UBS MARKET NEUTRAL MULTI-STRATEGY FUND (Prospectus Summary) | UBS MARKET NEUTRAL MULTI-STRATEGY FUND

UBS Market Neutral Multi-Strategy Fund Summary

Investment objective

The Fund seeks to maximize total return, consisting of capital appreciation and

current income, while neutralizing the general risks associated with stock

market investing.

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 36 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 MARKET NEUTRAL MULTI-STRATEGY 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 % 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 MARKET NEUTRAL MULTI-STRATEGY FUND		CLASS A	CLASS C	CLASS Y
Management fees		1.25%	1.25%	1.25%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Dividend expense and security loan fees for securities sold short		2.38%	2.44%	2.32%
Other		1.38%	1.25%	1.26%
Total other expenses		3.76%	3.69%	3.58%
Acquired fund fees and expenses		0.04%	0.04%	0.04%
Total annual fund operating expenses	[1]	5.30%	5.98%	4.87%
Less management fee waiver/expense reimbursements		1.13%	1.00%	1.01%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	4.17%	4.98%	3.86%

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 MARKET NEUTRAL MULTI-STRATEGY 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	946	1,953	2,954	5,430
CLASS C	598	1,683	2,844	5,650
CLASS Y	388	1,375	2,364	4,847

Expense Example, No Redemption (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
UBS MARKET NEUTRAL MULTI-STRATEGY FUND CLASS C	498	1,683	2,844	5,650

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 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 460%

of the average value of its portfolio.

Principal strategies

Principal investments



The Fund seeks to achieve its investment objective by investing principally in

equity securities. Investments by the Fund in equity securities may include, but

are not limited to, common stock and preferred stock of issuers in developed

countries (including the United States) and emerging markets. The Fund's equity

investments may include large, intermediate and small capitalization companies.

The Fund will maintain both long positions and short positions in equity

securities and securities with equity-like characteristics. The Fund also may

invest in securities convertible into equity securities.



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, futures, forward agreements, swap agreements (specifically, total

return and currency swaps), 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.



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 US Treasury bills by 2.25% to 4.25% for Class A shares, 1.50% to 3.50%

for Class C shares, and 2.50% to 4.50% for Class Y 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 these total return

goals.



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 seeks to maximize total returns by allocating its assets among various

distinct equity investment strategies (each a "Fund component" and together, the

"Fund components"), which are managed by portfolio management teams at the

Advisor. Each Fund component is unique in terms of the source of its investment

insight, its geographic focus, or both. Each Fund component employs a market

neutral investment strategy designed to generate returns that have a low

correlation to the movements in the equity markets in which such Fund component

focuses. A Fund component will purchase securities long that it believes will

outperform the market, other Fund securities or both, and sell securities short

that are expected to underperform the market, other Fund securities or both. The

Fund engages in its long/short strategies in order to generate returns with low

correlations to market returns.



The Advisor selects Fund components and allocates the Fund's assets among the

Fund components based on each Fund component's expected contribution to the risk

adjusted investment return of the Fund. Fund components are chosen by the

Advisor in part because the Fund components demonstrate a low correlation of

returns versus equity markets and among each other. The Advisor intends to

allocate assets among the Fund components with the goal of providing returns for

the Fund that are a function of the Advisor's stock-level investment insights

rather than a function of broad market movements.



In deciding the Fund's allocation to each Fund component, the Advisor utilizes

analytical tools that enable the Advisor to view the entire investment portfolio

of the Fund across all underlying components in order to best assess the allocation

of Fund assets among these components based on alpha potential and contribution to

volatility and to monitor the impact of individual stock positions, both long and

short positions, on the Fund's entire portfolio.



The Fund components utilize fundamental valuation, quantitative research or a

combination of both to construct a portfolio. The investment decisions for

certain Fund components are based on price/value discrepancies as identified by

the Advisor's fundamental valuation process. In selecting securities utilizing

the fundamental valuation process, 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 investment decisions for

other Fund components are based on investment opportunities generated by

quantitative research techniques that systematically exploit many small

reappearing market anomalies to provide consistent excess returns for the Fund.

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.



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

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



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.



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. 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.



Multi-strategy risk: The risk that the Fund may allocate assets to a Fund

Component that underperforms other strategy types.



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. The Advisor seeks to limit

market risk by utilizing a market neutral strategy, however, the Advisor cannot

guarantee that its strategy will be successful.



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, 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.



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.



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.

Performance

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

completed a full calendar year of operations as of the date of this prospectus.

[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 1.75% for Class A shares, 2.50% for Class C shares and 1.50% 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.