UBS Emerging Markets Equity Fund (Prospectus Summary) | UBS Emerging Markets Equity Fund

UBS Emerging Markets Equity Fund

Investment objective

The Fund seeks to maximize 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 20 of the Fund's
prospectus and in "Reduced sales charges, additional purchase, exchange and
redemption information and other services" on page 63 of the Fund's statement of
additional information ("SAI").

Shareholder fees (fees paid directly from your investment)

Shareholder Fees UBS Emerging Markets Equity 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 percentage 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 Emerging Markets Equity Fund		Class A	Class C	Class Y
Management fees		1.10%	1.10%	1.10%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses	[1]	0.64%	0.64%	0.64%
Total annual fund operating expenses		1.99%	2.74%	1.74%
Less management fee waiver/expense reimbursements		0.14%	0.14%	0.14%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.85%	2.60%	1.60%

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 Emerging Markets Equity Fund (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Class A	728	1,127
Class C	363	836
Class Y	163	534

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
UBS Emerging Markets Equity Fund Class C	263	836

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.

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 that are
tied economically to emerging market countries. Investments in equity securities
may include, but are not limited to, dividend-paying securities, common stock
and preferred stock. Securities tied economically to emerging market countries
include securities on which the return is derived from issuers in emerging
market countries, such as equity swap contracts and equity swap index contracts.
The Fund may invest in stocks of companies of any size. The Fund is a
non-diversified fund.

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, forward currency agreements and equity participation notes. All of
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,
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 (except for forward currency agreements); to
obtain exposure to certain markets; or to establish net short positions for
individual currencies (except for equity participation notes).

The Fund intends to invest primarily in a portfolio of equity securities of
issuers located in at least three emerging market countries, which may be
located in Asia, Europe, Latin America, Africa or the Middle East. An emerging
market country is a country defined as an emerging or developing economy by any
of the World Bank, the International Finance Corporation or the United Nations
or its authorities. Additionally, the Fund, for purposes of its investments, may
consider a country included in JP Morgan or MSCI emerging markets indices to be
an emerging market country. The countries included in this definition will
change over time.

Up to 20% of the Fund's net assets may be invested in higher-yielding,
lower-rated fixed income securities ("junk bonds"). The Fund may invest in fixed
income securities of any maturity, but generally invests in securities having an
initial maturity of more than one year. These securities are rated in the lower
rating categories of Moody's and S&P, including securities rated Ba or lower by
Moody's Investors Service, Inc. ("Moody's") and BB or lower by Standard & Poor's
Ratings Group ("S&P"). The Fund may also invest in Eurodollar securities, which
are fixed income securities of a US issuer or a foreign issuer that are issued
outside of the United States. The Fund may also invest in securities of small
capitalization companies.

Management process

The Advisor is a price to intrinsic value investor. Internally generated
research, focused on longer term value drivers at the industry, stock and
country level, is used to estimate fundamental value for stocks, upon which
investment decisions are made. The process does not have an inherent style bias
(e.g., "growth," "value," "large cap" or "small cap").

The Advisor's investment style is singularly focused on investment fundamentals.
The Advisor tries to identify and exploit periodic discrepancies between market
prices and fundamental value.

For each security under analysis, an intrinsic value is estimated based upon
detailed country, industry and company analysis, including visits to the
company, its competitors and suppliers and other independent sources of
information. This intrinsic value estimate is a function of the present value of
the estimated future cash flows. The resulting intrinsic value estimate is then
compared to the company's current market price to ascertain whether a valuation
anomaly exists. A stock with a price below the estimated intrinsic value would
be considered a candidate for inclusion in the Fund's portfolio. This comparison
between price and intrinsic value allows comparison across industries and
countries. The Advisor's investment specialists are organized along sector
lines. Through an intensive process of company visits and interactions with industry
specialists, analysts gain an understanding of both the company and the dynamics of
the company's industry. The goal is to gain a clear understanding of the medium-term
(up to five years) and long-term prospects of the company, and in particular, its
ability to generate earnings.

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.

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.

Geographic concentration risk: The risk that if the Fund has most of its
investments in a single country or region, its portfolio will be more
susceptible to factors adversely affecting issuers located in that country or
region than would a more geographically diverse portfolio of securities.

Management risk: The risk that the investment strategies, techniques and risk
analyses employed by the Advisor may not produce the desired results.

Non-diversification risk: The Fund is a non-diversified investment company,
which means that the Fund may invest more of its assets in a smaller number of
issuers than a diversified investment company. As a non-diversified fund, the
Fund's share price may be more volatile and the Fund has a greater potential to
realize losses upon the occurrence of adverse events affecting a particular
issuer.

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.

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.

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 (S&P)
or Ba (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.
  
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.

Performance

There is no performance information quoted for the Fund as the Fund had not
commenced investment operations as of the date of this prospectus.

[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] "Other expenses" are based on estimates for the current fiscal year.

[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 and extraordinary expenses) 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 and extraordinary expenses), through the period ending October 28, 2013, do not exceed 1.85% for Class A shares, 2.60% for Class C shares and 1.60% 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.