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

UBS Emerging Markets Equity Fund Summary

Investment objective

The Fund seeks to maximize capital appreciation.

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 17 of the Fund's

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

redemption information and other services" on page 66 of the Fund's statement of

additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

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

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

Annual Fund Operating Expenses UBS EMERGING MARKETS EQUITY FUND		CLASS A	CLASS C	CLASS Y
Management fees		1.10%	1.10%	1.10%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses	[1]	0.64%	0.64%	0.64%
Total annual fund operating expenses		1.99%	2.74%	1.74%
Less management fee waiver/expense reimbursements		0.14%	0.14%	0.14%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.85%	2.60%	1.60%

Example

This example is intended to help you compare the cost of investing in the Fund

with the cost of investing in other mutual funds. The example assumes that you

invest $10,000 in the Fund for the time periods indicated and then sell all of

your shares at the end of those periods unless otherwise stated. The example

also assumes that your investment has a 5% return each year and that the Fund's

operating expenses remain the same. The costs described in the example reflect

the expenses of the Fund that would result from the contractual fee waiver and

expense reimbursement agreement with the Advisor for the first year only.

Although your actual costs may be higher or lower, based on these assumptions,

your costs would be:

Expense Example UBS EMERGING MARKETS EQUITY FUND (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
CLASS A	728	1,127
CLASS C	363	836
CLASS Y	163	534

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
UBS EMERGING MARKETS EQUITY FUND CLASS C	263	836

Portfolio turnover

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate may

indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in

annual fund operating expenses or in the example, affect the Fund's performance.

Principal strategies

Principal investments



Under normal circumstances, the Fund invests at least 80% of its net assets

(plus borrowings for investment purposes, if any) in equity securities that are

tied economically to emerging market countries. Investments in equity securities

may include, but are not limited to, dividend-paying securities, common stock

and preferred stock. Securities tied economically to emerging market countries

include securities on which the return is derived from issuers in emerging

market countries, such as equity swap contracts and equity swap index contracts.

The Fund may invest in stocks of companies of any size. The Fund is a

non-diversified fund.



The Fund may, but is not required to, use exchange-traded or over-the-counter

derivative instruments for risk management purposes or as part of the Fund's

investment strategies. The derivatives in which the Fund may invest include

futures, forward currency agreements and equity participation notes. All of

these derivatives may be used for risk management purposes to manage or adjust

the risk profile of the Fund. Futures on currencies and forward currency

agreements may also be used to hedge against a specific currency. 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 (except for forward currency agreements); to

obtain exposure to certain markets; or to establish net short positions for

individual currencies (except for equity participation notes).



The Fund intends to invest primarily in a portfolio of equity securities of

issuers located in at least three emerging market countries, which may be

located in Asia, Europe, Latin America, Africa or the Middle East. An emerging

market is a country defined as an emerging or developing economy by any of the

World Bank, the International Finance Corporation or the United Nations or its

authorities, or any country included in an "emerging markets" index. The

countries included in this definition will change over time.



Up to 20% of the Fund's net assets may be invested in higher-yielding,

lower-rated fixed income securities. The Fund may invest in fixed income

securities of any maturity, but generally invests in securities having an

initial maturity of more than one year. These securities are rated in the lower

rating categories of Moody's and S&P, including securities rated Ba or lower by

Moody's Investors Service, Inc. ("Moody's") and BB or lower by Standard & Poor's

Ratings Group ("S&P"). The Fund may also invest in Eurodollar securities, which

are fixed income securities of a US issuer or a foreign issuer that are issued

outside of the United States. The Fund may also invest in securities of small

capitalization companies.



Management process



The Fund's management process begins with an analysis of the fundamental

economic and political elements that drive capital market risks and returns. The

Advisor combines this "top-down" analysis with proven fundamental security

research or "bottom-up" analysis. Investment decisions represent the synthesis

of quantitative estimates and qualitative judgments of the portfolio management

team.



The Advisor's investment style is singularly focused on investment fundamentals.

The Advisor tries to identify and exploit periodic discrepancies between market

prices and fundamental value.



For each security under analysis, an intrinsic value is estimated based upon

detailed country, industry and company analysis, including visits to the

company, its competitors and suppliers and other independent sources of

information. This intrinsic value estimate is a function of the present value of

the estimated future cash flows. The resulting intrinsic value estimate is then

compared to the company's current market price to ascertain whether a valuation

anomaly exists. A stock with a price below the estimated intrinsic value would

be considered a candidate for inclusion in the Fund's portfolio. This comparison

between price and intrinsic value allows comparison across industries and

countries. The Advisor's investment specialists are organized along sector

lines. Through an intensive process of company visits and interactions with

industry specialists, analysts gain an understanding of both the company and the

dynamics of the company's industry. The goal is to gain a clear understanding of

the medium-term (up to five years) and long-term prospects of the company, and in

particular, its ability to generate earnings.

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.



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.



Geographic concentration risk: The risk that if the Fund has most of its

investments in a single country or region, its portfolio will be more

susceptible to factors adversely affecting issuers located in that country or

region than would a more geographically diverse portfolio of securities.



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

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



Non-diversification risk: The Fund is a non-diversified investment company,

which means that the Fund may invest more of its assets in a smaller number of

issuers than a diversified investment company. As a non-diversified fund, the

Fund's share price may be more volatile and the Fund has a greater potential to

realize losses upon the occurrence of adverse events affecting a particular

issuer.



Limited capitalization risk: The risk that securities of smaller capitalization

companies tend to be more volatile and less liquid than securities of larger

capitalization companies. This can have a disproportionate effect on the market

price of smaller capitalization companies and affect the Fund's ability to

purchase or sell these securities. In general, smaller capitalization companies

are more vulnerable than larger companies to adverse business or economic

developments and they may have more limited resources.



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. In addition, 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.



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.



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.

Performance

There is no performance information quoted for the Fund as the Fund had not

commenced investment operations as of the date of this prospectus.

[1] "Other expenses" are based on estimates for the current fiscal year.

[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 1.85% for Class A shares, 2.60% for Class C shares and 1.60% 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.