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

UBS Global Bond 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 $100,000 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 GLOBAL BOND FUND	CLASS A	CLASS B	CLASS C	CLASS Y
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price)	4.50%	none	none	none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less)	none	5.00%	0.75%	none
Redemption fee (as a % of amount redeemed within 90 days of purchase, if applicable)	1.00%	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 BOND FUND		CLASS A	CLASS B	CLASS C	CLASS Y
Management fees		0.65%	0.65%	0.65%	0.65%
Distribution and/or service (12b-1) fees		0.25%	1.00%	0.75%	none
Other expenses	[1]	1.53%	1.55%	1.49%	1.48%
Total annual fund operating expenses		2.43%	3.20%	2.89%	2.13%
Less management fee waiver/expense reimbursements		1.28%	1.30%	1.24%	1.23%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.15%	1.90%	1.65%	0.90%

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 BOND 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	562	1,056	1,577	2,999
CLASS B	693	1,165	1,761	3,072
CLASS C	243	778	1,414	3,125
CLASS Y	92	548	1,031	2,365

Expense Example, No Redemption UBS GLOBAL BOND FUND (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
CLASS B	193	865	1,561	3,072
CLASS C	168	778	1,414	3,125

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 63%

of the average value of its portfolio.

Principal strategies

Principal investments



The Fund generally invests at least 65% of its net assets in investment grade

global debt securities that may also provide the potential for capital

appreciation. Under normal circumstances, the Fund invests at least 80% of its

net assets (plus borrowings for investment purposes, if any) in bonds. The Fund

is a non-diversified fund.



The Fund may invest in all types of fixed income securities of US, foreign and

emerging markets issuers. Investments in bonds may include, but are not limited

to, debt securities of governments throughout the world (including the United

States and emerging markets), their agencies and instrumentalities, debt

securities of corporations, mortgage-backed securities and asset-backed

securities. The Fund may invest in bonds of any maturity, but generally invests

in bonds having an initial maturity of more than one year. In addition, the Fund

may invest in high yield securities.



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; or to

adjust the Fund's portfolio duration.



Management process



With respect to the selection of securities to purchase for the Fund, the

Advisor's investment style is focused on investment fundamentals. The Advisor

believes that investment fundamentals determine and describe future cash flows

that define long term investment value. The Advisor tries to identify and

exploit periodic discrepancies between market prices and fundamental value. In

analyzing these price/value differences the Advisor also takes into account

cyclical market drivers which may influence near term dynamics of market prices.



In implementing this style, the Advisor purchases securities for the Fund by

using active asset allocation strategies across global fixed income markets and

active security selection within each market. In deciding which securities to

emphasize, the Advisor uses both quantitative and fundamental analysis to

identify securities that are under-priced relative to their fundamental value.

The valuation of asset classes reflects an integrated, fundamental analysis of

global markets.



The Advisor emphasizes those fixed income market sectors, and selects for the

Fund those securities that appear to be most undervalued relative to their

yields and potential risks. The Advisor selects individual securities for

investment by using duration, yield curve and sector analysis.

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.



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.



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

(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.



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.



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.

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. Index reflects no deduction for fees, expenses or taxes. 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 Bond Fund Annual Total Returns of Class Y Shares

Total return January 1 - September 30, 2011: 4.75%

Best quarter during calendar years shown-2Q 2002: 12.70%

Worst quarter during calendar years shown-1Q 2009: (6.93)%

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

Average Annual Total Returns UBS GLOBAL BOND FUND	Average Annual Returns, Label		Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
CLASS A	Class A Return before taxes		(0.24%)	1.09%		3.96%		Nov. 05, 2001
CLASS B	Class B Return before taxes		(1.02%)	0.95%		4.31%		Nov. 26, 2001
CLASS C	Class C Return before taxes	[1]	3.16%	1.52%		3.46%		Jul. 02, 2002
CLASS Y	Class Y Return before taxes		4.77%	2.28%	4.58%	4.71%		Jul. 31, 1993
CLASS Y After Taxes on Distributions	Class Y Return after taxes on distributions		1.63%	(0.11%)	2.68%	2.62%		Jul. 31, 1993
CLASS Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares		3.06%	0.55%	2.84%	2.77%		Jul. 31, 1993
Barclays Capital Global Aggregate Index	Barclays Capital Global Aggregate Index		5.54%	6.66%	6.73%		[2]

[1] "Other expenses" include "Acquired fund fees and expenses," which were less than 0.01% of the average net assets of the Fund.

[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 1.15% for Class A shares, 1.90% for Class B shares, 1.65% for Class C shares and 0.90% 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.

[1] Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.

[2] Average annual total returns for the Barclays Capital Global Aggregate Index for the life of each class were as follows: Class A--6.80%; Class B--7.14%; Class C--6.78%; Class Y--6.28%.