UBS U.S. REAL ESTATE EQUITY FUND (Prospectus Summary) | UBS U.S. REAL ESTATE EQUITY FUND

UBS U.S. Real Estate 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 13 of the Fund's

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

redemption information and other services" on page 57 of the Fund's statement of

additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS U.S. REAL ESTATE 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 U.S. REAL ESTATE EQUITY FUND		CLASS A	CLASS C	CLASS Y
Management fees		0.90%	0.90%	0.90%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses	[1]	0.49%	0.49%	0.49%
Total annual fund operating expenses		1.64%	2.39%	1.39%
Less management fee waiver/expense reimbursements		0.34%	0.34%	0.34%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.30%	2.05%	1.05%

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. REAL ESTATE EQUITY FUND (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
CLASS A	675	1,007
CLASS C	308	713
CLASS Y	107	407

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
UBS U.S. REAL ESTATE EQUITY FUND CLASS C	208	713

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 real estate equity

securities of US issuers. These may include real estate investment trusts

("REITs") that own properties or make construction or mortgage loans, real

estate developers and companies with substantial real estate holdings and other

companies whose products and services are related to the real estate industry,

and derive 50% of their assets, gross income or net profits from the real estate

industry, such as building supply manufacturers, mortgage lenders, or mortgage

service companies. REITs and other real estate securities may be of any market

capitalization, including small capitalization (below $3 billion). Investments

in equity securities may include, but are not limited to, common stock and

preferred stock. The Fund is a non-diversified fund.



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



The Fund is a sector fund, a category of funds created in response to changing

market conditions and for the varied and dynamic needs of shareholders. The Fund

focuses on the real estate sector, generally a narrower market segment than many

other funds, and may be considered a complement to a diversified investment

program. In selecting securities, the Advisor focuses on securities offering the

most compelling combination of quality, growth and relative valuation. For each

security under analysis, the Advisor bases its assessment of value upon

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

team, property portfolio and core competencies.



The Advisor actively manages the Fund. As such, increased portfolio turnover may

result in higher costs for brokerage commissions, transaction costs and taxable

gains.

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.



Industry concentration risk: The risk that changes in economic, political or

other conditions may have a particularly negative effect on issuers in an

industry or sector in which the Fund's investments are concentrated. The Fund

invests principally in the real estate sector by purchasing securities issued by

REITs. There is, therefore, a risk that changes in real estate values or

interest rates, along with economic downturns, can have a substantial impact on

the Fund's investments. The Fund's portfolio may be more volatile than a Fund

with a broader range of investments.



Prepayment or call risk: As a result of declining interest rates, the issuer of

a security may exercise its right to prepay principal earlier than scheduled,

forcing the Fund to reinvest in lower yielding securities. This is known as call

or prepayment risk.



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.



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

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

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

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

realize losses upon the occurrence of adverse events affecting a particular

issuer.



Derivatives risk: The value of "derivatives"-so called because their value

"derives" from the value of an underlying asset, reference rate or index-may

rise or fall more rapidly than other investments. When using derivatives for

non-hedging purposes, it is possible for the Fund to lose more than the amount

it invested in the derivative. The risks of investing in derivative instruments

also include market and management risks. 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.

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 1.30% for Class A shares, 2.05% for Class C shares and 1.05% 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.