UBS Global Allocation Fund (Prospectus Summary) | UBS Global Allocation Fund

UBS Global Allocation Fund

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 43 of the Fund's
prospectus and in "Reduced sales charges, additional purchase, exchange and
redemption information and other services" on page 107 of the Fund's statement
of additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS Global Allocation 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]	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 Global Allocation Fund		Class A	Class C	Class Y
Management fees		0.77%	0.77%	0.77%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses		0.23%	0.25%	0.18%
Acquired fund fees and expenses		0.06%	0.06%	0.06%
Total annual fund operating expenses	[1]	1.31%	2.08%	1.01%

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. Although your actual costs may be higher or
lower, based on these assumptions, your costs would be:

Expense Example UBS Global Allocation 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	676	942	1,229	2,042
Class C	311	652	1,119	2,410
Class Y	103	322	558	1,236

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 Global Allocation Fund Class C	211	652	1,119	2,410

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 93% of
the average value of its portfolio.

Principal strategies

Principal investments

The Fund invests in equity and fixed income securities of issuers located within
and outside the United States. Under normal circumstances, the Fund allocates
its assets between fixed income securities and equity securities, including
securities of issuers in both developed (including the United States) and
emerging markets countries. 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, mortgage-backed securities and asset-backed
securities. These securities will have an initial maturity of more than one year
and may be either investment grade or high yield (lower-rated or "junk bonds")
securities. Investments in equity securities may include, but are not limited
to, common stock and preferred stock. The Fund may invest in other open-end
investment companies advised by the Advisor to gain exposure to certain asset
classes.

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
index options, futures, forward agreements, swap agreements (specifically,
interest rate, credit default and inflation 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
(except with respect to equity participation notes and equity linked notes), 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. Futures on indices,
forward agreements, interest rate swaps and credit default swaps may also be
used to adjust the Fund's portfolio duration.

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 and growth-oriented 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 for inclusion in the Fund's portfolio.

Under certain circumstances the Advisor also may utilize a growth-oriented
strategy within its equity asset classes. 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.

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.

The Fund's risk is carefully monitored with consideration given to the risk
generated by individual position, sector, country and currency views.

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.
  
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.

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 (also known as lower-rated
or "junk bonds"). 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.

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.

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.

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.

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.

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 Citigroup World Government Bond Index
shows how the Fund's performance compares to an index composed of straight
(i.e., not floating rate or index-linked) government bonds with a one-year
minimum maturity. The GSMI Mutual Fund Index shows how the Fund's performance
compares to an index compiled by the Advisor that is constructed as follows:
65% MSCI All Country World Index (net), 15% Citigroup World Government Bond ex
US Index, 15% Citigroup US Government Bond Index, 2% J.P. Morgan Emerging
Markets Bond Index Global (EMBI Global) and 3% BofA Merrill Lynch US High
Yield Cash Pay Constrained Index. 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 Global Allocation Fund Annual Total Returns of Class Y Shares

Total return January 1 - September 30, 2012: 9.61%
Best quarter during calendar years shown-2Q 2009: 23.56%
Worst quarter during calendar years shown-4Q 2008: (21.44)%

Average annual total returns (for the periods ended December 31, 2011)

Average Annual Total Returns UBS Global Allocation Fund	Label		1 Year	5 Years	10 Years	Inception Date
Class A	Class A Return before taxes		(12.77%)	(2.44%)	4.17%	Jun. 30, 1997
Class C	Class C Return before taxes	[1]	(9.17%)	(2.09%)	3.94%	Nov. 22, 2001
Class Y	Class Y Return before taxes		(7.37%)	(1.05%)	5.02%	Aug. 31, 1992
Class Y After Taxes on Distributions	Class Y Return after taxes on distributions		(8.66%)	(3.08%)	3.36%	Aug. 31, 1992
Class Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares		(4.47%)	(1.81%)	3.62%	Aug. 31, 1992
Russell 3000 Index	Russell 3000 Index		1.03%	(0.01%)	3.52%
MSCI World Free Index (net)	MSCI World Free Index (net)		(5.54%)	(2.37%)	3.62%
Citigroup World Government Bond Index	Citigroup World Government Bond Index		6.35%	7.13%	7.77%
GSMI Mutual Fund Index	GSMI Mutual Fund Index		(2.14%)	1.56%	5.62%

[1] Purchases of $1 million or more that were not subject to a front-end sales charge are subject to a 1% CDSC if sold within one year of the purchase date.

[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" will differ from those presented in the Financial highlights.

[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 annual average returns presented for the Class C shares shown above.