UBS Fixed Income Opportunities Fund (Prospectus Summary) | UBS Fixed Income Opportunities Fund

UBS Fixed Income Opportunities 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 34 of the Fund's
prospectus and in "Reduced sales charges, additional purchase, exchange and
redemption information and other services" on page 107 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	[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 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		0.52%	0.53%	0.49%
Acquired fund fees and expenses		0.09%	0.09%	0.09%
Total annual fund operating expenses	[1]	1.51%	2.02%	1.23%
Less management fee waiver/expense reimbursements		0.47%	0.48%	0.44%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	1.04%	1.54%	0.79%

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	551	862	1,194	2,132
Class C	232	587	1,044	2,310
Class Y	81	347	633	1,450

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	157	587	1,044	2,310

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 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 or "junk bonds").

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, credit default and inflation 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 (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.

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

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 the Fund's performance for the year 2011 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 Fixed Income Opportunities Fund Annual Total Returns of Class Y Shares (2011 is the Fund's first full year of operations)

Total return January 1 - September 30, 2012: 6.22%
Best quarter during calendar year shown-1Q 2011: 0.88%
Worst quarter during calendar year shown-2Q 2011: (2.20)%

Average annual total returns (for the periods ended December 31, 2011)

Average Annual Total Returns UBS Fixed Income Opportunities Fund	Label	1 Year	Since Inception	Inception Date
Class A	Class A Return before taxes	(6.17%)	(3.76%)	Nov. 29, 2010
Class C	Class C Return before taxes	(2.91%)	(0.14%)	Nov. 29, 2010
Class Y	Class Y Return before taxes	(1.53%)	0.71%	Nov. 29, 2010
After Taxes on Distributions Class Y	Class Y Return after taxes on distributions	(2.90%)	(0.65%)	Nov. 29, 2010
After Taxes on Distributions and Sales Class Y	Class Y Return after taxes on distributions and sale of fund shares	(0.62%)	(0.01%)	Nov. 29, 2010
BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index	BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index	0.27%	0.27%

[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] 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, 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 28, 2013, 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. 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.