UBS Dynamic Alpha Fund (Prospectus Summary) | UBS Dynamic Alpha Fund

UBS Dynamic Alpha 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 Dynamic 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 Dynamic Alpha Fund		Class A	Class C	Class Y
Management fees		0.85%	0.85%	0.85%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses	[1]	0.31%	0.32%	0.25%
Acquired fund fees and expenses		0.01%	0.01%	0.01%
Total annual fund operating expenses	[1][2]	1.42%	2.18%	1.11%
Less management fee waiver/expense reimbursements		0.06%	0.07%	none
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2][3]	1.36%	2.11%	1.11%

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 Dynamic 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	681	969	1,278	2,153
Class C	314	675	1,163	2,508
Class Y	113	353	612	1,352

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 Dynamic Alpha Fund Class C	214	675	1,163	2,508

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 164%
of the average value of its portfolio.

Principal strategies

Principal investments

The Fund invests in securities and financial instruments to gain exposure to
global equity, global fixed income and cash equivalent markets, including global
currencies. The Fund may invest in equity and fixed income securities of issuers
located within and outside the United States or in open-end investment companies
advised by the Advisor, to gain exposure to certain global equity and global
fixed income markets. The Fund is a non-diversified fund.

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 and
supranationals, inflation protected securities, convertible bonds, mortgage-backed
securities, asset-backed securities, equipment trusts and other collateralized debt
securities. Investments in fixed income securities may include issuers in both
developed (including the United States) and emerging markets. The Fund's fixed
income investments may reflect a broad range of investment maturities, credit
qualities and sectors, including high yield (lower-rated or "junk bonds") securities
and convertible debt securities.

Investments in equity securities may include, but are not limited to, common
stock and preferred stock of issuers in developed nations (including the United
States) and emerging markets. Equity investments may include securities of
companies of any capitalization size.

In addition, the Fund attempts to generate positive returns and manage risk
through asset allocation and sophisticated currency management techniques. These
decisions are integrated with analysis of global market and economic conditions.

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
options (on securities, indices, or swap agreements), futures, forward
agreements, swap agreements (specifically, interest rate, total return, currency
and credit default swaps), credit-linked securities, 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, 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. Options on indices,
futures on indices, forward agreements, interest rate swaps, total return swaps,
credit default swaps and credit-linked securities may also be used to adjust the
Fund's portfolio duration. Any of the derivatives listed above may be used to
achieve a negative portfolio duration.

Under certain market conditions, the Fund may invest in companies at the time of
their initial public offering ("IPO"). To the extent permitted by the Investment
Company Act of 1940, as amended (the "1940 Act"), the Fund may borrow money from
banks to purchase investments for the Fund.

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, growth-oriented and quantitative research 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 a long candidate for inclusion in the
Fund's portfolio. A stock with a market price above its assessed fundamental
value would be considered a short candidate for inclusion in the Fund's
portfolio.

Under certain circumstances the Advisor also may utilize growth-oriented
strategies within its equity asset classes for a portion of the allocation. 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.

To make investment decisions for certain equity asset classes, the Advisor
utilizes quantitative research techniques that identify investment opportunities
by systematically exploring many small reappearing market anomalies to attempt
to provide consistent excess returns for the Fund.

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.

In employing its investment strategies for the Fund, the Advisor attempts to
achieve a total rate of return for the Fund that meets or exceeds 5% per year on
a real (i.e., inflation-adjusted) basis and net of management fees over rolling
five year time horizons. 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.

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.

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.

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.

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.

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.

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.

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.

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.

Leverage risk associated with borrowing: The Fund may borrow money from banks to
purchase investments for the Fund, which is a form of leverage. If the Fund
borrows money to purchase securities and the Fund's investments decrease in
value, the Fund's losses will be greater than if the Fund did not borrow money
for investment purposes. In addition, if the return on an investment purchased
with borrowed funds is not sufficient to cover the cost of borrowing, then the
net income of the Fund would be less than if borrowing were not used.

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 US Consumer Price Index (CPI) shows how
the Fund's performance compares to monthly data on changes in the prices paid by
urban consumers. Life of class performance for the BofA Merrill Lynch US
Treasury 1-5 Year Index, the MSCI World Free Index (net) and the US Consumer
Price Index (CPI) is as of the inception month end. 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 Dynamic Alpha Fund Annual Total Returns of Class Y Shares (2006 is the fund's first full year of operations)

Total return January 1 - September 30, 2012: 10.73%
Best quarter during calendar years shown-2Q 2009: 18.12%
Worst quarter during calendar years shown-4Q 2008: (17.08)%

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

Average Annual Total Returns UBS Dynamic Alpha Fund	Label	1 Year	5 Years	Since Inception	Inception Date
Class A	Class A Return before taxes	(7.08%)	(1.98%)	0.82%	Jan. 27, 2005
Class C	Class C Return before taxes	(3.36%)	(1.63%)	0.87%	Jan. 27, 2005
Class Y	Class Y Return before taxes	(1.28%)	(0.56%)	1.95%	Jan. 27, 2005
Class Y After Taxes on Distributions	Class Y Return after taxes on distributions	(1.28%)	(2.34%)	0.60%	Jan. 27, 2005
Class Y After Taxes on Distributions and Sales	Class Y Return after taxes on distributions and sale of fund shares	(0.83%)	(0.89%)	1.35%	Jan. 27, 2005
MSCI World Free Index (net)	MSCI World Free Index (net)	(5.54%)	(2.37%)	2.58%
BofA Merrill Lynch US Treasury 1-5 Year Index	BofA Merrill Lynch US Treasury 1-5 Year Index	3.36%	4.77%	4.20%
US Consumer Price Index (CPI)	US Consumer Price Index (CPI)	2.96%	2.26%	2.46%

[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" have been restated to eliminate the effect of short sales on expenses since the Fund does not intend to sell securities short. The actual "Other expenses" for the Fund's fiscal year ended June 30, 2012 were 0.50% for Class A shares, 0.51% for Class C shares and 0.43% for Class Y shares. The actual "Total annual fund operating expenses" for the Fund's fiscal year ended June 30, 2012 were 1.61% for Class A shares, 2.37% for Class C shares and 1.29% for Class Y shares. The actual "Total annual fund operating expenses after management fee waiver/expense reimbursements" for the Fund's fiscal year ended June 30, 2012 were 1.55% for Class A shares, 2.30% for Class C shares and 1.29% for Class Y shares.

[2] 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.

[3] 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, do not exceed 1.35% for Class A shares, 2.10% for Class C shares and 1.10% 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.