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UBS U.S. Large Cap Equity Fund (Prospectus Summary) | UBS U.S. Large Cap Equity Fund
UBS U.S. Large 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 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 U.S. Large 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 % of amount redeemed within 90 days of purchase, if applicable) 1.00% 1.00% 1.00%
[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.
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. Large Cap Equity Fund
Class A
Class C
Class Y
Management fees 0.70% 0.70% 0.70%
Distribution and/or service (12b-1) fees 0.25% 1.00% none
Other expenses [1] 0.29% 0.32% 0.27%
Total annual fund operating expenses 1.24% 2.02% 0.97%
Less management fee waiver/expense reimbursements 0.04% 0.07% 0.02%
Total annual fund operating expenses after management fee waiver/expense reimbursements [2] 1.20% 1.95% 0.95%
[1] "Other expenses" include "Acquired fund fees and expenses," which were less than 0.01% of the average net assets of the Fund.
[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 1.20% for Class A shares, 1.95% for Class C shares and 0.95% 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.
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. Large Cap Equity 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
666 918 1,190 1,964
Class C
298 627 1,082 2,342
Class Y
97 307 534 1,188
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. Large Cap Equity Fund Class C
198 627 1,082 2,342
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 65%
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
large capitalization companies. The Fund defines large capitalization companies
as those with a market capitalization of at least $3 billion. The Fund may
invest up to 20% of its net assets in the securities of US companies that have
market capitalizations within the range of the Russell 1000 Index but below $3
billion in market capitalization and/or the securities of foreign companies in
developed countries. Investments in equity securities may include, but are not
limited to, dividend-paying securities, common stock, preferred stock, shares of
investment companies, convertible securities, warrants and rights.

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.

Management process

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 Advisor 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.
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.

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.

Focused investment risk: The risk that investing in a select group of securities
could subject the Fund to greater risk of loss and could be considerably more
volatile than the Fund's primary benchmark or other mutual funds that are
diversified across a greater number of securities.

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.
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. Large Cap Equity Fund Annual Total Returns Of Class Y Shares
Bar Chart
Total return January 1 - September 30, 2012: 12.82%
Best quarter during calendar years shown-2Q 2009: 19.55%
Worst quarter during calendar years shown-4Q 2008: (26.34)%
Average annual total returns (for the periods ended December 31, 2011)
Average Annual Total Returns UBS U.S. Large Cap Equity Fund
Label
1 Year
5 Years
10 Years
Inception Date
Class A
Class A Return before taxes (8.44%) (3.93%) 2.17% Jun. 30, 1997
Class C
Class C Return before taxes [1] (4.84%) (3.56%) 2.00% Nov. 13, 2001
Class Y
Class Y Return before taxes (2.83%) (2.57%) 3.05% Feb. 22, 1994
After Taxes on Distributions Class Y
Class Y Return after taxes on distributions (2.98%) (3.06%) 2.49% Feb. 22, 1994
After Taxes on Distributions and Sales Class Y
Class Y Return after taxes on distributions and sale of fund shares (1.66%) (2.27%) 2.51% Feb. 22, 1994
Russell 1000 Index
Russell 1000 Index 1.50% (0.02%) 3.35%  
[1] Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total returns presented for the Class C shares shown above.