UBS Equity Long-Short Multi-Strategy Fund (Prospectus Summary) | UBS Equity Long-Short Multi-Strategy Fund

UBS Equity Long-Short Multi-Strategy Fund (formerly, UBS Market Neutral Multi-Strategy Fund)

Investment objective

The Fund seeks to preserve and grow capital with low correlation to the equity
markets.

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 37 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 Equity Long-Short Multi-Strategy 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 Equity Long-Short Multi-Strategy Fund		Class A	Class C	Class Y
Management fees		1.25%	1.25%	1.25%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Dividend expense and security loan fees for securities sold short	[1]	1.50%	1.50%	1.50%
Other		1.76%	1.67%	1.50%
Total other expenses		3.26%	3.17%	3.00%
Acquired fund fees and expenses	[1]	0.01%	0.01%	0.01%
Total annual fund operating expenses	[1][2]	4.77%	5.43%	4.26%
Less management fee waiver/expense reimbursements		1.51%	1.42%	1.25%
Total annual fund operating expenses after management fee waiver/expense reimbursements	[1][2][3]	3.26%	4.01%	3.01%

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. 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 Equity Long-Short Multi-Strategy 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	861	1,780	2,704	5,031
Class C	503	1,495	2,578	5,244
Class Y	304	1,179	2,068	4,347

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 Equity Long-Short Multi-Strategy Fund Class C	403	1,495	2,578	5,244

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 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 242%
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 and/or
equity-related instruments. Equity-related instruments include securities or
other instruments that derive their value from equity securities and may include
such instruments as short sales of equity securities, swaps on equity
securities, and futures and options on equity securities. Investments by the
Fund in equity securities may include, but are not limited to, common stock
and preferred stock of issuers in developed countries (including the United
States) and emerging markets. The Fund's equity investments may include large,
intermediate and small capitalization companies. The Fund will maintain both
long positions and short positions in equity securities and securities with
equity-like characteristics. The Fund also may invest in securities convertible
into equity securities.

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, futures, forward agreements, swap agreements (specifically, total
return and currency 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, 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.

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 seeks to maximize total returns by allocating its assets among one or
more distinct equity investment strategies (each a "Fund component" and
together, the "Fund components"), which are managed by portfolio management
teams at the Advisor. Each Fund component is unique in terms of the source of
its investment insight, its geographic focus, or both. A Fund component will
purchase securities long that it believes will outperform the market, other Fund
securities or both, and sell securities short that are expected to underperform
the market, other Fund securities or both. The Fund engages in its long/short
strategies in order to generate returns with low correlations to equity markets.

The Advisor selects Fund components and allocates the Fund's assets among the
Fund components based on each Fund component's expected contribution to the risk
adjusted investment return of the Fund. Fund components are chosen by the
Advisor in part because the Fund components demonstrate a low correlation of
returns versus equity markets and among each other. The Advisor intends to allocate
assets among the Fund components with the goal of providing returns for the Fund
that are a function of the Advisor's stock-level investment insights rather than a
function of broad market movements.

In deciding the Fund's allocation to each Fund component, the Advisor utilizes
analytical tools that enable the Advisor to view the entire investment portfolio
of the Fund across all underlying components in order to best assess the
allocation of Fund assets among these components based on alpha potential and
contribution to volatility and to monitor the impact of individual stock
positions, both long and short positions, on the Fund's entire portfolio.

The Fund components utilize fundamental valuation, quantitative research or a
combination of both to construct a portfolio. The investment decisions for
certain Fund components are based on price/value discrepancies as identified by
the Advisor's fundamental valuation process. In selecting securities utilizing
the fundamental valuation process, 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 investment decisions for
other Fund components are based on investment opportunities generated by
quantitative research techniques that systematically exploit market anomalies to
provide consistent excess returns for the Fund.

The Fund's expected net equity market exposure (long market value - short market
value) will typically range from 10% to 50%; however, in response to market
conditions the Fund may adjust its net equity market exposure. The Fund's net
equity market exposure may range from -25% to +75% and at the same time will
comply with all leverage restrictions required by Section 18 of the 1940 Act and
subsequent determinations of the SEC and any other regulatory limitations. The
Fund may hold a substantial portion of its total assets in cash when the Fund
maintains a net short equity market position. By taking both long and short
positions, the Fund seeks to provide some protection in down markets when
compared to a fund that takes only long positions.

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.

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 a 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, a 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.

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. 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.

Multi-strategy risk: The risk that the Fund may allocate assets to a Fund
component that underperforms other strategy types.

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.
  
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, 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.

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.

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 the Fund's performance for the year 2011 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. On September 5, 2012 the Fund's
investment strategy changed. The performance information below, prior to that
date, is attributable to the Fund's previous investment strategy. 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 Equity Long-Short Multi-Strategy Fund Annual Total Returns of Class Y Shares (2011 is Fund's first full year of operations)

Total return January 1 - September 30, 2012: (3.12)%
Best quarter during calendar year shown-4Q 2011: (0.15)%
Worst quarter during calendar year shown-3Q 2011: (0.82)%

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

Average Annual Total Returns UBS Equity Long-Short Multi-Strategy Fund	Label	1 Year	Since Inception	Inception Date
Class A	Class A Return before taxes	(7.91%)	(6.29%)	Jun. 30, 2010
Class C	Class C Return before taxes	(4.27%)	(3.38%)	Jun. 30, 2010
Class Y	Class Y Return before taxes	(2.38%)	(2.44%)	Jun. 30, 2010
After Taxes on Distributions Class Y	Class Y Return after taxes on distributions	(2.38%)	(2.44%)	Jun. 30, 2010
After Taxes on Distributions and Sales Class Y	Class Y Return after taxes on distributions and sale of fund shares	(1.53%)	(2.07%)	Jun. 30, 2010
Citigroup Three-Month US Treasury Bill Index	Citigroup Three-Month US Treasury Bill Index	0.08%	0.10%

[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] Due to the Fund's strategy change, the Fund has restated the "Dividend expense and security loan fees for securities sold short" and "Acquired fund fees and expenses" based on the anticipated expenses for the new strategy. These "Dividend expense and security loan fees for securities sold short" and "Acquired fund fees and expenses" are based on estimates and may vary based on actual investments. The actual "Dividend expense and security loan fees for securities sold short" for the Fund's fiscal year ended June 30, 2012 were 2.50% for Class A shares, 2.55% for Class C shares and 2.58% for Class Y shares. The actual "Acquired fund fees and expenses" for the Fund's fiscal year ended June 30, 2012 were 0.04% for Class A shares, 0.04% for Class C shares and 0.04% for Class Y shares. The actual "Total annual fund operating expenses" for the Fund's fiscal year ended June 30, 2012 were 5.80% for Class A shares, 6.51% for Class C shares and 5.37% 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 4.29% for Class A shares, 5.08% for Class C shares and 4.12% 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 1.75% for Class A shares, 2.50% for Class C shares and 1.50% 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.