UBS U.S. LARGE CAP VALUE EQUITY FUND (Prospectus Summary) | UBS U.S. LARGE CAP VALUE EQUITY FUND

UBS U.S. Large Cap Value Equity 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 $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 9 of the Fund's

prospectus and in "Reduced sales charges, additional purchase, exchange and

redemption information and other services" on page 50 of the Fund's statement of

additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS U.S. LARGE CAP VALUE EQUITY FUND	CLASS A	CLASS B	CLASS C	CLASS Y
Maximum front-end sales charge (load) imposed on purchases (as a % of offering price)	5.50%	none	none	none
Maximum contingent deferred sales charge (load) (CDSC) (as a % of purchase or sales price, whichever is less)	none	5.00%	1.00%	none
Redemption fee (as a % of amount redeemed within 90 days of purchase, if applicable)	1.00%	1.00%	1.00%	1.00%

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses UBS U.S. LARGE CAP VALUE EQUITY FUND		CLASS A	CLASS B	CLASS C	CLASS Y
Management fees		0.70%	0.70%	0.70%	0.70%
Distribution and/or service (12b-1) fees		0.25%	1.00%	1.00%	none
Other expenses		0.66%	0.78%	0.70%	0.78%
Acquired fund fees and expenses		0.01%	0.01%	0.01%	0.01%
Total annual fund operating expenses	[1]	1.62%	2.49%	2.41%	1.49%
Less management fee waiver/expense reimbursements		0.41%	0.53%	0.45%	0.53%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	1.21%	1.96%	1.96%	0.96%

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 U.S. LARGE CAP VALUE EQUITY 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	667	995	1,346	2,334
CLASS B	699	1,025	1,478	2,373
CLASS C	299	709	1,245	2,712
CLASS Y	98	419	763	1,734

Expense Example, No Redemption UBS U.S. LARGE CAP VALUE EQUITY FUND (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
CLASS B	199	725	1,278	2,373
CLASS C	199	709	1,245	2,712

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 85%

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 equity securities of US

large capitalization companies. The Fund defines large capitalization companies

as those with a market capitalization of at least $3 billion. The Fund may

invest up to 20% of its net assets in companies that have market capitalizations

within the range of the Russell 1000 Value Index but below $3 billion in market

capitalization. Investments in equity securities may include, but are not

limited to, dividend-paying securities, common stock, preferred stock, shares of

investment companies, convertible securities, warrants and rights.



The Fund may, but is not required to, use derivative instruments for risk

management purposes or as part of the Fund's investment strategies. The

derivatives in which the Fund may invest include futures on indices, which may

be used for risk management purposes to manage or adjust the risk profile of the

Fund. In addition, futures on indices may be used for investment (non-hedging)

purposes to earn income; to enhance returns; to replace more traditional direct

investments; or to obtain exposure to certain markets.



Management process



In selecting securities, the Advisor focuses on, among other things, identifying

discrepancies between a security's fundamental value and its market price. In

this context, the fundamental value of a given security is the Advisor's

assessment of what a security is worth. The Fund will select a security whose

fundamental value it estimates to be greater than its market value at any given

time. For each stock under analysis, the Advisor bases its estimates of value

upon economic, industry and company analysis, as well as upon a company's

management team, competitive advantage and core competencies. The Advisor then

compares its assessment of a security's value against the prevailing market

prices with the aim of constructing a portfolio of stocks with attractive

relative price/value characteristics. The Fund will generally only invest in

stocks that at the time of purchase are contained in its benchmark.

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 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.



Management risk: The risk that the investment strategies, techniques and risk

analyses employed by the Advisor may not produce the desired results.



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. 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.

Performance

Risk/return bar chart and table



The performance information that follows shows the Fund's performance

information in a bar chart and an average annual total returns table. The

information provides some indication of the risks of investing in the Fund by

showing changes in the Fund's performance from year to year and by showing how

the Fund's average annual total returns compare with those of a broad measure of

market performance. Index reflects no deduction for fees, expenses or taxes. The

Fund's past performance (before and after taxes) is not necessarily an

indication of how the Fund will perform in the future. Updated performance for

the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.



After-tax returns are calculated using the historical highest individual federal

marginal income tax rates and do not reflect the impact of state and local

taxes. Actual after-tax returns depend on an investor's tax situation and may

differ from those shown. In addition, the after-tax returns shown are not

relevant to investors who hold Fund shares through tax-deferred arrangements,

such as 401(k) plans or individual retirement accounts. After-tax returns for

other classes will vary from the Class Y shares' after-tax returns shown.

UBS U.S. Large Cap Value Equity Fund Annual Total Returns of Class Y Shares (2002 is the Fund's first full year of operations)

Total return January 1 - September 30, 2011: (15.30)%

Best quarter during calendar years shown-2Q 2009: 19.76%

Worst quarter during calendar years shown-4Q 2008: (25.45)%

Average Annual Total Returns UBS U.S. LARGE CAP VALUE EQUITY FUND	Average Annual Returns, Label		Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
CLASS A	Class A Return before taxes		4.46%	(1.96%)	2.47%		Dec. 07, 2001
CLASS B	Class B Return before taxes		4.74%	(1.83%)	2.96%		Nov. 08, 2001
CLASS C	Class C Return before taxes	[1]	8.49%	(1.58%)	2.61%		Dec. 12, 2001
CLASS Y	Class Y Return before taxes		10.92%	(0.53%)	3.19%		Jun. 29, 2001
CLASS Y After Taxes on Distributions	Class Y Return after taxes on distributions		10.73%	(1.72%)	2.01%		Jun. 29, 2001
CLASS Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares		7.34%	(0.47%)	2.68%		Jun. 29, 2001
Russell 1000 Value Index	Russell 1000 Value Index		15.51%	1.28%		[2]

[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 and extraordinary expenses) to the extent necessary so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses), through the period ending October 27, 2012, do not exceed 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares and 0.95% for Class Y shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses for a period of three years following such fee waivers and expense reimbursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed any applicable expense limit that is in place for the Fund.

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

[2] Average annual total returns for the Russell 1000 Value Index for the life of each class were as follows: Class A--4.30%; Class B--4.65%; Class C--4.50%; Class Y--3.57%.