UBS U.S. SMALL CAP GROWTH FUND (Prospectus Summary) | UBS U.S. SMALL CAP GROWTH FUND

UBS U.S. Small Cap Growth Fund Summary

Investment objective

The Fund seeks to provide long-term 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 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 U.S. SMALL CAP GROWTH 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. SMALL CAP GROWTH 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
Other expenses		0.44%	0.40%	0.52%	0.28%
Acquired fund fees and expenses		0.01%	0.01%	0.01%	0.01%
Total annual fund operating expenses	[1]	1.55%	2.26%	2.38%	1.14%
Less management fee waiver/expense reimbursements or (recoupment)		0.0014	0.0010	0.0022	(0.0002)
Total annual fund operating expenses after management fee waiver/expense reimbursements or (recoupment)	[1][2]	1.41%	2.16%	2.16%	1.16%

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. SMALL CAP GROWTH 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	686	1,000	1,336	2,283
CLASS B	719	997	1,401	2,245
CLASS C	319	722	1,251	2,700
CLASS Y	118	364	630	1,388

Expense Example, No Redemption UBS U.S. SMALL CAP GROWTH 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	219	697	1,201	2,245
CLASS C	219	722	1,251	2,700

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 55%

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

small capitalization companies. Small capitalization companies are those

companies with market capitalizations of less than $3 billion. However, the Fund

may invest a portion of its assets in securities outside of this range.

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

stock and preferred stock. The Fund may invest up to 20% of its net assets in

foreign 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

futures and forward currency agreements. 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, 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.



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

their initial public offering ("IPO").



Management process



In selecting securities, the Advisor seeks to invest in companies that possess

dominant market positions or franchises, a major technological edge, or a unique

competitive advantage. To this end, the Advisor considers earnings revision

trends, positive stock price momentum and sales acceleration when selecting

securities. The Fund may invest in emerging growth companies, which are

companies that the Advisor expects to experience above-average earnings or cash

flow growth or meaningful changes in underlying asset values.

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.



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.



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

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



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.



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.



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.

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. Small Cap Growth Fund Annual Total Returns Of Class Y Shares

Total return January 1 - September 30, 2011: (11.71)%

Best quarter during calendar years shown-4Q 2010: 20.11%

Worst quarter during calendar years shown-4Q 2008: (32.03)%

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

Average Annual Total Returns UBS U.S. SMALL CAP GROWTH FUND	Average Annual Returns, Label		Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
CLASS A	Class A Return before taxes		30.64%	1.89%	3.12%	7.36%		Dec. 31, 1998
CLASS B	Class B Return before taxes		32.26%	1.96%		5.79%		Nov. 07, 2001
CLASS C	Class C Return before taxes	[1]	36.27%	2.30%		5.31%		Nov. 19, 2001
CLASS Y	Class Y Return before taxes		38.62%	3.33%	3.98%	6.34%		Sep. 30, 1997
CLASS Y After Taxes on Distributions	Class Y Return after taxes on distributions		38.62%	2.91%	3.58%	5.47%		Sep. 30, 1997
CLASS Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares		25.11%	2.73%	3.32%	5.12%		Sep. 30, 1997
Russell 2000 Growth Index	Russell 2000 Growth Index		29.09%	5.30%	3.78%		[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, 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 1.40% for Class A shares, 2.15% for Class B shares, 2.15% for Class C shares and 1.15% 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 2000 Growth Index for the life of each class were as follows: Class A--4.04%; Class B--6.47%; Class C--6.03%; Class Y--3.08%.