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

UBS Emerging Markets Debt Fund

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 11 of the Fund's prospectus and
in "Reduced sales charges, additional purchase, exchange and redemption information
and other services" on page 65 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		0.75%	0.75%	0.75%
Distribution and/or service (12b-1) fees		0.25%	0.75%	none
Other expenses	[1]	0.84%	0.84%	0.84%
Total annual fund operating expenses		1.84%	2.34%	1.59%
Less management fee waiver/expense reimbursements		0.59%	0.59%	0.59%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.25%	1.75%	1.00%

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	572	948
Class C	253	674
Class Y	102	444

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
UBS EMERGING MARKETS DEBT FUND Class C	178	674

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 and other
debt instruments that are tied economically to emerging market countries.

Such investments may include, but are not limited to, debt securities issued by
governments, government-related entities, corporations, supranational entities
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 invest in debt instruments of all types and denominated in any
currency. These may include, but are not limited to, bonds, debentures, notes,
convertible securities, loans and related assignments and participations,
when-issued and delayed-delivery securities, mortgage-backed and other types of
asset-backed securities issued on a public or private basis, and cash equivalents.

The Fund is a non-diversified fund.

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.

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 country 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.
Additionally, the Fund, for purposes of its investments, may consider a country
included in JP Morgan or MSCI emerging markets indices to be an emerging market
country. 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.

Derivative instruments such as swaps, options, futures, credit linked or
structured investments or other debt instruments that are tied economically
to emerging market countries may be used to satisfy the Fund's 80% investment
policy.

Management process

The investment process is based on fundamental analysis, coupling a top-down
strategy with an equally important bottom-up security selection strategy. The
Advisor manages and monitors risk/return trade-offs in a disciplined manner
across country allocation, sector allocation, issue selection, duration/yield
curve positioning, and currency management. Proprietary valuation and risk
models enhance seasoned professional judgment.

The investment process is founded upon the Advisor's conviction that discrepancies
occur between market prices and fundamental values. In the case of emerging markets
debt, price volatility generally exceeds that of the underlying macroeconomic
fundamentals. The investment team takes advantage of these discrepancies by applying
a disciplined approach to measure fundamental value from the perspective of a
long-term investor.

The investment decision-making process can be divided up into three
parts-country, currency 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.

Currency selection

The Advisor searches for currencies that will outperform market expectations,
given the Advisor's currency 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 obtains exposure to local
currencies via bonds denominated in local currency or derivative positions.

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 (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.

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.

Currency risk: The risk that the changing value of a currency versus the US
dollar may adversely affect the value of an investment. A depreciation in an
invested currency versus the US dollar typically causes the value of the
investment to fall, while an appreciation in an invested currency versus the US
dollar may cause the market value of the investment to rise.

Sovereign debt risk: Investments in foreign sovereign debt obligations involve
certain risks in addition to those relating to foreign securities or debt
securities generally. The issuer of the debt or the governmental authorities
that control the repayment of the debt may be unable or unwilling to repay
principal or interest when due in accordance with the terms of such debt, and
the Fund may have limited recourse in the event of a default against the
defaulting government. Without the approval of debt holders, some governmental
debtors have in the past been able to reschedule or restructure their debt
payments or declare moratoria on payments.

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, and include "Acquired fund fees and expenses," which are estimated to be 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 ompanies, 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 1.25% for Class A shares, 1.75% for Class C shares and 1.00% 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 upon 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.