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iso4217:USD
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.
Due to the Fund's strategy change, the Fund has restated the "Acquired fund fees and expenses" based on the anticipated expenses of the new strategy. These "Acquired fund fees and expense" are based on estimates and may change based on actual results. The actual "Acquired fund fees and expense" for the Fund's fiscal year ended June 30, 2013 were 0.13% for Class A shares, 0.13% for Class C shares and 0.13% for Class Y shares. The actual "Total annual fund operating expenses" for the Fund's fiscal year ended June 30, 2013 were 1.53% for Class A, 2.28% for Class C and 1.28% for Class Y.
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, 2014, 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.
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, 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, 2014, 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.
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.
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.
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, 2014, do not exceed 0.95% for Class A shares, 1.70% for Class C shares and 0.70% 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.
Due to the anticipated increase of the use of short sales, the Fund has restated the "Dividend expense and security loan fees for securities sold short" based on the anticipated expenses for the new strategy. These "Dividend expense and security loan fees for securities sold short" are based on estimates and may vary based on actual investments. The actual "Dividend expense and security loan fees for securities sold short" for the Fund's fiscal year ended June 30, 2013 were 2.18% for Class A shares, 2.25% for Class C shares and 2.31% 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, 2014, do not exceed 1.75% for Class A shares, 2.50% for Class C shares and 1.50% for Class Y shares. Pursuant to the written agreement, the Advisor is entitled to be reimbursed for any fees it waives and expenses it reimburses for a period of three years following such fee waivers and expense reimbursements to the extent that such reimbursement of the Advisor by the Fund will not cause the Fund to exceed any applicable expense limit that is in place for the Fund. The fee waiver/expense reimbursement agreement may be terminated by the Fund's Board of Trustees at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Advisor. Upon termination of the fee waiver/expense reimbursement agreement, however, the UBS Global AM (Americas)'s three year recoupment rights will survive.
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.
Effective October 28, 2013, the Fund's performance benchmark changed from the MSCI World Free ex USA Index (net) to the MSCI World Index (net) in connection with changes to the Fund's investment strategies effective on that date.
"Other expenses" include "Acquired fund fees and expenses," which were less than 0.01% of the average net assets of the Fund.
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. This fee waiver and expense arrangement may only be amended or terminated by shareholders.
"Other expenses" include "Acquired fund fees and expenses," which were less than 0.01% of 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, 2014, 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 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, 2014, 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.
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, 2014, 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 total operating expenses have been adjusted to reflect that there will be no recoupment of expenses by the Advisor for the fiscal year ending June 30, 2014. The actual "Total annual fund operating expenses after management fee waiver/expense reimbursements" for Class Y for the fiscal year ended June 30, 2013 was 1.16%. The "management fee waiver/expense reimbursements or (recoupment)" for Class Y's fiscal year ended June 30, 2013 was (0.02%). The fees waived or expenses reimbursed for Class Y have been fully recouped as of June 30, 2013.
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, 2014, 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, 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, 2023, 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, 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, 2014, do not exceed 0.95% for Class A shares, 1.45% for Class C shares and 0.70% 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, 2014, 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.
UBS FUNDS
485BPOS
false
0000886244
2013-06-30
2013-10-28
2013-10-28
2013-10-28
UBS Asset Growth Fund
BGFAX
BGFCX
BGFYX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 49% of the average value of its portfolio.</font> </p>
0.49
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
700
1115
1554
2771
334
828
1448
3120
234
828
1448
3120
133
525
942
2105
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. The MSCI World Free Index (net) shows how the Fund's performance compares to an index that is designed to measure the equity market performance of developed markets. The MSCI World Free Index (net) reflects no deduction for fees and expenses. Life of class performance of the MSCI World Free Index (net) is as of the inception month end for each class of the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. On or about October 28, 2013, the Fund's investment strategies</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">changed. The performance below is attributable to the Fund's performance before the strategy change. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS Asset Growth Fund Annual Total Returns of Class Y Shares (2008 is the Fund's first full year of operations)
-0.4840
0.4799
0.1592
-0.1017
0.1659
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Best quarter
0.3302
2009-06-30
Worst quarter
-0.2977
2008-12-31
Total return
0.0753
2013-09-30
<p align="left" style="margin:0pt 0pt 11pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 7.53%<br/> Best quarter during calendar years shown—2Q 2009: 33.02%<br/> Worst quarter during calendar years shown—4Q 2008: (29.77)%</font> </p>
0.0995
-0.0283
-0.0246
0.1444
-0.0246
-0.0218
0.1659
-0.0150
-0.0120
0.1632
-0.0243
-0.0209
0.1115
-0.0173
-0.0144
0.1583
-0.0118
-0.0070
2007-07-26
2007-07-26
2007-07-26
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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.
The MSCI World Free Index (net) reflects no deduction for fees and expenses.
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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investment performance is affected by the investment performance of the underlying funds in which the Fund may invest, including ETFs ("Underlying Funds"). Through its investment in the Underlying Funds, the Fund is subject to the risks of the Underlying Funds' investments and subject to the Underlying Funds' expenses.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Government securities risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are different types of US government securities with different levels of credit risk, including risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 11.5pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>High yield bond risk:</strong></font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (Standard & Poor's Financial <font style="font-size: 10pt; font-family: Arial, Helvetica;">Services LLC ("S&P")) or Ba (Moody's Investors Service, Inc. ("Moody's")) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Asset allocation risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 11.5pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Derivatives risk:</strong></font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation com</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">plexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Real estate securities and REITs risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Volatility management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">While the Fund's strategy seeks to manage the level of the Fund's volatility, there can be no guarantee that this will be achieved; actual or realized volatility for any particular period may be materially higher or lower than the manager's targeted volatility level depending on market conditions. In addition, the efforts to manage the Fund's volatility may be expected, in a period of generally positive equity market returns when broad market volatility is above the target volatility level, to reduce the Portfolio's performance below what could be achieved without seeking to manage volatility and, thus, the Portfolio would generally be expected to underperform market indices that do not seek to achieve a specified level of volatility.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Illiquidity risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Tracking error risk for ETFs and derivatives:</strong></font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">Imperfect correlation between a derivative or ETF's portfolio securities and those in its index, rounding of prices, the timing of cash flows, the ETF's size, changes to the in</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">dex and regulatory requirements may cause tracking error, which is the divergence of an ETF's performance from that of its underlying index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because an ETF incurs fees and expenses while its underlying index does not.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Passive investment risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">ETFs purchased by the Fund are not actively managed and may be affected by general decline in market segments relating to their respective indices. An ETF typically invests in securities included in, or representative of, its index regardless of their investment merits and does not attempt to take defensive positions in declining markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In order to achieve the Fund's objective, the Fund employs an asset allocation strategy that seeks to achieve a return over the long term similar to the MSCI World Free Index (net), but with more stable volatility. The Advisor does not represent or guarantee that the Fund will meet this goal. As part of the Fund's asset allocation strategy, the Fund will primarily use passive index components and derivatives, including but not limited to futures and swaps, but also may invest directly in individual securities. The Fund's passive index component will primarily utilize third-party passively managed exchanged-traded funds ("ETFs") to gain exposure to equity, fixed income, and alternative asset class securities, including, but are not limited to, convertible bonds and real estate securities, including REITs and real estate operating companies. The Fund may gain exposure to issuers located within and outside the United States.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund will incorporate a managed volatility feature that seeks to control portfolio volatility to a target of 15% annually. Volatility is a risk measurement that measures the relative rate at which the price of a security moves up and down and is typically determined by calculating the annualized standard deviation of the daily change in price. Commonly, the higher the volatility the greater the risk of the security. While UBS Global AM (Americas) attempts to manage the Fund's volatility, there can be no guarantee that the Fund will achieve its target and the actual volatility may be higher or lower than 15% over any period. This strategy of attempting to manage volatility may result in the Fund outperforming the general securities market during periods of flat or negative market performance where broad market volatility is above the target level or where broad market volatility is beneath the target level but returns are positive. The strategy may underperform the general securities market during periods of positive market performance when broad market volatility exceeds the target level.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund will adjust its exposure to markets in response to changes in expected volatility. The Fund may without limitation allocate assets to cash or short-term money market instruments as well as derivatives in order to reduce exposure to riskier assets during periods of increasing market risk. When volatility declines, the Fund may move assets out of cash and back into riskier assets. As part of its attempt to manage the Fund's volatility exposure, the Fund may make significant investments in index futures, options, or other derivative instruments designed to achieve both long and short exposure to asset markets. The Fund has the ability to employ a maximum exposure target of up to 175% of fund assets to the markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund allocates its assets between equity, fixed income, and alternative asset class securities, including securities of issuers in both developed (including the United States) and emerging markets countries. Equity investments may include securities of companies of any capitalization size. Investments in fixed income securities may include, but are not limited to, debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of corporations, mortgage-backed securities and asset-backed securities. These securities may be either investment grade or high yield (lower-rated or "junk bonds") securities. Investments in equity securities may include, but are not limited to, common stock and preferred stock.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the <font style="font-size: 10pt; font-family: Arial, Helvetica;">Fund's investment strategies. The derivatives in which the Fund may invest include index options, futures (including, but not limited to, futures on a commodity index), forward agreements, swap agreements (including, but not limited to, interest rate, credit default, equity index, inflations swaps and total return swaps), equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency or to manage or adjust the risk profile of the Fund and to manage the Fund's volatility. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual markets, currencies or securities. Futures on indices, forward agreements, interest rate swaps and credit default swaps may also be used to adjust the Fund's portfolio duration.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The portfolio managers will manage the Fund's portfolio using a two-step process as described below.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Step 1: Asset Allocation<br/> The underlying tactical asset allocation strategy is determined by the portfolio managers taking account of the potential returns and risks of each asset class, the expected diversification benefits from a multi-asset approach and the portfolio managers' views of potential returns and risks over a 3-5 year time horizon. This will be a dynamic process and will result in changes to the underlying asset allocation strategy as the outlook changes.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Step 2: Managed Volatility<br/> The exposure to the strategy defined in step 1 will then be determined and implemented targeting a portfolio volatility of 15% or lower. The Fund will seek to achieve this objective by systematically adjusting its exposure to the asset allocation strategy outlined in steps 1 and 2, with a maximum exposure of up to 175% of Fund assets to the markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Asset allocation decisions are primarily driven by UBS Global AM (Americas)'s assessment of valuation and prevailing market conditions in the United States and around the world. Using a systematic approach, the portfolio management team analyzes the asset classes and investments across equities, fixed income, and alternative asset classes (including currency), considering both fundamental valuation, economic and other market indicators. Regarding valuation, the portfolio managers evaluate whether asset classes and investments are attractively priced relative to fundamentals. The starting point is to assess the intrinsic value of an asset class, as determined by the fundamentals that drive an</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">asset class' future cash flow. The intrinsic value represents a long term anchor point to which the portfolio managers believe the asset class will eventually revert.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Fair value estimates of asset classes and markets are an output of UBS Global AM (Americas)'s proprietary valuation models. Discounting the asset's future cash flow using a discount rate that appropriately reflects the inherent investment risk associated with holding the asset gives the asset's fair value. The competitive advantage of the portfolio managers' models lies in the quality and consistency of the inputs used and, therefore, the reliability of valuation conclusions. The discrepancy between actual market level and fair value (the price/value discrepancy) is the primary valuation signal used in identifying investment opportunities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Next, the portfolio managers assess additional market indicators and consider the effect that other determinants of economic growth and overall market volatility will have on each asset class. While in theory price/value discrepancies may resolve themselves quickly and linearly, in practice price/value discrepancy can grow larger before it resolves. While valuation models have proven effective at identifying longer-term price/value discrepancies, in the shorter term other factors can swamp valuation considerations. Thus, the Portfolio Managers incorporate an additional discipline in the idea generation process. The portfolio managers refer to this additional step in their idea generation process as market behavior analysis. Adding this step helps them understand what other market indicators might drive the market towards or away from fundamental value. The portfolio managers perform systematic analysis of non-valuation drivers using models measuring sentiment, momentum and flows, market stress, the stage of the economic cycle, as well as an assessment of the general macroeconomic landscape. Evaluating various market indicators become increasingly important when an asset class is trading close to its fair value. Conversely, valuation considerations tend to dominate when an asset class is substantially above or below fair value, but the Advisor recognizes that the use of market behavior analysis during these periods is very important to helping improve the timing in and out of these asset classes with very stretched valuations.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The portfolio managers work closely with the Risk Management team to determine the appropriate amount of risk capital to allocate to the underlying trade ideas given the strategy's risk budget and objectives, prevailing investment opportunities, and other strategy exposures. To assist in this process the Risk Management team performs scenario and correlation analysis to assess the effects each</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">trade's inclusion will have on the risk and diversification of the overall strategy, and ensures that unintended factor exposures are identified, managed and monitored.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0095
0.0095
0.0095
0.0025
0.0100
0.0000
0.0070
0.0072
0.0072
0.0016
0.0016
0.0016
0.0206
0.0283
0.0183
-0.0050
-0.0052
-0.0052
0.0156
0.0231
0.0131
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~ http://ubs.com/20131028/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0000886244_S000017860Member row primary compact * ~
2014-10-28
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.
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.
Due to the Fund's strategy change, the Fund has restated the "Acquired fund fees and expenses" based on the anticipated expenses of the new strategy.
These "Acquired fund fees and expense" are based on estimates and may change based on actual results.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to obtain superior long-term returns on capital.</font> </p>
UBS DYNAMIC ALPHA FUND
BNAAX
BNACX
BNAYX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 74% of the average value of its portfolio.</font> </p>
0.74
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
681
973
1286
2173
314
680
1171
2527
214
680
1171
2527
113
357
620
1373
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~ http://ubs.com/20131028/role/ScheduleExpenseExampleNoRedemptionTransposed20012 column dei_LegalEntityAxis compact ck0000886244_S000003135Member row primary compact * ~
Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. The MSCI World Free Index (net) shows how the Fund's performance compares to an index that is designed to measure the equity market performance of developed markets. The Citigroup One-Month US Treasury Bill Index shows how the Fund's performance compares to public obligations of the U.S. Treasury with maturities of one month. Life of class performance for the BofA Merrill Lynch US Treasury 1-5 Year Index, the MSCI World Free Index (net) and the Citigroup One-Month US Treasury Bill Index is as of the inception month end of each class of the Fund. Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World Free Index (net) which reflects no deduction for fees and expenses. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS Dynamic Alpha Fund Annual Total Returns of Class Y Shares (2006 is the Fund's first full year of operations)
0.0769
-0.0359
-0.2148
0.2733
0.0222
-0.0128
0.1434
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Best quarter
0.1812
2009-06-30
Worst quarter
-0.1708
2008-12-31
Total return
0.0159
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 1.59%<br/> Best quarter during calendar years shown—2Q 2009: 18.12%<br/> Worst quarter during calendar years shown—4Q 2008: (17.08)%</font> </p>
0.0774
0.0141
0.0239
0.1216
0.0180
0.0234
0.1434
0.0290
0.0344
0.1365
0.0121
0.0216
0.0938
0.0186
0.0255
0.0091
0.0333
0.0378
0.1583
-0.0118
0.0417
0.0005
0.0033
0.0172
2005-01-27
2005-01-27
2005-01-27
~ http://ubs.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20014 column dei_LegalEntityAxis compact ck0000886244_S000003135Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World Free Index (net) which reflects no deduction for fees and expenses.
The 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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (Standard & Poor's Financial Services LLC ("S&P")) or Ba (Moody's Investors Service, Inc. ("Moody's")) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Government securities risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are different types of US government securities with different levels of credit risk, including risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>IPOs risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Asset allocation risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-diversification risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk, and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with borrowing:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may borrow money from banks to purchase investments for the Fund, which is a form of leverage. If the Fund borrows money to purchase securities and the Fund's investments decrease in value, the Fund's losses will be greater than if the Fund did not borrow money for investment purposes. In addition, if the return on an investment purchased with borrowed funds is not sufficient to cover the cost of borrowing, then the net income of the Fund would be less than if borrowing were not used.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds' investments and subject to the underlying funds' expenses.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p>
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.
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In order to achieve the Fund's objective, the Fund employs an asset allocation strategy that seeks to achieve a total rate of return for the Fund that meets or exceeds the Citigroup One-Month US Treasury Bill Index plus 2%-4% (net of fees) over a rolling five year time horizon. The Advisor does not represent or guarantee that the Fund will meet this total return goal.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund invests in securities and financial instruments to gain exposure to global equity, global fixed income and cash equivalent markets, including global currencies. The Fund may invest in equity and fixed income securities of issuers located within and outside the United States or in open-end investment companies advised by the Advisor, to gain exposure to certain global equity and global fixed income markets. The Fund is a non-diversified fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Investments in fixed income securities may include, but are not limited to, debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">corporations and supranationals, inflation protected securities, convertible bonds, mortgage-backed securities, asset-backed securities, equipment trusts and other collateralized debt securities. Investments in fixed income securities may include issuers in both developed (including the United States) and emerging markets. The Fund's fixed income investments may reflect a broad range of investment maturities, credit qualities and sectors, including high yield (lower-rated or "junk bonds") securities and convertible debt securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Investments in equity securities may include, but are not limited to, common stock and preferred stock of issuers in developed nations (including the United States) and emerging markets. Equity investments may include securities of companies of any capitalization size.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In addition, the Fund attempts to generate positive returns and manage risk through asset allocation and sophisticated currency management techniques. These decisions are integrated with analysis of global market and economic conditions.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include options (on securities, indices, or swap agreements), futures, forward agreements, swap agreements (specifically, interest rate, total return, currency and credit default swaps), credit-linked securities, equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual markets, currencies or securities. Options on indices, options on swap agreements, futures on indices, forward agreements, interest rate swaps, total return swaps, credit default swaps and credit-linked securities may also be used to adjust the Fund's portfolio duration, including to achieve a negative portfolio duration.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO"). To the extent permitted by the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund may borrow money from banks to purchase investments for the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The portfolio managers will manage the Fund's portfolio using the following investment process as described below:</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The strategy invests in the full spectrum of instruments and markets globally. The Advisor believes that the Advisor is able to improve the return outcome and risk management of the Fund by employing a well diversified strategy across a broad global opportunity set. Returns are generated from asset allocation across markets, currency and security selection. The Advisor aims to employ 15-25 of the Advisor's highest conviction trade ideas into the following diversified risk buckets:</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">•  Market Directional: Explicit view on equities, credit, and interest rates</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">•  Relative Value Market: Capitalizing on misvaluation between two markets</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">•  Relative Value Currency: Active decisions between two markets that are made independent from market decisions</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Asset allocation decisions are primarily driven by UBS Global AM (Americas)'s assessment of valuation and prevailing market conditions in the United States and around the world. Using a systematic approach, the portfolio management team analyzes the asset classes and investments across equities, fixed income, and alternative asset classes (including currency), considering both fundamental valuation, economic and other market indicators. Regarding valuation, the portfolio managers evaluate whether asset classes and investments are attractively priced relative to fundamentals. The starting point is to assess the intrinsic value of an asset class, as determined by the fundamentals that drive an asset class' future cash flow. The intrinsic value represents a long term anchor point to which the portfolio managers believe the asset class will eventually revert.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Fair value estimates of asset classes and markets are an output of UBS Global AM (Americas)'s proprietary valuation models. Discounting the asset's future cash flow using a discount rate that appropriately reflects the inherent investment risk associated with holding the asset gives the asset's fair value. The competitive advantage of the portfolio managers' models lies in the quality and consistency of the inputs used and, therefore, the reliability of valuation conclusions. The discrepancy between actual market level and fair value (the price/value discrepancy) is the primary valuation signal used in identifying investment opportunities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Next, the portfolio managers assess additional market indicators and consider the effect that other determi-</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">nants of economic growth and overall market volatility will have on each asset class. While in theory price/value discrepancies may resolve themselves quickly and linearly, in practice price/value discrepancy can grow larger before it resolves. While valuation models have proven effective at identifying longer-term price/value discrepancies, in the shorter term other factors can swamp valuation considerations. Thus, the portfolio managers incorporate an additional discipline in our idea generation process. The portfolio managers refer to this additional step in its idea generation process as market behavior analysis. Adding this step helps them to understand what other market indicators might drive the market towards or away from fundamental value. The portfolio managers perform systematic analysis of non-valuation drivers using models measuring sentiment, momentum and flows, market stress, the stage of the economic cycle, as well as an assessment of the general macroeconomic landscape. Evaluating various market indicators become increasingly important when an asset class is trading close to its fair value. Conversely, valuation considerations tend to dominate when an asset class is substantially above or below fair value, but the Advisor recognizes that the use of market behavior analysis during these periods is very important to helping improve the timing in and out of these asset classes with very stretched valuations.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The asset allocation process is structured around the Asset Allocation & Currency (AAC) Investment Committee (the "AAC Committee") meetings, which provides a forum for debate and the exploration of all ramifications of any investment decision, rather than aiming for a consensus to be reached. Instead, any voting member of the AAC Committee can sponsor a trade idea, preparing a detailed investment thesis to support the view. An investment thesis has to define the investment rationale based on valuation and market behavioral influences, the time scale for it being realized, the transaction costs and the potential milestones the Advisor would expect to evaluate whether or not the view is correct. The sponsor is then responsible for convincing another member of the AAC Committee to support the idea as co-sponsor.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Bottom up selection across active equity and fixed income markets can be utilized as part of the asset allocation process at the asset class level. With respect to specific equity securities for inclusion in the Fund's equity asset classes, the Advisor may utilize fundamental valuation, quantitative and growth-oriented strategies. The Advisor's bottom up fixed income security selection strategy combines judgments about the absolute value of the fixed income universe and the relative value of issuer sectors, maturity intervals, security durations, credit qualities and coupon segments, as well as specific circumstances facing the issuers of fixed income securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The portfolio managers work closely with the Risk Management team, members of which attend the AAC Committee meetings, to determine the appropriate amount of risk capital to allocate to the underlying trade ideas given the strategy's risk budget and objectives, prevailing investment opportunities, and other strategy exposures. To assist in this process the Risk Management team performs scenario and correlation analysis to better understand the risk and diversification of the overall strategy, and ensures that unintended factor exposures are identified, managed and monitored.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0085
0.0085
0.0085
0.0025
0.0100
0.0000
0.0033
0.0034
0.0027
0.0001
0.0001
0.0001
0.0144
0.0220
0.0113
-0.0008
-0.0009
-0.0002
0.0136
0.0211
0.0111
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2014-10-28
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.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font> </p>
UBS GLOBAL ALLOCATION FUND
BNGLX
BNPCX
BPGLX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54% of the average value of its portfolio.</font> </p>
0.54
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
681
957
1254
2095
317
670
1149
2472
217
670
1149
2472
108
337
585
1294
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~ http://ubs.com/20131028/role/ScheduleExpenseExampleNoRedemptionTransposed20020 column dei_LegalEntityAxis compact ck0000886244_S000002979Member row primary compact * ~
Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. The MSCI World Free Index (net) shows how the Fund's performance compares to an index that is designed to measure the equity market performance of developed markets. The Citigroup World Government Bond Index shows how the Fund's performance compares to an index composed of straight (i.e., not floating rate or index-linked) government bonds with a one-year minimum maturity. The GSMI Mutual Fund Index shows how the Fund's performance compares to an index compiled by the Advisor that is constructed as follows: 65% MSCI All Country World Index (net), 15% Citigroup World Government Bond ex US Index, 15% Citigroup US Government Bond Index, 2% J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) and 3% BofA Merrill Lynch US High Yield Cash Pay Constrained Index. Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World Free Index (net) which reflects no deduction for fees and expenses. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS Global Allocation Fund Annual Total Returns of Class Y Shares
0.2779
0.1453
0.0646
0.1386
0.0501
-0.3588
0.3568
0.1211
-0.0737
0.1269
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Best quarter
0.2356
2009-06-30
Worst quarter
-0.2144
2008-12-31
Total return
0.0601
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 6.01%<br/> Best quarter during calendar years shown—2Q 2009: 23.56%<br/> Worst quarter during calendar years shown—4Q 2008: (21.44)%</font> </p>
0.0620
-0.0108
0.0571
0.1049
-0.0072
0.0550
0.1269
0.0036
0.0661
0.1198
-0.0154
0.0504
0.0857
-0.0070
0.0506
0.1642
0.0204
0.0768
0.1583
-0.0118
0.0751
0.0165
0.0527
0.0604
0.1188
0.0213
0.0774
2001-11-22
1992-08-31
1997-06-30
~ http://ubs.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0000886244_S000002979Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Indices reflect no deduction for fees, expenses or taxes, except for the MSCI World Free Index (net) which reflects no deduction for fees and expenses.
The 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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Government securities risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are different types of US government securities with different levels of credit risk, including risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (Standard & Poor's Financial Services LLC ("S&P")) or Ba (Moody's Investors Service, Inc. ("Moody's")) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the market value of the Fund's investments may fluctuate, sometimes rapidly or</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Asset allocation risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Leverage risk associated with financial instruments:</strong></font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment <font style="font-size: 10pt; font-family: Arial, Helvetica;">(non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds' investments and subject to the underlying funds' expenses.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In order to achieve the Fund's objective, the Fund employs an asset allocation strategy that seeks to maximize total return. The Advisor does not represent or guarantee that the Fund will meet this total return goal.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund invests in equity and fixed income securities of issuers located within and outside the United States. Under normal circumstances, the Fund allocates its assets between fixed income securities and equity securities, including securities of issuers in both developed (including the United States) and emerging markets countries. Investments in fixed income securities may include, but are not limited to, debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of corporations, mortgage-backed securities and asset-backed securities. These securities will have an initial maturity of more than one year and may be either investment grade or high yield (lower-rated or "junk bonds") securities. Investments in equity securities may include, but are not limited to, common stock and preferred stock. The Fund may invest in other open-end investment companies advised by the Advisor to gain exposure to certain asset classes.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include index options, futures, forward agreements, swap agreements (specifically, interest rate, credit default and inflation swaps), equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency (except with respect to equity participation notes and equity linked notes), or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual markets, currencies or securities. Futures on indices, forward agreements, interest rate swaps and credit default swaps may also be used to adjust the Fund's portfolio duration.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The portfolio managers will manage the Fund's portfolio using the following investment process as described below:</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The strategy invests in the full spectrum of instruments and markets globally. The Advisor believes that the Advisor is able to improve the return outcome and risk management of the Fund by employing a well diversified strategy across a broad global opportunity set. Returns are generated from asset allocation across markets, currency and security selection.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Asset allocation decisions are primarily driven by UBS Global AM (Americas)'s assessment of valuation and prevailing market conditions in the United States and around the world. Using a systematic approach, the portfolio management team analyzes the asset classes and investments across equities, fixed income, and alternative asset classes (including currency), considering both fundamental valuation, economic and other market indicators. Regarding valuation, the portfolio managers evaluate whether asset classes and investments are attractively priced relative to fundamentals. The starting point is to assess the intrinsic value of an asset class, as determined by the fundamentals that drive an asset class' future cash flow. The intrinsic value represents a long term anchor point to which the portfolio managers believe the asset class will eventually revert.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Fair value estimates of asset classes and markets are an output of UBS Global AM (Americas)'s proprietary valuation models. Discounting the asset's future cash flow using a discount rate that appropriately reflects the inherent investment risk associated with holding the asset gives the asset's fair value. The competitive advantage of the portfolio manager's models lies in the quality and consistency of the inputs used and, therefore, the reliability of valuation conclusions. The discrepancy between actual market level and fair value (the price/value discrepancy) is the primary valuation signal used in identifying investment opportunities.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">Next, the portfolio managers assess additional market indicators and consider the effect that other determinants of economic growth and overall market volatility will have on each asset class. While in theory price/value discrepancies may resolve themselves quickly and linearly, in practice price/value discrepancy can grow larger before it resolves. While valuation models have proven effective at identifying longer-term price/value discrepancies, in the shorter term other factors can swamp valuation considerations. Thus, the portfolio managers incorporate an additional discipline in our idea generation process. The portfolio managers refer to this additional step in its idea generation process as market behavior analysis. Adding this step helps them to under</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">stand what other market indicators might drive the market towards or away from fundamental value. The portfolio managers perform systematic analysis of non-valuation drivers using models measuring sentiment, momentum and flows, market stress, the stage of the economic cycle, as well as an assessment of the general macroeconomic landscape. Evaluating various market indicators become increasingly important when an asset class is trading close to its fair value. Conversely, valuation considerations tend to dominate when an asset class is substantially above or below fair value, but the Advisor recognizes that the use of market behavior analysis during these periods is very important to helping improve the timing in and out of these asset classes with very stretched valuations.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The asset allocation process is structured around the Asset Allocation & Currency (AAC) Investment Committee (the "AAC Committee") meetings, which provides a forum for debate and the exploration of all ramifications of any investment decision, rather than aiming for a consensus to be reached. Instead, any voting member of the AAC Committee can sponsor a trade idea, preparing a detailed investment thesis to support the view. An investment thesis has to define the investment rationale based on valuation and market behavioral influences, the time scale for it being realized, the transaction costs and the potential milestones the Advisor would expect to evaluate whether or not the view is correct. The sponsor is then responsible for convincing another member of the AAC Committee to support the idea as co-sponsor.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Bottom up selection across active equity and fixed income markets can be utilized as part of the asset allocation process at the asset class level. With respect to specific equity securities for inclusion in the Fund's equity asset classes, the Advisor may utilize fundamental valuation, quantitative and growth-oriented strategies. The Advisor's bottom up fixed income security selection strategy combines judgments about the absolute value of the fixed income universe and the relative value of issuer sectors, maturity intervals, security durations, credit qualities and coupon segments, as well as specific circumstances facing the issuers of fixed income securities.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The portfolio managers work closely with the Risk Management team, members of which attend the AAC Committee meetings, to determine the appropriate amount of risk capital to allocate to the underlying trade ideas given the strategy's risk budget and objectives, prevailing investment opportunities, and other strategy exposures. To assist in this process the Risk Management team performs scenario and correlation analysis to better under</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">stand the risk and diversification of the overall strategy, and ensures that unintended factor exposures are identified, managed and monitored.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0078
0.0078
0.0078
0.0025
0.0100
0.0000
0.0025
0.0028
0.0020
0.0008
0.0008
0.0008
0.0136
0.0214
0.0106
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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.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font> </p>
UBS Multi-Asset Income Fund
MAIAX
MAIDX
MAIYX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 116% of the average value of its portfolio.</font> </p>
1.16
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
575
1004
1457
2710
282
809
1436
3127
207
809
1436
3127
106
501
921
2093
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Performance
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font> </p>
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Asset allocation risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund may allocate assets to an asset category that performs poorly relative to other asset categories.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (Standard & Poor's Financial Services LLC ("S&P")) or Ba (Moody's Investors Service, Inc. ("Moody's")) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Distribution of income risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's monthly income payments will be made from the Fund's interest income, dividends, and currency allocations and will reduce the amount of assets available for investment by the Fund. The Fund's investment losses may reduce the amount of future distributions an investor will receive from the Fund thereby reducing the distribution yield. The dollar amount of the Fund's monthly income payments could vary substantially from one year to the next and over time depending on several factors, including the performance of the financial markets in which the Fund invests, the allocation of Fund assets across different asset classes and investments, the performance of the Fund's underlying strategies, and the amount and timing of prior distributions by the Fund. It is also possible for payments to go down substantially or significantly fluctuate from one year to the next, month over month, and over time depending on the timing of an investor's investments in the Fund. Any redemptions will proportionately reduce the amount of future cash income payments to be received from the Fund. There is no guarantee that the Fund will make monthly income payments to its shareholders or, if made, that the Fund's monthly income payments to shareholders will remain at a fixed amount.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in ETFs risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF's underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities; an ETF may trade at a premium or discount to its net asset value; or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be more costly than if a Fund had owned the underlying securities directly. The Fund, and indirectly, shareholders of the Fund, bear a proportionate share of the ETF's expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Government securities risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Real estate securities and REITs risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund's performance will be affected by adverse developments in the real estate industry. Real estate values may be affected by a variety of factors, including: local, national or global economic conditions; changes in zoning or other property-related laws; environmental regulations; interest rates; tax and insurance considerations; overbuilding; property taxes and operating expenses; or declining values in a neighborhood. Similarly, a REIT's performance depends on the types, values, locations and management of the properties it owns. In addition, a REIT may be more susceptible to adverse developments affecting a single project or market segment than a more diversified investment. Loss of status as a qualified REIT under the US federal tax laws could adversely affect the value of a particular REIT or the market for REITs as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In order to achieve the Fund's objective, the Fund employs an asset allocation strategy that seeks to provide risk-managed income on a monthly basis by employing an asset allocation strategy that is designed to accommodate the Fund's targeted annual payout percentage. The Fund's investment strategy is designed to return to investors a targeted annual payout of 3%-6% based on the current and historic low yield interest rate environment over the past 5 years. The Advisor does not represent or guarantee that the Fund will meet the income goal.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 11.5pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund seeks to provide risk-managed income on a monthly basis by employing an asset allocation strategy that is designed to accommodate the Fund's targeted annual payout percentage. The Fund will allocate its assets by investing in a combination of equities, nominal and inflation-linked fixed income securities, third-party exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"), ex</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">change-listed options, and other exchange-traded and over-the-counter ("OTC") derivative securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal or neutral market conditions, the Advisor will allocate approximately 65% of the Fund's total assets to fixed income investments, 20% of the Fund's assets to equity investments of companies in developed (including the United States) or emerging markets countries and 15% of the Fund's assets to US and non-US real estate securities (including REITs). The Fund's asset allocation targets are not fixed which gives the Advisor the flexibility to meet the Fund's investment goal based on market conditions. If warranted by market conditions, the Advisor may invest 100% of the Fund's assets in fixed income investments. In addition, the Fund's allocations to US and non-US equity and real estate securities may be greater or lesser than the allocations described above based on the Advisor's assessment of the markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may obtain exposure to fixed income investments by investing in securities directly or by purchasing third-party ETFs that invest in fixed income securities. The Fund's fixed income investments may include debt securities of governments throughout the world (including the United States), their agencies and instrumentalities, debt securities of corporations (including inflation-linked notes and catastrophe bonds), floating rate notes, mortgage-backed securities and asset-backed securities. Catastrophe bonds are types of insurance-linked or event-linked securities that pay off on the occurrence of specific events, usually natural disasters. The third-party ETFs in which the Fund invests could have exposure to senior bank loans. These securities may be either investment grade or high yield (lower-rated or "junk bonds") securities. The Fund may invest without limitation in investment grade debt securities, including corporate debt securities and inflation-linked securities, and may invest up to 50% of its total assets in lower-rated bonds of corporations and up to 20% of its total assets in a combination of other lower-rated bonds, including lower-rated municipal bonds and lower-rated non-US government bonds (including those of emerging markets countries). The Fund may invest in fixed income investments of any maturity.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 11.5pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The Fund may obtain exposure to equity investments by investing in securities directly or by purchasing third-party ETFs that invest in equity securities. The Fund may invest up to 50% of its total assets either directly or through investment in ETFs in the common stock and preferred stock of companies in developed countries (including the United States). In addition, the Fund may invest up to 25% of its total assets in real estate securities of US and non-US issuers. Real estate securities may include interests in REITs that own properties or make construction or mortgage loans, securities of companies with substantial real estate holdings and other compa</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">nies whose products and services are related to the real estate industry, such as building supply manufacturers, mortgage lenders, or mortgage service companies. The Fund's equity investments may include companies and REITs of any market capitalization, including small capitalization (below $3 billion). Within these limitations, the Fund may invest up to 15% of its assets in infrastructure securities and up to 20% of its assets in equity securities of emerging markets issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may obtain exposure to equity, real estate or fixed income investments indirectly by investing in ETFs. An ETF is a type of exchange-traded investment company. Ordinarily, the 1940 Act and the regulations promulgated thereunder prohibit an investment company from buying more than 3% of the shares of any other single investment company, investing more than 5% of its assets in any other single investment company, or investing more than 10% of its assets in other investment companies generally. However, certain ETFs have obtained exemptive orders from the SEC permitting other investment companies, such as the Fund to acquire their securities in excess of the percentage limits of the 1940 Act. The Fund intends to rely on such exemptive orders from time to time.</font> </p> <br/><p align="left" style="margin:0pt 0pt 11.5pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or OTC derivative instruments for risk management purposes or as part of the Fund's investment strategies. The Fund may invest in structured notes in order to generate income for the Fund. The Fund also may write covered call options on ETFs to generate cash flow for the purpose of meeting the Fund's target payment goal, as well as for hedging purposes. Other derivatives in which the Fund may invest include index options, futures, forward agreements and swap agreements (specifically, interest rate, currency and total return swaps). All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual markets, currencies or securities. Futures on indices, forward agreements and interest rate swaps may also be used to adjust the Fund's portfolio duration.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In addition to other income-producing investments, the Fund may write covered call options on ETFs for the purpose of generating additional cash flow that could contribute to the overall payout of the Fund. When the Fund writes a call option on an ETF that it holds, the call option generates cash flow in the form of a premium paid by the option buyer while potentially limiting the upside of the Fund's investment in the ETF in the future.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund also actively manages its currency exposure and attempts to generate positive returns and manage risk through sophisticated currency management techniques, including hedging strategies. The Advisor could employ a positive carry currency strategy whereby higher yielding currencies are bought in exchange for lower yielding currencies as a way to potentially enhance returns. These decisions are integrated with analysis of global market and economic conditions</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The portfolio managers will manage the Fund's portfolio using the following investment process as described below:</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to provide diversification across a variety of income producing asset classes in a multi-asset framework. The Fund's asset allocation strategy is designed to accommodate the Fund's targeted annual payout while taking into account the Fund's desired level of capital appreciation. Risk diversification and dynamic distribution between the various asset classes have the objective of creating a more stable capital and income base through various market cycles and interest rate environments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Asset allocation decisions are primarily driven by the Advisor's assessment of valuation and prevailing market conditions in the United States and around the world. Using a systematic approach, the portfolio management team analyzes the asset classes and investments across equities, fixed income, and alternative asset classes (including currency), considering both fundamental valuation, economic and other market indicators. Regarding valuation, the portfolio managers evaluate whether asset classes and investments are attractively priced relative to fundamentals. The starting point is to assess the intrinsic value of an asset class, as determined by the fundamentals that drive an asset class' future cash flow. The intrinsic value represents a long term anchor point to which the portfolio managers believe the asset class will eventually revert.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Fair value estimates of asset classes and markets are an output of the Advisor's proprietary valuation models. Discounting the asset's future cash flow using a discount rate that appropriately reflects the inherent investment risk associated with holding the asset gives the asset's fair value. The competitive advantage of the portfolio managers' models lies in the quality and consistency of the inputs used and, therefore, the reliability of valuation conclusions. The discrepancy between actual market level and fair value (the price/value discrepancy) is the primary valuation signal used in identifying investment opportunities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Next, the portfolio managers assess additional market indicators and consider the effect that other determinants of economic growth and overall market volatility will have on each asset class. While in theory price/value discrepancies may resolve themselves quickly and linearly, in practice price/value discrepancy can grow larger before it resolves. While valuation models have proven effective at identifying longer-term price/value discrepancies, in the shorter term other factors can swamp valuation considerations. Thus, the portfolio managers incorporate an additional discipline in their idea generation process. The portfolio managers refer to this additional step in its idea generation process as market behavior analysis. Adding this step helps them to understand what other market indicators might drive the market towards or away from fundamental value. The portfolio managers perform systematic analysis of non-valuation drivers using models measuring sentiment, momentum and flows, market stress, the stage of the economic cycle, as well as an assessment of the general macroeconomic landscape. Evaluating various market indicators become increasingly important when an asset class is trading close to its fair value. Conversely, valuation considerations tend to dominate when an asset class is substantially above or below fair value, but the Advisor recognizes that the use of market behavior analysis during these periods is very important to helping improve the timing in and out of these asset classes with very stretched valuations.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The asset allocation process is structured around the Asset Allocation & Currency (AAC) Investment Committee (the "AAC Committee") meetings, which provides a forum for debate and the exploration of all ramifications of any investment decision, rather than aiming for a consensus to be reached. Instead, any voting member of the AAC Committee can sponsor a trade idea, preparing a detailed investment thesis to support the view. An investment thesis has to define the investment rationale based on valuation and market behavioral influences, the time scale for it being realized, the transaction costs and the potential milestones the Advisor would expect to evaluate whether or not the view is correct. The sponsor is then responsible for convincing another member of the AAC Committee to support the idea as co-sponsor.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Bottom up selection across active equity and fixed income markets can be utilized as part of the asset allocation process at the asset class level. With respect to specific equity securities for inclusion in the Fund's equity asset classes, the Advisor may utilize fundamental Valuation, quantitative and growth-oriented strategies. The Advisor's bottom up fixed income security selection strategy combines judgments about the absolute value of the fixed income universe and the relative value of issuer sectors, maturity intervals, security durations, credit</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">qualities and coupon segments, as well as specific circumstances facing the issuers of fixed income securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor uses both fundamental valuation and market behavior analysis to make the two-pronged determination of risk budget and risk allocation. The portfolio managers work closely with the Risk Management team, members of which attend the AAC Committee meetings, to determine the appropriate amount of risk capital to allocate to the underlying trade ideas given the strategy's risk budget and objectives, prevailing investment opportunities, and other strategy exposures. To assist in this process the Risk Management team performs scenario and correlation analysis to better understand the risk and diversification of the overall strategy, and ensures that unintended factor exposures are identified, managed and monitored.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0450
0.0000
0.0000
0.0000
0.0075
0.0000
-0.0100
-0.0100
-0.0100
0.0059
0.0059
0.0059
0.0025
0.0100
0.0000
0.0092
0.0093
0.0091
0.0034
0.0034
0.0034
0.0210
0.0286
0.0184
-0.0081
-0.0082
-0.0080
0.0129
0.0204
0.0104
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2014-10-28
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.
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.
100000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to provide risk-managed income as its primary objective over the long term.</font> </p>
UBS Equity Long-Short Multi-Strategy Fund
BMNAX
BMNCX
BMNYX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 167% of the average value of its portfolio.</font> </p>
1.67
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
946
2227
3461
6353
592
1875
3201
6286
492
1875
3201
6286
394
1646
2866
5782
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">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 from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">market performance. Index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. On September 5, 2012 the Fund's investment strategy changed. The performance information below, prior to that date, is attributable to the Fund's previous investment strategy. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS Equity Long-Short Multi-Strategy Fund Annual Total Returns of Class Y Shares (2011 is the Fund's first full year of operations)
-0.0238
-0.0228
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Best quarter
0.0086
2012-12-31
Worst quarter
-0.0158
2012-09-30
Total return
0.0616
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 6.16%<br/> Best quarter during calendar years shown—4Q 2012: 0.86%<br/> Worst quarter during calendar years shown—3Q 2012: (1.58)%</font> </p>
-0.0798
-0.0483
-0.0434
-0.0338
-0.0228
-0.0238
-0.0228
-0.0238
-0.0149
-0.0201
0.0007
0.0009
2010-06-30
2010-06-30
2010-06-30
~ http://ubs.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20036 column dei_LegalEntityAxis compact ck0000886244_S000029392Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Index reflects no deduction for fees, expenses or taxes.
The information provides some indication of the risks of investing in the Fund by showing 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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Short sales risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are certain unique risks associated with the use of short sales strategies. When selling a security short, the Advisor will sell a security it does not own at the then-current market price and then borrow</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">the security to deliver to the buyer. The Fund is then obligated to buy the security on a later date so it can return the security to the lender. Short sales therefore involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender required the Fund to deliver the securities the Fund had borrowed at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. If this occurs at a time when other short sellers of the security also want to close out their positions, a "short squeeze" can occur. A short squeeze occurs when demand is greater than supply for the security sold short. Moreover, because a Fund's loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. By contrast, a Fund's loss on a long position arises from decreases in the value of the security and therefore is limited by the fact that a security's value cannot drop below zero. It is possible that the Fund's securities held long will decline in value at the same time that the value of the securities sold short increases, thereby increasing the potential for loss.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Multi-strategy risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund may allocate assets to a Fund component that underperforms other strategy types.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">to a derivative contract is unable or unwilling to meet its financial obligations). In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with borrowing:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may borrow money from banks to purchase investments for the Fund, which is a form of leverage. If the Fund borrows money to purchase securities and the Fund's investments decrease in value, the Fund's losses will be greater than if the Fund did not borrow money for investment purposes. In addition, if the return on an investment purchased with borrowed funds is not sufficient to cover the cost of borrowing, then the net income of the Fund would be less than if borrowing were not used.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>IPOs risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity and/or equity-related instruments. Equity-related instruments include securities or other instruments that derive their value from equity securities and may include such instruments as short sales of equity securities, swaps on equity securities, and futures and options on equity securities. Investments by the Fund in equity securities may include, but are not limited to, common stock and preferred stock of issuers in developed countries (including the United States) and emerging markets. The Fund's equity investments may include large, intermediate and small capitalization companies. The Fund will maintain both long positions and short positions in equity securities and securities</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">with equity-like characteristics. The Fund also may invest in securities convertible into equity securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include options, futures, forward agreements, swap agreements (specifically, total return and currency swaps), equity participation notes and equity linked notes. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; or to establish net short positions for individual markets, currencies or securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO"). To the extent permitted by the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund may borrow money from banks to purchase investments for the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total returns by allocating its assets among one or more distinct equity investment strategies (each a "Fund component" and together, the "Fund components"), which are managed by portfolio management teams at the Advisor. Each Fund component is unique in terms of the source of its investment insight, its geographic focus, or both. A Fund component will purchase securities long that it believes will outperform the market, other Fund securities or both, and sell securities short that are expected to underperform the market, other Fund securities or both. The Fund engages in its long/short strategies in order to generate returns with low correlations to equity markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor selects Fund components and allocates the Fund's assets among the Fund components based on each Fund component's expected contribution to the risk adjusted investment return of the Fund. Fund components are chosen by the Advisor in part because the Fund components demonstrate a low correlation of returns versus equity markets and among each other. The Advisor intends to allocate assets among the Fund components with the goal of providing returns for the Fund that are a function of the Advisor's stock-level investment insights rather than a function of broad market movements.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">In deciding the Fund's allocation to each Fund component, the Advisor utilizes analytical tools that enable the <font style="font-size: 10pt; font-family: Arial, Helvetica;">Advisor to view the entire investment portfolio of the Fund across all underlying components in order to best assess the allocation of Fund assets among these components based on alpha potential and contribution to volatility and to monitor the impact of individual stock positions, both long and short positions, on the Fund's entire portfolio.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund components utilize fundamental valuation, quantitative research or a combination of both to construct a portfolio. The investment decisions for certain Fund components are based on price/value discrepancies as identified by the Advisor's fundamental valuation process. In selecting securities utilizing the fundamental valuation process, the Advisor bases its estimates of value upon economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The investment decisions for other Fund components are based on investment opportunities generated by quantitative research techniques that systematically exploit market anomalies to provide consistent excess returns for the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's expected net equity market exposure (long market value – short market value) will typically range from 10% to 50%; however, in response to market conditions the Fund may adjust its net equity market exposure. The Fund's net equity market exposure may range from -25% to +75% and at the same time will comply with all leverage restrictions required by Section 18 of the 1940 Act and subsequent determinations of the SEC and any other regulatory limitations. The Fund may hold a substantial portion of its total assets in cash when the Fund maintains a net short equity market position. By taking both long and short positions, the Fund seeks to provide some protection in down markets when compared to a fund that takes only long positions.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0125
0.0125
0.0125
0.0025
0.0100
0.0000
0.0240
0.0240
0.0240
0.0293
0.0238
0.0260
0.0533
0.0478
0.0500
0.0002
0.0002
0.0002
0.0685
0.0705
0.0627
-0.0268
-0.0213
-0.0235
0.0417
0.0492
0.0392
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~ http://ubs.com/20131028/role/ScheduleAnnualFundOperatingExpenses20032 column dei_LegalEntityAxis compact ck0000886244_S000029392Member row primary compact * ~
2014-10-28
These "Dividend expense and security loan fees for securities sold short" are based on estimates and may vary based on actual investments.
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.
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.
Due to the anticipated increase of the use of short sales, the Fund has restated the "Dividend expense and security loan fees for securities sold short" based on the anticipated expenses for the new strategy. These "Dividend expense and security loan fees for securities sold short" are based on estimates and may vary based on actual investments.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to preserve and grow capital with low correlation to the equity markets.</font> </p>
UBS Global Sustainable Equity Fund
BNIEX
BNICX
BNUEX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</font> </p>
0.41
Example
<p align="left" style="margin: 0pt 0pt 0pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the irrevocable fee waiver and expense reimbursement for all years. <font style="font-size: 10pt; font-family: Arial, Helvetica;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font><br/> </font> </p>
670
925
1199
1978
303
627
1078
2327
203
627
1078
2327
102
318
552
1225
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">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. Indices reflect no deduction for fees and expenses. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. On or about October 28, 2013, the Fund's investment strategies changed. The performance below is attributable to the Fund's performance before the strategy change. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS Global Sustainable Equity Fund Annual Total Returns of Class Y Shares
0.3166
0.1725
0.0969
0.2378
0.0838
-0.4409
0.3965
0.1239
-0.1779
0.1880
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Best quarter
0.2994
2009-06-30
Worst quarter
-0.2388
2011-09-30
Total return
0.1136
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 11.36%<br/> Best quarter during calendar years shown—2Q 2009: 29.94%<br/> Worst quarter during calendar years shown—3Q 2011: (23.88)%</font> </p>
0.1195
-0.0436
0.0605
0.1670
-0.0398
0.0586
0.1880
-0.0304
0.0689
0.1788
-0.0396
0.0593
0.1272
-0.0281
0.0587
0.1583
-0.0118
0.0751
0.1641
-0.0343
0.0860
2002-01-25
1993-08-31
1997-06-30
~ http://ubs.com/20131028/role/ScheduleAverageAnnualReturnsTransposed20044 column dei_LegalEntityAxis compact ck0000886244_S000002980Member column rr_PerformanceMeasureAxis compact * row primary compact * ~
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.
Indices reflect no deduction for fees and expenses.
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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Effective October 28, 2013, the Fund's performance benchmark changed from the MSCI World Free ex USA Index (net) to the MSCI World Index (net) in connection with changes to the Fund's investment strategies effective on that date.
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.
Main risks
<p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the <font style="font-size: 10pt; font-family: Arial, Helvetica;">Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock of issuers located throughout the world. Under normal market conditions, the Fund invests primarily (at least 65% of its total assets) in companies organized or having their principal place of business outside the United States or doing a substantial amount of business outside the United States. Up to 35% of the Fund's assets may be invested in U.S. equity securities. The Fund may invest in issuers from both developed and emerging markets. The Advisor, on behalf of the Fund, intends to diversify broadly among countries, but reserves the right to invest a substantial portion of the Fund's assets in one or more countries if economic and business conditions warrant such investments. The Fund may invest in stocks of companies of any size.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">direct investments (except for forward currency agreements); or to obtain exposure to certain markets (except for forward currency agreements). The Fund also may use futures contracts on equity securities and indices to gain market exposure on its uninvested cash.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor's investment decisions are based upon price/value discrepancies as identified by the Advisor's fundamental valuation process.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting securities for the portion of the Fund that is managed according to the Advisor's fundamental valuation process, the Advisor focuses on, among other things, identifying discrepancies between a security's fundamental value and its market price. In this context, the fundamental value of a given security is the Advisor's assessment of what a security is worth. The Advisor will select a security whose fundamental value it estimates to be greater than its market value at any given time. For each stock under analysis, the Advisor bases its estimates of value upon country, economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The Advisor then compares its assessment of a security's value against the prevailing market prices, with the aim of constructing a portfolio of stocks across industries and countries with attractive relative price/value characteristics.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor will employ both a positive and negative screening process with regard to securities selection for the Fund. The negative screening process will exclude securities with more than 5% of sales in alcohol, tobacco, defense, nuclear, GMO (Genetically Modified Organisms), water bottles, gambling and pornography from the Fund's portfolio. We believe that this negative screen reduces the global universe by about 7% by market capitalization and we do not expect it to have a material impact on portfolio construction or strategy. The positive screening process will identify securities of companies that are fundamentally attractive and that have superior valuation characteristics. In addition, the positive screening process will also include material, fundamental sustainability factors that we believe confirm the fundamental investment case and can enhance the ability to make good investment decisions. The sustainability factors are material extra-financial factors that evaluate the environmental, social and governance performance of companies that along with more traditional financial analytics identify companies that the Advisor believes will provide sustained, long-term value.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0080
0.0080
0.0080
0.0025
0.0100
0.0000
0.0160
0.0160
0.0160
0.0265
0.0340
0.0240
-0.0140
-0.0140
-0.0140
0.0125
0.0200
0.0100
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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.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing primarily in the equity securities of non-US issuers.</font> </p>
UBS U.S. Defensive Equity Fund
BEAAX
BEACX
BEAYX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 58% of the average value of its portfolio.</font> </p>
0.58
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
818
1746
2677
5021
462
1492
2610
5343
362
1492
2610
5343
260
1189
2126
4511
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. On or about January 28, 2013, the Fund's investment strategies, including its 80% policy, changed. The performance information below is attributable to the Fund's performance before the strategy change. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS U.S. Defensive Equity Fund Annual Total Returns of Class Y Shares (2007 is the Fund's first full year of operations)
0.0051
-0.4189
0.3655
0.0802
-0.0272
0.1308
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Best quarter
0.2305
2009-06-30
Worst quarter
-0.2794
2008-12-31
Total return
0.1955
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 19.55%<br/> Best quarter during calendar years shown—2Q 2009: 23.05%<br/> Worst quarter during calendar years shown—4Q 2008: (27.94)%</font> </p>
0.0669
-0.0254
-0.0068
0.1110
-0.0216
-0.0053
0.1308
-0.0117
0.0045
0.1302
-0.0126
0.0009
0.0857
-0.0101
0.0024
0.1642
0.0192
0.0354
2006-09-26
2006-09-26
2006-09-26
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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.
Index reflects no deduction for fees, expenses or taxes.
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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Short sales risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are certain unique risks associated with the use of short sales strategies. When selling a security short, the Advisor will sell a security it does not own at the then-current market price and then borrow</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">the security to deliver to the buyer. The Fund is then obligated to buy the security on a later date so it can return the security to the lender. Short sales therefore involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. This would occur if the securities lender required the Fund to deliver the securities the Fund had borrowed at the commencement of the short sale and the Fund was unable to either purchase the security at a favorable price or to borrow the security from another securities lender. If this occurs at a time when other short sellers of the security also want to close out their positions, a "short squeeze" can occur. A short squeeze occurs when demand is greater than supply for the security sold short. Moreover, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss, like the price of the security sold short, is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and therefore is limited by the fact that a security's value cannot drop below zero. It is possible that the Fund's securities held long will decline in value at the same time that the value of the securities sold short increases, thereby increasing the potential for loss.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Options-based strategy risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund regularly purchases and sells exchange-traded and OTC put and call options in order to attempt to limit the Fund's downside risk in extreme down markets. The purchase and sale of exchange-traded and over-the-counter put and call options involves costs, which the Fund will incur on a regular basis, and, therefore, these costs may limit the Fund's returns in normal or rising markets. In addition, there is no guarantee that the Advisor's options-based strategy will provide the expected protection in extreme down markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Leverage risk associated with financial instruments:</strong></font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment <font style="font-size: 10pt; font-family: Arial, Helvetica;">(non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Unseasoned company risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in relatively new or unseasoned companies that are in their early stages of development. Securities of unseasoned companies present greater risks than securities of larger, more established companies. The companies may have greater risks because they (i) may be dependent on a small number of products or services; (ii) may lack substantial capital reserves; and (iii) do not have proven track records.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity and/or equity-related instruments of US companies. Equity-related instruments include securities or other instruments that derive their value from equity securities and may include such instruments as short sales of equity securities, and futures and options on equity securities. The Fund will generally invest in equity securities of large and mid capitalization companies but is permitted to invest up to 15% of its net assets in small capitalization companies. The Fund will maintain both long positions and short positions in equity securities and securities with equity-like characteristics. In addition, up to 20% of the Fund's net assets may be invested in securities of foreign companies in developed countries, including long and short positions in foreign equity securities and securities with equity-like characteristics.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include futures, options and forward currency agreements. These derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. Options may also be used to generate cash flow or enhance returns. In addition, futures on indices may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may also invest in exchange-traded funds ("ETFs") and similarly structured pooled investments in order to provide exposure to the equity markets while maintaining liquidity. The Fund may also engage in short sales of ETFs and similarly structured pooled investments in order to reduce exposure to certain sectors of the equity markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor's investment style is singularly focused on investment fundamentals. The Advisor believes that investment fundamentals determine and describe future cash flows that define fundamental investment value. The Advisor tries to identify and exploit periodic discrepancies between market prices and fundamental value. These price/value discrepancies are used as the building blocks for portfolio construction.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In constructing the Fund's portfolio, the Advisor primarily uses fundamental analysis and, to a lesser extent, quantitative analysis to identify securities that are underpriced and overpriced relative to their fundamental value. In general, the Advisor buys securities "long" for the Fund's portfolio that it believes are underpriced and will outperform, and sells securities "short" that it believes are overpriced and will underperform. The Fund anticipates that it will normally maintain long positions in equity securities and securities with equity-like characteristics equal to 120% to 140% of the value of its net assets, short positions in equity securities and securities with equity-like characteristics equal to 20% to 40% of the value of its net assets and cash positions equal to 0% to 10% of the value of its net assets. The Fund's ability to fully implement its investment strategy may be affected by (i) regulatory restrictions prohibiting short sales of certain securities that may be imposed from time to time or (ii) the Advisor's written procedures designed to address potential conflicts that exist where the Advisor manages both long-only and long/short accounts and/or funds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In addition, the Advisor seeks to manage the Fund's equity risk by utilizing an options-based strategy designed to reduce systematic market risk in the Fund's portfolio in extreme down markets. The Advisor regularly purchases and sells exchange-traded and OTC put and call options on securities and indices in order to limit the Fund's downside equity risk in extreme down markets. This strategy may often result in the Fund purchasing an index put option in combination with writing an index put option or a covered call option. The Advisor combines purchased and written options in this manner in order to customize the type and level of extreme market downside protection and to reduce the cost of such downside protection. This options overlay strategy, while expected to be beneficial in providing downside equity protection in extreme down markets, may also limit the Fund's returns in normal or rising markets. In addition, the strategy is not intended to provide downside protection from normal or modest market declines, and is not a total market hedge. The Advisor believes that this defensive options-based overlay strategy provides the Fund with reduced downside equity risk in extreme down markets in an efficient and price-sensitive manner, while enabling the Fund to participate, in part, in rising equity markets. However, under certain market conditions, the Advisor may, in its own discretion, not hedge equity market risk or employ the options-based strategy.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In employing these investment strategies for the Fund, the Advisor seeks to achieve equity-like returns or better with less than equity-like risk or volatility over a full market cycle. The Advisor does not represent or guarantee that the Fund will meet this goal.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0100
0.0100
0.0100
0.0025
0.0100
0.0000
0.0131
0.0134
0.0132
0.0223
0.0227
0.0219
0.0354
0.0361
0.0351
0.0479
0.0561
0.0451
-0.0198
-0.0202
-0.0194
0.0281
0.0359
0.0257
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2014-10-28
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.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income, while controlling risk.</font> </p>
UBS U.S. EQUITY OPPORTUNITY FUND
BNVAX
BNVCX
BUSVX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.</font> </p>
0.89
Example
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
667
1039
1435
2541
299
754
1335
2914
199
754
1335
2914
98
459
845
1927
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. On December 30, 2011, the Fund's investment strategy, including its 80% policy, changed. The performance information below, prior to that date, is attributable to the Fund's previous investment strategy. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS U.S. Equity Opportunity Fund Annual Total Returns of Class Y Shares
0.3085
0.1425
0.1000
0.1857
0.0047
-0.4009
0.2300
0.1092
-0.0594
0.1504
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Best quarter
0.1976
2009-06-30
Worst quarter
-0.2545
2008-12-31
Total return
0.2273
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 22.73%<br/> Best quarter during calendar years shown—2Q 2009: 19.76%<br/> Worst quarter during calendar years shown—4Q 2008: (25.45)%</font> </p>
0.0844
-0.0379
0.0477
0.1272
-0.0345
0.0457
0.1504
-0.0243
0.0565
0.1483
-0.0309
0.0452
0.1004
-0.0220
0.0484
0.1642
0.0192
0.0752
2001-06-29
2001-12-07
2001-12-12
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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.
Index reflects no deduction for fees, expenses or taxes.
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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited number of issuers risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in a limited number of issuers compared to other mutual funds and, consequently, may invest a greater portion of its assets in one or more issuers than other mutual funds. The Fund, therefore, may be more sensitive to a single economic, business, political, regulatory or other occurrence, which may result in greater fluctuation in the value of the Fund's shares and to a greater risk of loss.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of US companies. The Fund primarily invests in large capitalization companies, but may invest in companies of any size. The Fund may invest up to 20% of its net assets in securities of foreign companies in both developed and emerging markets. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock, preferred stock, shares of investment companies, convertible securities, warrants and rights.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include futures on indices or currencies and foward currency agreements, which may be used for risk management purposes to manage or ad</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">just the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, futures on indices may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting securities, the Advisor focuses on, among other things, identifying discrepancies between a security's fundamental value and its market price. In this context, the fundamental value of a given security is the Advisor's assessment of what a security is worth. The Fund will select a security whose fundamental value it estimates to be greater than its market value at any given time. For each stock under analysis, the Advisor bases its estimates of value upon economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The Advisor then compares its assessment of a security's value against the prevailing market prices with the aim of constructing a focused portfolio of stocks with attractive relative price/value characteristics. Although the Fund is a diversified fund under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund employs a focused investment strategy that may result in the Fund investing in a lesser number of issuers than other equity mutual funds.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0070
0.0070
0.0070
0.0025
0.0100
0.0000
0.0088
0.0092
0.0097
0.0001
0.0001
0.0001
0.0184
0.0263
0.0168
-0.0063
-0.0067
-0.0072
0.0121
0.0196
0.0096
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2014-10-28
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.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font> </p>
UBS U.S. Large Cap Equity Fund
BNEQX
BNQCX
BPEQX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 58% of the average value of its portfolio.</font> </p>
0.58
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
666
926
1206
2004
298
631
1090
2362
198
631
1090
2362
97
309
539
1199
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS U.S. Large Cap Equity Fund Annual Total Returns of Class Y Shares
0.3047
0.1334
0.0906
0.1428
0.0102
-0.4028
0.3207
0.1339
-0.0283
0.1305
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Best quarter
0.1955
2009-06-30
Worst quarter
-0.2634
2008-12-31
Total return
0.2425
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 24.25%<br/> Best quarter during calendar years shown—2Q 2009: 19.55%<br/> Worst quarter during calendar years shown—4Q 2008: (26.34)%</font> </p>
0.0658
-0.0174
0.0534
0.1098
-0.0134
0.0515
0.1305
-0.0036
0.0622
0.1289
-0.0065
0.0575
0.0870
-0.0037
0.0536
0.1642
0.0192
0.0752
2001-11-13
1994-02-22
1997-06-30
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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.
Index reflects no deduction for fees, expenses or taxes.
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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Derivatives risk:</strong></font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks as</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">sociated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Focused investment risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that investing in a select group of securities could subject the Fund to greater risk of loss and could be considerably more volatile than the Fund's primary benchmark or other mutual funds that are diversified across a greater number of securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of US large capitalization companies. The Fund defines large capitalization companies as those with a market capitalization of at least $3 billion. The Fund may invest up to 20% of its net assets in the securities of US companies that have market capitalizations within the range of the Russell 1000 Index but below $3 billion in market capitalization and/or the securities of foreign companies in developed countries. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock, preferred stock, shares of investment companies, convertible securities, warrants and rights.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include futures and forward currency agreements. These derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, futures on indices may be</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting securities, the Advisor focuses on, among other things, identifying discrepancies between a security's fundamental value and its market price. In this context, the fundamental value of a given security is the Advisor's assessment of what a security is worth. The Advisor will select a security whose fundamental value it estimates to be greater than its market value at any given time. For each stock under analysis, the Advisor bases its estimates of value upon economic, industry and company analysis, as well as upon a company's management team, competitive advantage and core competencies. The Advisor then compares its assessment of a security's value against the prevailing market prices, with the aim of constructing a portfolio of stocks with attractive relative price/value characteristics.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0070
0.0070
0.0070
0.0025
0.0100
0.0000
0.0033
0.0034
0.0028
0.0128
0.0204
0.0098
-0.0008
-0.0009
-0.0003
0.0120
0.0195
0.0095
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2014-10-28
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.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font> </p>
UBS U.S. SMALL CAP GROWTH FUND
BNSCX
BNMCX
BISCX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 42% of the average value of its portfolio.</font> </p>
0.42
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
686
1002
1340
2292
319
711
1230
2653
219
711
1230
2653
116
362
628
1386
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The performance information that follows shows the Fund's performance information in a bar chart and an average annual total returns table. The information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS U.S. Small Cap Growth Fund Annual Total Returns of Class Y Shares
0.4475
0.1092
0.0663
0.0859
0.0496
-0.4411
0.3341
0.3862
-0.0033
0.1653
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Best quarter
0.2083
2003-06-30
Worst quarter
-0.3203
2008-12-31
Total return
0.3875
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 38.75%<br/> Best quarter during calendar years shown—2Q 2003: 20.83%<br/> Worst quarter during calendar years shown—4Q 2008: (32.03)%</font> </p>
0.0987
0.0229
0.0800
0.1433
0.0268
0.0780
0.1653
0.0372
0.0889
0.1653
0.0372
0.0857
0.1075
0.0320
0.0780
0.1459
0.0349
0.0980
1997-09-30
2001-11-19
1998-12-31
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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.
Index reflects no deduction for fees, expenses or taxes.
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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>IPOs risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The purchase of shares issued in IPOs may expose the Fund to the risks associated with issuers that have no operating history as public companies, as well</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">as to the risks associated with the sectors of the market in which the issuer operates. The market for IPO shares may be volatile, and share prices of newly-public companies may fluctuate significantly over a short period of time.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of US small capitalization companies. Small capitalization companies are those companies with market capitalizations of less than $3 billion. However, the Fund may invest a portion of its assets in securities outside of this range. Investments in equity securities may include, but are not limited to, common stock and preferred stock. The Fund may invest up to 20% of its net assets in foreign securities.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include futures and forward currency agreements. These derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements</font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">may also be used to hedge against a specific currency. In addition, futures on indices may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><font style="font-size: 10pt; font-family: Arial, Helvetica;">Under certain market conditions, the Fund may invest in companies at the time of their initial public offering ("IPO").</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In selecting securities, the Advisor seeks to invest in companies that possess dominant market positions or franchises, a major technological edge, or a unique competitive advantage. To this end, the Advisor considers earnings revision trends, positive stock price momentum and sales acceleration when selecting securities. The Fund may invest in emerging growth companies, which are companies that the Advisor expects to experience above-average earnings or cash flow growth or meaningful changes in underlying asset values.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 51 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0085
0.0085
0.0085
0.0025
0.0100
0.0000
0.0045
0.0047
0.0028
0.0001
0.0001
0.0001
0.0156
0.0233
0.0114
-0.0015
-0.0017
0.0141
0.0216
0.0114
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~ http://ubs.com/20131028/role/ScheduleAnnualFundOperatingExpenses20072 column dei_LegalEntityAxis compact ck0000886244_S000002985Member row primary compact * ~
2014-10-28
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.
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.
The total operating expenses have been adjusted to reflect that there will be no recoupment of expenses by the Advisor for the fiscal year ending June 30, 2014.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to provide long-term capital appreciation.</font> </p>
UBS CORE PLUS BOND FUND
BNBDX
BNOCX
BPBDX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 374% of the average value of its portfolio.</font> </p>
3.74
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
513
841
1192
2178
192
551
1012
2288
117
551
1012
2288
41
304
587
1394
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Performance Risk/return bar chart and table
<p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">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 <font style="font-size: 10pt; font-family: Arial, Helvetica;">Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS Core Plus Bond Fund Annual Total Returns of Class Y Shares
0.0392
0.0410
0.0219
0.0435
0.0168
-0.1401
0.1091
0.0801
0.0774
0.0566
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Best quarter
0.0528
2009-09-30
Worst quarter
-0.0616
2008-03-31
Total return
-0.0199
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: (1.99)%<br/> Best quarter during calendar years shown—3Q 2009: 5.28%<br/> Worst quarter during calendar years shown—1Q 2008: (6.16)%</font> </p>
0.0079
0.0205
0.0253
0.0413
0.0245
0.0247
0.0566
0.0324
0.0324
0.0461
0.0143
0.0153
0.0366
0.0165
0.0173
0.0421
0.0595
0.0518
1995-08-31
2001-11-08
1997-06-30
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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.
Index reflects no deduction for fees, expenses or taxes.
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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Government securities risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government-sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (Standard & Poor's Financial Services LLC ("S&P")) or Ba (Moody's Investors Service, Inc. ("Moody's")) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;"><strong>Market risk:</strong></font> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The risk that the market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. <font style="font-size: 10pt; font-family: Arial, Helvetica;">Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in bonds, which are defined as fixed income securities. The Fund may invest in fixed income securities of any maturity, but generally invests in securities having an initial maturity of greater than one year.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investments in fixed income securities may include, but are not limited to, securities of the US government, its agencies and government-sponsored enterprises, securities guaranteed by the US government, corporate debt securities of US and non-US issuers, including convertible securities, obligations of non-US governments or their subdivisions, agencies and government-sponsored enterprises, obligations of international agencies or supranational entities, mortgage-backed and asset-backed securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest up 35% of its net assets in foreign fixed income securities, with up to 30% of its net assets in fixed income securities denominated in foreign currencies. Under normal conditions, the Fund expects to</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">limit foreign currency exposure to 20% of the Fund's net assets.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund generally invests in investment grade securities. However, the Fund may invest up to 30% of its net assets in any combination of high yield (lower-rated or "junk bonds") securities, emerging market fixed income securities or other non-investment grade securities, provided that no more than 15% of its net assets may be invested in developed market high yield securities and no more than 15% of its net assets may be invested in emerging market securities. Depending on its assessment of market conditions, the Advisor may choose to allocate the Fund's assets in any combination among these types of investments or may choose not to invest in these types of investments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include options (including, but not limited to, options on futures, forwards and swap agreements), futures, forward agreements, swap agreements (specifically, interest rate, total return, currency, credit default and inflation swaps), credit-linked securities and structured investments. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; to establish net short positions for individual sectors, markets, currencies or securities; or to adjust the Fund's portfolio duration.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor uses an investment style focused on investment fundamentals. The Advisor believes that investment fundamentals determine and define investment value. The Advisor seeks to identify and exploit periodic differences between market prices and fundamental value. In analyzing price/value differences, the Advisor also takes into account cyclical market drivers that may influence near term dynamics of market prices.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor considers various factors and incorporates numerous tools to construct and manage investment portfolios. Through a combination of top-down macroeconomic analysis and forecasting and intensive bottom-up issuer-specific research, the Advisor makes active decisions related to duration, yield curve positioning, relative sector, issuer, and quality exposures. Both quantitative and qualitative analysis is employed to all facets of portfolio construction and management with</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">a comprehensive focus on risk management in both absolute and benchmark-relative terms.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 28 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0450
0.0000
0.0000
0.0000
0.0075
0.0000
-0.0100
-0.0100
-0.0100
0.0050
0.0050
0.0050
0.0025
0.0075
0.0000
0.0083
0.0077
0.0070
0.0001
0.0001
0.0001
0.0159
0.0203
0.0121
-0.0094
-0.0088
-0.0081
0.0065
0.0115
0.0040
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2014-10-28
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.
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.
100000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font> </p>
UBS EMERGING MARKETS DEBT FUND
EMFAX
EMFCX
EMFYX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</font> </p>
0.41
Example
<p align="left" style="margin:0pt 0pt 14pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
572
829
1105
1893
253
551
949
2062
178
551
949
2062
102
318
552
1225
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Performance
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font> </p>
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.
Main risks
<p align="left" style="margin: 0pt 0pt 10pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other govern</font><font style="font-size: 10pt; font-family: Arial, Helvetica;">ment agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (S&P) or Ba (Moody's) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Geographic concentration risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that if the Fund has most of its investments in a single country or region, its portfolio will be more susceptible to factors adversely affecting issuers located in that country or</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">region than would a more geographically diverse portfolio of securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-diversification risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">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.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Currency risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the changing value of a currency versus the US dollar may adversely affect the value of an investment. A depreciation in an invested currency versus the US dollar typically causes the value of the investment to fall, while an appreciation in an invested currency versus the US dollar may cause the market value of the investment to rise.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Sovereign debt risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">Investments in foreign sovereign debt obligations involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Illiquidity risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities.</font> </p>
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.
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in debt securities and other debt instruments that are tied economically to emerging market countries.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Such investments may include, but are not limited to, debt securities issued by governments, government-related entities, corporations, supranational entities and entities organized to restructure outstanding debt of issuers in emerging markets, and instruments whose return is derived from any of the foregoing.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may invest in debt instruments of all types and denominated in any currency. These may include, but are not limited to, bonds, debentures, notes, convertible securities, loans and related assignments and participations, when-issued and delayed-delivery securities, mortgage-backed and other types of asset-backed securities issued on a public or private basis, and cash equivalents.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund is a non-diversified fund.</font> </p> <br/><p align="left" style="margin: 0pt 0pt 12pt 0pt;"> <font style="font-size: 10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter ("OTC") derivative instruments for risk management purposes or as part of the <font style="font-size: 10pt; font-family: Arial, Helvetica;">Fund's investment strategies. The derivatives in which the Fund may invest include options (including, but not limited to, options on futures, forwards and swap agreements), futures, forward agreements, swap agreements (specifically, interest rate, total return, currency, credit default and inflation swaps), credit-linked securities and structured investments. All of these derivatives may be used for risk management purposes, such as hedging against a specific security or currency, or to manage or adjust the risk profile of the Fund. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments; to obtain exposure to certain markets; to establish net short positions for individual sectors, markets, currencies or securities; or to adjust the Fund's portfolio duration.</font><br/> </font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund intends to invest primarily in a portfolio of debt securities located in at least three emerging market countries, which may be located in Asia, Europe, Latin America, Africa or the Middle East. An emerging market country is a country defined as an emerging or developing economy by any of the World Bank, the International Finance Corporation or the United Nations or its authorities. Additionally, the Fund, for purposes of its investments, may consider a country included in JP Morgan or MSCI emerging markets indices to be an emerging market country. The countries included in this definition will change over time.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">A substantial amount of the Fund's assets may be invested in higher-yielding, lower-rated bonds ("junk bonds"). Lower-rated bonds are bonds rated in the lower rating categories of Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Financial Services LLC ("S&P"), including securities rated Ba or lower by Moody's and BB or lower by S&P.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Derivative instruments such as swaps, options, futures, credit linked or structured investments or other debt instruments that are tied economically to emerging market countries may be used to satisfy the Fund's 80% investment policy.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The investment process is based on fundamental analysis, coupling a top-down strategy with an equally important bottom-up security selection strategy. The Advisor manages and monitors risk/return trade-offs in a disciplined manner across country allocation, sector allocation, issue selection, duration/yield curve positioning, and currency management. Proprietary valuation and risk models enhance seasoned professional judgment.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The investment process is founded upon the Advisor's conviction that discrepancies occur between market prices and fundamental values. In the case of emerging</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">markets debt, price volatility generally exceeds that of the underlying macroeconomic fundamentals. The investment team takes advantage of these discrepancies by applying a disciplined approach to measure fundamental value from the perspective of a long-term investor.</font> </p> <br/><p align="left" style="margin:0pt 0pt 10pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The investment decision-making process can be divided up into three parts—country, currency and security selection.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Country selection</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 10pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor decides on country over- and under-weights relative to the Fund's custom benchmark, the Emerging Markets Debt Benchmark Index, which is comprised of 50% J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) and 50% J.P. Morgan Government Bond Index-Emerging Markets Global Diversified (GBI-EM Global Diversified), by using a price/value framework. Subjective judgments, such as political risk assessment, also affect the final country decision.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Currency selection</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 10pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor searches for currencies that will outperform market expectations, given the Advisor's currency and market views. The Advisor also seeks to identify potential sales in the Fund's portfolio when risk is not being compensated by expected return. Typically, the Fund obtains exposure to local currencies via bonds denominated in local currency or derivative positions.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Securities selection</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 10pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor searches for bonds that will outperform market expectations, given the Advisor's country and market views. The Advisor also seeks to identify potential sales in the Fund's portfolio when risk is not being compensated by expected return. Typically, the Fund invests in sovereign bonds, denominated in US dollars as well as in local currencies. The Advisor also examines local market bond and corporate bond opportunities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 10pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor's analysis of emerging market bonds is enhanced by an advanced in-house emerging market bond analytics database. The database is specially designed to assimilate the characteristics of emerging market bonds; it allows the Advisor to perform detailed instrument-level analysis.</font> </p> <br/><p align="left" style="margin:0pt 0pt 10pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In addition to macroeconomic research, bottom-up input-such as liquidity considerations, volatility and company risk for specific bonds, to name a few, is also crucial in the Advisor's decision making process.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 28 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0450
0.0000
0.0000
0.0000
0.0075
0.0000
-0.0100
-0.0100
-0.0100
0.0075
0.0075
0.0075
0.0025
0.0075
0.0000
0.3521
23.9009
0.0135
0.3621
23.9159
0.0210
-0.3496
-23.8984
-0.0110
0.0125
0.0175
0.0100
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2023-10-28
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.
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.
100000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font> </p>
UBS Fixed Income Opportunities Fund
FNOAX
FNOCX
FNOYX
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its portfolio.</font> </p>
0.60
Example
<p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
552
865
1199
2143
233
588
1045
2310
158
588
1045
2310
82
348
634
1451
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Performance Risk/return bar chart and table
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">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 from year to year and by showing how the Fund's average annual total returns compare with those of a broad measure of market performance. Index reflects no deduction for fees, expenses or taxes. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance for the Fund is available at http://globalam-us.ubs.com/corpweb/performance.do.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.</font> </p>
Total return UBS Fixed Income Opportunities Fund Annual Total Returns of Class Y Shares (2011 is the Fund's first full year of operations)
-0.0153
0.0656
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Best quarter
0.0355
2012-03-31
Worst quarter
-0.0220
2011-06-30
Total return
0.0033
2013-09-30
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:8pt; font-family: Arial, Helvetica;">Total return January 1 - September 30, 2013: 0.33%<br/> Best quarter during calendar years shown—1Q 2012: 3.55%<br/> Worst quarter during calendar years shown—2Q 2011: (2.20)%</font> </p>
0.0146
0.0093
0.0491
0.0260
0.0656
0.0347
0.0529
0.0215
0.0425
0.0226
0.0051
0.0039
2010-11-29
2010-11-29
2010-11-29
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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.
Index reflects no deduction for fees, expenses or taxes.
The information provides some indication of the risks of investing in the Fund by showing 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.
After-tax returns for other classes will vary from the Class Y shares' after-tax returns shown.
http://globalam-us.ubs.com/corpweb/performance.do
Average annual total returns (figures reflect sales charges) (for the periods ended December 31, 2012)
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
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.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. When the Fund has a negative portfolio duration, a decline in interest rates may negatively impact the Fund's value. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Government securities risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">There are different types of US government securities with different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. For example, a US government sponsored entity, although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the US Treasury and are therefore riskier than those that are.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (Standard & Poor's Financial Services LLC ("S&P")) or Ba (Moody's Investors Service, Inc. ("Moody's")) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher quality) bonds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Illiquidity risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that investments cannot be readily sold at the desired time or price, and the Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell securities can adversely affect the Fund's value or prevent the Fund from taking advantage of other investment opportunities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). Derivatives relating to fixed income markets are especially susceptible to interest rate risk and credit risk. In addition, many types of swaps and other non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Investing in other funds risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund's investment performance is affected by the investment performance of the underlying funds in which the Fund may invest. Through its investment in the underlying funds, the Fund is subject to the risks of the underlying funds' investments and subject to the underlying funds' expenses.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p>
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to achieve its investment objective by investing its assets across a wide range of fixed income securities, currencies and other investments to generate total returns under a variety of market conditions and economic cycles. The Fund may invest in fixed income securities of US and non-US issuers located in developed and emerging market countries.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in fixed income securities and/or investments that provide exposure to fixed income securities. Investments in fixed income securities may include, but are not limited to, securities of governments throughout the world (including the United States), their agencies and instrumentalities, cash equivalents, debt securities of supranationals and corporations including trust-preferred securities, convertible securities, mortgage-backed securities, asset-backed securities, inflation-linked securities, equipment trusts and other securitized or collateralized debt securities. The Fund's investments in fixed income securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, zero coupon, pay-in-kind</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">and auction rate features. In addition, the fixed income securities purchased by the Fund may be denominated in any currency, have coupons payable in any currency and may be of any maturity or duration. The Fund may invest in fixed income securities of any credit quality, including non-investment grade securities (often referred to as high yield securities or "junk bonds").</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund expects to use exchange-traded and/or over-the-counter ("OTC") derivative instruments extensively in employing its long/short, globally-oriented fixed income and currency strategy. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates, and related indexes. The derivatives in which the Fund may invest include, but are not limited to, options (including, but not limited to, options on futures, forwards and swap agreements), futures, forward agreements, swap agreements (including, but not limited to, interest rate, total return, currency, credit default and inflation swaps), credit-linked securities, caps, floors, collars, structured notes and other derivative instruments. The Fund may invest in derivatives to the extent permitted by the Investment Company Act of 1940, as amended (the "1940 Act").</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may use derivatives for hedging or non-hedging purposes. The Fund intends to use derivatives to earn income and enhance returns, to manage or adjust the risk profile of the Fund, to replace more traditional direct investments, or to obtain exposure to certain markets. The Fund also may use derivatives to establish net short positions for individual markets, currencies and securities or to adjust the Fund's portfolio duration.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In addition, the Fund may establish short positions in fixed income securities through the use of any of the derivative instruments listed above to achieve a negative portfolio duration in an effort to take advantage of periods of rising interest rates and provide the potential for appreciation. The Advisor expects that the duration of the Fund's portfolio will be between approximately +5 years and -5 years depending on the level and expected future direction of interest rates. Duration measures a fixed income security's price sensitivity to interest rates by indicating the approximate change in a fixed income security's price if interest rates move up or down in 1% increments. For example, when the level of interest rates increases by 1%, the price of a fixed income security or a portfolio of fixed income securities having a positive duration of five years generally will decrease by approximately 5% and the price of a fixed income security or a portfolio of fixed income securities having a negative duration of five years generally will increase by approximately 5%. Conversely when the level of interest rates decreases by 1%, the price of a</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">fixed income security or a portfolio of fixed income securities having a positive duration of five years generally will increase by approximately 5% and the price of a fixed income security or a portfolio of fixed income securities having a negative duration of five years generally will decrease by approximately 5%.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In employing its investment strategies for the Fund, the Advisor attempts to generate total returns by managing the risks and market exposures of the Fund's portfolio. The Fund utilizes a long/short, global fixed income and currency strategy that emphasizes relative value investing. The Fund pursues a diversified investment strategy and the Advisor has substantial latitude to invest across broad fixed income and currency markets. At times, the unconstrained investment approach may lead the Advisor to have sizable allocations to particular markets, sectors and industries.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor implements the long/short strategy across multiple dimensions to gain specific exposure to investments that it believes offer an attractive risk-reward opportunity. Typically, the Advisor seeks to exploit opportunities, both long and short, where the market valuation of a particular security differs from the Advisor's valuation for the same security.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor actively manages the Fund's currency exposure and attempts to generate total returns and manage risk by identifying relative valuation discrepancies among global currencies as well as implementing hedging strategies to limit unwanted currency risks. These decisions are integrated within the macroeconomic framework analysis of global market and economic conditions.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">In employing its investment strategies for the Fund, the Advisor attempts to achieve a total rate of return for the Fund which exceeds the rate of return on 3 Month LIBOR (a short-term interest rate that banks charge one another and that is generally representative of short-term interest rates) by 3% for Class A shares, 2.5% for Class C shares, and 3.25% for Class Y shares, each net of fund ordinary operating expenses over rolling five year time horizons. The Advisor does not represent or guarantee that the Fund will meet this total return goal.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund is not a money market, stable net asset value, cash alternative, or a traditional long only fixed income fund. The Fund seeks to maximize total return, consisting of capital appreciation and current income by investing in global fixed income and currency markets. At times, the Fund may have exposures to higher risk strategies within the fixed income and currency markets, and it may take both long and short positions utilizing various instruments including the extensive use of derivatives. Furthermore, given the Fund's less</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">constrained investment approach, it may maintain overall net short positions in any particular market. While the Advisor will seek to manage the Fund's volatility and overall risk exposure in a prudent manner, it is quite possible that the Fund may exhibit negative returns in any particular month, quarter or a year.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 28 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 113 of the Fund's statement of additional information ("SAI").</font> </p>
0.0450
0.0000
0.0000
0.0000
0.0075
0.0000
-0.0100
-0.0100
-0.0100
0.0065
0.0065
0.0065
0.0025
0.0075
0.0000
0.0052
0.0052
0.0048
0.0010
0.0010
0.0010
0.0152
0.0202
0.0123
-0.0047
-0.0047
-0.0043
0.0105
0.0155
0.0080
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2014-10-28
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.
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.
100000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize total return, consisting of capital appreciation and current income.</font> </p>
UBS EMERGING MARKETS EQUITY FUND
Portfolio turnover
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.</font> </p>
Example
<p align="left" style="margin:0pt 0pt 14pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods unless otherwise stated. The example also assumes</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The costs described in the example reflect the expenses of the Fund that would result from the contractual fee waiver and expense reimbursement agreement with the Advisor for the first year only. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font> </p>
728
1127
363
836
263
836
163
534
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Performance
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus.</font> </p>
There is no performance information quoted for the Fund as the Fund had not commenced investment operations as of the date of this prospectus.
Main risks
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">All investments carry a certain amount of risk and the Fund cannot guarantee that it will achieve its investment objective. You may lose money by investing in the Fund. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Below are some of the specific risks of investing in the Fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The market value of the Fund's investments may fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets fluctuate. Market risk may affect a single issuer, industry, or sector of the economy, or it may affect the market as a whole.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign investing risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. Investments in foreign government bonds involve special risks because the Fund may have limited legal recourse in the event of default. Also, foreign securities are sometimes less liquid and more difficult to sell and to value than securities of US issuers. These risks are greater for investments in emerging market issuers. In addition, investments in emerging market issuers may decline in value because of unfavorable foreign government actions, greater risks of political instability or the absence of accurate information about emerging market issuers.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Geographic concentration risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that if the Fund has most of its investments in a single country or region, its portfolio will be more susceptible to factors adversely affecting issuers located in that country or region than would a more geographically diverse portfolio of securities.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the investment strategies, techniques and risk analyses employed by the Advisor may not produce the desired results.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Non-diversification risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">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</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">realize losses upon the occurrence of adverse events affecting a particular issuer.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited capitalization risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that securities of smaller capitalization companies tend to be more volatile and less liquid than securities of larger capitalization companies. This can have a disproportionate effect on the market price of smaller capitalization companies and affect the Fund's ability to purchase or sell these securities. In general, smaller capitalization companies are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Derivatives risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The value of "derivatives"—so called because their value "derives" from the value of an underlying asset, reference rate or index—may rise or fall more rapidly than other investments. When using derivatives for non-hedging purposes, it is possible for the Fund to lose more than the amount it invested in the derivative. The risks of investing in derivative instruments also include market risk, management risk and counterparty risk (which is the risk that a counterparty to a derivative contract is unable or unwilling to meet its financial obligations). In addition, non-exchange traded derivatives may be subject to liquidity risk, credit risk and mispricing or valuation complexity. These derivatives risks are different from, and may be greater than, the risks associated with investing directly in securities and other instruments.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Leverage risk associated with financial instruments:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The use of financial instruments to increase potential returns, including derivatives used for investment (non-hedging) purposes, may cause the Fund to be more volatile than if it had not been leveraged. The use of leverage may also accelerate the velocity of losses and can result in losses to the Fund that exceed the amount originally invested.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Credit risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to or guarantor of a derivative contract, is unable or unwilling to meet its financial obligations. This risk is likely greater for lower quality investments than for investments that are higher quality.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>High yield bond risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the issuer of bonds with ratings of BB (S&P) or Ba (Moody's) or below, or deemed of equivalent quality, will default or otherwise be unable to honor a financial obligation (also known as lower-rated or "junk bonds"). These securities are considered to be predominately speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Interest rate risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher quality securities more than lower quality securities. When interest rates are falling, some fixed income securities provide that the issuer may repay them earlier than the maturity date, and if this occurs the Fund may have to reinvest these repayments at lower interest rates.</font> </p>
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.
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.
You may lose money by investing in the Fund.
Principal strategies
<p align="left" style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b><br/> Principal investments</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities that are tied economically to emerging market countries. Investments in equity securities may include, but are not limited to, dividend-paying securities, common stock and preferred stock. Securities tied economically to emerging market countries include securities on which the return is derived from issuers in emerging market countries, such as equity swap contracts and equity swap index contracts. The Fund may invest in stocks of companies of any size. The Fund is a non-diversified fund.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund's investment strategies. The derivatives in which the Fund may invest include futures, forward currency agreements and equity participation notes. All of these derivatives may be used for risk management purposes to manage or adjust the risk profile of the Fund. Futures on currencies and forward currency agreements may also be used to hedge against a specific currency. In addition, all of the derivative instruments listed above may be used for investment (non-hedging) purposes to earn income; to enhance returns; to replace more traditional direct investments (except for forward currency agreements); to obtain exposure to certain markets; or to establish net short positions for individual currencies (except for equity participation notes).</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund intends to invest primarily in a portfolio of equity securities of issuers located in at least three emerging market countries, which may be located in Asia, Europe, Latin America, Africa or the Middle East. An emerging market country is a country defined as an emerging or developing economy by any of the World Bank, the International Finance Corporation or the United Nations or its authorities. Additionally, the Fund, for purposes of its investments, may consider a country included in JP Morgan or MSCI emerging markets indices to be an emerging market country. The countries included in this definition will change over time.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">Up to 20% of the Fund's net assets may be invested in higher-yielding, lower-rated fixed income securities ("junk bonds"). The Fund may invest in fixed income securities of any maturity, but generally invests in securities having an initial maturity of more than one year. These securities are rated in the lower rating categories of Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Financial Services LLC ("S&P"), including securities rated Ba or lower by Moody's and BB or lower by S&P. The Fund may also invest in Eurodollar securities, which are fixed income securities of a US issuer or a foreign issuer that are issued outside of the United States. The Fund may also invest in securities of small capitalization companies.</font> </p> <br/><p align="left" style="margin:0pt 0pt 0pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management process</b></font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor is a price to intrinsic value investor. Internally generated research, focused on longer term value drivers at the industry, stock and country level, is used to estimate fundamental value for stocks, upon which investment decisions are made. The process does not have an inherent style bias (e.g., "growth," "value," "large cap" or "small cap").</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Advisor's investment style is singularly focused on investment fundamentals. The Advisor tries to identify and exploit periodic discrepancies between market prices and fundamental value.</font> </p> <br/><p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">For each security under analysis, an intrinsic value is estimated based upon detailed country, industry and company analysis, including visits to the company, its competitors and suppliers and other independent sources of information. This intrinsic value estimate is a function of the present value of the estimated future cash flows. The resulting intrinsic value estimate is then compared to the company's current market price to ascertain whether a valuation anomaly exists. A stock with a price below the estimated intrinsic value would be considered a candidate for inclusion in the Fund's portfolio. This comparison between price and intrinsic value allows comparison across industries and countries. The Advisor's investment specialists are organized along sector lines. Through an intensive process of</font> <font style="font-size:10pt; font-family: Arial, Helvetica;">company visits and interactions with industry specialists, analysts gain an understanding of both the company and the dynamics of the company's industry. The goal is to gain a clear understanding of the medium-term (up to five years) and long-term prospects of the company, and in particular, its ability to generate earnings.</font> </p>
Fees and expenses
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a sales charge waiver or discount if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts and waivers, as well as eligibility requirements for each share class, is available from your financial advisor and in "Managing your fund account" on page 11 of the Fund's prospectus and in "Reduced sales charges, additional purchase, exchange and redemption information and other services" on page 67 of the Fund's statement of additional information ("SAI").</font> </p>
0.0550
0.0000
0.0000
0.0000
0.0100
0.0000
-0.0100
-0.0100
-0.0100
0.0110
0.0110
0.0110
0.0025
0.0100
0.0000
0.0064
0.0064
0.0064
0.0199
0.0274
0.0174
-0.0014
-0.0014
-0.0014
0.0185
0.0260
0.0160
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2014-10-28
"Other expenses" are based on estimates for the current fiscal year.
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.
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.
50000
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Shareholder fees (fees paid directly from your investment)
Investment objective
<p align="left" style="margin:0pt 0pt 12pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund seeks to maximize capital appreciation.</font> </p>