Effective June 1, 2016, the Prospectus is hereby supplemented accordingly as shown below.

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1 Prospectus Supplement The UBS Funds UBS Municipal Bond Fund Prospectus Supplement April 5, 2016 Dear Investor, The purpose of this supplement to the Prospectus of the UBS Municipal Bond Fund series (the Fund ) of The UBS Funds dated October 28, 2015, as supplemented, is to provide you with updated information regarding the Fund. Effective June 1, 2016, the Prospectus is hereby supplemented accordingly as shown below. The section captioned Fees and expenses and sub-captioned Annual fund operating expenses on page 13 of the Prospectus is revised by replacing footnote 1 to the fee table in its entirety with the following: Purchases of $500,000 or more that were not subject to a front-end sales charge are subject to a 0.75% CDSC if sold within one year of the purchase date. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. ZS-809

2 Prospectus Supplement The UBS Funds UBS Core Plus Bond Fund UBS Municipal Bond Fund Prospectus Supplement March 23, 2016 Dear Investor, The purpose of this supplement to the prospectus (the Prospectus ) of the UBS Core Plus Bond Fund and UBS Municipal Bond Fund series (each, a Fund and collectively, the Funds ) of The UBS Funds (the Trust ) dated October 28, 2015, as supplemented, is to provide you with updated information regarding each of the Funds. Effective June 1, 2016, the front-end sales charge (load) imposed on Class A shares of the UBS Core Plus Bond Fund will decrease at all levels of investment. Also, effective June 1, 2016, the last breakpoint in the sales charge schedule for the UBS Municipal Bond Fund will be eliminated. Further, effective June 1, 2016, the reallowance to selected dealers on purchases as a percentage of the offering price of the UBS Core Plus Bond Fund and UBS Municipal Bond Fund will decrease at certain levels of investment. The Prospectus is hereby supplemented accordingly as shown below. All references to the maximum front-end sales charge (load) of 4.50% for UBS Core Plus Bond Fund are replaced with a maximum front-end sales charge (load) of 3.75%. The section captioned Managing your fund account and sub-captioned Class A sales charges on page 32 of the Prospectus is revised by deleting the reference to the UBS Core Plus Bond Fund in the lead-in to the first Class A sales charge table and adding the following table: Class A sales charges. UBS Core Plus Bond Fund: Sales charge as a percentage of: Reallowance to selected dealers as Amount of investment Offering price Net amount invested percentage of offering price Less than $100, % 3.90% 3.25% $100,000 to $249, $250,000 to $499, $500,000 to $999, $1,000,000 and over 1 None None May pay up to A contingent deferred sales charge of 1% of the shares offering price or the net asset value at the time of sale by the shareholder, whichever is less, is charged on sales of shares made within one year of the purchase date. Class A shares representing reinvestment of dividends are not subject to this 1% charge. Withdrawals in the first year after purchase of up to 12% of the value of the fund account under a Fund s Automatic Cash Withdrawal Plan are not subject to this charge. 2 For sales of $1 million or more, (US) Inc. (formerly, UBS Global Asset Management (US) Inc.) ( UBS AM (US) ) pays to the dealer an amount based upon the following schedule: 1.00% on the first $3 million and 0.75% on the next $2 million. ZS-792

3 The section captioned Managing your fund account and sub-captioned Class A sales charges on 32 of the Prospectus is revised by replacing the UBS Municipal Bond Fund s Class A sales charge table in its entirety with the following: Class A sales charges. UBS Municipal Bond Fund: Sales charge as a percentage of: Reallowance to selected dealers as Amount of investment Offering price Net amount invested percentage of offering price Less than $100, % 2.30% 2.00% $100,000 to $249, $250,000 to $499, $500,000 and over 1 None None May pay up to A contingent deferred sales charge of 0.75% of the shares offering price or the net asset value at the time of sale by the shareholder, whichever is less, is charged on sales of shares made within one year of the purchase date. Class A shares representing reinvestment of dividends are not subject to this 0.75% charge. Withdrawals in the first year after purchase of up to 12% of the value of the fund account under a Fund s Automatic Cash Withdrawal Plan are not subject to this charge. 2 For sales of $500,000 or more, (US) Inc. (formerly, UBS Global Asset Management (US) Inc.) ( UBS AM (US) ) pays to the dealer an amount based upon the following schedule: 0.75% on the first $3 million and 0.50% on the next $2 million. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. 2

4 Prospectus Supplement The UBS Funds UBS Fixed Income Opportunities Fund Prospectus Supplement March 23, 2016 Dear Investor, The purpose of this supplement to the Prospectus of the UBS Fixed Income Opportunities Fund series (the Fund ) of The UBS Funds (the Trust ) dated October 28, 2015, as supplemented, is to notify you that the Board of Trustees (the Board ) of the Trust on March 3, 2016 approved certain actions to liquidate and dissolve the Fund. Rationale for liquidating the Fund Based upon information provided by (Americas) Inc., the Fund s investment advisor, the Board determined that it is in the best interests of the Fund and its shareholders to liquidate and dissolve the Fund pursuant to a Plan of Liquidation (the Plan ). To arrive at this decision, the Board considered factors that have adversely affected, and will continue to adversely affect, the ability of the Fund to conduct its business and operations in an economically viable manner. The liquidation is expected to be completed on or about June 16, 2016 (the Liquidation Date ). Liquidation of the Fund The Plan provides that: (a) all the Fund s assets be converted into cash or cash equivalents or be otherwise liquidated and (b) the Fund distribute pro rata to its shareholders all of its existing assets, in a complete liquidation of the Fund. At any time prior to the Liquidation Date, shareholders may exchange their shares of the Fund for shares of the same class of any Family Funds ( Family Funds include other UBS Funds, PACE Select funds and other funds for which (US) Inc. serves as principal underwriter), as described under Managing your fund account Exchanging Shares in the Prospectus. Shareholders may also redeem their shares of the Fund and receive the net asset value thereof, pursuant to the procedures set forth under Managing your fund account Selling shares in the Prospectus. On the Liquidation Date, all remaining shareholders will have their accounts liquidated and the proceeds will be delivered to them. For those shareholders with taxable accounts, the liquidation will be considered a taxable transaction, and such shareholders may recognize a gain or loss for Federal income tax purposes. Shareholders should consult their tax advisers regarding the effect of the Fund s liquidation in light of their individual circumstances. In preparation for the liquidation of the Fund, the Fund s assets may be invested in money market instruments or held in cash. In this regard, the Fund will no longer be investing according to its investment objective. ZS-791

5 Closure of Fund to new investments, reinvestments and exchanges In connection with the liquidation, the Board approved, effective March 29, 2016, the closure of each class of the Fund to new investments, including new investors, additional purchases from existing investors and purchases for exchange from other funds. The Board also approved, effective March 29, 2016, the closure of each class of the Fund to reinvestments of dividends and distributions. Therefore, the Fund will no longer offer shares for purchase. The Fund reserves the right to change this policy at any time. Of course, shareholders will continue to be able to exchange or redeem their shares in accordance with the policies in the Prospectus, as noted above. Waiver of the annual Rule 12b-1 distribution fees and elimination of contingent deferred sales charges on redemptions Also in connection with the liquidation, effective March 29, 2016, (a) the annual Rule 12b-1 distribution fee of 0.50% of average net assets that is charged to the shareholders of Class C shares is waived; and (b) all contingent deferred sales charges (CDSC) assessed on redemptions that are charged on Class A shares (on purchases of $1,000,000 or more) and Class C shares are eliminated. The annual service fee of 0.25% of average net assets that is charged on Class A shares and Class C shares will not be waived. With respect to exchanges of shares of the Fund for shares of another Family Fund, the length of time you held your shares of the Fund will still be considered when determining whether you must pay a CDSC when you sell the shares of the Family Fund acquired in the exchange. Effective June 16, 2016, the Prospectus is revised to delete in their entirety all references to the Fund. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. 2

6 Prospectus Supplement The UBS Funds UBS Core Plus Bond Fund UBS Fixed Income Opportunities Fund UBS Municipal Bond Fund Prospectus Supplement December 30, 2015 Dear Investor, The purpose of this supplement is to update the Prospectus of the UBS Core Plus Bond Fund, UBS Fixed Income Opportunities Fund and UBS Municipal Bond Fund series (each a Fund and collectively, the Funds ) of The UBS Funds (the Trust ), dated October 28, 2015, as supplemented, as follows. The first two paragraphs under Your investment Managing your fund account Pricing and valuation on page 41 of the Prospectus are deleted in their entirety and replaced with the following: Pricing and valuation The price at which you may buy, sell or exchange Fund shares is based on net asset value per share. Each Fund generally calculates its net asset value on days that the New York Stock Exchange ( NYSE ) is open. A Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Funds do not price their shares, on most national holidays and on Good Friday. To the extent that a Fund s assets are traded in other markets on days when the NYSE is not open, the value of a Fund s assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, a Fund s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC. Your price for buying, selling or exchanging shares will be based on the net asset value (adjusted for any applicable sales charges) that is next calculated after a Fund receives your order in good form. If you place your order on a day the NYSE is not open, your price for buying, selling or exchanging shares will be based on the net asset value (adjusted for any applicable sales charges) that is calculated on the next day that the NYSE is open. If you place your order through a financial institution, your financial advisor is responsible for making sure that your order is promptly sent to the Fund. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. ZS-763

7 Prospectus Supplement The UBS Funds UBS Core Plus Bond Fund UBS Fixed Income Opportunities Fund UBS Muncipal Bond Fund Prospectus Supplement December 1, 2015 Dear Investor, The purpose of this supplement is to update the Prospectus of the UBS Core Plus Bond Fund, UBS Fixed Income Opportunities Fund and UBS Municipal Bond Fund series of The UBS Funds, dated October 28, 2015, as follows: The paragraph under the heading Managing your fund account and the sub-heading Additional compensation to affiliated dealer on page 37 of the Prospectus is deleted in its entirety and replaced by the following: Additional compensation to affiliated dealer UBS AM (US) pays its affiliate, UBS Financial Services Inc., the following additional compensation in connection with the sale of Fund shares in consideration of distribution, marketing support and other services: (i) Fees on Program Assets: 0.05% (5 basis points) per annum of the value of the average monthly assets that are invested in each Fund sold through certain wrap fee advisory programs, to be computed and paid on a quarterly basis; and (ii) Fees on Retail (i.e., Non-Program) Assets: a quarterly fee at the annual rate of 0.05% (5 basis points) of the net asset value of all Fund shares, other than excluded shares, in the UBS Financial Services Inc. accounts as of the end of such quarter, valued as of the close of business on the last business day of the quarter. UBS Financial Services Inc. charges a minimum of $75,000 per calendar year for distibution, marketing support and other services. The foregoing payments are made by UBS AM (US) out of its own resources. Such payments are often referred to as revenue sharing. PLEASE BE SURE TO RETAIN THIS IMPORTANT INFORMATION FOR FUTURE REFERENCE. ZS-750

8 UBS Fixed Income Funds Prospectus The UBS Funds Prospectus October 28, 2015 UBS Core Plus Bond Fund Class: A: BNBDX, C: BNOCX, P: BPBDX UBS Fixed Income Opportunities Fund Class: A: FNOAX, C: FNOCX, P: FNOYX UBS Municipal Bond Fund Class: A: UMBAX, C: UMBCX, P: UMBPX This prospectus offers Class A, Class C and Class P shares in three of the fourteen series of The UBS Funds (the Trust ) listed above (each, a Fund and, collectively, the Funds ). As with all mutual funds, the U.S. Securities and Exchange Commission ( SEC ) and U.S. Commodity Futures Trading Commission ( CFTC ) have not approved or disapproved any Fund s shares or determined whether this prospectus is complete or accurate. To state otherwise is a crime. Not FDIC Insured. May lose value. No bank guarantee.

9 Contents The UBS Funds What every investor should know about the funds Fund summaries UBS Core Plus Bond Fund Page 3 UBS Fixed Income Opportunities Fund Page 8 UBS Municipal Bond Fund Page 13 More information about the funds UBS Core Plus Bond Fund Investment objective, strategies, securities selection and risks Page 17 UBS Fixed Income Opportunities Fund Investment objective, strategies, securities selection and risks.. Page 22 UBS Municipal Bond Fund Investment objective, strategies, securities selection and risks Page 27 Your investment Information for managing your fund account Managing your fund account Page 32 Flexible pricing Page 32 Buying shares Page 36 Selling shares Page 39 Exchanging shares Page 39 Pricing and valuation Page 41 Additional information Additional important information about the funds Management Page 43 Disclosure of portfolio holdings Page 46 Dividends and taxes Page 46 Supplemental investment advisor performance information Page 50 Financial highlights Page 55 Where to learn more about the funds Back cover Please find the UBS family of funds privacy notice on page 61 of this prospectus. Please find the business continuity planning overview on page 62 of this prospectus. The funds are not a complete or balanced investment program. 2

10 UBS Core Plus Bond Fund 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 32 of the Fund s prospectus and in Reduced sales charges, additional purchase, exchange and redemption information and other services on page 109 of the Fund s statement of additional information ( SAI ). Shareholder fees (fees paid directly from your investment) Class A Class C Class P 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 % None Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class P Management fees 0.50% 0.50% 0.50% Distribution and/or service (12b-1) fees None Other expenses Acquired fund fees and expenses Total annual fund operating expenses Less management fee waiver/expense reimbursements Total annual fund operating expenses after management fee waiver/expense reimbursements 2, 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. 2 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. 3 The Trust, with respect to the Fund, and (Americas) Inc. (formerly, UBS Global Asset Management (Americas) Inc.), the Fund s investment advisor ( UBS 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, 2016, do not exceed 0.64% for Class A shares, 1.14% for Class C shares and 0.39% for Class P 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 AM (Americas) s three year recoupment rights will survive. 3

11 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: 1 year 3 years 5 years 10 years Class A $514 $875 $1,259 $2,333 Class C (assuming sale of all shares at end of period) ,160 2,623 Class C (assuming no sale of shares) ,160 2,623 Class P ,646 Portfolio turnover The Fund pays transaction costs, such as mark-ups, 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 744% of the average value of its portfolio. 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 bonds, which are defined as fixed income securities. The Fund may invest in fixed income securities of any maturity, but generally invests in securities having an initial maturity of greater than one year. The Fund s investments in fixed income securities may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, corporate debt securities of US and non-us issuers, including convertible securities, obligations of non-us governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed and asset-backed securities. The Fund may invest up 35% of its net assets in foreign fixed income securities, with up to 30% of its net assets 4 in fixed income securities denominated in foreign currencies. Under normal conditions, the Fund expects to limit foreign currency exposure to 20% of the Fund s net assets. The Fund generally invests in investment grade securities. However, the Fund may invest up to 30% of its net assets in any combination of high yield (lower-rated or junk bonds ) securities, emerging market fixed income securities or other non-investment grade securities, provided that no more than 15% of its net assets may be invested in developed market high yield securities and no more than 15% of its net assets may be invested in emerging market securities. Depending on its assessment of market conditions, the Advisor may choose to allocate the Fund s assets in any combination among these types of investments or may choose not to invest in these types of investments. The Fund may, but is not required to, use exchangetraded or over-the-counter ( OTC ) derivative instruments for risk management purposes or as part of the Fund s investment strategies. 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 options (including, but not limited to, options on futures, forwards and swap agreements), futures, forward agreements, swap agreements (specifically, interest rate, total return, currency, credit default and inflation 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 may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. Management process The Advisor uses an investment style focused on investment fundamentals. The Advisor believes that investment fundamentals determine and define investment value. The Advisor seeks to identify and exploit periodic differences between market prices and fundamental value. In analyzing price/value differences, the Advisor

12 also takes into account cyclical market drivers that may influence near term dynamics of market prices. The Advisor considers various factors and incorporates numerous tools to construct and manage investment portfolios. Through a combination of top-down macroeconomic analysis and forecasting and intensive bottom-up issuer-specific research, the Advisor makes active decisions related to duration, yield curve positioning, relative sector, issuer, and quality exposures. Both quantitative and qualitative analysis is employed to all facets of portfolio construction and management with a comprehensive focus on risk management in both absolute and benchmark-relative terms. 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. The risks associated with rising interest rates may be more pronounced in the near future due to the current period of historically low 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. US 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. 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. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. Illiquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. Illiquidity risk can be more pronounced in periods of market turmoil. High yield bond risk: The risk that the issuer of bonds with ratings of BB (Standard & Poor s Financial Services LLC ( 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. 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. 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. 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. It is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instru- 5

13 -20 ments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). 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. Portfolio turnover risk: High portfolio turnover from frequent trading will increase the Fund s transaction costs and may increase the portion of the Fund s capital gains that are realized for tax purposes in any given year. The Fund does not restrict the frequency of trading in order to limit expenses or the tax effect that its distributions may have on shareholders. 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 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 P shares after-tax returns shown. Total return UBS Core Plus Bond Fund Annual Total Returns of Class P Shares 15% % % 7.74% 5.66% 6.90% % 4.35% 1.68% 0-5 (1.05)% (14.01)% Calendar Year Total return January 1 - September 30, 2015: 0.26% Best quarter during calendar years shown 3Q 2009: 5.28% Worst quarter during calendar years shown 1Q 2008: (6.16)% Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2014) Class (inception date) 1 year 5 years 10 years Class A (6/30/97) Return before taxes 1.80% 4.18% 2.28% Class C (11/8/01) Return before taxes Class P (8/31/95) Return before taxes Return after taxes on distributions Return after taxes on distributions and sale of fund shares Barclays US Aggregate Index Investment advisor (Americas) Inc. (formerly, UBS Global Asset Management (Americas) Inc.) serves as the investment advisor to the Fund. Portfolio manager Scott E. Dolan, portfolio manager of the Fund since John Dugenske, portfolio manager of the Fund since Craig G. Ellinger, portfolio manager of the Fund since Brian Fehrenbach, portfolio manager of the Fund since Purchase & sale of Fund shares You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may 6

14 purchase, redeem or exchange shares of the Fund either through a financial advisor or directly from the Fund. In general, the minimum initial investment is $1,000 and the minimum subsequent investment is $100. Tax information The dividends and distributions you receive from the Fund are taxable and generally will be taxed as ordinary income, unless you are investing through a tax deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions generally will be taxed when withdrawn from the tax-deferred account. Payments to broker/dealers and other financial intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s Web site for more information. 7

15 UBS Fixed Income Opportunities Fund 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 32 of the Fund s prospectus and in Reduced sales charges, additional purchase, exchange and redemption information and other services on page 109 of the Fund s statement of additional information ( SAI ). Shareholder fees (fees paid directly from your investment) Class A Class C Class P 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 % None Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class P Management fees 0.65% 0.65% 0.65% Distribution and/or service (12b-1) fees None Other expenses Acquired fund fees and expenses Total annual fund operating expenses Less management fee waiver/expense reimbursements Total annual fund operating expenses after management fee waiver/expense reimbursements 2, 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. 2 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. 3 The Trust, with respect to the Fund, and (Americas) Inc. (formerly, UBS Global Asset Management (Americas) Inc.), the Fund s investment advisor ( UBS 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, 2016, do not exceed 0.95% for Class A shares, 1.45% for Class C shares and 0.70% for Class P 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 AM (Americas) s three year recoupment rights will survive. 8

16 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: 1 year 3 years 5 years 10 years Class A $548 $938 $1,351 $2,503 Class C (assuming sale of all shares at end of period) ,233 2,743 Class C (assuming no sale of shares) ,233 2,743 Class P ,930 Portfolio turnover The Fund pays transaction costs, such as mark-ups, 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 19% 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 overthe-counter ( OTC ) 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 is a measure of price sensitivity of a fixed income investment or portfolio (expressed as % change in price) to a 1 percentage point (i.e., 100 basis points) change in interest rates, accounting for optionality in bonds such as prepayment risk and call/put features. A longer dura- 9

17 tion means an increased likelihood of interest rate sensitivity. For example, when the level of interest rates increases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will decrease by approximately 0.50%. Conversely, when the level of interest rates decreases by 0.10%, the price of a fixed income security or a portfolio of fixed income securities having a duration of five years generally will increase by approximately 0.50%. 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 shortterm interest rates) by 3% for Class A shares, 2.5% for Class C shares, and 3.25% for Class P 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. The risks associated with rising interest rates may be more pronounced in the near future due to the current period of historically low 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 10

18 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. US 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 Financial Services LLC ( 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. Liquid portfolio investments may become illiquid or less liquid after purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market developments. Illiquidity risk includes the risk that the Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. Illiquidity risk can be more pronounced in periods of market turmoil. 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. 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 risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). 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 risk: 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 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 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 ac- 11

19 -5 counts. After-tax returns for other classes will vary from the Class P shares after-tax returns shown. Total return UBS Fixed Income Opportunities Fund Annual Total Returns of Class P Shares (2011 is the Fund s first full year of operations) 10% (1.53)% % 1.50% (3.36)% Calendar Year Total return January 1 - September 30, 2015: (2.42)% Best quarter during calendar years shown 1Q 2012: 3.55% Worst quarter during calendar years shown 4Q 2014: (3.21)% Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2014) Life of Class (inception date) 1 year class Class A (11/29/10) Return before taxes (7.86)% (0.11)% Class C (11/29/10) Return before taxes (4.76) 0.49 Class P (11/29/10) Return before taxes (3.36) 1.28 Return after taxes on distributions (4.18) 0.29 Return after taxes on distributions and sale of fund shares (1.90) 0.68 BofA Merrill Lynch US Dollar 3-Month Deposit Offered Rate Constant Maturity Index Investment advisor (Americas) Inc. (formerly, UBS Global Asset Management (Americas) Inc.) serves as the investment advisor to the Fund. Portfolio managers Brian Fehrenbach, portfolio manager of the Fund since inception. Scott E. Dolan, portfolio manager of the Fund since inception. Hongbing Hsu, portfolio manager of the Fund since inception. Branimir Petranovic, portfolio manager of the Fund since inception. Purchase & sale of Fund shares You may purchase, redeem or exchange shares of the Fund on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange shares of the Fund either through a financial advisor or directly from the Fund. In general, the minimum initial investment is $1,000 and the minimum subsequent investment is $100. Tax information The dividends and distributions you receive from the Fund are taxable and generally will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions generally will be taxed when withdrawn from the tax-deferred account. Payments to broker/dealers and other financial intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s Web site for more information. 12

20 UBS Municipal Bond Fund Fund summary Investment objective The Fund seeks to provide total return consisting of capital appreciation and current income exempt from federal income tax. 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 32 of the Fund s prospectus and in Reduced sales charges, additional purchase, exchange and redemption information and other services on page 109 of the Fund s statement of additional information ( SAI ). Shareholder fees (fees paid directly from your investment) Class A Class C Class P Maximum front-end sales charge (load) imposed on purchases (as a % of offering price) 2.25% None None Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less) None % None Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class P Management fees 0.40% 0.40% 0.40% Distribution and/or service (12b-1) fees None Other expenses Total annual fund operating expenses Less management fee waiver/expense reimbursements Total annual fund operating expenses after management fee waiver/expense reimbursements 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. 2 Other expenses are based on annualized amounts for the Fund s fiscal year ended June 30, 2015, and include Acquired fund fees and expenses, which were less than 0.01% of the average net assets of the Fund. 3 The actual Less management fee waiver/expense reimbursements and Total annual fund operating expenses after management fee waiver/expense reimbursements for Class C shares for the fiscal year ended June 30, 2015 were 0.84% and 1.14%, respectively, due to the Fund s recent commencement of operations on November 10, The Trust, with respect to the Fund, and (Americas) Inc. (formerly, UBS Global Asset Management (Americas) Inc.), the Fund s investment advisor ( UBS 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, 2016, do not exceed 0.65% for Class A shares, 1.15% for Class C shares and 0.40% for Class P 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 AM (Americas) s three year recoupment rights will survive. 13

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