UBS U.S. EQUITY ALPHA FUND (Prospectus Summary) | UBS U.S. EQUITY ALPHA FUND

UBS U.S. Equity Alpha Fund Summary

Investment objective

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

current income, while controlling risk.

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 11 of the Fund's

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

redemption information and other services" on page 51 of the Fund's statement of

additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS U.S. EQUITY ALPHA 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 U.S. EQUITY ALPHA FUND		Class A	Class C	Class Y
Management fees		1.00%	1.00%	1.00%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Dividend expense and security loan fees for securities sold short		0.53%	0.53%	0.53%
Other		0.76%	0.83%	0.73%
Total other expenses		1.29%	1.36%	1.26%
Acquired fund fees and expenses		0.01%	0.01%	0.01%
Total annual fund operating expenses	[1]	2.55%	3.37%	2.27%
Less management fee waiver/expense reimbursements		0.51%	0.58%	0.48%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	2.04%	2.79%	1.79%

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. EQUITY 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	746	1,254	1,788	3,241
Class C	382	982	1,705	3,619
Class Y	182	663	1,171	2,568

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 U.S. EQUITY ALPHA FUND Class Y	282	982	1,705	3,619

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 85%

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

companies. The Fund will generally invest in equity securities of large and mid

capitalization companies but is permitted to invest up to 15% of its net assets

in small capitalization companies. The Fund will maintain both long positions

and short positions in equity securities and securities with equity-like

characteristics. In addition, up to 20% of the Fund's net assets may be invested

in securities of foreign companies in developed countries, including long and

short positions in foreign equity securities and securities with equity-like

characteristics.



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.



The Fund may also invest in exchange-traded funds ("ETFs") and similarly

structured pooled investments in order to provide exposure to the equity markets

while maintaining liquidity. The Fund may also engage in short sales of ETFs and

similarly structured pooled investments in order to reduce exposure to certain

sectors of the equity markets.



Management process



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

The Advisor believes that investment fundamentals determine and describe future

cash flows that define fundamental investment value. The Advisor tries to

identify and exploit periodic discrepancies between market prices and

fundamental value. These price/value discrepancies are used as the building

blocks for portfolio construction.



In constructing the Fund's portfolio, the Advisor primarily uses fundamental

analysis and, to a lesser extent, quantitative analysis to identify securities

that are underpriced and overpriced relative to their fundamental value. In

general, the Advisor buys securities "long" for the Fund's portfolio that it

believes are underpriced and will outperform, and sells securities "short" that

it believes are overpriced and will underperform. The Fund anticipates that it

will normally maintain long positions in equity securities and securities with

equity-like characteristics equal to 120% to 140% of the value of its net

assets, short positions in equity securities and securities with equity-like

characteristics equal to 20% to 40% of the value of its net assets and cash

positions equal to 0% to 10% of the value of its net assets. This active

management process is intended to produce performance that outperforms the

Fund's benchmark. The Fund's ability to fully implement its investment strategy

may be affected by (i) regulatory restrictions prohibiting short sales of

certain securities that may be imposed from time to time or (ii) the Advisor's

written procedures designed to address potential conflicts that exist where the

Advisor manages both long-only and long/short accounts and/or funds.



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

outperform (before taking into account any Fund fees or expenses) the Russell

1000 Index by 2.50% to 5.00% per year with a similar level of market risk as the

benchmark over a full market cycle. A typical market cycle is 4 to 7 years. 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.



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.



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 the 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, the 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.



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.



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.



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.



Unseasoned company risk: The Fund may invest in relatively new or unseasoned

companies that are in their early stages of development. Securities of

unseasoned companies present greater risks than securities of larger, more

established companies. The companies may have greater risks because they (i) may

be dependent on a small number of products or services; (ii) may lack

substantial capital reserves; and (iii) do not have proven track records.

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. Equity Alpha Fund Annual Total returns of Class Y Shares (2007 is the Fund's first full year of operations)

Total return January 1 - September 30, 2011: (12.78)%

Best quarter during calendar years shown-2Q 2009: 23.05%

Worst quarter during calendar years shown-4Q 2008: (27.94)%

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

Average Annual Total Returns UBS U.S. EQUITY ALPHA FUND	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class A	Class A Return before taxes	1.91%	(3.09%)	Sep. 26, 2006
Class C	Class C Return before taxes	6.12%	(2.51%)	Sep. 26, 2006
Class Y	Class Y Return before taxes	8.02%	(1.56%)	Sep. 26, 2006
Class Y After Taxes on Distributions	Class Y Return after taxes on distributions	7.98%	(2.06%)	Sep. 26, 2006
Class Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares	5.28%	(1.50%)	Sep. 26, 2006
Russell 1000 Index	Russell 1000 Index	16.10%	1.20%	Sep. 26, 2006

[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, otherwise do not exceed 1.50% for Class A shares, 2.25% for Class C shares and 1.25% 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.