UBS FIXED INCOME OPPORTUNITIES FUND (Prospectus Summary) | UBS FIXED INCOME OPPORTUNITIES FUND

UBS Fixed Income Opportunities 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 33 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 FIXED INCOME OPPORTUNITIES 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 % 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 FIXED INCOME OPPORTUNITIES 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		0.49%	0.54%	0.64%
Acquired fund fees and expenses		0.08%	0.08%	0.08%
Total annual fund operating expenses	[1]	1.47%	2.02%	1.37%
Less management fee waiver/expense reimbursements		0.44%	0.49%	0.59%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	1.03%	1.53%	0.78%

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 FIXED INCOME OPPORTUNITIES 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	550	853	1,177	2,092
CLASS C	231	586	1,043	2,309
CLASS Y	80	376	694	1,595

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 FIXED INCOME OPPORTUNITIES FUND CLASS C	156	586	1,043	2,309

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.

For the period November 29, 2010 through June 30, 2011, the Fund's portfolio

turnover rate was 48% of the average value of its portfolio.

Principal strategies

Principal investments



The Fund seeks to achieve its investment objective by investing its assets

across a wide range of fixed income securities, currencies and other investments

to generate total returns under a variety of market conditions and economic

cycles. The Fund may invest in fixed income securities of US and non-US issuers

located in developed and emerging market countries.



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

(plus borrowings for investment purposes, if any) in fixed income securities

and/or investments that provide exposure to fixed income securities. Investments

in fixed income securities may include, but are not limited to, securities of

governments throughout the world (including the United States), their agencies

and instrumentalities, cash equivalents, debt securities of supranationals and

corporations including trust-preferred securities, convertible securities,

mortgage-backed securities, asset-backed securities, inflation-linked

securities, equipment trusts and other securitized or collateralized debt

securities. 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. The Fund

may invest in fixed income securities of any credit quality, including

non-investment grade securities (often referred to as high yield securities).



The Fund expects to use exchange traded and/or over-the-counter derivative

instruments extensively in employing its long/short, globally-oriented fixed

income and currency strategy. Generally, derivatives are financial contracts

whose value depends upon, or is derived from, the value of an underlying asset,

reference rate, or index, and may relate to stocks, bonds, interest rates,

currencies or currency exchange rates, and related indexes. The derivatives in

which the Fund may invest include, but are not limited to, options (including,

but not limited to, options on futures, forwards and swap agreements), futures,

forward agreements, swap agreements (including, but not limited to, interest

rate, total return, currency, and credit default swaps), credit-linked

securities, caps, floors, collars, structured notes and other derivative

instruments. The Fund may invest in derivatives to the extent permitted by the

Investment Company Act of 1940, as amended (the "1940 Act").



The Fund may use derivatives for hedging or non-hedging purposes. The Fund

intends to use derivatives to earn income and enhance returns, to manage or

adjust the risk profile of the Fund, to replace more traditional direct

investments, or to obtain exposure to certain markets. The Fund also may use

derivatives to establish net short positions for individual markets, currencies

and securities or to adjust the Fund's portfolio duration.



In addition, the Fund may establish short positions in fixed income securities

through the use of any of the derivative instruments listed above to achieve a

negative portfolio duration in an effort to take advantage of periods of rising

interest rates and provide the potential for appreciation. The Advisor expects

that the duration of the Fund's portfolio will be between approximately +5 years

and -5 years depending on the level and expected future direction of interest

rates. Duration measures a fixed income security's price sensitivity to interest

rates by indicating the approximate change in a fixed income security's price if

interest rates move up or down in 1% increments. For example, when the level of

interest rates increases by 1%, the price of a fixed income security or a

portfolio of fixed income securities having a positive duration of five years

generally will decrease by approximately 5% and the price of a fixed income

security or a portfolio of fixed income securities having a negative duration of

five years generally will increase by approximately 5%. Conversely when the

level of interest rates decreases by 1%, the price of a fixed income security or

a portfolio of fixed income securities having a positive duration of five years

generally will increase by approximately 5% and the price of a fixed income

security or a portfolio of fixed income securities having a negative duration of

five years generally will decrease by approximately 5%.



Management process



In employing its investment strategies for the Fund, the Advisor attempts to

generate total returns by managing the risks and market exposures of the Fund's

portfolio. The Fund utilizes a long/short, global fixed income and currency

strategy that emphasizes relative value investing. The Fund pursues a

diversified investment strategy and the Advisor has substantial latitude to

invest across broad fixed income and currency markets. At times, the

unconstrained investment approach may lead the Advisor to have sizable

allocations to particular markets, sectors and industries.



The Advisor implements the long/short strategy across multiple dimensions to

gain specific exposure to investments that it believes offer an attractive

risk-reward opportunity. Typically, the Advisor seeks to exploit opportunities,

both long and short, where the market valuation of a particular security differs

from the Advisor's valuation for the same security.



The Advisor actively manages the Fund's currency exposure and attempts to

generate total returns and manage risk by identifying relative valuation

discrepancies among global currencies as well as implementing hedging strategies

to limit unwanted currency risks. These decisions are integrated within the

macroeconomic framework analysis of global market and economic conditions.



In employing its investment strategies for the Fund, the Advisor attempts to

achieve a total rate of return for the Fund which exceeds the rate of return on

3 Month LIBOR (a short-term interest rate that banks charge one another and that

is generally representative of short-term interest rates) by 3% for Class A

shares, 2.5% for Class C shares, and 3.25% for Class Y shares, each net of fund

ordinary operating expenses over rolling five year time horizons. The Advisor

does not represent or guarantee that the Fund will meet this total return goal.



The Fund is not a money market, stable net asset value, cash alternative, or a

traditional long only fixed income fund. The Fund seeks to maximize total

return, consisting of capital appreciation and current income by investing in

global fixed income and currency markets. At times, the Fund may have exposures

to higher risk strategies within the fixed income and currency markets, and it

may take both long and short positions utilizing various instruments including

the extensive use of derivatives. Furthermore, given the Fund's less constrained

investment approach, it may maintain overall net short positions in any

particular market. While the Advisor will seek to manage the Fund's volatility

and overall risk exposure in a prudent manner, it is quite possible that the

Fund may exhibit negative returns in any particular month, quarter or a year.

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.



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. When the Fund has a negative

portfolio duration, a decline in interest rates may negatively impact the Fund's

value. 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.



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.



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.



Government securities risk: 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.



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.



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.



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.



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.



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

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

Performance

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

completed a full calendar year of operations as of the date of this prospectus.

[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 0.95% for Class A shares, 1.45% for Class C shares and 0.70% 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.