UBS DYNAMIC ALPHA FUND (Prospectus Summary) | UBS DYNAMIC ALPHA FUND

UBS Dynamic Alpha 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 35 of the Fund's

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

redemption information and other services" on page 103 of the Fund's statement

of additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS DYNAMIC ALPHA 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 DYNAMIC ALPHA FUND		CLASS A	CLASS B	CLASS C	CLASS Y
Management fees		0.85%	0.85%	0.85%	0.85%
Distribution and/or service (12b-1) fees		0.25%	1.00%	1.00%	none
Dividend expense and security loan fees for securities sold short		0.41%	0.40%	0.41%	0.42%
Other		0.28%	0.38%	0.29%	0.22%
Total other expenses		0.69%	0.78%	0.70%	0.64%
Acquired fund fees and expenses		0.05%	0.05%	0.05%	0.05%
Total annual fund operating expenses		1.84%	2.68%	2.60%	1.54%
Less management fee waiver/expense reimbursements		0.03%	0.13%	0.04%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	1.81%	2.55%	2.56%	1.54%

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 DYNAMIC ALPHA 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	724	1,094	1,488	2,588
CLASS B	758	1,120	1,608	2,613
CLASS C	359	805	1,377	2,931
CLASS Y	157	486	839	1,834

Expense Example, No Redemption UBS DYNAMIC ALPHA 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	258	820	1,408	2,613
CLASS C	259	805	1,377	2,931

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 65%

of the average value of its portfolio.

Principal strategies

Principal investments



The Fund invests in securities and financial instruments to gain exposure to

global equity, global fixed income and cash equivalent markets, including global

currencies. The Fund may invest in equity and fixed income securities of issuers

located within and outside the United States or in open-end investment companies

advised by the Advisor, to gain exposure to certain global equity and global

fixed income markets. The Fund is a non-diversified fund.



Investments in fixed income securities may include, but are not limited to, debt

securities of governments throughout the world (including the United States),

their agencies and instrumentalities, debt securities of corporations and

supranationals, inflation protected securities, convertible bonds,

mortgage-backed securities, asset-backed securities, equipment trusts and other

collateralized debt securities. Investments in fixed income securities may

include issuers in both developed (including the United States) and emerging

markets. The Fund's fixed income investments may reflect a broad range of

investment maturities, credit qualities and sectors, including high yield

(lower-rated) securities and convertible debt securities.



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

stock and preferred stock of issuers in developed nations (including the United

States) and emerging markets. Equity investments may include securities of

companies of any capitalization size.



In addition, the Fund attempts to generate positive returns and manage risk

through asset allocation and sophisticated currency management techniques. These

decisions are integrated with analysis of global market and economic conditions.



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

options (on securities, indices, or swap agreements), futures, forward

agreements, swap agreements (specifically, interest rate, total return, currency

and credit default swaps), credit-linked securities, equity participation notes

and equity linked notes. 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; or to establish net short

positions for individual markets, currencies or securities. Options on indices,

futures on indices, forward agreements, interest rate swaps, total return swaps,

credit default swaps and credit-linked securities may also be used to adjust the

Fund's portfolio duration. Any of the derivatives listed above may be used to

achieve a negative portfolio duration. The Fund also may sell securities short

as part of its investment strategy.



Under certain market conditions, the Fund may invest in companies at the time of

their initial public offering ("IPO"). To the extent permitted by the Investment

Company Act of 1940, as amended (the "1940 Act"), the Fund may borrow money from

banks to purchase investments for the Fund.



Management process



The Fund is a multi-asset fund. Asset allocation decisions are tactical, based

upon the Advisor's assessment of valuations and prevailing market conditions in

the United States and abroad. In determining the asset allocation of the Fund, the

Advisor may utilize fundamental valuation and market behavior indicators to construct

the Fund's portfolio.



With respect to the Advisor's selection of specific equity securities for

inclusion in the Fund's equity asset classes, the Advisor may utilize

fundamental valuation, growth-oriented and quantitative research strategies.



In selecting equity securities for the Fund using the fundamental valuation

process, the Advisor selects securities whose fundamental values (the Advisor's

assessment of what a security is worth) it believes are greater than what is

reflected in market prices. A stock with a market price below its assessed

fundamental value would be considered a long candidate for inclusion in the

Fund's portfolio. A stock with a market price above its assessed fundamental

value would be considered a short candidate for inclusion in the Fund's

portfolio.



Under certain circumstances the Advisor also may utilize growth-oriented

strategies within its equity asset classes for a portion of the allocation. In

selecting growth equities, the Advisor seeks to invest in companies that possess

a dominant market position and franchise, a major technological edge or a unique

competitive advantage.



To make investment decisions for certain equity asset classes, the Advisor

utilizes quantitative research techniques that identify investment opportunities

by systematically exploring many small reappearing market anomalies to attempt

to provide consistent excess returns for the Fund.



The Advisor's fixed income strategy combines judgments about the absolute value

of the fixed income universe and the relative value of issuer sectors, maturity

intervals, security durations, credit qualities and coupon segments, as well as

specific circumstances facing the issuers of fixed income securities.



In employing its investment strategies for the Fund, the Advisor attempts to

achieve a total rate of return for the Fund that meets or exceeds 5% per year on

a real (i.e., inflation-adjusted) basis and net of management fees over rolling

five year time horizons. The Advisor does not represent or guarantee that the

Fund will meet this total return goal.

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.



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.



High yield bond risk: The risk that the issuer of bonds with ratings of BB

(Standard & Poor's Ratings Group ("S&P")) or Ba (Moody's Investors Service, Inc.

("Moody's")) or below, or deemed of equivalent quality, will default or

otherwise be unable to honor a financial obligation. 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.



Government securities risk: There are different types of US government

securities with different levels of credit risk, including 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.



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.



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.



IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the

risks associated with issuers that have no operating history as public

companies, as well as to the risks associated with the sectors of the market in

which the issuer operates. The market for IPO shares may be volatile, and share

prices of newly-public companies may fluctuate significantly over a short period

of time.



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.



Asset allocation risk: The risk that the Fund may allocate assets to an asset

category that performs poorly relative to other asset categories.



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. 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.



Short sales risk: There are certain unique risks associated with the use of

short sales strategies. When selling a security short, the Advisor will sell a

security it does not own at the then-current market price and then borrow the

security to deliver to the buyer. The Fund is then obligated to buy the security

on a later date so it can return the security to the lender. Short sales

therefore involve the risk that the Fund will incur a loss by subsequently

buying a security at a higher price than the price at which the Fund previously

sold the security short. This would occur if the securities lender required the

Fund to deliver the securities the Fund had borrowed at the commencement of the

short sale and the Fund was unable to either purchase the security at a

favorable price or to borrow the security from another securities lender. If

this occurs at a time when other short sellers of the security also want to

close out their positions, a "short squeeze" can occur. A short squeeze occurs

when demand is greater than supply for the security sold short. Moreover,

because a Fund's loss on a short sale arises from increases in the value of the

security sold short, such loss, like the price of the security sold short, is

theoretically unlimited. By contrast, a Fund's loss on a long position arises

from decreases in the value of the security and therefore is limited by the fact

that a security's value cannot drop below zero. It is possible that the Fund's

securities held long will decline in value at the same time that the value of

the securities sold short increases, thereby increasing the potential for loss.



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.



Leverage risk associated with borrowing: The Fund may borrow money from banks to

purchase investments for the Fund, which is a form of leverage. If the Fund

borrows money to purchase securities and the Fund's investments decrease in

value, the Fund's losses will be greater than if the Fund did not borrow money

for investment purposes. In addition, if the return on an investment purchased

with borrowed funds is not sufficient to cover the cost of borrowing, then the

net income of the Fund would be less than if borrowing were not used.



Investing in other funds risks: The Fund's investment performance is affected by

the investment performance of the underlying funds in which the Fund may invest.

Through its investment in the underlying funds, the Fund is subject to the risks

of the underlying funds' investments and subject to the underlying funds'

expenses.



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

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

Performance

Risk/return bar chart and table



The performance information that follows shows the Fund's performance

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

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

showing 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. The MSCI World Free Index (net) shows how the Fund's

performance compares to an index that is designed to measure the equity market

performance of developed markets. The US Consumer Price Index (CPI) shows how

the Fund's performance compares to monthly data on changes in the prices paid by

urban consumers. Life of class performance for the BofA Merrill Lynch US

Treasury 1-5 Year Index, the MSCI World Free Index (net) and the US Consumer

Price Index (CPI) is as of the inception month end. Indices reflect no deduction

for fees, expenses or taxes, except for the MSCI World Free Index (net) which

reflects no deduction for fees and expenses. 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 Dynamic Alpha Fund Annual Total Returns of Class Y Shares (2006 is the Fund's first full year of operations)

Total return January 1 - September 30, 2011: (0.80)%

Best quarter during calendar years shown-2Q 2009: 18.12%

Worst quarter during calendar years shown-4Q 2008: (17.08)%

Average annual total returns (for the periods ended December 31, 2010)

Average Annual Total Returns UBS DYNAMIC ALPHA 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	(3.73%)	(0.25%)	1.24%	Jan. 27, 2005
CLASS B	Class B Return before taxes	(3.71%)	(0.12%)	1.32%	Jan. 27, 2005
CLASS C	Class C Return before taxes	0.23%	0.12%	1.42%	Jan. 27, 2005
CLASS Y	Class Y Return before taxes	2.22%	1.19%	2.51%	Jan. 27, 2005
CLASS Y After Taxes on Distributions	Class Y Return after taxes on distributions	1.56%	(0.63%)	0.92%	Jan. 27, 2005
CLASS Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares	1.79%	0.57%	1.76%	Jan. 27, 2005
BofA Merrill Lynch US Treasury 1-5 Year Index	BofA Merrill Lynch US Treasury 1-5 Year Index	3.61%	4.86%	4.34%	Jan. 27, 2005
MSCI World Free Index (net)	MSCI World Free Index (net)	11.76%	2.43%	4.03%	Jan. 27, 2005
US Consumer Price Index (CPI)	US Consumer Price Index (CPI)	1.50%	2.18%	2.38%	Jan. 27, 2005

[1] Since the "Acquired fund fees and expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, and therefore the amounts listed in "Total annual fund operating expenses" and "Total annual fund operating expenses after management fee waiver/expense reimbursements" will differ from those presented in the Financial highlights.

[2] The Trust, with respect to the Fund, and UBS Global Asset Management (Americas) Inc., the Fund's investment advisor ("UBS Global AM (Americas)" or the "Advisor"), have entered into a written agreement pursuant to which the Advisor has agreed to waive a portion of its management fees and/or to reimburse expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions, extraordinary expenses, 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, dividend expense and security loan fees for securities sold short), through the period ending October 27, 2012, do not exceed 1.35% for Class A shares, 2.10% for Class B shares, 2.10% for Class C shares and 1.10% 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.