UBS Multi-Asset Income Fund (Prospectus Summary) | UBS Multi-Asset Income Fund

UBS Multi-Asset Income Fund

Investment objective

The Fund seeks to provide risk-managed income as its primary objective over the
long term.

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 16 of the Fund's
prospectus and in "Reduced sales charges, additional purchase, exchange and
redemption information and other services" on page 61 of the Fund's statement of
additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS Multi-Asset Income 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	[1]	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 Multi-Asset Income Fund		Class A	Class C	Class Y
Management fees		0.59%	0.59%	0.59%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses	[1]	0.69%	0.69%	0.69%
Acquired fund fees and expenses	[1]	0.14%	0.14%	0.14%
Total annual fund operating expenses		1.67%	2.42%	1.42%
Less management fee waiver/expense reimbursements		0.58%	0.58%	0.58%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.09%	1.84%	0.84%

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 Multi-Asset Income Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Class A	556	899
Class C	262	699
Class Y	86	392

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
UBS Multi-Asset Income Fund Class C	187	699

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 seeks to provide risk-managed income on a
monthly basis by employing an asset allocation strategy that is designed to
accommodate the Fund's targeted annual payout percentage. The Fund will allocate
its assets by investing in a combination of equities, nominal and
inflation-linked fixed income securities, third party exchange-traded funds
("ETFs"), real estate investment trusts ("REITs"), exchange-listed options, and
other exchange-traded and over-the-counter ("OTC") derivative securities.

The Fund may obtain exposure to fixed income investments by investing in
securities directly or by purchasing third-party ETFs that invest in fixed
income securities. The Fund's fixed income investments may include debt
securities of governments throughout the world (including the United States),
their agencies and instrumentalities, debt securities of corporations (including
inflation-linked notes and catastrophe bonds), floating rate notes,
mortgage-backed securities and asset-backed securities. Catastrophe bonds are
types of insurance-linked or event-linked securities that pay off on the
occurrence of specific events, usually natural disasters. These securities may
be either investment grade or high yield (lower-rated or "junk bonds")
securities. The Fund may invest without limitation in investment grade debt
securities, including corporate debt securities and inflation-linked securities,
and may invest up to 50% of its total assets in lower-rated bonds of
corporations and up to 20% of its total assets in a combination of other
lower-rated bonds, including lower-rated municipal bonds and lower-rated non-US
government bonds (including those of emerging markets countries). The Fund may
invest in fixed income investments of any maturity.

The Fund may obtain exposure to equity investments by investing in securities
directly or by purchasing third-party ETFs that invest in equity securities. The
Fund may invest up to 50% of its total assets either directly or through
investment in ETFs in the common stock and preferred stock of companies in
developed countries (including the United States). In addition, the Fund may
invest up to 25% of its total assets in real estate securities of US and non-US
issuers. Real estate securities may include interests in REITs that own properties
or make construction or mortgage loans, securities of companies with substantial
real estate holdings and other companies whose products and services are related to
the real estate industry, such as building supply manufacturers, mortgage lenders,
or mortgage service companies. The Fund's equity investments may include companies
and REITs of any market capitalization, including small capitalization (below $3
billion). Within these limitations, the Fund may invest up to 15% of its assets in
infrastructure securities and up to 20% of its assets in equity securities of emerging
markets issuers.

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 Fund may invest in structured notes in order to
generate income for the Fund. The Fund also may write covered call options on
ETFs to generate cash flow for the purpose of meeting the Fund's target payment
goal, as well as for hedging purposes. Other derivatives in which the Fund may
invest include index options, futures, forward agreements and swap agreements
(specifically, interest rate, currency and total return swaps). 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; or to establish net short positions for individual markets, currencies
or securities. Futures on indices, forward agreements and interest rate swaps
may also be used to adjust the Fund's portfolio duration.

Management process
The Fund seeks to provide diversification across a variety of income producing
asset classes in a multi-asset framework. The Fund's asset allocation strategy
is designed to accommodate the Fund's targeted annual payout while taking into
account the Fund's desired level of capital appreciation. Risk diversification
and dynamic distribution between the various asset classes have the objective of
creating a more stable capital and income base through various market cycles and
interest rate environments. The allocation of investments across asset classes
will vary over time and will be driven by:

• Valuation based on the Advisor's 30 year fundamental value philosophy;

• Economic factors including the current and projected interest rate environment
  and credit conditions; and                                
  
• A focus on diversification and risk-management to meet the Fund's payout       
  objective while managing volatility.                                        
  
Under normal or neutral market conditions, the Advisor will allocate
approximately 65% of the Fund's total assets to fixed income investments, 20% of
the Fund's assets to equity investments of companies in developed (including the
United States) or emerging markets countries and 15% of the Fund's assets to US
and non-US real estate securities (including REITs). The Fund's asset allocation
targets are not fixed which gives the Advisor the flexibility to meet the Fund's
investment goal based on market conditions. If warranted by market conditions,
the Advisor may invest 100% of the Fund's assets in fixed income investments. In
addition, the Fund's allocations to US and non-US equity and real estate
securities may be greater or lesser than the allocations described above based
on the Advisor's assessment of the markets.

The Fund's investment strategy is designed to attempt to achieve a targeted
annual payout to investors of 3%-6% based on the current low interest rate
environment. By investing in a diversified set of income generating asset
classes the Fund seeks to accommodate the Fund's targeted annual payout
percentage while managing both capital volatility and yield volatility. Such
payout may be comprised of both ordinary income and capital gains. Neither the
Fund nor the Advisor represents or guarantees that the Fund will meet this
annual payout goal. The Fund intends to make monthly income distribution to
shareholders. The amount of monthly distributions may vary from month to month
and there is no guarantee that the Fund will be able to make such payments each
month.

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.

Asset allocation risk: The risk that the Fund may allocate assets to an asset
category that performs poorly relative to other asset categories.

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.

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 (also known as lower-rated
or "junk bonds"). 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.

Distribution of income risk: The Fund's monthly income payments will be made
from the Fund's interest income, dividends, and currency allocations and will
reduce the amount of assets available for investment by the Fund. The Fund's
investment losses may reduce the amount of future distributions an investor will
receive from the Fund thereby reducing the distribution yield. The dollar amount
of the Fund's monthly income payments could vary substantially from one year to
the next and over time depending on several factors, including the performance
of the financial markets in which the Fund invests, the allocation of Fund
assets across different asset classes and investments, the performance of the
Fund's underlying strategies, and the amount and timing of prior distributions
by the Fund. It is also possible for payments to go down substantially or
significantly fluctuate from one year to the next, month over month, and over
time depending on the timing of an investor's investments in the Fund. Any
redemptions will proportionately reduce the amount of future cash income
payments to be received from the Fund. There is no guarantee that the Fund will
make monthly income payments to its shareholders or, if made, that the Fund's
monthly income payments to shareholders will remain at a fixed amount.

Investing in ETFs risks: The Fund's investment in ETFs may subject the Fund to
additional risks than if the Fund would have invested directly in the ETF's
underlying securities. These risks include the possibility that an ETF may
experience a lack of liquidity that can result in greater volatility than its
underlying securities; an ETF may trade at a premium or discount to its net
asset value; or an ETF may not replicate exactly the performance of the
benchmark index it seeks to track. In addition, investing in an ETF may also be
more costly than if a Fund had owned the underlying securities directly. The
Fund, and indirectly, shareholders of the Fund, bear a proportionate share of
the ETF's expenses, which include management and advisory fees and other
expenses. In addition, the Fund will pay brokerage commissions in connection
with the purchase and sale of shares of ETFs.
  
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.

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.

Real Estate Securities and REITs: The risk that the Fund's performance will be
affected by adverse developments in the real estate industry. Real estate values
may be affected by a variety of factors, including: local, national or global
economic conditions; changes in zoning or other property-related laws;
environmental regulations; interest rates; tax and insurance considerations;
overbuilding; property taxes and operating expenses; or declining values in a
neighborhood. Similarly, a REIT's performance depends on the types, values,
locations and management of the properties it owns. In addition, a REIT may be
more susceptible to adverse developments affecting a single project or market
segment than a more diversified investment. Loss of status as a qualified REIT
under the US federal tax laws could adversely affect the value of a particular
REIT or the market for REITs as a whole.

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.

Investment results

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] Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.

[1] "Other expenses" and "Acquired fund fees and expenses" are based on estimated amounts 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, extraordinary expenses, and 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, and dividend expense and security loan fees for securities sold short), through the period ending October 27, 2013, do not exceed 0.95% for Class A shares, 1.70% 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. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically up the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, the UBS Global AM (Americas)'s three year recoupment rights will survive.