI World Free Index (net)

which reflects no deduction for fees and expenses. The Fund's past performance

(before and after taxes) is not necessarily an indication of how the Fund will

perform in the future. Updated performance for the Fund is available at

http://globalam-us.ubs.com/corpweb/performance.do.



After-tax returns are calculated using the historical highest individual federal

marginal income tax rates and do not reflect the impact of state and local

taxes. Actual after-tax returns depend on an investor's tax situation and may

differ from those shown. In addition, the after-tax returns shown are not

relevant to investors who hold Fund shares through tax-deferred arrangements,

such as 401(k) plans or individual retirement accounts. After-tax returns for

other classes will vary from the Class Y shares' after-tax returns shown.

UBS Global Frontier Fund Annual Total Returns of Class Y Shares (2008 is the Fund's first full year of operations)

Total return January 1 - September 30, 2011: (16.04)%

Best quarter during calendar years shown-2Q 2009: 33.02%

Worst quarter during calendar years shown-4Q 2008: (29.77)%

Average annual total returns (for the periods ended December 31, 2010)

Average Annual Total Returns UBS GLOBAL FRONTIER FUND	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class A	Class A Return before taxes	9.28%	(5.04%)	Jul. 26, 2007
Class C	Class C Return before taxes	13.72%	(4.17%)	Jul. 26, 2007
Class Y	Class Y Return before taxes	15.92%	(3.21%)	Jul. 26, 2007
Class Y After Taxes on Distributions	Class Y Return after taxes on distributions	14.82%	(4.04%)	Jul. 26, 2007
Class Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares	10.59%	(3.09%)	Jul. 26, 2007
MSCI World Free Index (net)	MSCI World Free Index (net)	11.76%	(3.68%)	Jul. 26, 2007
GSMI Mutual Fund Index	GSMI Mutual Fund Index	11.02%	1.51%	Jul. 26, 2007

[1] 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.

[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, extraordinary expenses, 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, dividend expense and security loan fees for securities sold short), through the period ending October 27, 2012, do not exceed 1.40% for Class A shares, 2.15% 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.