485BPOS 2012-06-30 0000886244 2012-10-29 UBS FUNDS false 2012-10-29 2012-10-29 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />For the period April 25, 2012 through June 30, 2012, the Fund's portfolio<br />turnover rate was 17% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000036835Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide risk-managed income as its primary objective over the<br />long term.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> <tt>Principal investments<br /> <br />Under normal circumstances, the Fund seeks to provide risk-managed income on a<br />monthly basis by employing an asset allocation strategy that is designed to<br />accommodate the Fund's targeted annual payout percentage. The Fund will allocate<br />its assets by investing in a combination of equities, nominal and<br />inflation-linked fixed income securities, third party exchange-traded funds<br />("ETFs"), real estate investment trusts ("REITs"), exchange-listed options, and<br />other exchange-traded and over-the-counter ("OTC") derivative securities.<br /> <br />The Fund may obtain exposure to fixed income investments by investing in<br />securities directly or by purchasing third-party ETFs that invest in fixed<br />income securities. The Fund's fixed income investments may include debt<br />securities of governments throughout the world (including the United States),<br />their agencies and instrumentalities, debt securities of corporations (including<br />inflation-linked notes and catastrophe bonds), floating rate notes, <br />mortgage-backed securities and asset-backed securities. Catastrophe bonds are <br />types of insurance-linked or event-linked securities that pay off on the occurrence <br />of specific events, usually natural disasters. The third-party ETFs in which the <br />Fund invests could have exposure to senior bank loans. These securities may be <br />either investment grade or high yield (lower-rated or "junk bonds") securities. <br />The Fund may invest without limitation in investment grade debt securities, <br />including corporate debt securities and inflation-linked securities, and may <br />invest up to 50% of its total assets in lower-rated bonds of corporations and <br />up to 20% of its total assets in a combination of other lower-rated bonds, <br />including lower-rated municipal bonds and lower-rated non-US government bonds <br />(including those of emerging markets countries). The Fund may invest in fixed <br />income investments of any maturity.<br /> <br />The Fund may obtain exposure to equity investments by investing in securities<br />directly or by purchasing third-party ETFs that invest in equity securities. The<br />Fund may invest up to 50% of its total assets either directly or through<br />investment in ETFs in the common stock and preferred stock of companies in<br />developed countries (including the United States). In addition, the Fund may<br />invest up to 25% of its total assets in real estate securities of US and non-US<br />issuers. Real estate securities may include interests in REITs that own<br />properties or make construction or mortgage loans, securities of companies with<br />substantial real estate holdings and other companies whose products and services<br />are related to the real estate industry, such as building supply manufacturers,<br />mortgage lenders, or mortgage service companies. The Fund's equity investments<br />may include companies and REITs of any market capitalization, including small<br />capitalization (below $3 billion). Within these limitations, the Fund may invest<br />up to 15% of its assets in infrastructure securities and up to 20% of its assets<br />in equity securities of emerging markets issuers.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The Fund may invest in structured notes in order to<br />generate income for the Fund. The Fund also may write covered call options on<br />ETFs to generate cash flow for the purpose of meeting the Fund's target payment<br />goal, as well as for hedging purposes. Other derivatives in which the Fund may<br />invest include index options, futures, forward agreements and swap agreements<br />(specifically, interest rate, currency and total return swaps). All of these<br />derivatives may be used for risk management purposes, such as hedging against a<br />specific security or currency, or to manage or adjust the risk profile of the<br />Fund. In addition, all of the derivative instruments listed above may be used<br />for investment (non-hedging) purposes to earn income; to enhance returns; to <br />replace more traditional direct investments; to obtain exposure to certain <br />markets; or to establish net short positions for individual markets, currencies <br />or securities. Futures on indices, forward agreements and interest rate swaps <br />may also be used to adjust the Fund's portfolio duration.<br /> <br />Management process<br /> <br />The Fund seeks to provide diversification across a variety of income producing<br />asset classes in a multi-asset framework. The Fund's asset allocation strategy<br />is designed to accommodate the Fund's targeted annual payout while taking into<br />account the Fund's desired level of capital appreciation. Risk diversification<br />and dynamic distribution between the various asset classes have the objective of<br />creating a more stable capital and income base through various market cycles and<br />interest rate environments. The allocation of investments across asset classes<br />will vary over time and will be driven by:<br /> <br />&#x2022; Valuation based on the Advisor's 30 year fundamental value philosophy;<br /> <br />&#x2022; Economic factors including the current and projected interest rate environment<br />and credit conditions; and<br /> <br />&#x2022; A focus on diversification and risk-management to meet the Fund's payout<br />objective while managing volatility.<br /> <br />Under normal or neutral market conditions, the Advisor will allocate<br />approximately 65% of the Fund's total assets to fixed income investments, 20% of<br />the Fund's assets to equity investments of companies in developed (including the<br />United States) or emerging markets countries and 15% of the Fund's assets to US<br />and non-US real estate securities (including REITs). The Fund's asset allocation<br />targets are not fixed which gives the Advisor the flexibility to meet the Fund's<br />investment goal based on market conditions. If warranted by market conditions,<br />the Advisor may invest 100% of the Fund's assets in fixed income investments. In<br />addition, the Fund's allocations to US and non-US equity and real estate<br />securities may be greater or lesser than the allocations described above based<br />on the Advisor's assessment of the markets.<br /> <br />The Fund's investment strategy is designed to attempt to achieve a targeted<br />annual payout to investors of 3%-6% based on the current low interest rate<br />environment. By investing in a diversified set of income generating asset<br />classes the Fund seeks to accommodate the Fund's targeted annual payout<br />percentage while managing both capital volatility and yield volatility. Such<br />payout may be comprised of both ordinary income and capital gains. Neither the<br />Fund nor the Advisor represents or guarantees that the Fund will meet this<br />annual payout goal. The Fund intends to make monthly income distribution to<br />shareholders. The amount of monthly distributions may vary from month to month<br />and there is no guarantee that the Fund will be able to make such payments each<br />month.</tt> UBS Multi-Asset Income 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 $100,000 in the Fund. Example "Other expenses" and "Acquired fund fees and expenses" are based on annualized amounts for the Fund's fiscal year ended June 30, 2012. There is no performance information quoted for the Fund as the Fund had not completed a full calendar year of operations as of the date of this prospectus. Investment objective You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.17 Performance 100000 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Asset allocation risk: The risk that the Fund may allocate assets to an asset<br />category that performs poorly relative to other asset categories.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB<br />(Standard &amp; Poor's Ratings Group ("S&amp;P")) or Ba (Moody's Investors Service, Inc.<br />("Moody's")) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /><br />Distribution of income risk: The Fund's monthly income payments will be made<br />from the Fund's interest income, dividends, and currency allocations and will<br />reduce the amount of assets available for investment by the Fund. The Fund's<br />investment losses may reduce the amount of future distributions an investor will<br />receive from the Fund thereby reducing the distribution yield. The dollar amount<br />of the Fund's monthly income payments could vary substantially from one year to<br />the next and over time depending on several factors, including the performance<br />of the financial markets in which the Fund invests, the allocation of Fund<br />assets across different asset classes and investments, the performance of the<br />Fund's underlying strategies, and the amount and timing of prior distributions<br />by the Fund. It is also possible for payments to go down substantially or<br />significantly fluctuate from one year to the next, month over month, and over<br />time depending on the timing of an investor's investments in the Fund. Any<br />redemptions will proportionately reduce the amount of future cash income<br />payments to be received from the Fund. There is no guarantee that the Fund will<br />make monthly income payments to its shareholders or, if made, that the Fund's<br />monthly income payments to shareholders will remain at a fixed amount.<br /> <br />Investing in ETFs risks: The Fund's investment in ETFs may subject the Fund to<br />additional risks than if the Fund would have invested directly in the ETF's<br />underlying securities. These risks include the possibility that an ETF may<br />experience a lack of liquidity that can result in greater volatility than its<br />underlying securities; an ETF may trade at a premium or discount to its net<br />asset value; or an ETF may not replicate exactly the performance of the<br />benchmark index it seeks to track. In addition, investing in an ETF may also be<br />more costly than if a Fund had owned the underlying securities directly. The<br />Fund, and indirectly, shareholders of the Fund, bear a proportionate share of<br />the ETF's expenses, which include management and advisory fees and other<br />expenses. In addition, the Fund will pay brokerage commissions in connection<br />with the purchase and sale of shares of ETFs.<br /> <br />Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including the risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government-sponsored entity, although chartered or sponsored<br />by an Act of Congress, may issue securities that are neither insured nor<br />guaranteed by the US Treasury and are therefore riskier than those that are.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US dollar. <br />Investments in foreign government bonds involve special risks because the Fund may <br />have limited legal recourse in the event of default. Also, foreign securities are<br />sometimes less liquid and more difficult to sell and to value than securities of<br />US issuers. These risks are greater for investments in emerging market issuers.<br />In addition, investments in emerging market issuers may decline in value because<br />of unfavorable foreign government actions, greater risks of political<br />instability or the absence of accurate information about emerging market<br />issuers.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Real estate securities and REITs: The risk that the Fund's performance will be<br />affected by adverse developments in the real estate industry. Real estate values<br />may be affected by a variety of factors, including: local, national or global<br />economic conditions; changes in zoning or other property-related laws;<br />environmental regulations; interest rates; tax and insurance considerations;<br />overbuilding; property taxes and operating expenses; or declining values in a<br />neighborhood. Similarly, a REIT's performance depends on the types, values,<br />locations and management of the properties it owns. In addition, a REIT may be<br />more susceptible to adverse developments affecting a single project or market<br />segment than a more diversified investment. Loss of status as a qualified REIT<br />under the US federal tax laws could adversely affect the value of a particular<br />REIT or the market for REITs as a whole.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks <br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses Principal strategies <tt>There is no performance information quoted for the Fund as the Fund had not<br />completed a full calendar year of operations as of the date of this prospectus.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $100,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 43 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000036835Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000036835Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000036835Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MAIYX 0.0000 105 754 -0.0203 -0.0100 0.0214 0.0059 2013-10-28 0.0000 0.0103 0.0306 0.0033 0.0000 MAIDX 0.0000 281 206 1066 -0.0211 -0.0100 0.0222 0.0059 2013-10-28 1066 0.0100 0.0203 0.0414 0.0033 0.0075 MAIAX 0.0450 575 1239 -0.0202 -0.0100 0.0213 0.0059 2013-10-28 0.0025 0.0128 0.0330 0.0033 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 63%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000030411Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000030411Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The Fund seeks to achieve its investment objective by investing its assets<br />across a wide range of fixed income securities, currencies and other investments<br />to generate total returns under a variety of market conditions and economic<br />cycles. The Fund may invest in fixed income securities of US and non-US issuers<br />located in developed and emerging market countries.<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in fixed income securities<br />and/or investments that provide exposure to fixed income securities. Investments<br />in fixed income securities may include, but are not limited to, securities of<br />governments throughout the world (including the United States), their agencies<br />and instrumentalities, cash equivalents, debt securities of supranationals and<br />corporations including trust-preferred securities, convertible securities,<br />mortgage-backed securities, asset-backed securities, inflation-linked<br />securities, equipment trusts and other securitized or collateralized debt<br />securities. The Fund's investments in fixed income securities may have all types<br />of interest rate payment and reset terms, including fixed rate, adjustable rate,<br />zero coupon, pay-in-kind and auction rate features. In addition, the fixed income <br />securities purchased by the Fund may be denominated in any currency, have coupons <br />payable in any currency and may be of any maturity or duration. The Fund may invest <br />in fixed income securities of any credit quality, including non-investment grade<br />securities (often referred to as high yield securities or "junk bonds").<br /> <br />The Fund expects to use exchange traded and/or over-the-counter derivative<br />instruments extensively in employing its long/short, globally-oriented fixed<br />income and currency strategy. Generally, derivatives are financial contracts<br />whose value depends upon, or is derived from, the value of an underlying asset,<br />reference rate, or index, and may relate to stocks, bonds, interest rates,<br />currencies or currency exchange rates, and related indexes. The derivatives in<br />which the Fund may invest include, but are not limited to, options (including,<br />but not limited to, options on futures, forwards and swap agreements), futures,<br />forward agreements, swap agreements (including, but not limited to, interest<br />rate, total return, currency, credit default and inflation swaps), credit-linked<br />securities, caps, floors, collars, structured notes and other derivative<br />instruments. The Fund may invest in derivatives to the extent permitted by the<br />Investment Company Act of 1940, as amended (the "1940 Act").<br /> <br />The Fund may use derivatives for hedging or non-hedging purposes. The Fund<br />intends to use derivatives to earn income and enhance returns, to manage or<br />adjust the risk profile of the Fund, to replace more traditional direct<br />investments, or to obtain exposure to certain markets. The Fund also may use<br />derivatives to establish net short positions for individual markets, currencies<br />and securities or to adjust the Fund's portfolio duration.<br /> <br />In addition, the Fund may establish short positions in fixed income securities<br />through the use of any of the derivative instruments listed above to achieve a<br />negative portfolio duration in an effort to take advantage of periods of rising<br />interest rates and provide the potential for appreciation. The Advisor expects<br />that the duration of the Fund's portfolio will be between approximately +5 years<br />and -5 years depending on the level and expected future direction of interest<br />rates. Duration measures a fixed income security's price sensitivity to interest<br />rates by indicating the approximate change in a fixed income security's price if<br />interest rates move up or down in 1% increments. For example, when the level of<br />interest rates increases by 1%, the price of a fixed income security or a<br />portfolio of fixed income securities having a positive duration of five years<br />generally will decrease by approximately 5% and the price of a fixed income<br />security or a portfolio of fixed income securities having a negative duration of<br />five years generally will increase by approximately 5%. Conversely when the<br />level of interest rates decreases by 1%, the price of a fixed income security or <br />a portfolio of fixed income securities having a positive duration of five years<br />generally will increase by approximately 5% and the price of a fixed income <br />security or a portfolio of fixed income securities having a negative duration of <br />five years generally will decrease by approximately 5%.<br /> <br />Management process<br /> <br />In employing its investment strategies for the Fund, the Advisor attempts to<br />generate total returns by managing the risks and market exposures of the Fund's<br />portfolio. The Fund utilizes a long/short, global fixed income and currency<br />strategy that emphasizes relative value investing. The Fund pursues a<br />diversified investment strategy and the Advisor has substantial latitude to<br />invest across broad fixed income and currency markets. At times, the<br />unconstrained investment approach may lead the Advisor to have sizable<br />allocations to particular markets, sectors and industries.<br /> <br />The Advisor implements the long/short strategy across multiple dimensions to<br />gain specific exposure to investments that it believes offer an attractive<br />risk-reward opportunity. Typically, the Advisor seeks to exploit opportunities,<br />both long and short, where the market valuation of a particular security differs<br />from the Advisor's valuation for the same security.<br /> <br />The Advisor actively manages the Fund's currency exposure and attempts to<br />generate total returns and manage risk by identifying relative valuation<br />discrepancies among global currencies as well as implementing hedging strategies<br />to limit unwanted currency risks. These decisions are integrated within the<br />macroeconomic framework analysis of global market and economic conditions.<br /> <br />In employing its investment strategies for the Fund, the Advisor attempts to<br />achieve a total rate of return for the Fund which exceeds the rate of return on<br />3 Month LIBOR (a short-term interest rate that banks charge one another and that<br />is generally representative of short-term interest rates) by 3% for Class A<br />shares, 2.5% for Class C shares, and 3.25% for Class Y shares, each net of fund<br />ordinary operating expenses over rolling five year time horizons. The Advisor<br />does not represent or guarantee that the Fund will meet this total return goal.<br /> <br />The Fund is not a money market, stable net asset value, cash alternative, or a<br />traditional long only fixed income fund. The Fund seeks to maximize total<br />return, consisting of capital appreciation and current income by investing in<br />global fixed income and currency markets. At times, the Fund may have exposures<br />to higher risk strategies within the fixed income and currency markets, and it<br />may take both long and short positions utilizing various instruments including<br />the extensive use of derivatives. Furthermore, given the Fund's less constrained<br />investment approach, it may maintain overall net short positions in any<br />particular market. While the Advisor will seek to manage the Fund's volatility<br />and overall risk exposure in a prudent manner, it is quite possible that the<br />Fund may exhibit negative returns in any particular month, quarter or a year.</tt> UBS Fixed Income Opportunities 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. Example The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.63 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. UBS Fixed Income Opportunities Fund Annual Total Returns of Class Y Shares (2011 is the Fund's first full year of operations) Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 6.22%<br />Best quarter during calendar year shown-1Q 2011: 0.88%<br />Worst quarter during calendar year shown-2Q 2011: (2.20)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. When the Fund has a negative<br />portfolio duration, a decline in interest rates may negatively impact the Fund's<br />value. Changes in interest rates will likely affect the value of longer-duration<br />fixed income securities more than shorter-duration securities and higher quality<br />securities more than lower quality securities. When interest rates are falling,<br />some fixed income securities provide that the issuer may repay them earlier than<br />the maturity date, and if this occurs the Fund may have to reinvest these<br />repayments at lower interest rates.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br />&#xA0;&#xA0;<br />Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including the risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government sponsored entity, although chartered or sponsored<br />by an Act of Congress, may issue securities that are neither insured nor<br />guaranteed by the US Treasury and are therefore riskier than those that are.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB<br />(Standard &amp; Poor's Ratings Group ("S&amp;P")) or Ba (Moody's Investors Service, Inc.<br />("Moody's")) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the Fund may have to accept a lower price or may not<br />be able to sell the security at all. An inability to sell securities can<br />adversely affect the Fund's value or prevent the Fund from taking advantage of<br />other investment opportunities.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Investing in other funds risks: The Fund's investment performance is affected by<br />the investment performance of the underlying funds in which the Fund may invest.<br />Through its investment in the underlying funds, the Fund is subject to the risks<br />of the underlying funds' investments and subject to the underlying funds'<br />expenses.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing the Fund's performance for the year 2011 and by showing how the Fund's<br />average annual total returns compare with those of a broad measure of market<br />performance. Index reflects no deduction for fees, expenses or taxes. The Fund's<br />past performance (before and after taxes) is not necessarily an indication of<br />how the Fund will perform in the future. Updated performance for the Fund is<br />available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 34 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000030411Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000030411Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000030411Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000030411Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index 0.0027 0.0027 Class Y Return after taxes on distributions and sale of fund shares -0.0062 -0.0001 2010-11-29 Class Y Return after taxes on distributions -0.0290 -0.0065 2010-11-29 FNOYX Worst quarter during calendar year shown-2Q 2011: Best quarter during calendar year shown-1Q 2011: 0.0000 2012-09-30 Class Y Return before taxes 81 2011-03-31 347 -0.0220 -0.0044 1450 -0.0100 633 0.0088 -0.0153 0.0049 0.0065 2013-10-28 2001-06-30 Total return January 1 - September 30, 2012: -0.0153 0.0000 0.0079 0.0123 0.0071 2010-11-29 0.0622 0.0009 0.0000 FNOCX 0.0000 Class C Return before taxes 232 157 587 -0.0048 2310 -0.0100 1044 -0.0291 0.0053 0.0065 2013-10-28 2310 587 1044 0.0075 0.0154 0.0202 -0.0014 2010-11-29 0.0009 0.0075 FNOAX 0.0450 Class A Return before taxes 551 862 -0.0047 2132 -0.0100 1194 -0.0617 0.0052 0.0065 2013-10-28 0.0025 0.0104 0.0151 -0.0376 2010-11-29 0.0009 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 242%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000029392Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000029392Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to preserve and grow capital with low correlation to the equity<br />markets.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity and/or<br />equity-related instruments. Equity-related instruments include securities or<br />other instruments that derive their value from equity securities and may include<br />such instruments as short sales of equity securities, swaps on equity<br />securities, and futures and options on equity securities. Investments by the <br />Fund in equity securities may include, but are not limited to, common stock <br />and preferred stock of issuers in developed countries (including the United <br />States) and emerging markets. The Fund's equity investments may include large, <br />intermediate and small capitalization companies. The Fund will maintain both <br />long positions and short positions in equity securities and securities with <br />equity-like characteristics. The Fund also may invest in securities convertible <br />into equity securities.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />options, futures, forward agreements, swap agreements (specifically, total<br />return and currency swaps), equity participation notes and equity linked notes.<br />All of these derivatives may be used for risk management purposes, such as<br />hedging against a specific security or currency, or to manage or adjust the risk<br />profile of the Fund. In addition, all of the derivative instruments listed above<br />may be used for investment (non-hedging) purposes to earn income; to enhance<br />returns; to replace more traditional direct investments; to obtain exposure to<br />certain markets; or to establish net short positions for individual markets,<br />currencies or securities.<br /> <br />Under certain market conditions, the Fund may invest in companies at the time of<br />their initial public offering ("IPO"). To the extent permitted by the Investment<br />Company Act of 1940, as amended (the "1940 Act"), the Fund may borrow money <br />from banks to purchase investments for the Fund.<br /> <br />Management process<br /> <br />The Fund seeks to maximize total returns by allocating its assets among one or<br />more distinct equity investment strategies (each a "Fund component" and<br />together, the "Fund components"), which are managed by portfolio management<br />teams at the Advisor. Each Fund component is unique in terms of the source of<br />its investment insight, its geographic focus, or both. A Fund component will<br />purchase securities long that it believes will outperform the market, other Fund<br />securities or both, and sell securities short that are expected to underperform<br />the market, other Fund securities or both. The Fund engages in its long/short<br />strategies in order to generate returns with low correlations to equity markets.<br /> <br />The Advisor selects Fund components and allocates the Fund's assets among the<br />Fund components based on each Fund component's expected contribution to the risk<br />adjusted investment return of the Fund. Fund components are chosen by the<br />Advisor in part because the Fund components demonstrate a low correlation of<br />returns versus equity markets and among each other. The Advisor intends to allocate <br />assets among the Fund components with the goal of providing returns for the Fund <br />that are a function of the Advisor's stock-level investment insights rather than a <br />function of broad market movements.<br /> <br />In deciding the Fund's allocation to each Fund component, the Advisor utilizes<br />analytical tools that enable the Advisor to view the entire investment portfolio<br />of the Fund across all underlying components in order to best assess the<br />allocation of Fund assets among these components based on alpha potential and<br />contribution to volatility and to monitor the impact of individual stock<br />positions, both long and short positions, on the Fund's entire portfolio.<br /> <br />The Fund components utilize fundamental valuation, quantitative research or a<br />combination of both to construct a portfolio. The investment decisions for<br />certain Fund components are based on price/value discrepancies as identified by<br />the Advisor's fundamental valuation process. In selecting securities utilizing<br />the fundamental valuation process, the Advisor bases its estimates of value upon<br />economic, industry and company analysis, as well as upon a company's management<br />team, competitive advantage and core competencies. The investment decisions for<br />other Fund components are based on investment opportunities generated by<br />quantitative research techniques that systematically exploit market anomalies to<br />provide consistent excess returns for the Fund.<br /> <br />The Fund's expected net equity market exposure (long market value - short market<br />value) will typically range from 10% to 50%; however, in response to market<br />conditions the Fund may adjust its net equity market exposure. The Fund's net<br />equity market exposure may range from -25% to +75% and at the same time will<br />comply with all leverage restrictions required by Section 18 of the 1940 Act and<br />subsequent determinations of the SEC and any other regulatory limitations. The<br />Fund may hold a substantial portion of its total assets in cash when the Fund<br />maintains a net short equity market position. By taking both long and short<br />positions, the Fund seeks to provide some protection in down markets when<br />compared to a fund that takes only long positions.</tt> UBS Equity Long-Short Multi-Strategy Fund (formerly, UBS Market Neutral Multi-Strategy 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 2.42 In addition, the after-tax returns shown are not relevant to investors who old Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. UBS Equity Long-Short Multi-Strategy Fund Annual Total Returns of Class Y Shares (2011 is Fund's first full year of operations) Performance 50000 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. <tt>Total return January 1 - September 30, 2012: (3.12)%<br />Best quarter during calendar year shown-4Q 2011: (0.15)%<br />Worst quarter during calendar year shown-3Q 2011: (0.82)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Short sales risk: There are certain unique risks associated with the use of<br />short sales strategies. When selling a security short, the Advisor will sell a<br />security it does not own at the then-current market price and then borrow the<br />security to deliver to the buyer. The Fund is then obligated to buy the security<br />on a later date so it can return the security to the lender. Short sales<br />therefore involve the risk that the Fund will incur a loss by subsequently<br />buying a security at a higher price than the price at which the Fund previously<br />sold the security short. This would occur if the securities lender required the<br />Fund to deliver the securities the Fund had borrowed at the commencement of the<br />short sale and the Fund was unable to either purchase the security at a<br />favorable price or to borrow the security from another securities lender. If<br />this occurs at a time when other short sellers of the security also want to<br />close out their positions, a "short squeeze" can occur. A short squeeze occurs<br />when demand is greater than supply for the security sold short. Moreover,<br />because a Fund's loss on a short sale arises from increases in the value of the<br />security sold short, such loss, like the price of the security sold short, is<br />theoretically unlimited. By contrast, a Fund's loss on a long position arises<br />from decreases in the value of the security and therefore is limited by the fact<br />that a security's value cannot drop below zero. It is possible that the Fund's<br />securities held long will decline in value at the same time that the value of<br />the securities sold short increases, thereby increasing the potential for loss.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Also, foreign securities are sometimes less liquid and more difficult to<br />sell and to value than securities of US issuers. These risks are greater for<br />investments in emerging market issuers. In addition, investments in emerging<br />market issuers may decline in value because of unfavorable foreign government<br />actions, greater risks of political instability or the absence of accurate<br />information about emerging market issuers.<br /> <br />Multi-strategy risk: The risk that the Fund may allocate assets to a Fund<br />component that underperforms other strategy types.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole.<br />&#xA0;&#xA0;<br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. In addition, many types of swaps and<br />other non-exchange traded derivatives may be subject to liquidity risk, credit<br />risk and mispricing or valuation complexity. These derivatives risks are<br />different from, and may be greater than, the risks associated with investing<br />directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Leverage risk associated with borrowing: The Fund may borrow money from banks to<br />purchase investments for the Fund, which is a form of leverage. If the Fund<br />borrows money to purchase securities and the Fund's investments decrease in<br />value, the Fund's losses will be greater than if the Fund did not borrow money<br />for investment purposes. In addition, if the return on an investment purchased<br />with borrowed funds is not sufficient to cover the cost of borrowing, then the<br />net income of the Fund would be less than if borrowing were not used.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the<br />risks associated with issuers that have no operating history as public<br />companies, as well as to the risks associated with the sectors of the market in<br />which the issuer operates. The market for IPO shares may be volatile, and share<br />prices of newly-public companies may fluctuate significantly over a short period<br />of time.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing the Fund's performance for the year 2011 and by showing how the Fund's<br />average annual total returns compare with those of a broad measure of market<br />performance. Index reflects no deduction for fees, expenses or taxes. The Fund's<br />past performance (before and after taxes) is not necessarily an indication of<br />how the Fund will perform in the future. On September 5, 2012 the Fund's<br />investment strategy changed. The performance information below, prior to that<br />date, is attributable to the Fund's previous investment strategy. Updated<br />performance for the Fund is available at<br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 37 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000029392Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000029392Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000029392Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000029392Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Citigroup Three-Month US Treasury Bill Index 0.0008 0.0010 Class Y Return after taxes on distributions and sale of fund shares -0.0153 -0.0207 2010-06-30 Class Y Return after taxes on distributions -0.0238 -0.0244 2010-06-30 BMNYX Worst quarter during calendar year shown-3Q 2011: Best quarter during calendar year shown-4Q 2011: 0.0000 2012-09-30 Class Y Return before taxes 0.0150 304 2011-12-31 1179 -0.0082 -0.0125 4347 -0.0100 2068 -0.0015 -0.0238 0.0300 0.0125 2013-10-28 2001-09-30 Total return January 1 - September 30, 2012: 0.0150 -0.0238 0.0000 0.0301 0.0426 -0.0244 2010-06-30 -0.0312 0.0001 0.0000 BMNCX 0.0000 Class C Return before taxes 0.0150 503 403 1495 -0.0142 5244 -0.0100 2578 -0.0427 0.0317 0.0125 2013-10-28 5244 1495 2578 0.0167 0.0100 0.0401 0.0543 -0.0338 2010-06-30 0.0001 0.0100 BMNAX 0.0550 Class A Return before taxes 0.0150 861 1780 -0.0151 5031 -0.0100 2704 -0.0791 0.0326 0.0125 2013-10-28 0.0176 0.0025 0.0326 0.0477 -0.0629 2010-06-30 0.0001 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 109%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000017860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000017860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to obtain superior long-term returns on capital.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> 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. <tt>Principal investments<br /> <br />In order to achieve the Fund's investment objective, the Advisor employs an<br />enhancement to its global securities (allocation) strategy ("Global Securities<br />(Allocation) Strategy"). The Advisor's Global Securities (Allocation) Strategy<br />seeks to provide exposure to the major asset classes of the global markets and<br />is currently utilized by other funds and products managed by the Advisor,<br />including the UBS Global Allocation Fund, a series of the Trust, and the UBS<br />Global Securities Relationship Fund, a series of UBS Relationship Funds (the<br />"GSR Fund"). The Advisor enhances its Global Securities (Allocation) Strategy<br />with respect to the Fund by increasing the Fund's exposure to the global markets<br />through the use of leverage to achieve higher returns than the Global Securities<br />(Allocation) Strategy typically with equity-like risk. However, when warranted<br />by market conditions, the Advisor attempts to limit the Fund's equity risk<br />through active asset allocation.<br /> <br />The Fund principally invests directly or indirectly in equity and fixed income<br />securities and other financial instruments to gain exposure to issuers located<br />within and outside the United States. In connection with its Global Securities <br />(Allocation) Strategy, under normal circumstances, the Advisor allocates the <br />exposure of the Fund's assets between fixed income securities and equity <br />securities, including securities of issuers in both developed (including the <br />United States) and emerging markets countries. The Fund may invest directly<br />in such securities and financial instruments and/or indirectly in such<br />investments by investing in shares of open-end investment companies ("Underlying<br />Funds"), including open-end investment companies advised by the Advisor. In<br />addition, the Fund increases its exposure to the global markets through the use<br />of leverage. Leverage by the Fund generally is achieved by entering into total<br />return swap agreements with respect to the return of the GSR Fund.<br />Alternatively, the Fund may achieve leverage by engaging in futures contracts<br />with respect to securities or indices.<br /> <br />Investments by the Fund or an Underlying Fund in fixed income securities may<br />include, but are not limited to, debt securities of governments throughout the<br />world (including the United States), their agencies and instrumentalities, debt<br />securities of corporations, mortgage-backed securities and asset-backed<br />securities. These securities will have an initial maturity of more than one year<br />and may be either investment grade or high yield (lower-rated or "junk bonds")<br />securities. Investments by the Fund or an Underlying Fund in equity securities<br />may include, but are not limited to, common stock and preferred stock. The Fund<br />may invest in equity securities of issuers in any capitalization range based on<br />market conditions and in accordance with its investment objective.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures, forward agreements, swap agreements (specifically, total return and<br />inflation swaps), equity participation notes and equity linked notes. All of<br />these derivatives may be used for risk management purposes, such as hedging<br />against a specific security or currency (except with respect to equity<br />participation notes and equity linked notes), or to manage or adjust the risk<br />profile of the Fund. In addition, all of the derivative instruments listed above<br />may be used for investment (non-hedging) purposes to earn income; to enhance<br />returns; to replace more traditional direct investments; to obtain exposure to<br />certain markets; or to establish net short positions for individual markets,<br />currencies or securities. Futures on indices and forward agreements may also be<br />used to adjust the Fund's portfolio duration.<br /> <br />In particular, the Fund may seek to increase its exposure to the global markets<br />through the use of leverage by investing in total return swap agreements with<br />respect to the return of the GSR Fund. As an alternative to investing in total <br />return swap agreements based on the return of the GSR Fund, the Fund may also <br />leverage by borrowing from banks to the extent permitted by the Investment Company <br />Act of 1940, as amended (the "1940 Act"), to invest additional assets in the global<br />markets by investing the borrowed assets in the GSR Fund. The use of leverage by<br />the Fund through total return swaps, futures contracts or borrowing is permitted<br />to range between 0% to 50% of the Fund's total assets (including amounts<br />borrowed), but typically ranges between 25% to 40% of the Fund's total assets<br />(including amounts borrowed).<br /> <br />Management process<br /> <br />The Fund is a multi-asset fund managed in accordance with the Advisor's Global<br />Securities (Allocation) Strategy. Asset allocation decisions are tactical, based<br />upon the Advisor's assessment of valuations and prevailing market conditions in<br />the United States and abroad. In determining the asset allocation of the Fund,<br />the Advisor may utilize fundamental valuation and market behavior indicators to<br />construct the Fund's portfolio.<br /> <br />With respect to the Advisor's selection of specific equity securities for<br />inclusion in the Fund's or an Underlying Fund's equity asset classes, the<br />Advisor may utilize fundamental valuation and growth-oriented strategies.<br /> <br />In selecting equity securities for the Fund or an Underlying Fund using the<br />fundamental valuation process, the Advisor selects securities whose fundamental<br />values (the Advisor's assessment of what a security is worth) it believes are<br />greater than what is reflected in market prices. A stock with a market price<br />below its assessed fundamental value would be considered for inclusion in the<br />Fund's or an Underlying Fund's portfolio.<br /> <br />Under certain circumstances the Advisor also may utilize a growth-oriented<br />strategy within its equity asset classes. In selecting growth equities, the<br />Advisor seeks to invest in companies that possess a dominant market position and<br />franchise, a major technological edge or a unique competitive advantage.<br /> <br />The Advisor's fixed income strategy combines judgments about the absolute value<br />of the fixed income universe and the relative value of issuer sectors, maturity<br />intervals, security durations, credit qualities and coupon segments, as well as<br />specific circumstances facing the issuers of fixed income securities.<br /> <br />The Fund's and the Underlying Funds' risks are carefully monitored with<br />consideration given to the risk generated by individual position, sector,<br />country and currency views.<br /> <br />The Advisor enhances its Global Securities (Allocation) Strategy with respect to<br />the Fund by increasing the Fund's exposure to the global markets through the use<br />of leverage. The Advisor's employment of leverage mechanisms with respect to the<br />Fund's portfolio is based on the belief that, in conventional portfolio<br />management, increasing a portfolio's long-term expected return entails adding<br />riskier equity-like assets and reducing the allocation to lower-risk fixed<br />income investments. The Advisor seeks to step beyond this framework to provide<br />higher risk-adjusted returns than the Global Securities (Allocation) Strategy by<br />employing leverage through investing in total return swaps based on the return<br />of the GSR Fund, engaging in futures contracts with respect to securities or<br />indices, or borrowing from banks to the extent permitted by the 1940 Act to<br />purchase additional shares of the GSR Fund to increase the Fund's risk and<br />return in an efficient manner.</tt> UBS Global Frontier 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 1.09 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. UBS Global Frontier Fund Annual Total Returns of Class Y Shares (2008 is the Fund's first full year of operations) Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 12.67%<br />Best quarter during calendar years shown-2Q 2009: 33.02%<br />Worst quarter during calendar years shown-4Q 2008: (29.77)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Investing in other funds risks: The Fund's investment performance is affected by<br />the investment performance of the Underlying Funds in which the Fund may invest.<br />Through its investment in the Underlying Funds, the Fund is subject to the risks<br />of the Underlying Funds' investments and subject to the Underlying Funds'<br />expenses.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at <br />lower interest rates.<br /> <br />Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government-sponsored entity, although chartered or sponsored <br />by an Act of Congress, may issue securities that are neither insured nor <br />guaranteed by the US Treasury and are therefore riskier than those that are.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB<br />(Standard &amp; Poor's Ratings Group ("S&amp;P")) or Ba (Moody's Investors Service, Inc.<br />("Moody's")) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Asset allocation risk: The risk that the Fund may allocate assets to an asset<br />category that performs poorly relative to other asset categories.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Leverage risk associated with borrowing: The Fund may borrow money from banks to<br />purchase investments for the Fund, which is a form of leverage. If the Fund<br />borrows money to purchase securities and the Fund's investments decrease in<br />value, the Fund's losses will be greater than if the Fund did not borrow money<br />for investment purposes. In addition, if the return on an investment purchased<br />with borrowed funds is not sufficient to cover the cost of borrowing, then the<br />net income of the Fund would be less than if borrowing were not used.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. The GSMI Mutual Fund Index shows how the Fund's performance<br />compares to an index compiled by the Advisor that is constructed as follows: 65%<br />MSCI All Country World Index (net), 15% Citigroup World Government Bond ex US<br />Index, 15% Citigroup US Government Bond Index, 2% J.P. Morgan Emerging Markets Bond <br />Index Global (EMBI Global) and 3% BofA Merrill Lynch US High Yield Cash Pay <br />Constrained Index. Life of class performance for the MSCI World Free Index (net)<br />and the GSMI Mutual Fund Index is as of the inception month end. Indices reflect no <br />deduction for fees, expenses or taxes, except for the MSCI World Free Index (net) <br />which reflects no deduction for fees and expenses. The Fund's past performance <br />(before and after taxes) is not necessarily an indication of how the Fund will<br />perform in the future. Updated performance for the Fund is available at<br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 43 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000017860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000017860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000017860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000017860Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI World Free Index (net) -0.0554 -0.0410 GSMI Mutual Fund Index -0.0214 0.0067 Class Y Return after taxes on distributions and sale of fund shares -0.0637 -0.0448 2007-07-26 Class Y Return after taxes on distributions -0.1169 -0.0582 2007-07-26 BGFYX Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 129 2009-06-30 479 -0.2977 -0.0036 0.1592 1903 -0.0100 853 0.3302 -0.1017 0.0056 -0.4840 0.0095 2013-10-28 2008-12-31 0.4799 Total return January 1 - September 30, 2012: -0.1017 0.0000 0.0127 0.0163 -0.0482 2007-07-26 0.1267 0.0012 0.0000 BGFCX 0.0000 Class C Return before taxes 330 230 783 -0.0036 2937 -0.0100 1363 -0.1187 0.0056 0.0095 2013-10-28 2937 783 1363 0.0100 0.0227 0.0263 -0.0576 2007-07-26 0.0012 0.0100 BGFAX 0.0550 Class A Return before taxes 696 1069 -0.0033 2574 -0.0100 1467 -0.1526 0.0053 0.0095 2013-10-28 0.0025 0.0152 0.0185 -0.0627 2007-07-26 0.0012 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 85%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000013001Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000013001Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income, while controlling risk.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities of US<br />companies. The Fund will generally invest in equity securities of large and mid<br />capitalization companies but is permitted to invest up to 15% of its net assets<br />in small capitalization companies. The Fund will maintain both long positions<br />and short positions in equity securities and securities with equity-like<br />characteristics. In addition, up to 20% of the Fund's net assets may be invested<br />in securities of foreign companies in developed countries, including long and<br />short positions in foreign equity securities and securities with equity-like<br />characteristics.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures and forward currency agreements.<br /> <br />These derivatives may be used for risk management purposes to manage or adjust<br />the risk profile of the Fund. Futures on currencies and forward currency<br />agreements may also be used to hedge against a specific currency. In addition,<br />futures on indices may be used for investment (non-hedging) purposes to earn<br />income; to enhance returns; to replace more traditional direct investments; or<br />to obtain exposure to certain markets.<br /> <br />The Fund may also invest in exchange-traded funds ("ETFs") and similarly<br />structured pooled investments in order to provide exposure to the equity markets<br />while maintaining liquidity. The Fund may also engage in short sales of ETFs and<br />similarly structured pooled investments in order to reduce exposure to certain<br />sectors of the equity markets.<br /> <br />Management process<br /> <br />The Advisor's investment style is singularly focused on investment fundamentals.<br />The Advisor believes that investment fundamentals determine and describe future<br />cash flows that define fundamental investment value. The Advisor tries to<br />identify and exploit periodic discrepancies between market prices and<br />fundamental value. These price/value discrepancies are used as the building<br />blocks for portfolio construction.<br /> <br />In constructing the Fund's portfolio, the Advisor primarily uses fundamental<br />analysis and, to a lesser extent, quantitative analysis to identify securities<br />that are underpriced and overpriced relative to their fundamental value. In<br />general, the Advisor buys securities "long" for the Fund's portfolio that it<br />believes are underpriced and will outperform, and sells securities "short" that<br />it believes are overpriced and will underperform. The Fund anticipates that it<br />will normally maintain long positions in equity securities and securities with<br />equity-like characteristics equal to 120% to 140% of the value of its net<br />assets, short positions in equity securities and securities with equity-like<br />characteristics equal to 20% to 40% of the value of its net assets and cash<br />positions equal to 0% to 10% of the value of its net assets. This active<br />management process is intended to produce performance that outperforms the<br />Fund's benchmark. The Fund's ability to fully implement its investment strategy<br />may be affected by (i) regulatory restrictions prohibiting short sales of<br />certain securities that may be imposed from time to time or (ii) the Advisor's<br />written procedures designed to address potential conflicts that exist where the<br />Advisor manages both long-only and long/short accounts and/or funds.<br /> <br />In employing its investment strategies for the Fund, the Advisor attempts to<br />outperform (before taking into account any Fund fees or expenses) the Russell<br />1000 Index by 2.50% to 5.00% per year with a similar level of market risk as the<br />benchmark over a full market cycle. A typical market cycle is 4 to 7 years. The <br />Advisor does not represent or guarantee that the Fund will meet this total return <br />goal.</tt> UBS U.S. Equity Alpha 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.85 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. UBS U.S. Equity Alpha Fund Annual Total Returns of Class Y Shares (2007 is the Fund's first full year of operations) Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 12.11%<br />Best quarter during calendar years shown-2Q 2009: 23.05%<br />Worst quarter during calendar years shown-4Q 2008: (27.94)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Short sales risk: There are certain unique risks associated with the use of<br />short sales strategies. When selling a security short, the Advisor will sell a<br />security it does not own at the then-current market price and then borrow the<br />security to deliver to the buyer. The Fund is then obligated to buy the security<br />on a later date so it can return the security to the lender. Short sales<br />therefore involve the risk that the Fund will incur a loss by subsequently<br />buying a security at a higher price than the price at which the Fund previously<br />sold the security short. This would occur if the securities lender required the<br />Fund to deliver the securities the Fund had borrowed at the commencement of the<br />short sale and the Fund was unable to either purchase the security at a<br />favorable price or to borrow the security from another securities lender. If<br />this occurs at a time when other short sellers of the security also want to<br />close out their positions, a "short squeeze" can occur. A short squeeze occurs<br />when demand is greater than supply for the security sold short. Moreover,<br />because the Fund's loss on a short sale arises from increases in the value of<br />the security sold short, such loss, like the price of the security sold short,<br />is theoretically unlimited. By contrast, the Fund's loss on a long position<br />arises from decreases in the value of the security and therefore is limited by<br />the fact that a security's value cannot drop below zero. It is possible that the<br />Fund's securities held long will decline in value at the same time that the<br />value of the securities sold short increases, thereby increasing the potential<br />for loss.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for <br />non-hedging purposes, it is possible for the Fund to lose more than the amount <br />it invested in the derivative. The risks of investing in derivative instruments <br />also include market and management risks. In addition, non-exchange traded <br />derivatives may be subject to liquidity risk, credit risk and mispricing or <br />valuation complexity. These derivatives risks are different from, and may be <br />greater than, the risks associated with investing directly in securities and <br />other instruments. <br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Also, foreign securities are sometimes less liquid and more difficult to<br />sell and to value than securities of US issuers.<br /> <br />Unseasoned company risk: The Fund may invest in relatively new or unseasoned<br />companies that are in their early stages of development. Securities of<br />unseasoned companies present greater risks than securities of larger, more<br />established companies. The companies may have greater risks because they (i) may<br />be dependent on a small number of products or services; (ii) may lack<br />substantial capital reserves; and (iii) do not have proven track records.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how <br />the Fund's average annual total returns compare with those of a broad measure <br />of market performance. Index reflects no deduction for fees, expenses or taxes. <br />The Fund's past performance (before and after taxes) is not necessarily an <br />indication of how the Fund will perform in the future. Updated performance for <br />the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 11 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 53 of the Fund's statement of<br />additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000013001Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000013001Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000013001Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000013001Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Index 0.0150 -0.0002 0.0125 Class Y Return after taxes on distributions and sale of fund shares -0.0169 -0.0306 -0.0164 2006-09-26 Class Y Return after taxes on distributions -0.0279 -0.0390 -0.0220 2006-09-26 BEAYX Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 0.0068 197 2009-06-30 799 -0.2794 -0.0092 0.0802 3119 -0.0100 1427 0.0051 0.2305 -0.0272 0.0185 -0.4189 0.0100 2013-10-28 2008-12-31 0.3655 -0.0347 Total return January 1 - September 30, 2012: 0.0117 -0.0272 0.0000 0.0194 0.0286 -0.0178 2006-09-26 0.1211 0.0001 0.0000 BEACX 0.0000 Class C Return before taxes 0.0071 400 300 1134 -0.0108 4182 -0.0100 1985 -0.0476 0.0204 0.0100 2013-10-28 4182 -0.0446 1134 1985 0.0133 0.0100 0.0297 0.0405 -0.0276 2006-09-26 0.0001 0.0100 BEAAX 0.0550 Class A Return before taxes 0.0071 763 1399 -0.0100 3813 -0.0100 2059 -0.0830 0.0196 0.0100 2013-10-28 -0.0481 0.0125 0.0025 0.0222 0.0322 -0.0306 2006-09-26 0.0001 0.0000 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. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 164%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000003135Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000003135Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> 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. <tt>Principal investments<br /> <br />The Fund invests in securities and financial instruments to gain exposure to<br />global equity, global fixed income and cash equivalent markets, including global<br />currencies. The Fund may invest in equity and fixed income securities of issuers<br />located within and outside the United States or in open-end investment companies<br />advised by the Advisor, to gain exposure to certain global equity and global<br />fixed income markets. The Fund is a non-diversified fund.<br /> <br />Investments in fixed income securities may include, but are not limited to, debt<br />securities of governments throughout the world (including the United States),<br />their agencies and instrumentalities, debt securities of corporations and<br />supranationals, inflation protected securities, convertible bonds, mortgage-backed <br />securities, asset-backed securities, equipment trusts and other collateralized debt<br />securities. Investments in fixed income securities may include issuers in both <br />developed (including the United States) and emerging markets. The Fund's fixed <br />income investments may reflect a broad range of investment maturities, credit <br />qualities and sectors, including high yield (lower-rated or "junk bonds") securities <br />and convertible debt securities.<br /> <br />Investments in equity securities may include, but are not limited to, common<br />stock and preferred stock of issuers in developed nations (including the United<br />States) and emerging markets. Equity investments may include securities of<br />companies of any capitalization size.<br /> <br />In addition, the Fund attempts to generate positive returns and manage risk<br />through asset allocation and sophisticated currency management techniques. These<br />decisions are integrated with analysis of global market and economic conditions.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />options (on securities, indices, or swap agreements), futures, forward<br />agreements, swap agreements (specifically, interest rate, total return, currency<br />and credit default swaps), credit-linked securities, equity participation notes<br />and equity linked notes. All of these derivatives may be used for risk<br />management purposes, such as hedging against a specific security or currency, or<br />to manage or adjust the risk profile of the Fund. In addition, all of the<br />derivative instruments listed above may be used for investment (non-hedging)<br />purposes to earn income; to enhance returns; to replace more traditional direct<br />investments; to obtain exposure to certain markets; or to establish net short<br />positions for individual markets, currencies or securities. Options on indices,<br />futures on indices, forward agreements, interest rate swaps, total return swaps,<br />credit default swaps and credit-linked securities may also be used to adjust the<br />Fund's portfolio duration. Any of the derivatives listed above may be used to<br />achieve a negative portfolio duration.<br /> <br />Under certain market conditions, the Fund may invest in companies at the time of<br />their initial public offering ("IPO"). To the extent permitted by the Investment<br />Company Act of 1940, as amended (the "1940 Act"), the Fund may borrow money from<br />banks to purchase investments for the Fund.<br /> <br />Management process<br /> <br />The Fund is a multi-asset fund. Asset allocation decisions are tactical, based<br />upon the Advisor's assessment of valuations and prevailing market conditions in<br />the United States and abroad. In determining the asset allocation of the Fund, the<br />Advisor may utilize fundamental valuation and market behavior indicators to<br />construct the Fund's portfolio.<br /> <br />With respect to the Advisor's selection of specific equity securities for<br />inclusion in the Fund's equity asset classes, the Advisor may utilize<br />fundamental valuation, growth-oriented and quantitative research strategies.<br /> <br />In selecting equity securities for the Fund using the fundamental valuation<br />process, the Advisor selects securities whose fundamental values (the Advisor's<br />assessment of what a security is worth) it believes are greater than what is<br />reflected in market prices. A stock with a market price below its assessed<br />fundamental value would be considered a long candidate for inclusion in the<br />Fund's portfolio. A stock with a market price above its assessed fundamental<br />value would be considered a short candidate for inclusion in the Fund's<br />portfolio.<br /> <br />Under certain circumstances the Advisor also may utilize growth-oriented<br />strategies within its equity asset classes for a portion of the allocation. In<br />selecting growth equities, the Advisor seeks to invest in companies that possess<br />a dominant market position and franchise, a major technological edge or a unique<br />competitive advantage.<br /> <br />To make investment decisions for certain equity asset classes, the Advisor<br />utilizes quantitative research techniques that identify investment opportunities<br />by systematically exploring many small reappearing market anomalies to attempt<br />to provide consistent excess returns for the Fund.<br /> <br />The Advisor's fixed income strategy combines judgments about the absolute value<br />of the fixed income universe and the relative value of issuer sectors, maturity<br />intervals, security durations, credit qualities and coupon segments, as well as<br />specific circumstances facing the issuers of fixed income securities.<br /> <br />In employing its investment strategies for the Fund, the Advisor attempts to<br />achieve a total rate of return for the Fund that meets or exceeds 5% per year on<br />a real (i.e., inflation-adjusted) basis and net of management fees over rolling<br />five year time horizons. The Advisor does not represent or guarantee that the<br />Fund will meet this total return goal.</tt> UBS Dynamic Alpha 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 1.64 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. UBS Dynamic Alpha Fund Annual Total Returns of Class Y Shares (2006 is the fund's first full year of operations) Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 10.73%<br />Best quarter during calendar years shown-2Q 2009: 18.12%<br />Worst quarter during calendar years shown-4Q 2008: (17.08)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any <br />other government agency. Below are some of the specific risks of investing in <br />the Fund.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB<br />(Standard &amp; Poor's Ratings Group ("S&amp;P")) or Ba (Moody's Investors Service, Inc.<br />("Moody's")) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government-sponsored entity, although chartered or sponsored<br />by an Act of Congress, may issue securities that are neither insured nor<br />guaranteed by the US Treasury and are therefore riskier than those that are.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies <br />are more vulnerable than larger companies to adverse business or economic <br />developments and they may have more limited resources.<br /> <br />IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the<br />risks associated with issuers that have no operating history as public<br />companies, as well as to the risks associated with the sectors of the market in<br />which the issuer operates. The market for IPO shares may be volatile, and share<br />prices of newly-public companies may fluctuate significantly over a short period<br />of time.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Asset allocation risk: The risk that the Fund may allocate assets to an asset<br />category that performs poorly relative to other asset categories.<br /> <br />Non-diversification risk: The Fund is a non-diversified investment company,<br />which means that the Fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />Fund's share price may be more volatile and the Fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks <br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Leverage risk associated with borrowing: The Fund may borrow money from banks to<br />purchase investments for the Fund, which is a form of leverage. If the Fund<br />borrows money to purchase securities and the Fund's investments decrease in<br />value, the Fund's losses will be greater than if the Fund did not borrow money<br />for investment purposes. In addition, if the return on an investment purchased<br />with borrowed funds is not sufficient to cover the cost of borrowing, then the<br />net income of the Fund would be less than if borrowing were not used.<br /> <br />Investing in other funds risks: The Fund's investment performance is affected by<br />the investment performance of the underlying funds in which the Fund may invest.<br />Through its investment in the underlying funds, the Fund is subject to the risks<br />of the underlying funds' investments and subject to the underlying funds'<br />expenses.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. The MSCI World Free Index (net) shows how the Fund's<br />performance compares to an index that is designed to measure the equity market<br />performance of developed markets. The US Consumer Price Index (CPI) shows how<br />the Fund's performance compares to monthly data on changes in the prices paid by<br />urban consumers. Life of class performance for the BofA Merrill Lynch US<br />Treasury 1-5 Year Index, the MSCI World Free Index (net) and the US Consumer<br />Price Index (CPI) is as of the inception month end. Indices reflect no deduction<br />for fees, expenses or taxes, except for the MSCI World Free Index (net) which<br />reflects no deduction for fees and expenses. The Fund's past performance (before <br />and after taxes) is not necessarily an indication of how the Fund will perform in<br />the future. Updated performance for the Fund is available at<br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 43 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000003135Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000003135Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000003135Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000003135Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> US Consumer Price Index (CPI) 0.0296 0.0226 0.0246 BofA Merrill Lynch US Treasury 1-5 Year Index 0.0336 0.0477 0.0420 MSCI World Free Index (net) -0.0554 -0.0237 0.0258 Class Y Return after taxes on distributions and sale of fund shares -0.0083 -0.0089 0.0135 2005-01-27 Class Y Return after taxes on distributions -0.0128 -0.0234 0.0060 2005-01-27 BNAYX Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 113 2009-06-30 353 -0.1708 0.0000 0.0222 1352 -0.0100 612 -0.0359 0.1812 -0.0128 0.0025 -0.2148 0.0085 2013-10-28 2008-12-31 0.2733 -0.0056 Total return January 1 - September 30, 2012: -0.0128 0.0000 0.0111 0.0111 0.0769 0.0195 2005-01-27 0.1073 0.0001 0.0000 BNACX 0.0000 Class C Return before taxes 314 214 675 -0.0007 2508 -0.0100 1163 -0.0336 0.0032 0.0085 2013-10-28 2508 -0.0163 675 1163 0.0100 0.0211 0.0218 0.0087 2005-01-27 0.0001 0.0100 BNAAX 0.0550 Class A Return before taxes 681 969 -0.0006 2153 -0.0100 1278 -0.0708 0.0031 0.0085 2013-10-28 -0.0198 0.0025 0.0136 0.0142 0.0082 2005-01-27 0.0001 0.0000 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. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000003134Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize capital appreciation.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities that are<br />tied economically to emerging market countries. Investments in equity securities<br />may include, but are not limited to, dividend-paying securities, common stock<br />and preferred stock. Securities tied economically to emerging market countries<br />include securities on which the return is derived from issuers in emerging<br />market countries, such as equity swap contracts and equity swap index contracts.<br />The Fund may invest in stocks of companies of any size. The Fund is a<br />non-diversified fund.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures, forward currency agreements and equity participation notes. All of<br />these derivatives may be used for risk management purposes to manage or adjust<br />the risk profile of the Fund. Futures on currencies and forward currency<br />agreements may also be used to hedge against a specific currency. In addition,<br />all of the derivative instruments listed above may be used for investment<br />(non-hedging) purposes to earn income; to enhance returns; to replace more<br />traditional direct investments (except for forward currency agreements); to<br />obtain exposure to certain markets; or to establish net short positions for<br />individual currencies (except for equity participation notes).<br /> <br />The Fund intends to invest primarily in a portfolio of equity securities of<br />issuers located in at least three emerging market countries, which may be<br />located in Asia, Europe, Latin America, Africa or the Middle East. An emerging<br />market country is a country defined as an emerging or developing economy by any<br />of the World Bank, the International Finance Corporation or the United Nations<br />or its authorities. Additionally, the Fund, for purposes of its investments, may<br />consider a country included in JP Morgan or MSCI emerging markets indices to be<br />an emerging market country. The countries included in this definition will<br />change over time.<br /> <br />Up to 20% of the Fund's net assets may be invested in higher-yielding,<br />lower-rated fixed income securities ("junk bonds"). The Fund may invest in fixed<br />income securities of any maturity, but generally invests in securities having an<br />initial maturity of more than one year. These securities are rated in the lower<br />rating categories of Moody's and S&amp;P, including securities rated Ba or lower by<br />Moody's Investors Service, Inc. ("Moody's") and BB or lower by Standard &amp; Poor's<br />Ratings Group ("S&amp;P"). The Fund may also invest in Eurodollar securities, which<br />are fixed income securities of a US issuer or a foreign issuer that are issued<br />outside of the United States. The Fund may also invest in securities of small<br />capitalization companies.<br /> <br />Management process<br /> <br />The Advisor is a price to intrinsic value investor. Internally generated<br />research, focused on longer term value drivers at the industry, stock and<br />country level, is used to estimate fundamental value for stocks, upon which<br />investment decisions are made. The process does not have an inherent style bias<br />(e.g., "growth," "value," "large cap" or "small cap").<br /> <br />The Advisor's investment style is singularly focused on investment fundamentals.<br />The Advisor tries to identify and exploit periodic discrepancies between market<br />prices and fundamental value.<br /> <br />For each security under analysis, an intrinsic value is estimated based upon<br />detailed country, industry and company analysis, including visits to the<br />company, its competitors and suppliers and other independent sources of<br />information. This intrinsic value estimate is a function of the present value of<br />the estimated future cash flows. The resulting intrinsic value estimate is then<br />compared to the company's current market price to ascertain whether a valuation<br />anomaly exists. A stock with a price below the estimated intrinsic value would<br />be considered a candidate for inclusion in the Fund's portfolio. This comparison<br />between price and intrinsic value allows comparison across industries and<br />countries. The Advisor's investment specialists are organized along sector<br />lines. Through an intensive process of company visits and interactions with industry <br />specialists, analysts gain an understanding of both the company and the dynamics of <br />the company's industry. The goal is to gain a clear understanding of the medium-term <br />(up to five years) and long-term prospects of the company, and in particular, its <br />ability to generate earnings.</tt> UBS Emerging Markets Equity 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. Example "Other expenses" are based on estimates for the current fiscal year. There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus. Investment objective You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) Performance 50000 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Geographic concentration risk: The risk that if the Fund has most of its<br />investments in a single country or region, its portfolio will be more<br />susceptible to factors adversely affecting issuers located in that country or<br />region than would a more geographically diverse portfolio of securities.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Non-diversification risk: The Fund is a non-diversified investment company,<br />which means that the Fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />Fund's share price may be more volatile and the Fund has a greater potential to <br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. In addition, non-exchange traded<br />derivatives may be subject to liquidity risk, credit risk and mispricing or<br />valuation complexity. These derivatives risks are different from, and may be<br />greater than, the risks associated with investing directly in securities and<br />other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&amp;P)<br />or Ba (Moody's) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br />&#xA0;&#xA0;<br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.</tt> Fees and expenses Principal strategies <tt>There is no performance information quoted for the Fund as the Fund had not<br />commenced investment operations as of the date of this prospectus.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 20 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 63 of the Fund's statement of<br />additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000003134Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000003134Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000003134Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0000 163 534 -0.0014 -0.0100 0.0064 0.0110 2013-10-28 0.0000 0.0160 0.0174 0.0000 0.0000 363 263 836 -0.0014 -0.0100 0.0064 0.0110 2013-10-28 836 0.0100 0.0260 0.0274 0.0100 0.0550 728 1127 -0.0014 -0.0100 0.0064 0.0110 2013-10-28 0.0025 0.0185 0.0199 0.0000 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. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. The costs described in the example reflect <br />the expenses of the Fund that would result from the contractual fee waiver and <br />expense reimbursement agreement with the Advisor for the first year only. <br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in debt securities and other<br />debt instruments that are tied economically to emerging market countries.<br /> <br />Such investments may include, but are not limited to, debt securities issued by<br />governments, government-related entities, corporations, supranational entities<br />and entities organized to restructure outstanding debt of issuers in emerging<br />markets, and instruments whose return is derived from any of the foregoing.<br /> <br />The Fund may invest in debt instruments of all types and denominated in any<br />currency. These may include, but are not limited to, bonds, debentures, notes,<br />convertible securities, loans and related assignments and participations,<br />when-issued and delayed-delivery securities, mortgage-backed and other types <br />of asset-backed securities issued on a public or private basis, and cash<br />equivalents.<br /> <br />The Fund is a non-diversified fund.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include <br />options (including, but not limited to, options on futures, forwards and swap <br />agreements), futures, forward agreements, swap agreements (specifically, <br />interest rate, total return, currency, credit default and inflation swaps), <br />credit-linked securities and structured investments. All of these derivatives <br />may be used for risk management purposes, such as hedging against a specific <br />security or currency, or to manage or adjust the risk profile of the Fund. In <br />addition, all of the derivative instruments listed above may be used for investment <br />(non-hedging) purposes to earn income; to enhance returns; to replace more traditional <br />direct investments; to obtain exposure to certain markets; to establish net short <br />positions for individual sectors, markets, currencies or securities; or to adjust the <br />Fund's portfolio duration.<br /> <br />The Fund intends to invest primarily in a portfolio of debt securities located<br />in at least three emerging market countries, which may be located in Asia,<br />Europe, Latin America, Africa or the Middle East. An emerging market country is<br />a country defined as an emerging or developing economy by any of the World Bank,<br />the International Finance Corporation or the United Nations or its authorities.<br />Additionally, the Fund, for purposes of its investments, may consider a country<br />included in JP Morgan or MSCI emerging markets indices to be an emerging market<br />country. The countries included in this definition will change over time.<br /> <br />A substantial amount of the Fund's assets may be invested in higher-yielding,<br />lower-rated bonds ("junk bonds"). Lower-rated bonds are bonds rated in the lower<br />rating categories of Moody's Investors Service, Inc. ("Moody's") and Standard &amp;<br />Poor's Ratings Group ("S&amp;P"), including securities rated Ba or lower by Moody's<br />and BB or lower by S&amp;P.<br /> <br />Derivative instruments such as swaps, options, futures, credit linked or<br />structured investments or other debt instruments that are tied economically to<br />emerging market countries may be used to satisfy the Fund's 80% investment<br />policy.<br /> <br />Management process<br /> <br />The investment process is based on fundamental analysis, coupling a top-down<br />strategy with an equally important bottom-up security selection strategy. The<br />Advisor manages and monitors risk/return trade-offs in a disciplined manner<br />across country allocation, sector allocation, issue selection, duration/yield<br />curve positioning, and currency management. Proprietary valuation and risk<br />models enhance seasoned professional judgment.<br /> <br />The investment process is founded upon the Advisor's conviction that<br />discrepancies occur between market prices and fundamental values. In the case <br />of emerging markets debt, price volatility generally exceeds that of the underlying<br />macroeconomic fundamentals. The investment team takes advantage of these <br />discrepancies by applying a disciplined approach to measure fundamental value <br />from the perspective of a long-term investor.<br /> <br />The investment decision-making process can be divided up into three<br />parts-country, currency and security selection.<br /> <br />Country selection<br /> <br />The Advisor decides on country over- and under-weights relative to the Fund's<br />custom benchmark, the Emerging Markets Debt Benchmark Index, which is comprised<br />of 50% J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) and 50% J.P.<br />Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM Global<br />Diversified), by using a price/value framework. Subjective judgments, such as<br />political risk assessment, also affect the final country decision.<br /> <br />Currency selection<br /> <br />The Advisor searches for currencies that will outperform market expectations,<br />given the Advisor's currency and market views. The Advisor also seeks to<br />identify potential sales in the Fund's portfolio when risk is not being<br />compensated by expected return. Typically, the Fund obtains exposure to local<br />currencies via bonds denominated in local currency or derivative positions.<br /> <br />Security selection<br /> <br />The Advisor searches for bonds that will outperform market expectations, given<br />the Advisor's country and market views. The Advisor also seeks to identify<br />potential sales in the Fund's portfolio when risk is not being compensated by<br />expected return. Typically, the Fund invests in sovereign bonds, denominated in<br />US dollars as well as in local currencies. The Advisor also examines local<br />market bond and corporate bond opportunities.<br /> <br />The Advisor's analysis of emerging market bonds is enhanced by an advanced<br />in-house emerging market bond analytics database. The database is specially<br />designed to assimilate the characteristics of emerging market bonds; it allows<br />the Advisor to perform detailed instrument-level analysis.<br /> <br />In addition to macroeconomic research, bottom-up input-such as liquidity<br />considerations, volatility and company risk for specific bonds, to name a few,<br />is also crucial in the Advisor's decision making process.</tt> UBS Emerging Markets Debt 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. Example "Other expenses" are based on estimates for the current fiscal year, and include "Acquired fund fees and expenses," which are estimated to be less than 0.01% of the average net assets of the Fund. There is no performance information quoted for the Fund as the Fund had not completed a full calendar year of operations as of the date of this prospectus. Investment objective You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) Performance 50000 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&amp;P)<br />or Ba (Moody's) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Geographic concentration risk: The risk that if the Fund has most of its<br />investments in a single country or region, its portfolio will be more<br />susceptible to factors adversely affecting issuers located in that country or <br />region than would a more geographically diverse portfolio of securities.<br /> <br />Non-diversification risk: The Fund is a non-diversified investment company,<br />which means that the Fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />Fund's share price may be more volatile and the Fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Currency risk: The risk that the changing value of a currency versus the US<br />dollar may adversely affect the value of an investment. A depreciation in an<br />invested currency versus the US dollar typically causes the value of the<br />investment to fall, while an appreciation in an invested currency versus the US<br />dollar may cause the market value of the investment to rise.<br /> <br />Sovereign debt risk: Investments in foreign sovereign debt obligations involve<br />certain risks in addition to those relating to foreign securities or debt<br />securities generally. The issuer of the debt or the governmental authorities<br />that control the repayment of the debt may be unable or unwilling to repay<br />principal or interest when due in accordance with the terms of such debt, and<br />the Fund may have limited recourse in the event of a default against the<br />defaulting government. Without the approval of debt holders, some governmental<br />debtors have in the past been able to reschedule or restructure their debt <br />payments or declare moratoria on payments.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the Fund may have to accept a lower price or may not<br />be able to sell the security at all. An inability to sell securities can<br />adversely affect the Fund's value or prevent the Fund from taking advantage of<br />other investment opportunities.</tt> Fees and expenses Principal strategies <tt>There is no performance information quoted for the Fund as the Fund had not<br />completed a full calendar year of operations as of the date of this prospectus.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 34 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000003133Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0000 102 444 -0.0059 -0.0100 0.0084 0.0075 2013-10-28 0.0000 0.0100 0.0159 0.0000 0.0000 253 178 674 -0.0059 -0.0100 0.0084 0.0075 2013-10-28 674 0.0075 0.0175 0.0234 0.0075 0.0450 572 948 -0.0059 -0.0100 0.0084 0.0075 2013-10-28 0.0025 0.0125 0.0184 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 77%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000003132Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000003132Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees and expenses. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities.<br />Investments in equity securities may include, but are not limited to,<br />dividend-paying securities, common stock and preferred stock of US and foreign<br />issuers. The Fund may invest in issuers from both developed and emerging<br />markets. The Advisor, on behalf of the Fund, intends to diversify broadly among<br />countries, but reserves the right to invest a substantial portion of the Fund's<br />assets in one or more countries if economic and business conditions warrant such<br />investments. The Fund may invest in stocks of companies of any size.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures, forward currency agreements and equity participation notes. All of<br />these derivatives may be used for risk management purposes to manage or adjust<br />the risk profile of the Fund. Futures on currencies and forward currency<br />agreements may also be used to hedge against a specific currency. In addition,<br />all of the derivative instruments listed above may be used for investment<br />(non-hedging) purposes to earn income; to enhance returns; to replace more<br />traditional direct investments (except for forward currency agreements); to<br />obtain exposure to certain markets; or to establish net short positions for<br />individual currencies (except for equity participation notes).<br /> <br />Management process<br /> <br />In the global universe, the Advisor uses a disciplined price to intrinsic value<br />approach that seeks to take advantage of pricing anomalies in markets. In<br />selecting securities, the Advisor focuses on, among other things, identifying<br />discrepancies between a security's fundamental value and its market price. In<br />this context, the fundamental value of a given security is the Advisor's<br />assessment of what a security is worth. The Advisor will select a security whose<br />fundamental value it estimates to be greater than its market value at any given<br />time. For each stock under analysis, the Advisor bases its estimates of value<br />upon country, economic, industry and company analysis, as well as upon a<br />company's management team, competitive advantage and core competencies. The<br />Advisor then compares its assessment of a security's value against the<br />prevailing market prices, with the aim of constructing a portfolio of stocks<br />across industries and countries with attractive relative price/value<br />characteristics.</tt> UBS Global Equity 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.77 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. UBS Global Equity Fund Annual Total Returns of Class Y Shares Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 12.91%<br />Best quarter during calendar years shown-2Q 2009: 26.01%<br />Worst quarter during calendar years shown-4Q 2008: (22.99)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments <br />abroad and due to decreases in foreign currency values relative to the US dollar.<br />Also, foreign securities are sometimes less liquid and more difficult to sell and <br />to value than securities of US issuers. These risks are greater for investments <br />in emerging market issuers. In addition, investments in emerging market issuers <br />may decline in value because of unfavorable foreign government actions, greater <br />risks of political instability or the absence of accurate information about <br />emerging market issuers.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. In addition, non-exchange traded<br />derivatives may be subject to liquidity risk, credit risk and mispricing or<br />valuation complexity. These derivatives risks are different from, and may be<br />greater than, the risks associated with investing directly in securities and<br />other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how <br />the Fund's average annual total returns compare with those of a broad measure <br />of market performance. Index reflects no deduction for fees and expenses. The <br />Fund's past performance (before and after taxes) is not necessarily an indication <br />of how the Fund will perform in the future. Updated performance for the Fund is <br />available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 17 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 74 of the Fund's statement of<br />additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000003132Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000003132Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000003132Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000003132Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI World Free Index (net) -0.0554 -0.0237 0.0362 Class Y Return after taxes on distributions and sale of fund shares -0.0742 -0.0246 0.0263 1994-01-28 Class Y Return after taxes on distributions -0.1172 -0.0322 0.0281 1994-01-28 BPGEX -0.1554 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 127 2009-06-30 397 -0.2299 0.1426 0.0000 0.1061 1511 -0.0100 686 0.0371 0.2601 -0.1184 0.0050 -0.4069 0.0075 2013-10-28 2008-12-31 0.4537 -0.0270 0.0715 Total return January 1 - September 30, 2012: -0.1184 0.2957 0.0000 0.0324 0.0125 0.0125 0.1776 1994-01-28 0.1291 0.0000 BNECX 0.0000 Class C Return before taxes 328 228 734 -0.0015 2725 -0.0100 1267 -0.1361 0.0065 0.0075 2013-10-28 2725 -0.0376 734 1267 0.0100 0.0215 0.0225 0.0240 2001-11-27 0.0100 BNGEX 0.0550 Class A Return before taxes 694 1020 -0.0011 2347 -0.0100 1368 -0.1692 0.0061 0.0075 2013-10-28 -0.0412 0.0025 0.0234 0.0150 0.0161 1997-06-30 0.0000 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. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000003131Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation <br />and current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. The costs described in the example reflect <br />the expenses of the Fund that would result from the contractual fee waiver and <br />expense reimbursement agreement with the Advisor for the first year only. <br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in real estate equity<br />securities of US issuers. These may include real estate investment trusts<br />("REITs") that own properties or make construction or mortgage loans, real<br />estate developers and companies with substantial real estate holdings and other<br />companies whose products and services are related to the real estate industry,<br />and derive 50% of their assets, gross income or net profits from the real estate<br />industry, such as building supply manufacturers, mortgage lenders, or mortgage<br />service companies. REITs and other real estate securities may be of any market<br />capitalization, including small capitalization ($3 billion or less). Investments<br />in equity securities may include, but are not limited to, common stock and<br />preferred stock. The Fund is a non-diversified fund.<br /> <br />The Fund may, but is not required to, use derivative instruments for risk<br />management purposes or as part of the Fund's investment strategies. The<br />derivatives in which the Fund may invest include futures on indices, which may<br />be used for risk management purposes to manage or adjust the risk profile of the<br />Fund. In addition, futures on indices may be used for investment (non-hedging)<br />purposes to earn income; to enhance returns; to replace more traditional direct<br />investments; or to obtain exposure to certain markets.<br /> <br />Management process<br /> <br />The Fund is a sector fund, a category of funds created in response to changing<br />market conditions and for the varied and dynamic needs of shareholders. The Fund<br />focuses on the real estate sector, generally a narrower market segment than many<br />other funds, and may be considered a complement to a diversified investment<br />program. In selecting securities, the Advisor focuses on securities offering the<br />most compelling combination of quality, growth and relative valuation. For each<br />security under analysis, the Advisor bases its assessment of value upon<br />economic, industry and company analysis, as well as upon a company's management<br />team, property portfolio and core competencies.<br /> <br />The Advisor actively manages the Fund. As such, increased portfolio turnover may<br />result in higher costs for brokerage commissions, transaction costs and taxable<br />gains.</tt> UBS U.S. Real Estate Equity 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. Example "Other expenses" are based on estimates for the current fiscal year. There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus. Investment objective You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) Performance 50000 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Industry concentration risk: The risk that changes in economic, political or<br />other conditions may have a particularly negative effect on issuers in an<br />industry or sector in which the Fund's investments are concentrated. The Fund<br />invests principally in the real estate sector by purchasing securities issued by<br />REITs. There is, therefore, a risk that changes in real estate values or<br />interest rates, along with economic downturns, can have a substantial impact on<br />the Fund's investments. The Fund's portfolio may be more volatile than a Fund<br />with a broader range of investments.<br /> <br />Prepayment or call risk: As a result of declining interest rates, the issuer of<br />a security may exercise its right to prepay principal earlier than scheduled,<br />forcing the Fund to reinvest in lower yielding securities. This is known as call<br />or prepayment risk.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger <br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Non-diversification risk: The Fund is a non-diversified investment company,<br />which means that the Fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />Fund's share price may be more volatile and the Fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. These derivatives risks are different<br />from, and may be greater than, the risks associated with investing directly in<br />securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses Principal strategies <tt>There is no performance information quoted for the Fund as the Fund had not<br />commenced investment operations as of the date of this prospectus.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 20 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 63 of the Fund's statement of<br />additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000003131Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000003131Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000003131Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0000 107 407 -0.0034 -0.0100 0.0049 0.0090 2013-10-28 0.0000 0.0105 0.0139 0.0000 0.0000 308 208 713 -0.0034 -0.0100 0.0049 0.0090 2013-10-28 713 0.0100 0.0205 0.0239 0.0100 0.0550 675 1007 -0.0034 -0.0100 0.0049 0.0090 2013-10-28 0.0025 0.0130 0.0164 0.0000 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. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000003130Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect <br />the expenses of the Fund that would result from the contractual fee waiver and <br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities of US<br />small capitalization companies. Small capitalization companies are those<br />companies with market capitalizations of $3 billion or less. Investments in<br />equity securities may include, but are not limited to, dividend-paying<br />securities, common stock and preferred stock. The Fund is a non-diversified<br />fund.<br /> <br />The Fund may, but is not required to, use derivative instruments for risk<br />management purposes or as part of the Fund's investment strategies. The<br />derivatives in which the Fund may invest include futures on indices, which may<br />be used for risk management purposes to manage or adjust the risk profile of the<br />Fund. In addition, futures on indices may be used for investment (non-hedging)<br />purposes to earn income; to enhance returns; to replace more traditional direct<br />investments; or to obtain exposure to certain markets.<br /> <br />Under certain market conditions, the Fund may invest in companies at the time of<br />their initial public offering ("IPO").<br /> <br />Management process<br /> <br />The Advisor looks for companies with strong and innovative management, good<br />financial controls, increasing market share, diversified product/service<br />offerings and low market-to-sales ratios relative to similar companies. In<br />selecting securities, the Advisor focuses on, among other things, identifying<br />discrepancies between a security's fundamental value and its market price. In<br />this context, the fundamental value of a given security is the Advisor's assessment<br />of what a security is worth. The Fund will select a security whose fundamental<br />value it estimates to be greater than its market value at any given time. For<br />each stock under analysis, the Advisor bases its estimates of value upon<br />economic, industry and company analysis, as well as upon a company's management<br />team, competitive advantage and core competencies. The Advisor then compares its<br />assessment of a security's value against the prevailing market prices with the<br />aim of constructing a portfolio of stocks with attractive relative price/value<br />characteristics.<br /> <br />The Fund will invest in companies within its capitalization range as described<br />above. However, the Fund may invest a portion of its assets in securities<br />outside of this range. Further, if movement in the market price causes a<br />security to change from one capitalization range to another, the Fund is not<br />required to dispose of the security.</tt> UBS U.S. Small Cap Equity 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. Example "Other expenses" are based on estimates for the current fiscal year. There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus. Investment objective You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) Performance 50000 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Non-diversification risk: The Fund is a non-diversified investment company,<br />which means that the Fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />Fund's share price may be more volatile and the Fund has a greater potential to <br />realize losses upon the occurrence of adverse events affecting a particular <br />issuer.<br /> <br />IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the<br />risks associated with issuers that have no operating history as public<br />companies, as well as to the risks associated with the sectors of the market in<br />which the issuer operates. The market for IPO shares may be volatile, and share<br />prices of newly-public companies may fluctuate significantly over a short period<br />of time.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. These derivatives risks are different<br />from, and may be greater than, the risks associated with investing directly in<br />securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.</tt> Fees and expenses Principal strategies <tt>There is no performance information quoted for the Fund as the Fund had not<br />commenced investment operations as of the date of this prospectus.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 20 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 63 of the Fund's statement of<br />additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000003130Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000003130Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000003130Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0000 117 461 -0.0045 -0.0100 0.0060 0.0100 2013-10-28 0.0000 0.0115 0.0160 0.0000 0.0000 318 218 766 -0.0045 -0.0100 0.0060 0.0100 2013-10-28 766 0.0100 0.0215 0.0260 0.0100 0.0550 685 1058 -0.0045 -0.0100 0.0060 0.0100 2013-10-28 0.0025 0.0140 0.0185 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 48%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002985Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002985Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide long-term capital appreciation.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities of US<br />small capitalization companies. Small capitalization companies are those<br />companies with market capitalizations of less than $3 billion. However, the Fund<br />may invest a portion of its assets in securities outside of this range.<br />Investments in equity securities may include, but are not limited to, common<br />stock and preferred stock. The Fund may invest up to 20% of its net assets in<br />foreign securities.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures and forward currency agreements. These derivatives may be used for risk<br />management purposes to manage or adjust the risk profile of the Fund. Futures on<br />currencies and forward currency agreements may also be used to hedge against a <br />specific currency. In addition, futures on indices may be used for investment <br />(non-hedging) purposes to earn income; to enhance returns; to replace more <br />traditional direct investments; or to obtain exposure to certain markets.<br /> <br />Under certain market conditions, the Fund may invest in companies at the time of<br />their initial public offering ("IPO").<br /> <br />Management process<br /> <br />In selecting securities, the Advisor seeks to invest in companies that possess<br />dominant market positions or franchises, a major technological edge, or a unique<br />competitive advantage. To this end, the Advisor considers earnings revision<br />trends, positive stock price momentum and sales acceleration when selecting<br />securities. The Fund may invest in emerging growth companies, which are<br />companies that the Advisor expects to experience above-average earnings or cash<br />flow growth or meaningful changes in underlying asset values.</tt> UBS U.S. Small Cap Growth 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.48 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. UBS U.S. Small Cap Growth Fund Annual Total Returns of Class Y Shares Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 19.85%<br />Best quarter during calendar years shown-2Q 2003: 20.83%<br />Worst quarter during calendar years shown-4Q 2008: (32.03)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />IPOs risk: The purchase of shares issued in IPOs may expose the Fund to the<br />risks associated with issuers that have no operating history as public<br />companies, as well as to the risks associated with the sectors of the market in <br />which the issuer operates. The market for IPO shares may be volatile, and share <br />prices of newly-public companies may fluctuate significantly over a short period<br />of time.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. In addition, non-exchange traded<br />derivatives may be subject to liquidity risk, credit risk and mispricing or<br />valuation complexity. These derivatives risks are different from, and may be<br />greater than, the risks associated with investing directly in securities and<br />other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Also, foreign securities are sometimes less liquid and more difficult to<br />sell and to value than securities of US issuers.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. Index reflects no deduction for fees, expenses or taxes. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance for<br />the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 37 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002985Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002985Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002985Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002985Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000 Growth Index -0.0291 0.0209 0.0448 Class Y Return after taxes on distributions and sale of fund shares -0.0022 0.0123 0.0436 1997-09-30 Class Y Return after taxes on distributions -0.0033 0.0126 0.0477 1997-09-30 BISCX -0.1842 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2003: 0.0000 2012-09-30 Class Y Return before taxes 118 2003-06-30 368 -0.3203 0.1092 0.0000 0.3862 1409 -0.0100 638 0.0496 0.2083 -0.0033 0.0030 -0.4411 0.0085 2013-10-28 2008-12-31 0.3341 0.0158 0.0663 Total return January 1 - September 30, 2012: -0.0033 0.4475 0.0000 0.0507 0.0116 0.0116 0.0859 1997-09-30 0.1985 0.0001 0.0000 BNMCX 0.0000 Class C Return before taxes 319 219 717 -0.0020 2681 -0.0100 1242 -0.0225 0.0050 0.0085 2013-10-28 2681 0.0057 717 1242 0.0100 0.0403 0.0216 0.0236 2001-11-19 0.0001 0.0100 BNSCX 0.0550 Class A Return before taxes 686 1006 -0.0017 2311 -0.0100 1348 -0.0604 0.0047 0.0085 2013-10-28 0.0017 0.0025 0.0422 0.0141 0.0158 1998-12-31 0.0001 0.0000 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. <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 59%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002984Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002984Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. The costs described in the example reflect <br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The Fund generally invests at least 65% of its net assets in investment grade<br />global debt securities that may also provide the potential for capital<br />appreciation. Under normal circumstances, the Fund invests at least 80% of its<br />net assets (plus borrowings for investment purposes, if any) in bonds. The Fund<br />is a non-diversified fund.<br /> <br />The Fund may invest in all types of fixed income securities of US, foreign and<br />emerging markets issuers. Investments in bonds may include, but are not limited<br />to, debt securities of governments throughout the world (including the United<br />States and emerging markets), their agencies and instrumentalities, debt<br />securities of corporations, mortgage-backed securities and asset-backed<br />securities. The Fund may invest in bonds of any maturity, but generally invests<br />in bonds having an initial maturity of more than one year. In addition, the Fund<br />may invest in high yield (lower-rated or "junk bonds") securities.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />options (including, but not limited to, options on futures, forwards and swap<br />agreements), futures, forward agreements, swap agreements (specifically, interest <br />rate, total return, currency, credit default and inflation swaps), credit-linked <br />securities and structured investments. All of these derivatives may be used for <br />risk management purposes, such as hedging against a specific security or currency, <br />or to manage or adjust the risk profile of the Fund. In addition, all of the <br />derivative instruments listed above may be used for investment (non-hedging) <br />purposes to earn income; to enhance returns; to replace more traditional direct <br />investments; to obtain exposure to certain markets; to establish net short positions <br />for individual sectors, markets, currencies or securities; or to adjust the Fund's <br />portfolio duration.<br /> <br />Management process<br /> <br />With respect to the selection of securities to purchase for the Fund, the<br />Advisor's investment style is focused on investment fundamentals. The Advisor<br />believes that investment fundamentals determine and describe future cash flows<br />that define long term investment value. The Advisor tries to identify and<br />exploit periodic discrepancies between market prices and fundamental value. In<br />analyzing these price/value differences the Advisor also takes into account<br />cyclical market drivers which may influence near term dynamics of market prices.<br /> <br />In implementing this style, the Advisor purchases securities for the Fund by<br />using active asset allocation strategies across global fixed income markets and<br />active security selection within each market. In deciding which securities to<br />emphasize, the Advisor uses both quantitative and fundamental analysis to<br />identify securities that are under-priced relative to their fundamental value.<br />The valuation of asset classes reflects an integrated, fundamental analysis of<br />global markets.<br /> <br />The Advisor emphasizes those fixed income market sectors, and selects for the<br />Fund those securities that appear to be most undervalued relative to their<br />yields and potential risks. The Advisor selects individual securities for<br />investment by using duration, yield curve and sector analysis.</tt> UBS Global Bond 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 $100,000 in the Fund. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.59 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. UBS Global Bond Fund Annual Total Returns of Class Y Shares Performance 100000 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. <tt>Total return January 1 - September 30, 2012: 5.44%<br />Best quarter during calendar years shown-2Q 2002: 12.70%<br />Worst quarter during calendar years shown-1Q 2009: (6.93)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than <br />shorter-duration securities and higher quality securities more than lower <br />quality securities. When interest rates are falling, some fixed income <br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.<br /> <br />Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including the risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government-sponsored entity, although chartered or sponsored<br />by an Act of Congress, may issue securities that are neither insured nor<br />guaranteed by the US Treasury and are therefore riskier than those that are.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB<br />(Standard &amp; Poor's Ratings Group ("S&amp;P")) or Ba (Moody's Investors Service, Inc.<br />("Moody's")) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate.<br /> <br />Market risk may affect a single issuer, industry, or sector of the economy, or<br />it may affect the market as a whole.<br /> <br />Non-diversification risk: The Fund is a non-diversified investment company,<br />which means that the Fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />Fund's share price may be more volatile and the Fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. Index reflects no deduction for fees, expenses or taxes. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance for<br />the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.<br /><br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $100,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 34 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002984Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002984Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002984Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002984Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Global Aggregate Index 0.0564 0.0646 0.0716 Class Y Return after taxes on distributions and sale of fund shares 0.0338 0.0032 0.0329 0.0278 1993-07-31 Class Y Return after taxes on distributions 0.0285 -0.0044 0.0313 0.0263 1993-07-31 BPGBX 0.2055 Worst quarter during calendar years shown-1Q 2009: Best quarter during calendar years shown-2Q 2002: 0.0000 2012-09-30 Class Y Return before taxes 92 2002-06-30 600 -0.0693 0.0712 -0.0148 0.0477 2603 -0.0100 1136 0.0251 0.1270 0.0521 0.0173 -0.0756 0.0065 2013-10-28 2009-03-31 0.0678 0.0221 -0.0550 Total return January 1 - September 30, 2012: 0.0521 0.1610 0.0000 0.0525 0.0090 0.0238 0.0559 0.0474 1993-07-31 0.0544 0.0000 BNDCX 0.0000 Class C Return before taxes 243 168 821 -0.0145 3310 -0.0100 1499 0.0369 0.0170 0.0065 2013-10-28 3310 0.0143 821 1499 0.0075 0.0165 0.0310 0.0356 2002-07-02 0.0075 BNGBX 0.0450 Class A Return before taxes 562 1096 -0.0148 3175 -0.0100 1656 0.0016 0.0173 0.0065 2013-10-28 0.0103 0.0025 0.0450 0.0115 0.0263 0.0405 2001-11-05 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 138%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002982Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002982Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities of US<br />companies. The Fund primarily invests in large capitalization companies, but may<br />invest in companies of any size. The Fund may invest up to 20% of its net assets<br />in securities of foreign companies in both developed and emerging markets.<br />Investments in equity securities may include, but are not limited to,<br />dividend-paying securities, common stock, preferred stock, shares of investment<br />companies, convertible securities, warrants and rights.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures on indices or currencies and foward currency agreements, which may be<br />used for risk management purposes to manage or adjust the risk profile of the <br />Fund. Futures on currencies and forward currency agreements may also be used <br />to hedge against a specific currency. In addition, futures on indices may be <br />used for investment (non-hedging) purposes to earn income; to enhance returns; <br />to replace more traditional direct investments; or to obtain exposure to certain <br />markets.<br /> <br />Management process<br /> <br />In selecting securities, the Advisor focuses on, among other things, identifying<br />discrepancies between a security's fundamental value and its market price. In<br />this context, the fundamental value of a given security is the Advisor's<br />assessment of what a security is worth. The Fund will select a security whose<br />fundamental value it estimates to be greater than its market value at any given<br />time. For each stock under analysis, the Advisor bases its estimates of value<br />upon economic, industry and company analysis, as well as upon a company's<br />management team, competitive advantage and core competencies. The Advisor then<br />compares its assessment of a security's value against the prevailing market<br />prices with the aim of constructing a focused portfolio of stocks with<br />attractive relative price/value characteristics. Although the Fund is a<br />diversified fund under the Investment Company Act of 1940, as amended (the "1940<br />Act") the Fund employs a focused investment strategy that may result in the Fund<br />investing in a lesser number of issuers than other equity mutual funds.</tt> UBS U.S. Equity Opportunity 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 1.38 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. UBS U.S. Equity Opportunity Fund Annual Total Returns of Class Y Shares Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 14.17%<br />Best quarter during calendar years shown-2Q 2009: 19.76%<br />Worst quarter during calendar years shown-4Q 2008: (25.45)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value than <br />securities of US issuers. These risks are greater for investments in emerging <br />market issuers. In addition, investments in emerging market issuers may decline <br />in value because of unfavorable foreign government actions, greater risks of <br />political instability or the absence of accurate information about emerging market<br />issuers.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Limited number of issuers risk: The Fund may invest in a limited number of<br />issuers compared to other mutual funds and, consequently, may invest a greater<br />portion of its assets in one or more issuers than other mutual funds. The Fund,<br />therefore, may be more sensitive to a single economic, business, political,<br />regulatory or other occurrence, which may result in greater fluctuation in the<br />value of the Fund's shares and to a greater risk of loss.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. In addition, non-exchange traded<br />derivatives may be subject to liquidity risk, credit risk and mispricing or<br />valuation complexity. These derivatives risks are different from, and may be<br />greater than, the risks associated with investing directly in securities and<br />other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. Index reflects no deduction for fees, expenses or taxes. The<br />Fund's past performance (before and after taxes) is not necessarily an indication <br />of how the Fund will perform in the future. On December 30, 2011, the Fund's <br />investment strategy, including its 80% policy, changed. The performance <br />information below, prior to that date, is attributable to the Fund's previous <br />investment strategy. Updated performance for the Fund is available at<br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 37 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 100 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002982Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002982Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002982Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002982Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Index 0.0150 -0.0002 0.0335 Class Y Return after taxes on distributions and sale of fund shares -0.0361 -0.0423 0.0207 2001-06-29 Class Y Return after taxes on distributions -0.0614 -0.0595 0.0130 2001-06-29 BUSVX -0.1556 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 98 2009-06-30 472 -0.2545 0.1425 -0.0078 0.1092 1987 -0.0100 871 0.0047 0.1976 -0.0594 0.0103 -0.4009 0.0070 2013-10-28 2008-12-31 0.23 -0.0503 0.10 Total return January 1 - September 30, 2012: -0.0594 0.3085 0.0000 0.0243 0.0096 0.0174 0.1857 2001-06-29 0.1417 0.0001 0.0000 BNVCX 0.0000 Class C Return before taxes 299 199 764 -0.0072 2960 -0.0100 1356 -0.0761 0.0097 0.0070 2013-10-28 2960 -0.0598 764 1356 0.0100 0.0141 0.0196 0.0268 2001-12-12 0.0001 0.0100 BNVAX 0.0550 Class A Return before taxes 667 1051 -0.0069 2597 -0.0100 1459 -0.1122 0.0094 0.0070 2013-10-28 -0.0635 0.0025 0.0158 0.0121 0.0190 2001-12-07 0.0001 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 509%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002981Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002981Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you <br />invest $10,000 in the Fund for the time periods indicated and then sell all of <br />your shares at the end of those periods unless otherwise stated. The example <br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. The costs described in the example reflect <br />the expenses of the Fund that would result from the contractual fee waiver and <br />expense reimbursement agreement with the Advisor for the first year only. <br />Although your actual costs may be higher or lower, based on these assumptions, <br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in bonds, which are defined as<br />fixed income securities. The Fund may invest in fixed income securities of any<br />maturity, but generally invests in securities having an initial maturity of<br />greater than one year.<br /> <br />The Fund's investments in fixed income securities may include, but are not<br />limited to, securities of the US government, its agencies and<br />government-sponsored enterprises, securities guaranteed by the US government,<br />corporate debt securities of US and non-US issuers, including convertible<br />securities, obligations of non-US governments or their subdivisions, agencies<br />and government-sponsored enterprises, obligations of international agencies or<br />supranational entities, mortgage-backed and asset-backed securities.<br /> <br />The Fund may invest up 35% of its net assets in foreign fixed income securities,<br />with up to 30% of its net assets in fixed income securities denominated in<br />foreign currencies. Under normal conditions, the Fund expects to limit foreign <br />currency exposure to 20% of the Fund's net assets.<br /> <br />The Fund generally invests in investment grade securities. However, the Fund may<br />invest up to 30% of its net assets in any combination of high yield (lower-rated<br />or "junk bonds") securities, emerging market fixed income securities or other<br />non-investment grade securities, provided that no more than 15% of its net<br />assets may be invested in developed market high yield securities and no more<br />than 15% of its net assets may be invested in emerging market securities.<br />Depending on its assessment of market conditions, the Advisor may choose to<br />allocate the Fund's assets in any combination among these types of investments<br />or may choose not to invest in these types of investments.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />options (including, but not limited to, options on futures, forwards and swap<br />agreements), futures, forward agreements, swap agreements (specifically,<br />interest rate, total return, currency, credit default and inflation swaps),<br />credit-linked securities and structured investments. All of these derivatives<br />may be used for risk management purposes, such as hedging against a specific<br />security or currency, or to manage or adjust the risk profile of the Fund. In<br />addition, all of the derivative instruments listed above may be used for<br />investment (non-hedging) purposes to earn income; to enhance returns; to replace<br />more traditional direct investments; to obtain exposure to certain markets; to<br />establish net short positions for individual sectors, markets, currencies or<br />securities; or to adjust the Fund's portfolio duration.<br /> <br />Management process<br /> <br />The Advisor uses an investment style focused on investment fundamentals. The<br />Advisor believes that investment fundamentals determine and define investment<br />value. The Advisor seeks to identify and exploit periodic differences between<br />market prices and fundamental value. In analyzing price/value differences, the<br />Advisor also takes into account cyclical market drivers that may influence near<br />term dynamics of market prices.<br /> <br />The Advisor considers various factors and incorporates numerous tools to<br />construct and manage investment portfolios. Through a combination of top-down<br />macroeconomic analysis and forecasting and intensive bottom-up issuer-specific<br />research, the Advisor makes active decisions related to duration, yield curve<br />positioning, relative sector, issuer, and quality exposures. Both quantitative<br />and qualitative analysis is employed to all facets of portfolio construction and<br />management with a comprehensive focus on risk management in both absolute and <br />benchmark-relative terms.</tt> UBS Core Plus Bond 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 $100,000 in the Fund. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 5.09 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. UBS Core Plus Bond Fund Annual Total Returns of Class Y Shares Performance 100000 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. <tt>Total return January 1 - September 30, 2012: 5.23%<br />Best quarter during calendar years shown-3Q 2009: 5.28%<br />Worst quarter during calendar years shown-1Q 2008: (6.16)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including the risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government-sponsored entity, although chartered or sponsored<br />by an Act of Congress, may issue securities that are neither insured nor<br />guaranteed by the US Treasury and are therefore riskier than those that are.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB<br />(Standard &amp; Poor's Ratings Group ("S&amp;P")) or Ba (Moody's Investors Service, Inc.<br />("Moody's")) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate.<br /> <br />Market risk may affect a single issuer, industry, or sector of the economy, or<br />it may affect the market as a whole.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. Index reflects no deduction for fees, expenses or taxes. The <br />Fund's past performance (before and after taxes) is not necessarily an indication<br />of how the Fund will perform in the future. Updated performance for the Fund is<br />available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $100,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 34 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002981Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002981Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002981Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002981Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays US Aggregate Index 0.0784 0.0650 0.0578 Class Y Return after taxes on distributions and sale of fund shares 0.0501 0.0091 0.0198 1995-08-31 Class Y Return after taxes on distributions 0.0661 0.0050 0.0177 1995-08-31 BPBDX 0.0931 Worst quarter during calendar years shown-1Q 2008: Best quarter during calendar years shown-3Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 41 2009-09-30 287 -0.0616 0.0410 -0.0073 0.0801 1309 -0.0100 552 0.0168 0.0528 0.0774 0.0062 -0.1401 0.0050 2013-10-28 2008-03-31 0.1091 0.0245 0.0219 Total return January 1 - September 30, 2012: 0.0774 0.0392 0.0000 0.0359 0.0040 0.0113 0.0435 1995-08-31 0.0523 0.0001 0.0000 BNOCX 0.0000 Class C Return before taxes 192 117 528 -0.0077 2181 -0.0100 965 0.0608 0.0066 0.0050 2013-10-28 2181 0.0167 528 965 0.0075 0.0280 0.0115 0.0192 2001-11-08 0.0001 0.0075 BNBDX 0.0450 Class A Return before taxes 513 815 -0.0081 2051 -0.0100 1138 0.0246 0.0070 0.0050 2013-10-28 0.0128 0.0025 0.0286 0.0065 0.0146 1997-06-30 0.0001 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 49%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002980Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002980Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income by investing primarily in the equity securities of non-US<br />issuers.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the irrevocable fee waiver and<br />expense reimbursement for all years. Although your actual costs may be higher or<br />lower, based on these assumptions, your costs would be:</tt> Index reflects no deduction for fees and expenses. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities.<br />Investments in equity securities may include, but are not limited to,<br />dividend-paying securities, common stock and preferred stock of issuers located<br />throughout the world. The Fund may invest in issuers from both developed and<br />emerging markets. The Advisor, on behalf of the Fund, intends to diversify<br />broadly among countries, but reserves the right to invest a substantial portion<br />of the Fund's assets in one or more countries if economic and business<br />conditions warrant such investments. The Fund may invest in stocks of companies<br />of any size.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures, forward currency agreements and equity participation notes. All of<br />these derivatives may be used for risk management purposes to manage or adjust<br />the risk profile of the Fund. Futures on currencies and forward currency<br />agreements may also be used to hedge against a specific currency. In addition,<br />all of the derivative instruments listed above may be used for investment<br />(non-hedging) purposes to earn income; to enhance returns; to replace more<br />traditional direct investments (except for forward currency agreements); to<br />obtain exposure to certain markets; or to establish net short positions for<br />individual currencies (except for equity participation notes).<br /> <br />Management process<br /> <br />The Advisor's investment decisions with respect to a portion of the Fund's<br />portfolio are based upon price/value discrepancies as identified by the<br />Advisor's fundamental valuation process. The Advisor utilizes growth-oriented<br />strategies with respect to the remainder of the Fund's portfolio.<br /> <br />In selecting securities for the portion of the Fund that is managed according to<br />the Advisor's fundamental valuation process, the Advisor focuses on, among other<br />things, identifying discrepancies between a security's fundamental value and its<br />market price. In this context, the fundamental value of a given security is the<br />Advisor's assessment of what a security is worth. The Advisor will select a<br />security whose fundamental value it estimates to be greater than its market<br />value at any given time. For each stock under analysis, the Advisor bases its<br />estimates of value upon country, economic, industry and company analysis, as<br />well as upon a company's management team, competitive advantage and core<br />competencies. The Advisor then compares its assessment of a security's value<br />against the prevailing market prices, with the aim of constructing a portfolio<br />of stocks across industries and countries with attractive relative price/value<br />characteristics.<br /> <br />With respect to the portion of the Fund's portfolio that is managed according to<br />the Advisor's growth-oriented strategies, the Advisor seeks to invest in<br />companies which are undergoing positive sustainable fundamental change driving a<br />period of above average earnings growth. Hallmarks of such companies include a<br />dominant market position and franchise, major technological edge or unique<br />competitive advantage. In selecting securities with this strategy, the Advisor<br />selects companies it believes can sustain an above average return on invested<br />capital and over a longer period of time than is reflected in current market<br />prices.</tt> UBS International Equity 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.49 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. UBS International Equity Fund Annual Total Returns of Class Y Shares Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 11.50%<br />Best quarter during calendar years shown-2Q 2009: 29.94%<br />Worst quarter during calendar years shown-3Q 2011: (23.88)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br />&#xA0;&#xA0;<br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Also, foreign securities are sometimes less liquid and more difficult to<br />sell and to value than securities of US issuers. These risks are greater for<br />investments in emerging market issuers. In addition, investments in emerging<br />market issuers may decline in value because of unfavorable foreign government<br />actions, greater risks of political instability or the absence of accurate<br />information about emerging market issuers.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. In addition, non-exchange traded<br />derivatives may be subject to liquidity risk, credit risk and mispricing or<br />valuation complexity. These derivatives risks are different from, and may be<br />greater than, the risks associated with investing directly in securities and<br />other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. Life of class performance for the index is as of the<br />inception month-end of each class. Index reflects no deduction for fees and<br />expenses. The Fund's past performance (before and after taxes) is not<br />necessarily an indication of how the Fund will perform in the future. Updated<br />performance for the Fund is available at<br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 37 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002980Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002980Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002980Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002980Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI World Free ex USA Index (net) -0.1221 -0.0409 0.0514 Class Y Return after taxes on distributions and sale of fund shares -0.1106 -0.0413 0.0283 0.0271 1993-08-31 Class Y Return after taxes on distributions -0.1798 -0.0595 0.0245 0.0236 1993-08-31 BNUEX -0.1412 Worst quarter during calendar years shown-3Q 2011: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 102 2009-09-30 318 -0.2388 0.1725 -0.0106 0.1239 1225 -0.0100 552 0.0838 0.2994 -0.1779 0.0126 -0.4409 0.0080 2011-09-30 0.3965 -0.0480 0.0969 Total return January 1 - September 30, 2012: -0.1779 0.3166 0.0000 0.0348 0.0100 0.0206 0.2378 0.0369 1993-08-31 0.1150 0.0000 BNICX 0.0000 Class C Return before taxes 303 203 627 -0.0106 2327 -0.0100 1078 -0.1945 0.0126 0.0080 2327 -0.0575 627 1078 0.0100 0.0200 0.0306 0.0285 2002-01-25 0.0100 BNIEX 0.0550 Class A Return before taxes 670 925 -0.0103 1978 -0.0100 1199 -0.2250 0.0123 0.0080 -0.0609 0.0025 0.0266 0.0125 0.0228 0.0142 1997-06-30 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in <br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 93% of <br />the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002979Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002979Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. Although your actual costs may be higher or<br />lower, based on these assumptions, your costs would be:</tt> 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. <tt>Principal investments<br /> <br />The Fund invests in equity and fixed income securities of issuers located within<br />and outside the United States. Under normal circumstances, the Fund allocates<br />its assets between fixed income securities and equity securities, including<br />securities of issuers in both developed (including the United States) and<br />emerging markets countries. Investments in fixed income securities may include,<br />but are not limited to, debt securities of governments throughout the world<br />(including the United States), their agencies and instrumentalities, debt<br />securities of corporations, mortgage-backed securities and asset-backed<br />securities. These securities will have an initial maturity of more than one year<br />and may be either investment grade or high yield (lower-rated or "junk bonds")<br />securities. Investments in equity securities may include, but are not limited<br />to, common stock and preferred stock. The Fund may invest in other open-end<br />investment companies advised by the Advisor to gain exposure to certain asset<br />classes.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />index options, futures, forward agreements, swap agreements (specifically,<br />interest rate, credit default and inflation swaps), equity participation notes<br />and equity linked notes. All of these derivatives may be used for risk<br />management purposes, such as hedging against a specific security or currency<br />(except with respect to equity participation notes and equity linked notes), or<br />to manage or adjust the risk profile of the Fund. In addition, all of the<br />derivative instruments listed above may be used for investment (non-hedging)<br />purposes to earn income; to enhance returns; to replace more traditional direct<br />investments; to obtain exposure to certain markets; or to establish net short<br />positions for individual markets, currencies or securities. Futures on indices,<br />forward agreements, interest rate swaps and credit default swaps may also be<br />used to adjust the Fund's portfolio duration.<br /> <br />Management process<br /> <br />The Fund is a multi-asset fund. Asset allocation decisions are tactical, based<br />upon the Advisor's assessment of valuations and prevailing market conditions in<br />the United States and abroad. In determining the asset allocation of the Fund,<br />the Advisor may utilize fundamental valuation and market behavior indicators to<br />construct the Fund's portfolio.<br /> <br />With respect to the Advisor's selection of specific equity securities for<br />inclusion in the Fund's equity asset classes, the Advisor may utilize<br />fundamental valuation and growth-oriented strategies.<br /> <br />In selecting equity securities for the Fund using the fundamental valuation<br />process, the Advisor selects securities whose fundamental values (the Advisor's<br />assessment of what a security is worth) it believes are greater than what is<br />reflected in market prices. A stock with a market price below its assessed<br />fundamental value would be considered for inclusion in the Fund's portfolio.<br /> <br />Under certain circumstances the Advisor also may utilize a growth-oriented<br />strategy within its equity asset classes. In selecting growth equities, the<br />Advisor seeks to invest in companies that possess a dominant market position and<br />franchise, a major technological edge or a unique competitive advantage.<br /> <br />The Advisor's fixed income strategy combines judgments about the absolute value<br />of the fixed income universe and the relative value of issuer sectors, maturity<br />intervals, security durations, credit qualities and coupon segments, as well as<br />specific circumstances facing the issuers of fixed income securities.<br /> <br />The Fund's risk is carefully monitored with consideration given to the risk<br />generated by individual position, sector, country and currency views.</tt> UBS Global Allocation 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.93 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. UBS Global Allocation Fund Annual Total Returns of Class Y Shares Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 9.61%<br />Best quarter during calendar years shown-2Q 2009: 23.56%<br />Worst quarter during calendar years shown-4Q 2008: (21.44)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.<br />&#xA0;&#xA0;<br />Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government-sponsored entity, although chartered or sponsored<br />by an Act of Congress, may issue securities that are neither insured nor<br />guaranteed by the US Treasury and are therefore riskier than those that are.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB<br />(Standard &amp; Poor's Ratings Group ("S&amp;P")) or Ba (Moody's Investors Service, Inc.<br />("Moody's")) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the Fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in emerging <br />market issuers. In addition, investments in emerging market issuers may decline <br />in value because of unfavorable foreign government actions, greater risks of <br />political instability or the absence of accurate information about emerging <br />market issuers.<br /> <br />Asset allocation risk: The risk that the Fund may allocate assets to an asset<br />category that performs poorly relative to other asset categories.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Investing in other funds risks: The Fund's investment performance is affected by<br />the investment performance of the underlying funds in which the Fund may invest.<br />Through its investment in the underlying funds, the Fund is subject to the risks<br />of the underlying funds' investments and subject to the underlying funds'<br />expenses.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how <br />the Fund's average annual total returns compare with those of a broad measure<br />of market performance. The MSCI World Free Index (net) shows how the Fund's <br />performance compares to an index that is designed to measure the equity market <br />performance of developed markets. The Citigroup World Government Bond Index <br />shows how the Fund's performance compares to an index composed of straight <br />(i.e., not floating rate or index-linked) government bonds with a one-year <br />minimum maturity. The GSMI Mutual Fund Index shows how the Fund's performance<br />compares to an index compiled by the Advisor that is constructed as follows: <br />65% MSCI All Country World Index (net), 15% Citigroup World Government Bond ex <br />US Index, 15% Citigroup US Government Bond Index, 2% J.P. Morgan Emerging <br />Markets Bond Index Global (EMBI Global) and 3% BofA Merrill Lynch US High <br />Yield Cash Pay Constrained Index. Indices reflect no deduction for fees, <br />expenses or taxes, except for the MSCI World Free Index (net) which reflects <br />no deduction for fees and expenses. The Fund's past performance (before and <br />after taxes) is not necessarily an indication of how the Fund will perform <br />in the future. Updated performance for the Fund is available at<br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 43 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002979Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002979Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002979Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002979Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> GSMI Mutual Fund Index -0.0214 0.0156 0.0562 Citigroup World Government Bond Index 0.0635 0.0713 0.0777 MSCI World Free Index (net) -0.0554 -0.0237 0.0362 Russell 3000 Index 0.0103 -0.0001 0.0352 Class Y Return after taxes on distributions and sale of fund shares -0.0447 -0.0181 0.0362 1992-08-31 Class Y Return after taxes on distributions -0.0866 -0.0308 0.0336 1992-08-31 BPGLX -0.0306 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 103 2009-06-30 322 -0.2144 0.1453 0.1211 1236 -0.0100 558 0.0501 0.2356 -0.0737 0.0018 -0.3588 0.0077 2008-12-31 0.3568 -0.0105 0.0646 Total return January 1 - September 30, 2012: -0.0737 0.2779 0.0000 0.0502 0.0101 0.1386 1992-08-31 0.0961 0.0006 0.0000 BNPCX 0.0000 Class C Return before taxes 311 211 652 2410 -0.0100 1119 -0.0917 0.0025 0.0077 2410 -0.0209 652 1119 0.0100 0.0394 0.0208 2001-11-22 0.0006 0.0100 BNGLX 0.0550 Class A Return before taxes 676 942 2042 -0.0100 1229 -0.1277 0.0023 0.0077 -0.0244 0.0025 0.0417 0.0131 1997-06-30 0.0006 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 65%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002978Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002978Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to maximize total return, consisting of capital appreciation and<br />current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's <br />operating expenses remain the same. The costs described in the example reflect <br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the Fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in equity securities of US<br />large capitalization companies. The Fund defines large capitalization companies<br />as those with a market capitalization of at least $3 billion. The Fund may<br />invest up to 20% of its net assets in the securities of US companies that have<br />market capitalizations within the range of the Russell 1000 Index but below $3<br />billion in market capitalization and/or the securities of foreign companies in<br />developed countries. Investments in equity securities may include, but are not<br />limited to, dividend-paying securities, common stock, preferred stock, shares of<br />investment companies, convertible securities, warrants and rights.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />futures and forward currency agreements. These derivatives may be used for risk<br />management purposes to manage or adjust the risk profile of the Fund. Futures on<br />currencies and forward currency agreements may also be used to hedge against a<br />specific currency. In addition, futures on indices may be used for investment <br />(non-hedging) purposes to earn income; to enhance returns; to replace more <br />traditional direct investments; or to obtain exposure to certain markets.<br /> <br />Management process<br /> <br />In selecting securities, the Advisor focuses on, among other things, identifying<br />discrepancies between a security's fundamental value and its market price. In<br />this context, the fundamental value of a given security is the Advisor's<br />assessment of what a security is worth. The Advisor will select a security whose<br />fundamental value it estimates to be greater than its market value at any given<br />time. For each stock under analysis, the Advisor bases its estimates of value<br />upon economic, industry and company analysis, as well as upon a company's<br />management team, competitive advantage and core competencies. The Advisor then<br />compares its assessment of a security's value against the prevailing market<br />prices, with the aim of constructing a portfolio of stocks with attractive<br />relative price/value characteristics.</tt> UBS U.S. Large Cap Equity 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. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.65 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. UBS U.S. Large Cap Equity Fund Annual Total Returns Of Class Y Shares Performance 50000 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. <tt>Total return January 1 - September 30, 2012: 12.82%<br />Best quarter during calendar years shown-2Q 2009: 19.55%<br />Worst quarter during calendar years shown-4Q 2008: (26.34)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Market risk: The market value of the Fund's investments may fluctuate, sometimes<br />rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk<br />may affect a single issuer, industry, or sector of the economy, or it may affect<br />the market as a whole.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. In addition, non-exchange traded<br />derivatives may be subject to liquidity risk, credit risk and mispricing or<br />valuation complexity. These derivatives risks are different from, and may be<br />greater than, the risks associated with investing directly in securities and<br />other instruments.<br />&#xA0;&#xA0;<br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Focused investment risk: The risk that investing in a select group of securities<br />could subject the Fund to greater risk of loss and could be considerably more<br />volatile than the Fund's primary benchmark or other mutual funds that are<br />diversified across a greater number of securities.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Also, foreign securities are sometimes less liquid and more difficult to<br />sell and to value than securities of US issuers.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. Index reflects no deduction for fees, expenses or taxes. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance for<br />the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $50,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 37 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 107 of the Fund's statement<br />of additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002978Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002978Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002978Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002978Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Index 0.0150 -0.0002 0.0335 Class Y Return after taxes on distributions and sale of fund shares -0.0166 -0.0227 0.0251 1994-02-22 Class Y Return after taxes on distributions -0.0298 -0.0306 0.0249 1994-02-22 BPEQX -0.1655 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 97 2009-06-30 307 -0.2634 0.1334 -0.0002 0.1339 1188 -0.0100 534 0.0102 0.1955 -0.0283 0.0027 -0.4028 0.0070 2013-10-28 2008-12-31 0.3207 -0.0257 0.0906 Total return January 1 - September 30, 2012: -0.0283 0.3047 0.0000 0.0305 0.0095 0.0097 0.1428 1994-02-22 0.1282 0.0000 BNQCX 0.0000 Class C Return before taxes 298 198 627 -0.0007 2342 -0.0100 1082 -0.0484 0.0032 0.0070 2013-10-28 2342 -0.0356 627 1082 0.0100 0.0200 0.0195 0.0202 2001-11-13 0.0100 BNEQX 0.0550 Class A Return before taxes 666 918 -0.0004 1964 -0.0100 1190 -0.0844 0.0029 0.0070 2013-10-28 -0.0393 0.0025 0.0217 0.0120 0.0124 1997-06-30 0.0000 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 50%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002977Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002977Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide high current income, as well as capital growth when<br />consistent with high current income.</tt> <tt>This example is intended to help you compare the cost of investing in the Fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the Fund for the time periods indicated and then sell all of<br />your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the Fund's<br />operating expenses remain the same. The costs described in the example reflect<br />the expenses of the Fund that would result from the contractual fee waiver and<br />expense reimbursement agreement with the Advisor for the first year only.<br />Although your actual costs may be higher or lower, based on these assumptions,<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The Fund invests in a portfolio of higher yielding, lower-rated debt securities<br />issued by foreign and domestic companies. Under normal conditions, at least 80%<br />of the Fund's net assets (plus borrowings for investment purposes, if any) are<br />invested in fixed income securities that provide higher yields and are<br />lower-rated. The Fund may invest in fixed income securities of any maturity, but<br />generally invests in securities having an initial maturity of more than one<br />year. Investments in fixed income securities may include, but are not limited<br />to, mortgage-backed and asset-backed securities. Up to 25% of the Fund's total<br />assets may be invested in foreign securities, which may include securities of<br />issuers in emerging markets.<br /> <br />The Fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the Fund's<br />investment strategies. The derivatives in which the Fund may invest include<br />options, futures, forward agreements, swap agreements (specifically, interest<br />rate, total return, currency and credit default swaps), credit-linked securities<br />and structured investments. All of these derivatives may be used for risk<br />management purposes, such as hedging against a specific security or currency, or<br />to manage or adjust the risk profile of the Fund. In addition, all of the<br />derivative instruments listed above may be used for investment (non-hedging)<br />purposes to earn income; to enhance returns; to replace more traditional direct<br />investments; to obtain exposure to certain markets; to establish net short<br />positions for individual sectors, markets, currencies or securities; or to<br />adjust the Fund's portfolio duration.<br /> <br />Lower-rated bonds are bonds rated in the lower rating categories of Moody's<br />Investors Service, Inc. ("Moody's") and Standard &amp; Poor's Ratings Group ("S&amp;P"),<br />including securities rated Ba or lower by Moody's or BB or lower by S&amp;P.<br />Securities rated in these categories are considered to be of poorer quality and<br />predominantly speculative. Bonds in these categories may also be called "high<br />yield bonds" or "junk bonds."<br /> <br />Management process<br /> <br />The Fund invests in securities that the Advisor expects will appreciate in value<br />as a result of declines in long-term interest rates or favorable developments<br />affecting the business or prospects of the issuer which may improve the issuer's<br />financial condition and credit rating. In selecting securities, the Advisor uses<br />a quantitative and qualitative credit review process that assesses the ways in<br />which macroeconomic forces (such as inflation, risk premiums and interest<br />rates), as well as certain quantitative factors, such as historical operating<br />results, calculation of credit ratios and expected future outlook, may affect<br />industry trends. Against the output of this model, the Advisor considers the<br />viability of specific debt securities, assessing management strength, market<br />position, competitive environment and financial flexibility.<br /> <br />The Advisor determines optimal sector, security and credit rating weightings<br />based on its assessment of macro and microeconomic factors. Depending on market<br />conditions, undervalued securities may be found in different sectors. Therefore,<br />all investment decisions are interrelated and made using ongoing sector,<br />security and rating evaluation.</tt> UBS High Yield 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 $100,000 in the Fund. Example 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. Investment objective The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. Main risks Shareholder fees (fees paid directly from your investment) 0.50 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. UBS High Yield Fund Annual Total Returns of Class Y Shares Performance 100000 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. <tt>Total return January 1 - September 30, 2012: 11.60%<br />Best quarter during calendar years shown-2Q 2009: 19.58%<br />Worst quarter during calendar years shown-4Q 2008: (16.49)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the Fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the Fund. An investment in the Fund is not a deposit of the bank and is not <br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. Below are some of the specific risks of investing in the<br />Fund.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the Fund may have to reinvest these repayments at lower<br />interest rates.<br /> <br />Credit risk: The risk that the Fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield bond risk: The risk that the issuer of bonds with ratings of BB (S&amp;P)<br />or Ba (Moody's) or below, or deemed of equivalent quality, will default or<br />otherwise be unable to honor a financial obligation (also known as lower-rated<br />or "junk bonds"). These securities are considered to be predominately<br />speculative with respect to an issuer's capacity to pay interest and repay<br />principal in accordance with the terms of the obligations. Lower-quality bonds<br />are more likely to be subject to an issuer's default or downgrade than<br />investment grade (higher-quality) bonds.<br /> <br />Market risk: The risk that the market value of the Fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole.<br /> <br />Foreign investing risk: The value of the Fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the Fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the Fund to lose more than the amount<br />it invested in the derivative. The risks of investing in derivative instruments<br />also include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, credit risk and mispricing or valuation complexity.<br />These derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the Fund to be more volatile than<br />if it had not been leveraged. The use of leverage may also accelerate the<br />velocity of losses and can result in losses to the Fund that exceed the amount<br />originally invested.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the Advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the Fund's performance<br />information in a bar chart and an average annual total returns table. The<br />information provides some indication of the risks of investing in the Fund by<br />showing changes in the Fund's performance from year to year and by showing how<br />the Fund's average annual total returns compare with those of a broad measure of<br />market performance. Index reflects no deduction for fees, expenses or taxes. The<br />Fund's past performance (before and after taxes) is not necessarily an<br />indication of how the Fund will perform in the future. Updated performance for<br />the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold Fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for <br />other classes will vary from the Class Y shares' after-tax returns shown.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the Fund. You may qualify for a sales charge waiver or discount if you<br />and your family invest, or agree to invest in the future, at least $100,000 in<br />the Fund. More information about these and other discounts and waivers, as well<br />as eligibility requirements for each share class, is available from your<br />financial advisor and in "Managing your fund account" on page 17 of the Fund's<br />prospectus and in "Reduced sales charges, additional purchase, exchange and<br />redemption information and other services" on page 74 of the Fund's statement of<br />additional information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002977Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002977Member column dei_LegalEntityAxis compact * column rr_PerformanceMeasureAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002977Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002977Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BofA Merrill Lynch US High Yield Cash Pay Constrained Index 0.0449 0.0743 0.0866 Class Y Return after taxes on distributions and sale of fund shares 0.0161 0.0278 0.0420 1997-09-30 Class Y Return after taxes on distributions -0.0024 0.0235 0.0398 1997-09-30 BIHYX -0.0078 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 Class Y Return before taxes 97 2009-06-30 316 -0.1649 0.1335 -0.0006 0.1441 1231 -0.0100 552 0.0083 0.1958 0.0248 0.0041 -0.2323 0.0060 2013-10-28 2008-12-31 0.4450 0.0557 0.0068 Total return January 1 - September 30, 2012: 0.0248 0.2316 0.0000 0.0726 0.0095 0.0101 0.1025 1997-09-30 0.1160 0.0000 BNHCX 0.0000 Class C Return before taxes 248 173 563 -0.0013 2137 -0.0100 978 0.0119 0.0048 0.0060 2013-10-28 2137 0.0481 563 978 0.0075 0.0646 0.0170 0.0183 2001-11-07 0.0075 BNHYX 0.0450 Class A Return before taxes 567 840 -0.0013 1969 -0.0100 1134 -0.0216 0.0048 0.0060 2013-10-28 0.0435 0.0025 0.0650 0.0120 0.0133 1998-12-31 0.0000 0000886244 ck0000886244:SummaryS000002977Memberck0000886244:S000002977Memberck0000886244:C000008174Member 2012-10-29 2012-10-29 0000886244 ck0000886244:SummaryS000002977Memberck0000886244:S000002977Memberck0000886244:C000008176Member 2012-10-29 2012-10-29 0000886244 ck0000886244:SummaryS000002977Memberck0000886244:S000002977Memberck0000886244:C000008177Member 2012-10-29 2012-10-29 0000886244 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than 0.01% of the average net assets of the Fund. 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 1.20% for Class A shares, 1.70% 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. In connection with the proposed Reorganization of the Fund into the Nationwide High Yield Bond Fund series of Nationwide Mutual Funds, effective as of the close of business on July 16, 2012, the Fund's Board of Trustees approved the waiver of the annual Rule 12b-1 distribution fee of 0.50% of average net assets that is charged to the shareholders of Class C shares of the Fund. In addition, the Fund has voluntarily lowered the expense limit applicable to Class C shares to 1.20% to reflect the waiver of this Rule 12b-1 distribution fee. The annual service fee of 0.25% of average net assets that is charged on Class A and Class C shares of the Fund was not eliminated. The Board of Trustees also approved the waiver of the 1.00% redemption fee that is charged on sales or exchanges of any Class of shares of the Fund less than 90 days after purchase and the elimination of all contingent deferred sales charges (CDSC) assessed on redemptions that are charged on Class A shares (on purchases above $1 million) and Class C shares. With respect to exchanges of shares of the Fund for shares of another UBS Family Fund, the length of time you held your shares of the UBS Fund will still be considered when determining whether you must pay a CDSC when you sell the shares of the UBS Family Fund acquired in the exchange. These changes are not reflected in the fee and expense tables above or the expense example below. 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. 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. 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. 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" will differ from those presented in the Financial highlights. 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 annual average returns presented for the Class C shares shown above. UBS Global Asset Management (Americas) Inc., the Fund's investment advisor ("UBS Global AM (Americas)" or the "Advisor"), has agreed irrevocably to waive its fees and reimburse certain expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) so that the Fund's ordinary operating expenses (excluding expenses incurred through investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) do not exceed 1.25% for Class A shares, 2.00% for Class C shares and 1.00% for Class Y shares. Average annual total returns for the MSCI World Free ex USA Index (net) for the life of each class were as follows: Class A-3.16%; Class C-5.74%; Class Y-4.41%. 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. 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 0.64% for Class A shares, 1.14% for Class C shares and 0.39% 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. 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 1.15% for Class A shares, 1.65% for Class C shares and 0.90% 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. Average annual total returns for the Barclays Global Aggregate Index for the life of each class were as follows: Class A-6.68%; Class C-6.66%; Class Y-6.24%. 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 1.40% 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. "Other expenses" are based on estimates for the current fiscal year. 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. 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 1.30% for Class A shares, 2.05% for Class C shares and 1.05% 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. 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 1.50% for Class A shares, 2.25% for Class C shares and 1.25% 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. In connection with the proposed Reorganization of the Fund into the Nationwide Global Equity Fund series of Nationwide Mutual Funds, effective as of the close of business on July 16, 2012, the Fund's Board of Trustees approved the waiver of the annual Rule 12b-1 distribution fee of 0.75% of average net assets that is charged to the shareholders of Class C shares of the Fund. In addition, the Fund has voluntarily lowered the expense limit applicable to Class C shares to 1.50% to reflect the waiver of this Rule 12b-1 distribution fee. The annual service fee of 0.25% of average net assets that is charged on Class A and Class C shares of the Fund was not eliminated. The Board of Trustees also approved the waiver of the 1.00% redemption fee that is charged on sales or exchanges of any Class of shares of the Fund less than 90 days after purchase and the elimination of all contingent deferred sales charges (CDSC) assessed on redemptions that are charged on Class A shares (on purchases above $1 million) and Class C shares. With respect to exchanges of shares of the Fund for shares of another UBS Family Fund, the length of time you held your shares of the UBS Fund will still be considered when determining whether you must pay a CDSC when you sell the shares of the UBS Family Fund acquired in the exchange. These changes are not reflected in the fee and expense tables above or the expense example below. "Other expenses" are based on estimates for the current fiscal year, and include "Acquired fund fees and expenses," which are estimated to be less than 0.01% of the average net assets of the Fund. 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 1.25% for Class A shares, 1.75% for Class C shares and 1.00% 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. 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. "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. 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. 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, otherwise do not exceed 1.50% for Class A shares, 2.25% for Class C shares and 1.25% 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