UBS U.S. Small Cap Equity Fund (Prospectus Summary) | UBS U.S. Small Cap Equity Fund

UBS U.S. Small Cap Equity 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 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 U.S. Small Cap 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 U.S. Small Cap Equity 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
Other expenses	[1]	0.60%	0.60%	0.60%
Total annual fund operating expenses		1.85%	2.60%	1.60%
Less management fee waiver/expense reimbursements		0.45%	0.45%	0.45%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[2]	1.40%	2.15%	1.15%

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 Equity Fund (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years
Class A	685	1,058
Class C	318	766
Class Y	117	461

Expense Example, No Redemption (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
UBS U.S. Small Cap Equity Fund Class C	218	766

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 of US
small capitalization companies. Small capitalization companies are those
companies with market capitalizations of $3 billion or less. Investments in
equity securities may include, but are not limited to, dividend-paying
securities, common stock and preferred stock. The Fund is a non-diversified
fund.

The Fund may, but is not required to, use 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 on indices, which may
be used for risk management purposes to manage or adjust the risk profile of the
Fund. 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

The Advisor looks for companies with strong and innovative management, good
financial controls, increasing market share, diversified product/service
offerings and low market-to-sales ratios relative to similar companies. In
selecting securities, the Advisor focuses on, among other things, identifying
discrepancies between a security's fundamental value and its market price. In
this context, the fundamental value of a given security is the Advisor's assessment
of what a security is worth. The Fund will select a security whose fundamental
value it estimates to be greater than its market value at any given time. For
each stock under analysis, the Advisor bases its estimates of value upon
economic, industry and company analysis, as well as upon a company's management
team, competitive advantage and core competencies. The Advisor then compares its
assessment of a security's value against the prevailing market prices with the
aim of constructing a portfolio of stocks with attractive relative price/value
characteristics.

The Fund will invest in companies within its capitalization range as described
above. However, the Fund may invest a portion of its assets in securities
outside of this range. Further, if movement in the market price causes a
security to change from one capitalization range to another, the Fund is not
required to dispose of the security.

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.

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.

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. 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.

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 1.40% for Class A 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. 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.