UBS U.S. Equity Alpha Fund (Prospectus Summary) | UBS U.S. Equity Alpha Fund

UBS U.S. Equity Alpha Fund

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 53 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]	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		0.71%	0.71%	0.68%
Other		1.25%	1.33%	1.17%
Total other expenses		1.96%	2.04%	1.85%
Acquired fund fees and expenses		0.01%	0.01%	0.01%
Total annual fund operating expenses	[1]	3.22%	4.05%	2.86%
Less management fee waiver/expense reimbursements		1.00%	1.08%	0.92%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2]	2.22%	2.97%	1.94%

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	763	1,399	2,059	3,813
Class C	400	1,134	1,985	4,182
Class Y	197	799	1,427	3,119

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 C	300	1,134	1,985	4,182

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, 2012: 12.11%
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, 2011)

Average Annual Total Returns UBS U.S. Equity Alpha Fund	Label	1 Year	5 Years	Since Inception	Inception Date
Class A	Class A Return before taxes	(8.30%)	(4.81%)	(3.06%)	Sep. 26, 2006
Class C	Class C Return before taxes	(4.76%)	(4.46%)	(2.76%)	Sep. 26, 2006
Class Y	Class Y Return before taxes	(2.72%)	(3.47%)	(1.78%)	Sep. 26, 2006
After Taxes on Distributions Class Y	Class Y Return after taxes on distributions	(2.79%)	(3.90%)	(2.20%)	Sep. 26, 2006
After Taxes on Distributions and Sales Class Y	Class Y Return after taxes on distributions and sale of fund shares	(1.69%)	(3.06%)	(1.64%)	Sep. 26, 2006
Russell 1000 Index	Russell 1000 Index	1.50%	(0.02%)	1.25%

[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" 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, and 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, and dividend expense and security loan fees for securities sold short), through the period ending October 28, 2013, 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. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, the UBS Global AM (Americas)'s three year recoupment rights will survive.