Ubs Investment Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06292
______________________________________________

UBS Investment Trust
______________________________________________________________________________
(Exact name of registrant as specified in charter)

51 West 52^nd Street, New York, New York 10019-6114
______________________________________________________________________________
(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq.
UBS Global Asset Management
51 West 52^nd Street
New York, NY 10019-6114

(Name and address of agent for service)

Copy to:

Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, DC 20006-2401

Registrant’s telephone number, including area code: 212-882 5000

Date of fiscal year end: August 31

Date of reporting period: February 28, 2007

Item 1. Reports to Stockholders.

UBS U.S. Allocation Fund
Semiannual Report
February 28, 2007

UBS U.S. Allocation Fund

April 16, 2007

Dear shareholder,
We present you with the semiannual report for UBS U.S. Allocation Fund (the “Fund”) for the six months ended February 28, 2007.

Performance
Over the six months ended February 28, 2007, the Fund’s Class A shares returned 8.11% before deducting the maximum sales charge (after deducting the maximum sales charge, the return was 2.17%). During the same period, the S&P 500 Index returned 8.93% and the U.S. Allocation Fund Index* (the “Index”) returned 7.85%. (Returns for all share classes over various time periods are shown in “Performance at a glance” on page 6; please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.) UBS U.S. Allocation Fund

Investment goal:
Total return, consisting of long-term capital appreciation and current income

Portfolio managers:
Portfolio Management Team, including Brian D. Singer, CFA
UBS Global Asset Management (Americas) Inc.

Commencement:
Class A—May 10, 1993
Class B—January 30, 1996
Class C—July 22, 1992
Class Y—May 10, 1993

Dividend payments:
Annually, if any

An interview with lead portfolio manager Brian D. Singer
Q.	Can you describe the economic environment during the Fund’s reporting period?
A.	The US economy, which expanded at a rapid pace in early 2006, showed signs of weakness during the reporting period. After growing 5.6% in the first quarter of 2006, gross domestic product (GDP) moderated over the remainder of the year, with third and fourth quarter GDP numbers coming in at 2.0% and 2.5%, respectively. As of this writing, first quarter 2007 GDP figures have not yet been released. The economy’s slowing growth was attributed to several factors, including the delayed impact of rising short-term interest rates, high oil prices, the troubled automotive sector, and a cooling of the once red-hot housing market.
*	An unmanaged index compiled by the advisor, constructed as follows: from July 22, 1992 (the Fund’s inception) until February 29, 2004: 100% S&P 500 Index; from March 1, 2004 until May 31, 2005: 65% Russell 3000 Index, 30% Lehman Brothers Aggregate Bond Index, 5% Merrill Lynch US High Yield Cash Pay Index; and from June 1, 2005 until present: 65% Russell 3000 Index, 30% Lehman Brothers Aggregate Bond Index, 5% Merrill Lynch US High Yield Cash Pay Constrained Index.

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UBS U.S. Allocation Fund

Q.	How did the Federal Reserve Board (the “Fed”) react in this economic environment?
A.	After raising rates during 17 consecutive meetings from June 2004 through June 2006, the Fedheld the federal funds rate (or “fed funds” rate, the rate that banks charge one another for overnight loans) steady at 5.25% throughout the six-month reporting period. At its March 2007 meeting, which occurred after period end, the Fed again left the fed funds rate unchanged. In its statement, released in conjunction with its March meeting, the Fed stated, “Recent indicators have been mixed and the adjustment in the housing sector is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters... the Committee’s predominant policy concern remains the risk that inflation will fail to moderate as expected.” Fed funds futures indicate that consensus investor expectations are for the Fed to cut rates by year-end.
Q.	How did the US stock market perform during the reporting period?
A.	Despite a sharp decline at the end of February 2007, the US equity market generated solid results, with the S&P 500 Index returning 8.93% during the six months ended February 28, 2007. For much of the period, the stock market rose on the back of solid corporate profits and prospects for continued economic growth and moderate inflation. At the end of February the US market declined, precipitated by former Fed chairman Alan Greenspan’s comments-negatively interpreted-regarding the health of the US economy, execution errors on the NYSE and a coincidental sell-off of Chinese equities. The Dow Jones Industrial Average posted a 400+ point loss on February 27, 2007-its steepest daily decline since the markets reopened following September 11, 2001.
	Looking at the six-month reporting period as a whole, mid-cap stocks generated the best results, as the Russell Midcap Index returned 13.50%. In contrast, small-cap stocks, as represented by the Russell 2000 Index, and large-cap stocks, as represented by the Russell 1000 Index, gained 10.76% and 9.68%, respectively.
Q.	How did the bond market perform during the reporting period?
A.	The Fed’s decision to hold interest rates steady, combined with expectations for rate cuts in 2007, helped the US bond market to generate a 3.66% return, as measured by the Lehman Brothers U.S. Aggregate Bond Index, during the six-month period. Bond yields fluctuated due to mixed economic data and shifting perceptions regarding the Fed’s future monetary policy. Bond prices rose sharply at

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UBS U.S. Allocation Fund

	the end of February in a ’flight to quality’ as economic data weakened, and, as previously mentioned, the stock market fell sharply.
Q.	How was the Fund allocated at the end of the reporting period?
A.	As of February 28, 2007, the Fund’s assets were allocated as follows: approximately 66% was invested in US stocks; 32% was invested in US bonds; and 3% was invested in cash equivalents and other assets. This allocation was consistent with our belief that stocks were close to fair value, whereas certain sectors of the US bond market were, in our view, overpriced.
Q.	Which portions of the Fund performed well during the period, and which areas produced disappointing results?
A.	The active asset allocation decision modestly detracted from performance over the reporting period, as cash holdings underperformed other fixed income. Security selection, on the other hand, was strongly additive, especially in US equities.
	Our security selection process is driven by bottom-up analysis. As in the past, we continued to allocate assets to securities that we believe are attractively valued, and that compensate us for their inherent risk. This process resulted in underweight positions in the energy reserves and forest and paper industries, which enhanced results. Overweights in the securities and asset management industry, as well as to electric utilities, were also beneficial to performance. In contrast, from an industry perspective, overweights in medical services and banks, and underweights in the tobacco and equity REIT (real estate investment trust) industries detracted from results.
	In terms of the Fund’s fixed income exposure, we underweighted corporate bonds throughout the reporting period. We believed that corporate bonds would insufficiently compensate investors for the market risk they would have contributed to the Fund versus other investment opportunities. This underweight position, as well as our security selection among high yield bonds, detracted from results over the period. The Fund’s largest overweight for the reporting period was in securitized sectors. Within this area, we favored hybrid adjustable-rate mortgages (ARMs) and non-agency mortgages. Within US government issues, we held a small allocation to Treasury Inflation Protected Securities (TIPS). Although we did not find TIPS undervalued in absolute terms, we felt they remained attractive relative to Treasuries.

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UBS U.S. Allocation Fund

Q.	What is your outlook for the markets and the Portfolio?
A.	We believe the equity market could be negatively impacted by decelerating corporate earnings growth. However, this may be more than offset by high global liquidity and a robust merger and acquisition (M&A) environment. M&A activity has now risen to the peak levels reached in early 2000, and there is an abundance of cash on company balance sheets. Furthermore, rising allocations to private equity by large institutions have created a significant backlog of uninvested capital, which could further drive M&A activity and lift the overall stock market.
	Turning to the bond market, we do not expect the Fed to cut interest rates during the first six months of the year, and remain concerned about the potential for longer-dated bond yields to rise commensurate with typical economic growth. The current fed funds rate of 5.25% represents fair value given its historical average during periods of stable economic growth. As long as inflation remains a concern and economic growth remains near trend at around 2.5%, we feel there will continue to be a bias toward further Fed tightening. We continue to view the corporate bond market as being expensive, with all of the positive fundamentals already reflected in prices. Given this view, we continue to favor securitized issues over corporate holdings. In particular, we hold hybrid adjustable-rate, non-agency and commercial mortgages as well as asset-backed securities.

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UBS U.S. Allocation Fund

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds,* please contact your financial advisor, or visit us at www.ubs.com/globalam-us.

Sincerely,
Kai R. Sotorp President UBS U.S. Allocation Fund Head of the Americas UBS Global Asset Management (Americas) Inc.	Brian D. Singer Lead Portfolio Manager UBS U.S. Allocation Fund Regional Chief Investment Officer UBS Global Asset Management (Americas) Inc.

Special considerations
Investors in the Fund should be able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Fund’s portfolio changes every day and may be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Fund invests. It is important to note that an investment in the Fund is only one component of a balanced investment plan. Shares of Funds are not deposits or obligations of any bank, government agency, are not guaranteed by the FDIC or any other agency or involve investment risks such as the possible loss of the principal amount invested.

This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended February 28, 2007. The views and opinions in the letter were current as of April 16, 2007. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent.

We encourage you to consult your financial advisor regarding your personal investment program.

* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund’s investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568, or by visiting our Web site at www.ubs.com/globalam-us.

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UBS U.S. Allocation Fund

Performance at a glance (unaudited)
Average annual total returns for periods ended 02/28/07

		6 months		1 year		5 years		10 years
	Class A*	8.11	%	9.64	%	6.32	%	7.69	%
Before deducting maximum sales charge	Class B**	7.63		8.74		5.49		7.19
	Class C***	7.70		8.82		5.53		6.89
	Class Y****	8.31		10.05		6.70		8.04
	Class A*	2.17		3.61		5.13		7.09
After deducting maximum sales charge	Class B**	2.63		3.74		5.16		7.19
	Class C***	6.70		7.82		5.53		6.89
S&P 500 Index†		8.93		11.97		6.82		7.63
U.S. Allocation Fund Index††		7.85		10.06		6.20		7.32
Lipper Flexible Portfolio Funds median†††		7.50		9.42		7.58		7.41

For most recent quarter-end performance, please refer to the “Average annual total returns” table on page 7.

*	Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.
**	Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.
***	Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.
****	The Fund offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.
	If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectus.
†	The S&P 500 Index is an unmanaged, weighted index comprising 500 widely held common stocks varying in composition and is not available for direct investment.
††	An unmanaged index compiled by the advisor, constructed as follows: from July 22, 1992 (the Fund’s inception) until February 29, 2004: 100% S&P 500 Index; from March 1, 2004 until May 31, 2005: 65% Russell 3000 Index, 30% Lehman Brothers US Aggregate Bond Index, 5% Merrill Lynch US High Yield Cash Pay Index and from June 1, 2005 until present: 65% Russell 3000 Index, 30% Lehman Brothers US Aggregate Bond Index, and 5% Merrill Lynch US High Yield Cash Pay Constrained Index.
†††	Lipper peer group data calculated by Lipper Inc; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for the period of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit http://www.ubs.com.

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UBS U.S. Allocation Fund

Performance at a glance (unaudited) (concluded)
Average annual total returns for periods ended 03/31/07

		6 months		1 year		5 years		10 years
	Class A*	6.11	%	9.37	%	5.62	%	8.19	%
Before deducting maximum sales charge	Class B**	5.67		8.47		4.79		7.69
	Class C***	5.70		8.54		4.83		7.38
	Class Y****	6.27		9.70		5.98		8.53
	Class A*	0.28		3.34		4.43		7.58
After deducting maximum sales charge	Class B**	0.67		3.47		4.45		7.69
	Class C***	4.70		7.54		4.83		7.38

*	Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.
**	Maximum contingent deferred sales charge for Class B shares is 5% imposed on redemptions and is reduced to 0% after a maximum of six years. Class B shares bear ongoing 12b-1 service and distribution fees.
***	Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees.
****	The Fund offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.
	If an investor sells or exchanges shares less than 90 days after purchase, a redemption fee of 1.00% of the amount sold or exchanged will be deducted at the time of the transaction, except as noted otherwise in the prospectus.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Total returns for the period of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit http://www.ubs.com.

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UBS U.S. Allocation Fund

Portfolio statistics (unaudited)

Characteristics	02/28/07		08/31/06		02/28/06
Net assets (mm)	$863.8		$892.6		$991.8
Number of securities	491		491		486
Portfolio composition*	02/28/07		08/31/06		02/28/06
Stocks	65.6%		66.1%		64.8%
Bonds	31.8		31.8		29.6
Cash equivalents and other assets less liabilities	2.6		2.1		5.6
	100.0%		100.0%		100.0%
Top five equity sectors*	02/28/07		08/31/06		02/28/06
Financials	16.7%	Financials	17.2%	Financials	16.4%
Consumer discretionary	11.1	Health care	11.9	Health care	12.0
Health care	9.6	Information technology	9.2	Information technology	9.9
Information technology	8.7	Consumer discretionary	9.1	Consumer discretionary	8.1
Industrials	7.2	Industrials	6.5	Industrials	7.5
Total	53.3%		53.9%		53.9%
Top ten equity securities*	02/28/07		08/31/06		02/28/06
Citigroup	2.6%	Citigroup	2.9%	Citigroup	2.6%
Morgan Stanley	2.4	Microsoft	2.4	Microsoft	2.3
Microsoft	2.1	Morgan Stanley	2.3	Wyeth	2.1
Wells Fargo	2.1	Wyeth	2.1	Morgan Stanley	2.0
Exelon	1.8	Wells Fargo	2.1	Wells Fargo	1.8
Mellon Financial Corp.	1.4	Exelon	1.8	Sprint Nextel	1.8
Johnson Controls, Inc.	1.4	Allergan	1.6	Exelon	1.7
American International Group	1.4	UnitedHealth Group	1.6	American International Group	1.5
Allergan	1.4	American International Group	1.5	J.P. Morgan Chase	1.5
Wyeth	1.4	Johnson & Johnson	1.5	UnitedHealth Group	1.5
Total	18.0%		19.8%		18.8%

* Weightings represent percentages of net assets.

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UBS U.S. Allocation Fund

Portfolio statistics (unaudited) (continued)

Fixed income sector allocation*	02/28/07		08/31/06		02/28/06
Mortgage & agency debt securities	12.7	%	13.1	%	13.2	%
Corporate bonds	7.8		7.4		7.0
US government obligations	7.1		5.9		5.8
Commercial mortgage-backed securities	2.5		3.3		2.1
Asset-backed securities	1.5		2.1		1.5
International government obligations	0.2		0.0	†	0.0	†
Total	31.8	%	31.8	%	29.6	%

*	Weightings represent percentages of net assets.
†	Weightings represent less than 0.05% of the Fund’s net assets as of the date indicated.

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UBS U.S. Allocation Fund

Portfolio statistics (unaudited) (continued)

Top ten fixed income securities*	02/28/07		08/31/06		02/28/06
US Treasury Notes, 3.500% due 05/31/07	1.5%	US Treasury Notes, 3.875% due 02/15/13	0.9%	FNMA Certificates, 5.000% maturity to be assigned	1.8%
US Treasury Notes, 5.125% due 05/15/16	1.2	US Treasury Bonds, 8.500% due 02/15/20	0.9	US Treasury Bonds, 8.750% due 05/15/17	1.4
US Treasury Notes, 4.875% due 08/13/08	1.0	US Treasury Bonds, 8.875% due 05/15/17	0.8	US Treasury Bonds, 8.500% due 02/15/20	1.0
US Treasury Inflation Index Notes, 2.000% due 01/15/16	0.8	US Treasury Bonds, 8.875% due 02/15/19	0.8	US Treasury Notes, 3.875% due 02/15/13	0.9
FNMA Certificates, 5.500% due 11/01/17	0.7	FNMA Certificates, 5.500% due 11/01/17	0.8	FNMA Certificates, 5.500% due 11/01/17	0.8
FHLMC Certificates, 5.600% due 10/17/13	0.7	US Treasury Notes, 4.875% due 05/31/08	0.7	FNMA REMIC, 6.000% due 01/25/32	0.7
US Treasury Bonds, 4.500% due 02/15/36	0.6	FNMA Certificates, 4.625% due 06/01/10	0.7	US Treasury Notes, 3.875% due 05/15/09	0.6
FNMA Certificates, 5.500% due 09/01/17	0.6	FNMA REMIC, 6.00% due 01/25/32	0.7	FNMA Certificates, 4.625% due 06/01/10	0.6
Asset Securitization Corp. 7.384% due 08/13/29	0.6	Ford Motor Credit Co., 5.800% due 01/12/09	0.6	FNMA Certificates, 5.500% due 09/01/17	0.6
US Treasury Inflation Index Notes, 2.000% due 07/15/14	0.5	FNMA Certificates, 5.500% due 09/01/17	0.6	FNMA Certificates, 6.500% due 08/01/29	0.6
Total	8.2%		7.5%		9.0%

* Weightings represent percentages of net assets.

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UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)
Common stocks—65.55%

	Number of
Security description	shares	Value
Aerospace& defense—0.71%
Hexcel Corp.*	34,700	$626,682
LMI Aerospace, Inc.*	13,700	246,463
Northrop Grumman Corp.	66,700	4,792,395
Triumph Group, Inc.1	8,008	429,309
		6,094,849
Air freight& couriers—1.13%
ABX Air, Inc.*	34,000	253,300
FedEx Corp.	82,900	9,465,522
		9,718,822
Auto components—2.13%
BorgWarner, Inc.	84,700	6,237,308
Johnson Controls, Inc.	130,100	12,203,380
		18,440,688
Automobiles—0.46%
Harley-Davidson, Inc.1	60,400	3,980,360
Banks—5.87%
BankUnited Financial Corp., Class A1	7,900	192,918
City National Corp.	36,200	2,612,916
Colonial BancGroup, Inc.	22,300	576,009
Cullen/Frost Bankers, Inc.	5,700	308,256
Fifth Third Bancorp1	228,538	9,205,511
Mellon Financial Corp.	287,000	12,464,410
PNC Financial Services Group	99,600	7,301,676
Wells Fargo & Co.1	520,000	18,044,000
		50,705,696
Beverages—0.98%
Anheuser-Busch Cos., Inc.	80,300	3,941,124
Constellation Brands, Inc., Class A*	194,400	4,560,624
		8,501,748
Biotechnology—1.11%
Genzyme Corp.*	120,900	7,471,620

	Number of
Security description	shares	Value
Biotechnology—(concluded)
Millennium Pharmaceuticals, Inc.*	193,600	$2,090,880
		9,562,500
Building products—1.42%
Drew Industries, Inc.*	12,900	371,520
Masco Corp.	370,700	11,065,395
Trex Co., Inc.1,*	12,300	300,366
Watsco, Inc.	10,400	523,848
		12,261,129
Chemicals—0.06%
Cytec Industries, Inc.	9,000	529,380
Commercial services& supplies—0.36%
Bristow Group, Inc.1,*	7,500	274,875
Coinstar, Inc.*	11,500	339,365
Dollar Financial Corp.*	13,600	348,432
H&R Block, Inc.	47,800	1,041,084
Heidrick & Struggles International, Inc.*	14,100	646,203
Valassis Communications, Inc.1,*	26,300	437,632
		3,087,591
Communication equipment—0.24%
Black Box Corp.	10,100	382,588
F5 Networks, Inc.*	7,500	544,650
Harris Corp.	13,200	647,856
InPhonic, Inc.1,*	12,500	155,375
OpNext, Inc.*	4,300	72,455
Powerwave Technologies, Inc.1,*	47,500	252,700
		2,055,624
Computers & peripherals—0.42%
Dell, Inc.*	156,900	3,585,165
Containers & packaging—0.03%
Caraustar Industries, Inc.*	35,200	277,024

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UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)
Common stocks—(continued)

	Number of
Security description	shares	Value
Distributors—0.03%
Beacon Roofing Supply, Inc.*	16,100	$267,743
Diversified financials—7.41%
Apollo Investment Corp.	38,600	875,448
CBRE Realty Finance, Inc1	35,200	460,416
Citigroup, Inc.	450,286	22,694,415
Federal Home Loan Mortgage Corp.	96,300	6,180,534
GFI Group, Inc.*	8,900	548,329
J.P. Morgan Chase & Co.	219,000	10,818,600
Lazard Ltd., Class A	14,700	756,903
Morgan Stanley	270,450	20,262,114
National Financial Partners Corp.	11,700	540,072
optionsXpress Holdings, Inc.	12,600	292,446
Walter Industries, Inc.1	22,967	572,567
		64,001,844
Diversified telecommunication services—2.52%
AT&T, Inc.	227,700	8,379,360
Embarq Corp.	29,384	1,626,405
NeuStar, Inc., Class A*	12,400	396,800
Sprint Nextel Corp.1	587,594	11,328,812
		21,731,377
Electric utilities—2.89%
American Electric
Power Co., Inc.	114,500	5,136,470
Exelon Corp.1	232,100	15,302,353
Hawaiian Electric Industries, Inc.1	16,600	434,422
Northeast Utilities	59,500	1,729,070
Pepco Holdings, Inc.	89,400	2,379,828
		24,982,143
Electrical equipment—0.04%
A.O. Smith Corp.	8,400	324,828

	Number of
Security description	shares	Value
Electronic equipment & instruments—0.40%
Newport Corp.1,*	31,000	$553,660
Regal-Beloit Corp.	14,800	669,552
Waters Corp.*	41,600	2,257,216
		3,480,428
Energy equipment & services—1.86%
ENSCO International,
Inc.	101,300	5,076,143
GlobalSantaFe Corp.	98,600	5,682,318
Halliburton Co.1	156,700	4,838,896
Metretek Technologies, Inc.*	4,100	49,856
Oil States International, Inc.*	15,200	446,120
		16,093,333
Food & drug retailing—0.84%
Nash Finch Co.1	6,600	198,396
Sysco Corp.	212,900	7,017,184
		7,215,580
Gas utilities—1.13%
NiSource, Inc.	136,500	3,247,335
Sempra Energy	108,600	6,521,430
		9,768,765
Health care equipment & supplies—0.73%
I-Flow Corp.*	15,200	219,032
Medtronic, Inc.	115,800	5,831,688
Syneron Medical Ltd.1,*	10,600	283,126
		6,333,846
Health care providers & services—1.19%
Centene Corp.1,*	12,000	289,440
LifePoint Hospitals, Inc.*	17,300	633,180
Matria Healthcare, Inc.1,*	18,974	481,370
Option Care, Inc.	24,100	320,048
UnitedHealth Group, Inc.	164,400	8,581,680
		10,305,718

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UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)
Common stocks—(continued)

	Number of
Security description	shares	Value
Hotels, restaurants & leisure—1.12%
Carnival Corp.	187,200	$8,689,824
Vail Resorts, Inc.1,*	18,900	982,044
		9,671,868
Household durables—0.77%
Ethan Allen Interiors, Inc.1	14,200	523,412
Fortune Brands, Inc.1	64,400	5,177,760
Stanley Furniture Co., Inc.	12,400	266,724
Tempur-Pedic International, Inc.1,*	26,100	649,629
		6,617,525
Insurance—2.83%
Allstate Corp.	89,700	5,387,382
American Equity Investment Life Holding Co.	33,000	437,580
American International Group, Inc.	181,100	12,151,810
Hartford Financial Services Group, Inc.	61,900	5,853,264
Primus Guaranty, Ltd.1,*	49,500	627,165
		24,457,201
Internet & catalog retail—0.46%
Amazon. com, Inc.1,*	101,600	3,976,624
Internet software & services—1.10%
Acme Packet, Inc.*	2,000	33,220
McAfee, Inc.1,*	98,400	2,963,808
Openwave Systems, Inc.1,*	22,700	185,232
RightNow Technologies, Inc.*	17,100	285,057
Tumbleweed Communications Corp.*	84,300	294,207
ValueClick, Inc.1,*	18,000	477,000
WebEx Communications, Inc.*	11,000	477,730

	Number of
Security description	shares	Value
Internet software & services—(concluded)
Websense, Inc.1,*	26,200	$596,312
Yahoo!, Inc.1,*	135,200	4,172,272
		9,484,838
IT consulting & services—0.23%
Accenture Ltd., Class A	49,700	1,774,290
SRA International, Inc., Class A1,*	8,500	201,450
		1,975,740
Machinery—2.17%
Briggs & Stratton Corp.1	8,200	239,768
Chart Industries, Inc.*	8,300	141,017
Dionex Corp.*	3,500	215,670
ESCO Technologies, Inc.*	10,000	435,900
Illinois Tool Works, Inc.1	214,400	11,084,480
Insteel Industries, Inc.	17,900	329,539
PACCAR, Inc.1	90,600	6,295,794
		18,742,168
Media—2.99%
News Corp., Class A	197,400	4,447,422
Omnicom Group, Inc.	94,100	9,749,701
R.H. Donnelley Corp.1,*	75,185	5,379,487
Scholastic Corp.*	2,600	90,454
Source Interlink Cos., Inc.1,*	33,200	239,372
Source Interlink Cos., Inc.1,*	33,200	239,372
The McGraw-Hill Cos., Inc.	47,900	3,094,819
Viacom Inc., Class B*	72,300	2,822,592
		25,823,847
Metals & mining—0.22%
Alpha Natural Resources, Inc.*	37,300	538,239
Foundation Coal Holdings, Inc.	17,000	559,640
Quanex Corp.1	20,000	781,800
		1,879,679

13

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)
Common stocks—(continued)

	Number of
Security description	shares	Value
Multi-line retail—0.92%
Costco Wholesale Corp.	142,000	$7,936,380
Oil & gas—1.59%
Chevron Corp.	46,300	3,176,643
EOG Resources, Inc.1	68,900	4,667,286
Equitable Resources, Inc.	11,500	490,705
Exxon Mobil Corp.	75,400	5,404,672
		13,739,306
Pharmaceuticals—6.59%
Alkermes, Inc.1,*	17,000	278,800
Allergan, Inc.	107,000	11,952,970
Bristol-Myers Squibb Co.	255,400	6,740,006
Cephalon, Inc.*	32,100	2,281,668
Johnson & Johnson	140,064	8,831,035
K-V Pharmaceutical Co., Class A1,*	12,900	317,985
Medco Health Solutions, Inc.*	110,300	7,457,383
Merck & Co., Inc.	168,500	7,440,960
Wyeth	238,300	11,657,636
		56,958,443
Real estate—0.59%
American Financial Realty Trust	19,900	220,890
Capital Lease Funding, Inc.	45,700	484,877
FelCor Lodging Trust, Inc.1	41,500	978,570
Gramercy Capital Corp.	16,400	527,424
Highland Hospitality Corp.	35, 600	584,196
HomeBanc Corp.1	50,900	141,502
LaSalle Hotel Properties	8,600	382,098
MFA Mortgage Investments, Inc.	68,500	507,585
RAIT Investment Trust	26,948	901,411
Spirit Finance Corp.	27,200	351,424
		5,079,977

	Number of
Security description	shares	Value
Road & rail—1.32%
Burlington Northern Santa Fe Corp.1	134,600	$10,658,974
Genesee & Wyoming, Inc., Class A1,*	18,350	476,366
Kansas City Southern1,*	9,400	301,176
		11,436,516
Semiconductor equipment & products—2.96%
Analog Devices, Inc.	191,700	6,949,125
Intel Corp.	470,200	9,333,470
National Semiconductor Corp.	112,300	2,877,126
ON Semiconductor Corp.1,*	38,900	381,998
SiRF Technology Holdings, Inc.1,*	14,500	414,555
Xilinx, Inc.1	219,900	5,633,838
		25,590,112
Software—3.44%
Double-Take Software, Inc.*	500	7,060
Innerworkings, Inc.1,*	21,300	288,615
Microsoft Corp.	654,800	18,445,716
Quest Software, Inc.*	13,400	218,688
Red Hat, Inc.1,*	141,300	3,172,185
Secure Computing Corp.1,*	25,900	222,222
Smith Micro Software, Inc.1,*	11,400	153,786
Symantec Corp.1,*	401,073	6,858,348
VASCO Data Security International, Inc.1,*	18,100	318,379
		29,684,999
Specialty retail—1.80%
AnnTaylor Stores Corp.*	9,400	333,606
Casual Male Retail Group, Inc.*	21,200	265,000

14

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)
Common stocks—(concluded)

	Number of
Security description	shares	Value
Specialty retail—(concluded)
Chico’s FAS, Inc.1,*	144,100	$3,232,163
Conn’s, Inc.1,*	14,400	364,464
Home Depot, Inc.	208,800	8,268,480
Interline Brands, Inc.*	23,100	488,796
Movado Group, Inc.1	14,956	441,351
Regis Corp.	10,900	458,672
Rush Enterprises, Inc., Class A*	24,000	445,680
Susser Holdings Corp.1,*	17,700	318,954
United Rentals, Inc.1,*	33,100	945,998
		15,563,164

	Number of
Security description	shares	Value
Textiles & apparel—0.43%
Coach, Inc.1,*	71,100	$3,355,920
True Religion Apparel, Inc.1,*	21,900	371,862
		3,727,782
Water utilities—0.06%
Mueller Water Products, Inc., Class B	33,673	499,710
Total common stocks (cost—$481,166,625)		566,152,060

15

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
US government obligations—7.11%
	$2,140	US Treasury Bonds	08/15/21	8.125	%	$2,888,163
	785	US Treasury Bonds	08/15/23	6.250		915,813
	5,635	US Treasury Bonds1	02/15/36	4.500		5,465,071
	4,726	US Treasury Inflation Index Notes	07/15/14	2.000		4,672,437
	6,725	US Treasury Inflation Index Notes	01/15/16	2.000		6,626,622
	13,270	US Treasury Notes	05/31/07	3.500		13,220,237
	8,650	US Treasury Notes	08/31/08	4.875		8,664,869
	4,395	US Treasury Notes1	10/31/08	4.875		4,406,673
	895	US Treasury Notes	05/15/09	4.875		899,860
	3,010	US Treasury Notes	10/31/11	4.625		3,022,934
	270	US Treasury Notes	02/15/13	3.875		261,299
	9,990	US Treasury Notes	05/15/16	5.125		10,402,867
Total US government obligations (cost—$60,896,873)						61,446,845
Mortgage & agency debt securities—12.68%
	2,455	Adjustable Rate Mortgage Trust,
		Series 2006-1, Class 5A1	03/25/36	6.097		2,481,692
	999	Bear Stearns Alternative-A Trust,
		Series 2006-4, Class 3B2	07/25/36	6.320	2	996,787
	1,002	Countrywide Alternative Loan Trust,
		Series 2005-J2, Class 2A1	04/25/35	7.500		1,014,714
	2,545	Countrywide Home Loans,
		Series 2006-HYB1, Class 1A1	03/20/36	5.377	2	2,549,921
	2,212	Credit Suisse First Boston Mortgage
		Securities Corp., Series 2005- 10, Class 10 A3	11/25/35	6.000		2,238,417
	1,848	Credit Suisse First Boston Mortgage
		Securities Corp., Series 2005-11, Class 1A1	12/25/35	6.500		1,870,940
	2,930	Federal Home Loan Bank Certificates	10/02/09	5.000		2,943,516
	2,960	Federal Home Loan Mortgage
		Corporation Certificates	02/21/08	4.625		2,948,113
	6,080	Federal Home Loan Morgtage
		Corporation Certificates	10/17/13	5.600		6,102,891
	1,750	Federal Home Loan Mortgage
		Corporation Certificates	06/27/16	5.750		1,829,046

16

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Mortgage & agency debt securities—(continued)
	$28	Federal Home Loan Mortgage
		Corporation Certificates	12/01/17	6.000	%		$28,016
	34	Federal Home Loan Mortgage
		Corporation Certificates	01/01/18	5.500			33,702
	29	Federal Home Loan Mortgage
		Corporation Certificates	04/01/18	5.500			29,035
	1,453	Federal Home Loan Mortgage
		Corporation Certificates	08/01/28	6.500			1,495,619
	22	Federal Home Loan Mortgage
		Corporation Certificates	02/01/29	6.500			22,742
	20	Federal Home Loan Mortgage
		Corporation Certificates	04/01/29	6.500			20,534
	7	Federal Home Loan Mortgage
		Corporation Certificates	03/01/32	6.000			6,638
	45	Federal Home Loan Mortgage
		Corporation Certificates	11/01/32	6.500			45,721
	2,318	Federal Home Loan Mortgage
		Corporation Certificates	12/01/34	4.500			2,191,652
	2,710	Federal National Mortgage
		Association Certificates	08/15/10	4.250			2,665,336
	3,525	Federal National Mortgage
		Association Certificates	11/08/10	5.200			3,516,826
	2,930	Federal National Mortgage
		Association Certificates	02/01/11	6.250			3,062,468
	4,180	Federal National Mortgage
		Association Certificates1	03/15/13	4.375			4,079,095
	1,762	Federal National Mortgage
		Association Certificates	02/01/14	6.000			1,790,717
	1,945	Federal National Mortgage
		Association Certificates	05/12/16	6.070			1,958,218
	66	Federal National Mortgage
		Association Certificates	03/01/17	6.500			67,755
	5,247	Federal National Mortgage
		Association Certificates	09/01/17	5.500			5,278,499
	6,311	Federal National Mortgage
		Association Certificates	11/01/17	5.500			6,344,080

17

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Mortgage & agency debt securities—(continued)
	$3,719	Federal National Mortgage
		Association Certificates	02/01/19	5.000	%	$3,679,898
	4	Federal National Mortgage
		Association Certificates	06/01/23	6.000		3,781
	14	Federal National Mortgage
		Association Certificates	03/01/29	6.000		14,618
	36	Federal National Mortgage
		Association Certificates	04/01/29	6.500		36,688
	4,540	Federal National Mortgage
		Association Certificates	08/01/29	6.500		4,669,974
	2,105	Federal National Mortgage
		Association Certificates	12/01/29	6.500		2,166,532
	14	Federal National Mortgage
		Association Certificates	05/01/30	6.500		14,767
	2,425	Federal National Mortgage
		Association Certificates	07/01/30	6.500		2,494,776
	3,118	Federal National Mortgage
		Association Certificates	11/01/30	6.500		3,209,463
	10	Federal National Mortgage
		Association Certificates	05/01/31	7.500		10,087
	15	Federal National Mortgage
		Association Certificates	11/01/31	6.500		15,804
	1,285	Federal National Mortgage
		Association Certificates	08/01/32	7.000		1,327,811
	18	Federal National Mortgage
		Association Certificates	02/01/33	7.500		18,747
	1,953	Federal National Mortgage
		Association Certificates	05/01/33	5.500		1,941,443
	3,258	Federal National Mortgage
		Association Certificates	06/01/33	5.500		3,241,416
	13	Federal National Mortgage
		Association Certificates	06/01/33	6.000		13,136
	1,915	Federal National Mortgage
		Association Certificates	07/01/33	5.500		1,903,894
	51	FHLMC REMIC, Series 2148, Class ZA	04/15/29	6.000		51,455
	17	FHLMC REMIC, Series 2426, Class GH	08/15/30	6.000		17,153
	927	FHLMC REMIC, Series 2430, Class UC	09/15/16	6.000		936,403

18

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Mortgage & agency debt securities—(concluded)
	$2,298	FHLMC REMIC, Series T-42, Class A5	02/25/42	7.500	%	$2,393,066
	336	First Horizon Mortgage Pass-Through Trust,
		Series 2004-FL1, Class 1A1	02/25/35	5.590	2	336,336
	3,657	FNMA REMIC, Series 2004-W1,
		Class 3A	01/25/43	5.930	2	3,705,080
	8	Government National Mortgage
		Association Certificates	04/15/26	7.000		8,637
	14	Government National Mortgage
		Association Certificates	10/15/28	6.500		14,414
	3,641	Government National Mortgage
		Association Certificates	07/15/29	6.000		3,710,562
	29	Government National Mortgage
		Association Certificates	04/15/31	6.500		29,374
	6	Government National Mortgage
		Association Certificates II	11/20/28	6.000		6,271
	14	Government National Mortgage
		Association Certificates II	02/20/29	6.000		13,762
	3,119	Government National Mortgage
		Association Certificates II	02/20/34	6.000		3,163,002
	531	GSMPS Mortgage Loan Trust,
		Series 2001-2, Class A3	06/19/32	7.500		552,779
	2,544	JP Morgan Alternative Loan Trust,
		Series 2006-S1, Class 1A19	03/25/36	6.500		2,600,263
	3,250	Lehman XS Trust, Series 2005-8,
		Class 2A3	12/25/35	6.000	6	3,261,223
	1,253	MLCC Mortgage Investors, Inc.,
		Series 2006-2, Class 4A	05/25/36	5.797	2	1,261,316
	416	Merrill Lynch Credit Corporation
		Mortgage Investors, Inc.,
		Series 2003-D, Class XA14,5	08/25/28	1.000		1,266
	3,000	Residential Asset Securitization Trust,
		Series 2006-A2, Class A11	05/25/36	6.000		3,040,531
	2,025	Washington Mutual, Series 2002-AR17,
		Class 1A	11/25/42	6.083	2	2,026,293
Total mortgage & agency debt securities (cost—$110,368,679)						109,504,711

19

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Commercial mortgage-backed securities—2.47%
	$5,150	Asset Securitization Corp.,
		Series 1995-MD4, Class A3	08/13/29	7.384	%	$5,193,911
	594	First Union Lehman-Brothers
		Commercial Mortgage,
		Series 1997-C2, Class A3	11/18/29	6.650		595,360
	3,500	Greenwich Capital Commercial
		Funding Corp., Series 2006-RR1,
		Class A13	03/18/49	5.782	2	3,635,625
	3,500	GS Mortgage Securities Corp. II,
		Series 2006-CC1, Class A3	03/21/46	5.396	2	3,490,375
	3,125	GS Mortgage Securities Corp. II,
		Series 2006-RR2, Class A13	06/23/46	5.693	2	3,177,274
	1,300	Host Marriott Pool Trust,
		Series 1999-HMTA, Class C3	08/03/15	7.730		1,372,418
	800	Host Marriott Pool Trust,
		Series 1999-HMTA, Class D3	08/03/15	7.970		847,682
	800	Host Marriott Pool Trust,
		Series 1999-HMTA, Class E3	08/03/15	8.070		848,661
	1,844	JP Morgan Commercial Mortgage
		Finance Corp., Series 1998-C6,
		Class A3	01/15/30	6.613		1,851,956
	2	Morgan Stanley Dean Witter Capital I,
		Series 2000-LIF2, Class A1	10/15/33	6.960		1,991
	337	Nomura Asset Securities Corp.,
		Series 1996-MD5, Class A4	04/13/39	8.201	2	339,021
Total commercial mortgage-backed securities (cost—$21,279,040)						21,354,274
Asset-backed securities—1.54%
	2,993	Conseco Finance Securitizations Corp.,
		Series 2000-5, Class A5	02/01/32	7.700		2,990,842
	8	Countrywide Asset-Backed Certificates,
		Series 2004-SD1, Class A13	06/25/33	5.660	2	8,415
	175	GSAMP Trust, Series 2006-S2,
		Class B23,4	01/25/36	7.000	6	8,750
	300	GSAMP Trust, Series 2006-S5, Class A2	12/12/36	5.658	6	301,084
	2,000	Home Equity Mortgage Trust,
		Series 2006-4, Class A2	11/25/36	5.730	6	2,021,527
	1,400	Paragon Mortgages PLC, Series 7A,
		Class B1A3	05/15/43	6.110	2	1,401,617

20

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Asset-backed securities—(concluded)
	$4,500	Permanent Financing PLC, Series 4,
		Class 2C	06/10/42	6.110	%2	$4,500,376
	660	Providian Gateway Master Trust,
		Series 2004-AA, Class C3	03/15/11	6.220	2	660,103
	770	Providian Gateway Master Trust,
		Series 2004-AA, Class D3	03/15/11	7.170	2	770,361
	645	Rutland Rated Investments,
		Series DRYD-1A, Class A6F3	06/20/13	6.957		663,544
Total asset-backed securities (cost—$13,424,226)						13,326,619
Corporate bonds—7.77%
Aerospace & defense—0.11%
	40	Alion Science and Technology Corp.3	02/01/15	10.250		41,600
	100	BE Aerospace, Inc., Series B	05/01/11	8.875		103,375
	325	Boeing Capital Corp.	09/27/10	7.375		349,979
	165	Esterline Technologies Corp.3	03/01/17	6.625		165,000
	175	Lockheed Martin Corp.	09/01/36	6.150		189,080
	125	Sequa Corp.	08/01/09	9.000		131,875
						980,909
Agriculture—0.02%
	150	American Rock Salt Co. LLC	03/15/14	9.500		152,250
Apparel/textiles—0.05%
	75	Collins & Aikman Floorcovering, Series B	02/15/10	9.750		76,687
	225	Levi Strauss & Co.	12/15/12	12.250		248,344
	50	Perry Ellis International, Inc.	09/15/13	8.875		51,750
	67	Rafaella Apparel Group3	06/15/11	11.250		68,675
						445,456
Automobile OEM—0.94%
	1,705	DaimlerChrysler N.A. Holding Corp.	06/04/08	4.050		1,678,274
	4,675	Ford Motor Credit Co.	01/12/09	5.800		4,591,981
	450	Ford Motor Credit Co.	10/28/09	7.375		453,378
	300	General Motors	01/15/11	7.200		292,500
	1,055	General Motors Acceptance Corp.	09/15/11	6.875		1,067,663
						8,083,796

21

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Automotive parts—0.06%
	$175	Arvinmeritor	09/15/15	8.125	%		$177,625
	225	Cooper Standard Auto1	12/15/14	8.375			189,000
	125	Stanadyne Corp.	08/15/14	10.000			129,688
							496,313
Banking-non-US—0.09%
	275	Abbey National PLC	10/26/29	7.950			354,327
	350	Royal Bank of Scotland Group PLC	03/31/107	9.118			387,855
							742,182
Banking-US—1.18%
	1,000	Bank of America Corp.3	03/15/17	5.420			1,003,382
	1,600	Citigroup, Inc.	08/27/12	5.625			1,639,683
	880	Citigroup, Inc.	09/15/14	5.000			863,917
	510	CS First Boston, Inc.	01/15/12	6.500			540,876
	580	HSBC Bank USA	08/15/35	5.625			568,292
	1,000	J.P. Morgan Chase & Co.	02/01/11	6.750			1,055,330
	350	US Bank N.A. Minnesota	08/01/11	6.375			367,396
	775	Wachovia Bank N.A.	08/18/10	7.800			835,247
	1,335	Washington Mutual, Inc.	01/15/13	5.500			1,345,453
	1,250	Wells Fargo Bank N.A.	02/01/11	6.450			1,313,698
	655	Wells Fargo Bank N.A.	08/26/36	5.950			686,928
							10,220,202
Broadcast—0.04%
	125	CMP Susquehanna3	05/15/14	9.875			128,437
	75	Nexstar Finance Holdings LLC, Inc.	04/01/13	11.375	6		71,250
	100	Nexstar Finance, Inc.	01/15/14	7.000			96,500
	75	Univision Communications, Inc.	07/15/11	7.850			78,563
							374,750
Brokerage—0.44%
	1,525	Goldman Sachs Group, Inc.	01/15/11	6.875			1,618,243
	535	Lehman Brothers Holdings	02/06/12	5.250			536,261
	1,550	Morgan Stanley	04/15/11	6.750			1,644,911
							3,799,415

22

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Building materials—0.09%
	$75	Ahern Rentals, Inc.	08/15/13	9.250	%		$78,562
	50	Ahern Rentals, Inc.3	08/15/13	9.250			52,375
	225	Ainsworth Lumber1	10/01/12	7.250			175,500
	260	CRH America, Inc.	09/30/16	6.000			267,803
	100	Interface, Inc.	02/01/10	10.375			110,750
	100	US Concrete, Inc.	04/01/14	8.375			102,000
							786,990
Business services—0.02%
	125	Da-Lite Screen Co., Inc.	05/15/11	9.500			130,938
	50	Sensata Technologies BV3	05/01/14	8.000			50,250
							181,188
Cable—0.23%
	1,360	Comcast Cable Communications, Inc.	01/30/11	6.750			1,434,293
	175	CSC Holdings, Inc.	08/15/09	8.125			181,125
	150	Insight Communications, Inc.	02/15/11	12.2506			156,562
	150	Mediacom Broadband LLC	01/15/13	9.500			154,125
	100	Quebecor Media	03/15/16	7.750			102,500
							2,028,605
Chemicals—0.18%
	100	Chemtura Corp.	06/01/16	6.875			97,000
	50	Georgia Gulf Corp.3	10/15/14	9.500			49,250
	100	Hercules, Inc.	06/30/29	6.500			91,500
	400	ICI Wilmington, Inc.	12/01/08	4.375			394,044
	150	Ineos Group Holdings PLC3	02/15/16	8.500			145,875
	50	Momentive Performance3	12/01/14	9.750			52,375
	225	Montell Finance Co. BV3	03/15/27	8.100			225,000
	150	Omnova Solutions, Inc.	06/01/10	11.250			160,312
	150	Polyone Corp.	05/15/10	10.625			158,813
	60	Rockwood Specialties Group, Inc.	05/15/11	10.625			63,300
	75	Terra Capital, Inc.3	02/01/17	7.000			74,625
							1,512,094

23

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Commercial services—0.01%
	$50	Technical Olympic USA, Inc.	07/01/12	10.375	%		$46,250
	100	Technical Olympic USA, Inc.1	01/15/15	7.500			81,000
							127,250
Commercial services & supplies—0.02%
	175	Xerox Capital Trust I	02/01/27	8.000			178,719
Consumer products—0.11%
	820	Fortune Brands, Inc.	01/15/16	5.375			797,712
	150	Prestige Brands, Inc.	04/15/12	9.250			155,250
							952,962
Consumer products-nondurables—0.05%
	335	Avon Products, Inc.	11/15/09	7.150			351,815
	50	Chattem, Inc.	03/01/14	7.000			50,000
							401,815
Consumer services—0.01%
	25	Aramark Corp.3	02/01/15	8.500			25,969
	100	Aramark Corp.3	02/01/15	8.860	2		103,250
							129,219
Containers & packaging—0.04%
	75	Berry Plastics Holding Corp.	09/15/14	8.875			77,625
	125	Jefferson Smurfit Corp.	10/01/12	8.250			127,500
	150	Owens-Illinois, Inc.	05/15/18	7.800			154,500
	25	Solo Cup Co.1	02/15/14	8.500			21,688
							381,313
Diversified financials—0.02%
	125	Bluewater Finance Ltd.	02/15/12	10.250			130,313
Electric utilities—0.33%
	125	Comstock Resources, Inc.	03/01/12	6.875			120,938
	280	Dominion Resources, Inc.	06/15/35	5.950			282,231
	250	DTE Energy Co.	06/01/16	6.350			264,611
	125	Dynegy Holdings, Inc.	05/01/16	8.375			133,750
	395	Exelon Generation Co. LLC	01/15/14	5.350			390,470
	175	Mirant Americas Generation LLC	05/01/31	9.125			186,812
	200	Mirant N.A. LLC	12/31/13	7.375			205,500

24

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Electric utilities—(concluded)
	$150	NRG Energy, Inc.	02/01/16	7.375	%		$153,000
	125	NRG Energy, Inc.	01/15/17	7.375			127,187
	270	Pacific Gas & Electric Co.	03/01/34	6.050			279,111
	670	PSEG Power	06/01/12	6.950			719,796
							2,863,406
Electronics—0.03%
	50	NXP BV/NXP Funding LLC3	10/15/14	7.875			51,625
	50	NXP BV/NXP Funding LLC3	10/15/15	9.500			51,625
	150	Sanmina-SCI Corp.	03/01/16	8.125			143,250
							246,500
Energy—0.16%
	225	Anadarko Finance Co., Series B	05/01/11	6.750			236,920
	350	Devon Financing Corp., U.L.C.	09/30/11	6.875			373,262
	195	Devon Financing Corp., U.L.C.	09/30/31	7.875			238,477
	100	Gulfmark Offshore, Inc.	07/15/14	7.750			102,000
	225	Transocean, Inc.	04/15/31	7.500			264,171
	200	Whiting Petroleum Corp.	05/01/12	7.250			199,000
							1,413,830
Energy-integrated—0.06%
	100	OPTI Canada, Inc.3	12/15/14	8.250			103,500
	185	PPL Energy Supply LLC	12/15/36	6.000			181,929
	250	PPL Energy Supply LLC, Series A	11/01/11	6.400			260,106
							545,535
Environmental services—0.04%
	300	Waste Management, Inc.	08/01/10	7.375			320,394
Finance-noncaptive consumer—0.45%
	525	Capital One Financial	06/01/15	5.500			526,405
	500	Countrywide Home Loans	05/21/08	3.250			488,038
	700	HSBC Finance Corp.	05/15/11	6.750			743,280
	335	MBNA Corp.	03/15/12	7.500			371,221
	765	Residential Capital LLC	11/21/08	6.125			767,991
	980	Residential Capital LLC	06/30/10	6.375			988,567
							3,885,502

25

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Finance-noncaptive diversified—0.46%
	$2,350	General Electric Capital Corp.	06/15/12	6.000	%		$2,449,358
	600	General Electric Capital Corp.	03/15/32	6.750			697,655
	850	International Lease Finance Corp.	04/01/09	3.500			825,197
							3,972,210
Food—0.16%
	200	Ameriqual Group LLC3	04/01/12	9.000			208,500
	116	Conagra Foods, Inc.	09/15/11	6.750			122,977
	184	Conagra Foods, Inc.3	06/15/17	5.819			186,670
	175	Dole Foods Co.	03/15/11	8.875			174,125
	375	Kraft Foods, Inc.	11/01/11	5.625			382,107
	150	Pinnacle Foods Holding Corp.	12/01/13	8.250			161,250
	130	Wornick Co.	07/15/11	10.875			120,575
							1,356,204
Food processors/beverage/bottling—0.08%
	325	Coors Brewing Co.	05/15/12	6.375			339,037
	300	SABMiller PLC3	07/01/16	6.500			319,148
							658,185
Gaming—0.21%
	100	Caesars Entertainment	05/15/11	8.125			105,875
	150	Chukchansi Economic Development Authority3	11/15/13	8.000			156,375
	100	Circus & Eldorado	03/01/12	10.125			105,063
	25	Great Canadian Gaming Co.3	02/15/15	7.250			25,375
	225	Jacobs Entertainment, Inc.	06/15/14	9.750			236,250
	250	MTR Gaming Group, Inc.	04/01/10	9.750			261,875
	100	Pokagon Gaming Authority3	06/15/14	10.375			109,500
	150	Poster Financial Group	12/01/11	8.750			156,000
	150	River Rock Entertainment	11/01/11	9.750			160,125
	150	San Pasqual Casino3	09/15/13	8.000			154,125
	150	Tunica-Biloxi Gaming Authority3	11/15/15	9.000			159,375
	200	Wheeling Island Gaming, Inc.	12/15/09	10.125			203,500
							1,833,438

26

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Healthcare—0.07%
	$150	Ameripath, Inc.	04/01/13	10.500	%		$162,000
	50	HCA, Inc.3	11/15/14	9.125			53,250
	50	HCA, Inc.3	11/15/16	9.250			53,562
	100	Psychiatric Solutions	07/15/15	7.750			101,500
	200	Universal Hospital Services	11/01/11	10.125			212,500
							582,812
Industrial-other—0.01%
	100	Tube City IMS Corp.3	02/01/15	9.750			105,000
Machinery-agriculture & construction—0.04%
	325	John Deere Capital Corp.	03/15/12	7.000			351,739
Media—0.06%
	100	Affinion Group, Inc.	10/15/13	10.125			108,000
	75	Baker & Taylor, Inc.3	07/01/13	11.500			77,438
	150	LIN Television Corp.	05/15/13	6.500			146,250
	175	Sinclair Broadcast Group	03/15/12	8.000			180,250
							511,938
Metals & mining—0.08%
	250	AK Steel Corp.	06/15/12	7.750			253,125
	100	Century Aluminum Co.	08/15/14	7.500			102,250
	200	FastenTech, Inc.	05/01/11	11.500			212,500
	125	Neenah Corp.3	01/01/17	9.500			128,750
							696,625
Oil & gas—0.18%
	150	Atlas Pipeline Partners	12/15/15	8.125			154,875
	175	Inergy LP/Inergy Finance	03/01/16	8.250			184,625
	510	Kinder Morgan Energy Partners	11/15/14	5.125			496,000
	770	Kinder Morgan Energy Partners	03/15/35	5.800			730,255
							1,565,755
Oil refining—0.01%
	80	Giant Industries, Inc.	05/15/12	11.000			85,000
Paper & forest products—0.13%
	125	Abitibi-Consolidated, Inc.	04/01/08	6.950			124,687
	150	Abitibi-Consolidated, Inc.	08/01/10	8.550			153,750

27

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Paper & forest products—(concluded)
	$115	Boise Cascade LLC	10/15/14	7.125	%		$112,700
	200	Bowater Canada Finance	11/15/11	7.950			201,000
	150	Buckeye Technologies, Inc.	10/15/10	8.000			150,000
	175	Cellu Tissue Holdings, Inc.	03/15/10	9.750			175,000
	150	Millar Western Forest	11/15/13	7.750			141,375
	75	P.H. Glatfelter	05/01/16	7.125			76,125
							1,134,637
Pharmaceuticals—0.23%
	275	Abbott Laboratories	05/15/11	5.600			281,256
	770	Allergan, Inc.	04/01/16	5.750			791,874
	265	Bristol-Myers Squibb	11/15/36	5.875			271,964
	265	Teva Pharmaceutical Finance LLC	02/01/16	5.550			262,201
	350	Wyeth	03/15/13	5.500			355,699
							1,962,994
Publishing—0.18%
	125	Advanstar Communications, Inc.	08/15/10	10.750			134,063
	200	Cadmus Communications Corp.	06/15/14	8.375			202,500
	125	Cenveo Corp.	12/01/13	7.875			122,813
	100	Clarke American Corp.	12/15/13	11.750			115,000
	300	Deluxe Corp.	12/15/12	5.000			271,620
	200	Quebecor World Capital Corp.3	03/15/16	8.750			204,500
	175	R.H. Donnelley Corp.	01/15/16	8.875			186,812
	200	Sheridan Acquisition Corp.	08/15/11	10.250			209,000
	75	Vertis, Inc.	06/15/09	10.875			76,500
							1,522,808
Real estate investment trusts—0.07%
	325	Avalonbay Communities	08/01/09	7.500			342,241
	280	Prologis	11/15/15	5.625			284,002
							626,243
Restaurants—0.04%
	175	Landry’s Restaurants, Inc., Series B	12/15/14	7.500			174,125
	150	Restaurant Co.	10/01/13	10.000			145,688
							319,813

28

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(continued)
Retail—0.11%
	$50	Brookstone Co., Inc.	10/15/12	12.000	%		$52,750
	225	GSC Holdings Corp.	10/01/12	8.000			239,062
	200	Ingles Markets, Inc.	12/01/11	8.875			208,500
	175	Pantry, Inc.	02/15/14	7.750			175,875
	200	Petro Stopping Center/Financial	02/15/12	9.000			208,000
	50	Sally Holdings LLC3	11/15/14	9.250			51,750
							935,937
Road & rail—0.07%
	275	Burlington Northern Santa Fe Corp.	05/13/29	7.082			312,672
	150	Kansas City Southern	06/15/09	7.500			153,375
	155	Norfolk Southern Corp.	09/17/14	5.257			154,391
							620,438
Services—0.02%
	150	Carriage Services, Inc.	01/15/15	7.875			153,375
Specialty purpose entity—0.03%
	150	AAC Group Holding Corp.	10/01/12	10.2506			135,750
	125	Riddell Bell Holdings, Inc.	10/01/12	8.375			125,000
							260,750
Technology-hardware—0.07%
	250	Cisco Systems, Inc.	02/22/16	5.500			254,418
	175	Freescale Semiconductor3	12/15/14	8.875			177,406
	125	Xerox Corp.	02/01/17	6.750			132,136
							563,960
Technology-software—0.05%
	350	Computer Sciences Corp.	04/15/08	3.500			341,316
	125	Unisys Corp.	10/15/12	8.000			126,250
							467,566
Telecommunications—0.25%
	325	Bellsouth Corp.	06/15/34	6.550			344,236
	200	Citizens Communications	08/15/31	9.000			221,500
	100	Dycom Industries, Inc.	10/15/15	8.125			103,000
	200	Intelsat Subsidiary Holding Co. Ltd.	01/15/15	8.625			215,000

29

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Principal
amount			Maturity	Interest
(000)			dates	rates		Value
Corporate bonds—(concluded)
Telecommunications—(concluded)
	$150	Qwest Communications International	02/15/11	7.250	%		$153,562
	1,160	Telecom Italia Capital	11/15/13	5.250			1,129,172
							2,166,470
Tobacco—0.02%
	150	Reynolds American, Inc.	06/01/13	7.250			158,002
Transportation services—0.05%
	400	ERAC USA Finance Co.3	01/15/11	8.000			437,276
Utilities-other—0.03%
	250	Duke Capital LLC	08/15/14	5.668			248,372
Wireless telecommunication services—0.28%
	250	American Cellular Corp., Series B	08/01/11	10.000			265,938
	300	AT&T Corp.	11/15/31	8.000			380,824
	175	AT&T Wireless Services, Inc.	03/01/31	8.750			232,737
	135	Cincinnati Bell, Inc.	01/15/14	8.375			138,544
	650	Sprint Capital Corp.	03/15/32	8.750			793,152
	350	Verizon New York, Inc., Series A	04/01/12	6.875			369,859
	100	Wind Acquisition Finance SA3	12/01/15	10.750			115,250
	125	Windstream Corp.	08/01/16	8.625			136,875
							2,433,179
Total corporate bonds (cost—$66,315,085)							67,111,634
International government obligations—0.26%
	1,920	AID-Egypt	09/15/15	4.450			1,864,243
	330	Pemex Project Funding Master Trust	11/15/11	8.000			362,505
Total international government obligations (cost—$2,221,308)							2,226,748
Repurchase agreement—2.99%
	25,794	Repurchase agreement dated 02/28/07 with State Street Bank & Trust Co., collateralized by $9,408,616 US Treasury Bonds,7.500% to 8.875% due 11/15/16 to 08/15/17 and $14,352,347 US Treasury Notes, 4.625% to 4.875% due 07/31/11 to 01/31/12; (value—$26,310,274); proceeds: $25,797,511 (cost—$25,794,000)	03/01/07	4.900			25,794,000

30

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Number of
shares
(000)					Yield		Value
Investments of cash collateral from securities loaned—10.81%
Money market funds8—0.39%
	0	9	AIM Prime Portfolio		5.200	%		$489
	9		DWS Money Market Series		5.199			9,384
	3,365		UBS Private Money Market Fund LLC10		5.239			3,364,874
Total money market funds (cost—$3,374,747)								3,374,747
Principal
Amount				Maturity
(000)				dates
Repurchase agreements—10.42%
	$10,000		Repurchase agreement dated 02/28/07 with Barclays Bank PLC, collateralized by $10,338,000 Federal Home Loan Mortgage Corp. obligations, 4.240% due 02/22/10; (value—$10,200,057); proceeds: $10,001,475	03/01/07	5.310			10,000,000
	40,000		Repurchase agreement dated 02/28/07 with Deutsche Bank Securities, Inc., collateralized by $38,400,000 Federal Home Loan Bank obligations, 5.200% due 01/29/09 and $2,241,000 Federal National Mortgage Association obligations, 5.250% due 08/01/12;(value—$40,800,505); proceeds: $40,005,911	03/01/07	5.320			40,000,000
	40,000		Repurchase agreement dated 02/28/07 with Merrill Lynch & Co., collateralized by $101,862,000 Resolution Funding Strips obligations, zero coupon due 07/15/15 to 04/15/26; (value —$40,801,796); proceeds: $40,005,900	03/01/07	5.310			40,000,000
Total repurchase agreements (cost—$90,000,000)								90,000,000
Total investments of cash collateral from securities loaned (cost—$93,374,747)								93,374,747
Total investments (cost—$874,840,583)—111.18%								960,291,638
Liabilities in excess of other assets—(11.18)%								(96,531,107	)
Net assets—100.00%							$	863,760,531
*		Non-income producing security.
1		Security, or portion thereof, was on loan at February 28, 2007.
2		Floating rate securities. The interest rates shown are the current rates as of February 28, 2007.

31

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

3	Security exempt from registration under Rule144A of the Securities Act of 1933. These securities, which represent 2.61% of net assets as of February 28, 2007, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
4	The security detailed in the table below, which represents less than 0.005% of net assets, is considered illiquid and restricted as of February 28, 2007.

			Acquisition		Value at
Illiquid and			cost as a		02/28/07as a
restricted	Acquisition	Acquisition	percentage	Value at	percentage of
security	date	cost	of net assets	02/28/07	net assets
Merrill Lynch
Credit
Corporation
Mortgage
Investors, Inc.,
Series 2003-D,
ClassXA1,
1.000%,
08/25/28	09/12/03	$1,280	0.00%	$1,266	0.00%

5	Interest Only Security. This security entitles the holder to receive interest payments from an underlying pool of mortgages. The risk associated with this security is related to the speed of the principal paydowns. High prepayments would result in a smaller amount of interest being received and cause the yield to decrease. Low prepayments would result in a greater amount of interest being received and cause the yield to increase.
6	Denotes a step-up bond that converts to the noted fixed rate at a designated future date.
7	Perpetual bond security. The maturity date reflects the next call date.
8	Rates shown reflect yield at February 28, 2007.
9	Amount represents less than 500 shares.
10	The table below details the Fund’s transaction activity in an affiliated issuer for the six months ended February 28, 2007.

		Purchases	Sales		Net Income earned
		during the	during the		from affiliate
		six months	six months		for the six months
Security	Value at	ended	ended	Value at	ended
description	08/31/06	02/28/07	02/28/07	02/28/07	02/28/07
UBS Private
Money Market					��
Fund LLC	$22,164,084	$404,217,256	$423,016,466	$3,364,874	$16,630

FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GSAMP	Goldman Sachs Asset Mortgage Passthrough
GSMPS	Goldman Sachs Mortgage Passthrough Securities
OEM	Original Equipment Manufacturer
REMIC	Real Estate Mortgage Investment Conduit

32

UBS U.S. Allocation Fund

Portfolio of investments — February 28, 2007 (unaudited)

Issuer breakdown by country or territory of origin
Percentage of total investments
United States	96.9	%
Panama	0.9
Cayman Islands	0.7
United Kingdom	0.7
Bermuda	0.4
Egypt	0.2
Canada	0.1
Italy	0.1
Total	100.0	%
See accompanying notes to financial statements

33

UBS U.S. Allocation Fund

Understanding your Fund’s expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transactional costs (as applicable), including sales charges (loads); and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees (if applicable); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, September 1, 2006 to February 28, 2007.

Actual expenses

The first line for each class of shares in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each class of shares under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line for each class of shares in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return for each class of shares. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only and do not reflect any transactional costs (as applicable), such as sales charges (loads). Therefore, the second line in the table for each class of shares is useful in comparing ongoing Fund costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

34

UBS U.S. Allocation Fund

Understanding your Fund’s expenses (unaudited) (concluded)

		Beginning		Ending		Expenses paid
		account value		account value		during period*
		September 1, 2006		February 28, 2007		09/01/06 to 02/28/07
Class A	Actual	$	1,000.00	$	1,081.10	$	4.64
	Hypothetical
	(5% annual return
	before expenses)		1,000.00		1,020.33		4.51
Class B	Actual		1,000.00		1,076.30		8.91
	Hypothetical
	(5% annual return
	before expenses)		1,000.00		1,016.22		8.65
Class C	Actual		1,000.00		1,077.00		8.45
	Hypothetical
	(5% annual return
	before expenses)		1,000.00		1,016.66		8.20
Class Y	Actual		1,000.00		1,083.10		2.84
	Hypothetical
	(5% annual return
	before expenses)		1,000.00		1,022.07		2.76

* Expenses are equal to the Fund’s annualized net expense ratios: Class A: 0.90%, Class B: 1.73%, Class C: 1.64% and Class Y: 0.55%, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

35

UBS U.S. Allocation Fund

Statement of assets and liabilities—February 28, 2007 (unaudited)

Assets:
Investments in unaffiliated securities, at value (cost–$755,681,709)1	$841,132,764
Investment in an affiliated security, at value (cost–$3,364,874)	3,364,874
Repurchase agreements, at value (cost–$115,794,000)	115,794,000
Total investments in securities, at value (cost–$874,840,583)	960,291,638
Receivable for investments sold	20,954,148
Receivable for shares of beneficial interest sold	92,613
Receivable for dividends and interest	3,421,808
Other assets	99,217
Total assets	984,859,424
Liabilities:
Payable for cash collateral from securities loaned	93,374,747
Payable for investments purchased	24,535,460
Payable for shares of beneficial interest repurchased	2,082,979
Payable to affiliates	611,775
Payable to custodian	57,593
Payable for foreign withholding taxes	1,177
Accrued expenses and other liabilities	435,162
Total liabilities	121,098,893
Net assets:
Beneficial interest–$0.001 par value per share (unlimited amount authorized)	911,912,437
Accumulated undistributed net investment income	5,735,531
Accumulated net realized loss from investments	(139,338,492	)
Net unrealized appreciation of investments	85,451,055
Net assets	$863,760,531

1 Includes $118,285,632 of investments in securities on loan, at value.

See accompanying notes to financial statements

36

UBS U.S. Allocation Fund

Statement of assets and liabilities—February 28, 2007 (unaudited)

Class A:
Net assets	$478,405,482
Shares outstanding	15,107,593
Net asset value per share	$31.67
Maximum offering price per share (net asset value plus
maximum sales charge of 5.50%)	$33.51
Class B
Net assets	$51,576,025
Shares outstanding	1,656,077
Net asset value and offering price per share	$31.14
Class C
Net assets	$220,594,350
Shares outstanding	7,100,090
Net asset value and offering price per share	$31.07
Class Y
Net assets	$113,184,674
Shares outstanding	3,526,504
Net asset value and offering price per share	$32.10

See accompanying notes to financial statements
	37

UBS U.S. Allocation Fund

Statement of operations

	For the six
	months ended
	February 28, 2007
	(unaudited)
Investment income:
Dividends		$5,139,631
Interest (net of foreign witholding taxes of $1,391)		8,242,180
Securities lending income (includes $16,630 earned from an
affiliated entity)		97,766
		13,479,577
Expenses:
Investment advisory and administration fees		2,055,594
Service fees–Class A		598,607
Service and distribution fees–Class B		329,739
Service and distribution fees–Class C		1,125,985
Transfer agency and related service fees–Class A		276,516
Transfer agency and related service fees–Class B		66,193
Transfer agency and related service fees–Class C		127,706
Transfer agency and related service fees–Class Y		8,743
Custody and accounting fees		177,210
Reports and notices to shareholders		79,285
Professional fees		52,068
State registration fees		32,944
Insurance expense		19,537
Trustees’ fees		14,370
Other expenses		16,910
		4,981,407
Less: Fee waivers by investment advisor and administrator		(97,539	)
Net expenses		4,883,868
Net investment income		8,595,709
Realized and unrealized gains from investment activities
Net realized gain from investments		36,327,152
Net change in unrealized appreciation of investments		24,217,713
Net realized and unrealized gain from investment activities		60,544,865
Net increase in net assets resulting from operations	$	69,140,574

See accompanying notes to financial statements

38

UBS U.S. Allocation Fund

Statement of changes in net assets

	For the six
	months ended		For the
	February 28, 2007		year ended
	(unaudited)		August 31, 2006
From operations:
Net investment income	$8,595,709		$16,370,720
Net realized gains from investments	36,327,152		49,492,775
Net change in unrealized appreciation/depreciation of
investments and options written	24,217,713		(2,616,205	)
Net increase in net assets resulting from operations	69,140,574		63,247,290
Dividends to shareholders from:
Net investment income–Class A	(10,456,632	)	(10,696,257	)
Net investment income–Class B	(690,100	)	(947,042	)
Net investment income–Class C	(3,289,920	)	(3,192,484	)
Net investment income-Class Y	(2,980,008	)	(2,885,670	)
	(17,416,660	)	(17,721,453	)
From beneficial interest transactions:
Net proceeds from the sale of shares	9,663,322		19,991,380
Cost of shares repurchased	(106,744,051	)	(258,340,216	)
Proceeds from dividends reinvested	16,501,783		16,781,941
Net decrease in net assets from beneficial
Interest transactions	(80,578,946	)	(221,566,895	)
Net decrease in net assets	(28,855,032	)	(176,041,058	)
Net assets:
Beginning of period	892,615,563		1,068,656,621
End of period	$863,760,531		$892,615,563
Accumulated undistributed net investment income	$5,735,531		$14,556,482

See accompanying notes to financial statements
	39

UBS U.S. Allocation Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

	Class A
	For the six
	months ended
	February 28, 2007
	(unaudited)
Net asset value, beginning of period		$29.94
Net investment income		0.34	1
Net realized and unrealized gains (losses) from investment activities		2.08
Net increase (decrease) from operations		2.42
Dividends from net investment income		(0.69	)
Distributions from net realized gains from investment activities		—
Total dividends and distributions		(0.69	)
Net asset value, end of period		$31.67
Total investment return2		8.11	%
Ratios/supplemental data:
Net assets, end of period (000’s)		$478,405
Expenses to average net assets, net of fee waivers by advisor3		0.90	%4
Expenses to average net assets, before fee waivers by advisor3		0.92	%4
Net investment income to average net assets		2.15	%4
Portfolio turnover		34	%

1	Calculated using the average month-end shares outstanding for the period.
2	Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3	During the years ended August 31, 2003 and August 31, 2002, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees.
4	Annualized.

See accompanying notes to financial statements

40

UBS U.S. Allocation Fund

Class A
For the years ended August 31,
	2006		2005		2004		2003		2002
	$28.60		$25.81		$23.00		$20.80		$25.78
	0.56	1	0.51	1	0.30	1	0.18	1	0.13	1
	1.38		2.79		2.72		2.10		(4.94	)
	1.94		3.30		3.02		2.28		(4.81	)
	(0.60	)	(0.51	)	(0.21	)	(0.08	)	(0.03	)
	—		—		—		—		(0.14	)
	(0.60	)	(0.51	)	(0.21	)	(0.08	)	(0.17	)
	$29.94		$28.60		$25.81		$23.00		$20.80
	6.84	%	12.85	%	13.19	%	10.99	%	(18.79	)%
	$472,213		$525,711		$552,195		$649,582		$690,546
	0.91	%	0.90	%	0.93	%	0.98	%	0.89	%
	0.94	%	0.93	%	0.95	%	0.98	%	0.89	%
	1.91	%	1.87	%	1.18	%	0.84	%	0.54	%
	82	%	67	%	128	%	2	%	5	%

See accompanying notes to financial statements

41

UBS U.S. Allocation Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

	Class B
		For the six
		months ended
		February 28, 2007
		(unaudited)
Net asset value, beginning of period		$29.24
Net investment income (loss)		0.19	1
Net realized and unrealized gains (losses) from investment activitites		2.04
Net increase (decrease) from operations		2.23
Dividends from net investment income		(0.33	)
Distributions from net realized gains from investment activities		—
Total dividends and distributions		(0.33	)
Net asset value, end of period		$31.14
Total investment return2		7.63	%
Ratios/supplemental data:
Net assets, end of period (000’s)		$51,576
Expenses to average net assets, net of fee waivers by advisor3		1.73	%4
Expenses to average net assets, before fee waivers by advisor3		1.75	%4
Net investment income (loss) to average net assets		1.29	%4
Portfolio turnover		34	%

1	Calculated using the average month-end shares outstanding for the period.
2	Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3	During the years ended August 31, 2003 and August 31, 2002, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees.
4	Annualized.

See accompanying notes to financial statements

42

UBS U.S. Allocation Fund

Class B
For the years ended August 31,
	2006		2005		2004		2003		2002
	$27.81		$25.04		$22.29		$20.23		$25.24
	0.30	1	0.28	1	0.09	1	0.02	1	(0.05	)1
	1.36		2.70		2.66		2.04		(4.82	)
	1.66		2.98		2.75		2.06		(4.87	)
	(0.23	)	(0.21	)	—		—		—
	—		—		—		—		(0.14	)
	(0.23	)	(0.21	)	—		—		(0.14	)
	$29.24		$27.81		$25.04		$22.29		$20.23
	5.99	%	11.95	%	12.34	%	10.18	%	(19.41	)%
	$77,296		$148,208		$277,891		$461,273		$606,133
	1.71	%	1.70	%	1.70	%	1.74	%	1.65	%
	1.74	%	1.73	%	1.72	%	1.74	%	1.65	%
	1.07	%	1.08	%	0.36	%	0.08	%	(0.22	)%
	82	%	67	%	128	%	2	%	5	%

See accompanying notes to financial statements

43

UBS U.S. Allocation Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

	Class C
	For the six
	months ended
	February 28, 2007
	(unaudited)
Net asset value, beginning of period	$29.27
Net investment income (loss)	0.21	1
Net realized and unrealized gains (losses) from investment activities	2.04
Net increase (decrease) from operations	2.25
Dividends from net investment income	(0.45	)
Distributions from net realized gains from investment activities	—
Total dividends and distributions	(0.45	)
Net asset value, end of period	$31.07
Total investment return2	7.70	%
Ratios/supplemental data:
Net assets, end of period (000’s)	$220,594
Expenses to average net assets, net of fee waivers by advisor3	1.64	%4
Expenses to average net assets, before fee waviers by advisor3	1.67	%4
Net investment income (loss) to average net assets	1.40	%4
Portfolio turnover	34	%

1	Calculated using the average month-end shares outstanding for the period.
2	Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3	During the years ended August 31, 2003 and August 31, 2002, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees.
4	Annualized.

See accompanying notes to financial statements

44

UBS U.S. Allocation Fund

Class C
For the years ended August 31,
	2006		2005		2004		2003		2002
	$27.95		$25.21		$22.46		$20.38		$25.42
	0.33	1	0.30	1	0.10	1	0.02	1	(0.05	)1
	1.35		2.72		2.67		2.06		(4.85	)
	1.68		3.02		2.77		2.08		(4.90	)
	(0.36	)	(0.28	)	(0.02	)	—		—
	—		—		—		—		(0.14	)
	(0.36	)	(0.28	)	(0.02	)	—		(0.14	)
	$29.27		$27.95		$25.21		$22.46		$20.38
	6.02	%	12.02	%	12.35	%	10.21	%	(19.39	)%
	$226,219		$271,996		$333,765		$458,117		$538,109
	1.65	%	1.65	%	1.67	%	1.72	%	1.63	%
	1.68	%	1.68	%	1.69	%	1.72	%	1.63	%
	1.16	%	1.12	%	0.42	%	0.10	%	(0.20	)%
	82	%	67	%	128	%	2	%	5	%

See accompanying notes to financial statements

45

UBS U.S. Allocation Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

	Class Y
	For the six
	months ended
	February 28, 2007
	(unaudited)
Net asset value, beginning of period	$	30.39
Net investment income		0.39	1
Net realized and unrealized gains (losses) from investment activitites		2.13
Net increase (decrease) from operations		2.52
Dividends from net investment income		(0.81	)
Distributions from net realized gains from investment activities		—
Total dividends and distributions		(0.81	)
Net asset value, end of period	$	32.10
Total investment return2		8.31	%
Ratios/supplemental data:
Net assets, end of period (000’s)	$	113,185
Expenses to average net assets, net of fee waivers by advisor3		0.55	%4
Expenses to average net assets, before fee waivers by advisor3		0.57	%4
Net investment income to average net assets		2.50	%4
Portfolio turnover		34	%

1	Calculated using the average month-end shares outstanding for the period.
2	Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges or redemption fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3	During the years ended August 31, 2003 and August 31, 2002, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees.
4	Annualized.

See accompanying notes to financial statements

46

UBS U.S. Allocation Fund

Class Y
For the years ended August 31,
2006		2005		2004		2003		2002
$29.02		$26.19		$23.33		$21.07		$26.05
0.67	1	0.61	1	0.39	1	0.25	1	0.21	1
1.40		2.83		2.76		2.13		(5.00	)
2.07		3.44		3.15		2.38		(4.79	)
(0.70	)	(0.61	)	(0.29	)	(0.12	)	(0.05	)
—		—		—		—		(0.14	)
(0.70	)	(0.61	)	(0.29	)	(0.12	)	(0.19	)
$30.39		$29.02		$26.19		$23.33		$21.07
7.22	%	13.22	%	13.58	%	11.39	%	(18.54	)%
$116,888		$122,743		$123,727		$137,401		$149,653
0.55	%	0.55	%	0.58	%	0.63	%	0.58	%
0.57	%	0.58	%	0.60	%	0.63	%	0.58	%
2.27	%	2.21	%	1.53	%	1.19	%	0.85	%
82	%	67	%	128	%	2	%	5	%

See accompanying notes to financial statements

47

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Organization and significant accounting policies
UBS U.S. Allocation Fund (the “Fund”) is a series of UBS Investment Trust (the “Trust”) and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. The Trust was organized on March 28, 1991, as a business trust under the laws of the Commonwealth of Massachusetts and currently has one operating series.

Currently, the Fund offers Class A, Class B, Class C and Class Y shares. Each class represents interests in the same assets of the Fund, and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges and certain transfer agency and related services expenses. In addition, Class B shares and all corresponding reinvested dividend shares automatically convert to Class A shares within a certain number of years after issuance which varies depending upon the amount invested. All classes of shares have equal voting privileges except that Class A, Class B and Class C shares each have exclusive voting rights with respect to their respective service and/or distribution plans. Class Y shares have no service or distribution plan.

In the normal course of business the Fund may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The preparation of financial statements in accordance with US generally accepted accounting principles requires the Fund’s management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies:

Valuation of investments—The Fund calculates net asset values based on the current market value for its portfolio securities. The Fund normally obtains market values for its securities from independent pricing sources. Independent pricing sources may use last reported sale prices, current market quotations or valuations from computerized “matrix” systems that derive values based on comparable securities. Securities traded in the over-the-counter (“OTC”) market and listed on The Nasdaq Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price.

48

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Other OTC securities are valued at the last bid price available prior to valuation. Securities which are listed on US and foreign stock exchanges normally are valued at the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. In cases where securities are traded on more than one exchange, the securities are valued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc.(“UBS Global AM”). If a market value is not available from an independent pricing source for a particular security, that security is valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”). Various factors may be reviewed in order to make a good faith determination of a security’s fair value. These factors include, but are not limited to, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; and changes in overall market conditions. If events occur that materially affect the value of securities (particularly non-US securities) between the close of trading in those securities and the close of regular trading on the New York Stock Exchange, the securities are fair valued. The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with sixty days or less remaining to maturity, unless the Board determines that this does not represent fair value.

In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement on Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of February 28, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the Statement of Operations for a fiscal period.

Repurchase agreements—The Fund may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller’s agreement to repurchase them at an agreed upon date

49

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

(or upon demand) and price. The Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special “tri-party” custodian or sub-custodian that maintains a separate account for both the Fund and its counterparty. The underlying collateral is valued daily to ensure that the value, including accrued interest, is at least equal to the repurchase price. In the event of default of the obligation to repurchase, the Fund generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. If the seller (or seller’s guarantor, if any) becomes insolvent, the Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Fund may participate in joint repurchase agreement transactions with other funds managed, advised or sub-advised by UBS Global AM.

Investment transactions, investment income and expenses—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Dividend income is recorded on the ex-dividend date (“ex-date”). Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend-eligible shares, as appropriate) of each class at the beginning of the day (after adjusting for current capital share activity of the respective classes). Class-specific expenses are charged directly to the applicable class of shares.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US generally accepted accounting principles. These “book/tax”

50

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Concentration of risk
The ability of the issuers of the debt securities held by the Fund to meet their obligations may be affected by economic developments, including those particular to a specific industry, country or region.

Investment advisor and administrator
The Board has approved an Investment Advisory and Administration Contract (“Advisory Contract”), under which UBS Global AM serves as investment advisor and administrator of the Fund. In accordance with the Advisory Contract, the Fund is to pay UBS Global AM an investment advisory and administration fee, which is to be accrued daily and paid monthly, at an annual rate of 0.50% of the Fund’s average daily net assets up to $250 million and 0.45% thereafter.

UBS Global AM has agreed to permanently reduce its advisory and administration fee based on the Fund’s average daily net assets so that it is assessed as follows: $0 to $250 million – 0.50%; in excess of $250 million up to $500 million – 0.45%; in excess of $500 million up to $2 billion – 0.40%; and over $2 billion – 0.35%. Accordingly, for the six months ended February 28, 2007, UBS Global AM waived $97,539 in investment advisory and administration fees. At February 28, 2007, the Fund owed UBS Global AM $314,428 in investment advisory and administration fees. At February 28, 2007, UBS Global AM owed the Fund $14,692 for fee waivers under the above agreement.

For the six months ended February 28, 2007, the Fund paid $531 in brokerage commissions to UBS Securities LLC, an indirect wholly owned subsidiary of UBS AG, for transactions executed on behalf of the Fund.

Additional information regarding compensation to affiliate of a board member
Effective March 1, 2005, Professor Meyer Feldberg accepted the position of senior advisor to Morgan Stanley, resulting in him becoming an interested trustee of the Fund. The Fund has been informed that Professor Feldberg’s role at Morgan Stanley does not involve matters directly affecting any

51

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

UBS funds. Fund transactions are executed through Morgan Stanley based on that firm’s ability to provide best execution of the transactions. During the six months ended February 28, 2007, the Fund paid brokerage commissions to Morgan Stanley in the amount of $10,303. During the six months ended February 28, 2007, the Fund purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having an aggregate value of $49,818,639. Morgan Stanley received compensation in connection with these trades, which may have been in the form of a “mark-up” or “mark-down” of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the advisor, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Service and distribution plans
UBS Global Asset Management (US) Inc. (“UBS Global AM—US”) is the principal underwriter of the Fund’s shares. Under separate plans of service and/or distribution pertaining to Class A, Class B and Class C shares, the Fund pays UBS Global AM—US monthly service fees at an annual rate of 0.25% of the average daily net assets of Class A, Class B and Class C shares and monthly distribution fees at the annual rate of 0.75% of the average daily net assets of Class B and Class C shares. At February 28, 2007, the Fund owed UBS Global AM—US $307,932forserviceand distribution fees.

UBS Global AM—US also receives the proceeds of the initial sales charges paid by shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A, Class B and Class C shares. UBS Global AM—US has informed the Fund that for the six months ended February 28, 2007, it earned $58,876, $53,322, and $3,020 in initial sales and deferred sales charges on Class A, Class B and Class C shares, respectively.

Transfer agency and related services fees
UBS Financial Services Inc., an indirect wholly owned subsidiary of UBS AG, provides transfer agency related services to the Fund pursuant to a delegation of authority from PFPC, Inc. (“PFPC”), the Fund’s transfer agent, and is compensated for these services by PFPC, not the Fund.

52

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

For the six months ended February 28, 2007, UBS Financial Services Inc. received from PFPC, not the Fund, $244,187 of the total transfer agency and related services fees paid by the Fund to PFPC.

Securities lending
The Fund may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Fund may regain ownership of loaned securities to exercise certain beneficial rights; however, the Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, US government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. UBS Financial Services Inc. and other affiliated broker-dealers have been approved as borrowers under the Fund’s securities lending program. UBS Securities LLC is the Fund’s lending agent. For the six months ended February 28, 2007 UBS Securities LLC earned $33,506 in compensation as the Fund’s lending agent. At February 28, 2007, the Fund owed UBS Securities LLC $4,107 in compensation as the Fund’s lending agent.

At February 28, 2007, the Fund had securities on loan having a market value of $118,285,632. The custodian for the Fund held cash and cash equivalents as collateral for securities loaned of $93,374,747. In addition, the Fund held US government and agency securities having an aggregate value of $28,677,695 as collateral for portfolio securities loaned as follows:

Principal
amount		Maturity	Interest
(000)		dates	rates		Value
$1,000	Federal Home Loan Bank	08/15/08	5.500	%	$1,002,086
1,360	Federal National Mortgage Association	06/15/08	2.500		1,324,762
25,624	US Treasury Inflation Index Notes	04/15/10	0.875		26,350,847
					$28,677,695

53

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Bank line of credit
The Fund participates with other funds managed, advised or sub-advised by UBS Global AM—Americas in a $100 million committed credit facility with State Street Bank and Trust Company (“Committed Credit Facility”), to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Fund at the request of the shareholders and other temporary or emergency purposes. Under the Committed Credit Facility arrangement, the Fund has agreed to pay a commitment fee, pro rata, based on the relative asset size of the funds in the Committed Credit Facility. Interest is charged to the Fund at the overnight federal funds rate in effect at the time of borrowings, plus 0.50%. The Fund did not borrow under the Committed Credit Facility during the six months ended February 28, 2007.

Purchases and sales of securities
For the six months ended February 28, 2007, aggregate purchases and sales of portfolio securities, excluding short-term securities and US Government securities, were $128,717,303 and $209,455,075, respectively.

For the six months ended February 28, 2007, aggregate purchases and sales of US Government securities, excluding short-term securities were $169,304,957, and $180,355,721, respectively.

Federal tax status
The Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid during the fiscal year ended August 31, 2006 was as follows:

Distributions paid from:	2006
Ordinary Income	$17,721,453

The tax character of distributions paid and the components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Fund’s fiscal year ending August 31, 2007.

54

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

At August 31, 2006, the Fund had a net capital loss carryforward of $167,762,681. This loss carryforward is available as a reduction, to the extent provided in the regulations, of any future net realized capital gains and will expire August 31, 2011. To the extent that such losses are used to offset future net realized capital gains, it is probable these gains will not be distributed. In addition, the Fund utilized $41,388,979 of the capital loss carryforward to offset current year realized gains for the fiscal year ended August 31, 2006.

For federal income tax purposes, which was substantially the same for book purposes, the tax cost of investments and the components of net unrealized appreciation of investments at February 28, 2007 were as follows:

Tax cost of investments	$874,840,583
Gross appreciation (investments having an excess of value over cost)	93,250,467
Gross depreciation (investments having an excess of cost over value)	(7,799,412	)
Net unrealized appreciation of investments	$85,451,055

On July 13, 2006, FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax return to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. Based on the Securities and Exchange Commission’s announcement on December 22, 2006, the implementation of FIN 48 must be incorporated into accounting practice no later than the last business day of the Fund’s February 29, 2008 semiannual report. Management continues to evaluate the application of FIN 48 to the Fund, and is not in a position at this time to estimate the significance of its impact, if any, to the Fund’s financial statements.

55

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Shares of beneficial interest
There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest were as follows:

	Class A					Class B
For the six
months ended
February 28, 2007:		Shares		Amount			Shares		Amount
Shares sold		185,559		$5,812,454			9,848		$302,001
Shares repurchased		(1,908,338	)	(59,946,739	)		(255,720	)	(7,812,527	)
Shares converted from Class B to Class A		747,215		23,461,583			(762,621	)	(23,461,583	)
Dividends reinvested		310,647		9,791,587			20,755		644,436
Net decrease		(664,917	)	$(20,881,115	)		(987,738	)	$(30,327,673	)
For the
year ended
August 31, 2006:
Shares sold		452,746		$13,229,529			24,074		$687,476
Shares repurchased		(5,038,838	)	(147,389,209	)		(1,064,911	)	(30,347,204	)
Shares converted from Class B to Class A		1,633,859		47,559,412			(1,675,063	)	(47,559,412	)
Dividends reinvested		344,764		10,039,512			30,776		879,895
Net decrease		(2,607,469	)	$(76,560,756	)		(2,685,124	)	$(76,339,245	)
	Class C					Class Y
For the six
months ended
February 28, 2007:		Shares		Amount			Shares		Amount
Shares sold		52,071		$1,592,676			60,337		$1,956,191
Shares repurchased		(781,952	)	(23,995,348	)		(471,432	)	(14,989,437	)
Dividends reinvested		101,308		3,137,517			91,737		2,928,243
Net decrease		(628,573	)	$(19,265,155	)		(319,358	)	$(10,105,003	)
For the
year ended
August 31, 2006:
Shares sold		95,556		$2,726,972			112,245		$3,347,403
Shares repurchased		(2,206,226	)	(63,042,153	)		(590,909	)	(17,561,650	)
Dividends reinvested		106,455		3,045,661			95,552		2,816,873
Net decrease		(2,004,215	)	$(57,269,520	)		(383,112	)	$(11,397,374	)

56

UBS U.S. Allocation Fund

General Information (unaudited)

Quarterly Form N-Q portfolio schedule
The Fund will file its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s Web site at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC 0330. Additionally, you may obtain copies of Forms N-Q from the Fund upon request by calling 1-800-647 1568.

Proxy voting policies, procedures and record
You may obtain a description of the Fund’s (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund’s Web site www.ubs.com/ ubsglobalam-proxy, or on the EDGAR Database on the SEC’s Web site (http://www.sec.gov).

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Trustees
Richard Q. Armstrong	Meyer Feldberg
Chairman
	Bernard H. Garil
Alan S. Bernikow
	Heather R. Higgins
Richard R. Burt
Principal Officers
Kai Sotorp	Thomas Disbrow
President	Vice President and Treasurer
Mark F. Kemper	Brian D. Singer
Vice President and Secretary	Vice President
Investment Advisor and Administrator
UBS Global Asset Management (Americas) Inc.
51 West 52nd Street
New York, New York 10019-6114
Principal Underwriter
UBS Global Asset Management (US) Inc.
51 West 52nd Street
New York, New York 10019-6114

The financial information included herein is taken from the records of the Fund without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Fund unless accompanied or preceded by an effective prospectus.

© 2007 UBS Global Asset Management (Americas) Inc. All rights reserved.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Global Asset Management (Americas) Inc.
51 West 52nd Street
New York, New York 10019-6114

Item 2. Code of Ethics.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 3. Audit Committee Financial Expert.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 4. Principal Accountant Fees and Services.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Schedule of Investments.

Included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant’s Board has established a Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Global Asset Management (Americas) Inc., 51 West 52nd Street, New York, New York 10019-6114, and indicate on the envelope “Nominating and Corporate Governance Committee.” The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)

The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Code of Ethics - Form N-CSR disclosure requirement not applicable to this filing of a semiannual report.
(a)	(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit EX-99.CERT.
(a)	(3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons - not applicable to the registrant.
(b)	Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UBS Investment Trust

By:	/s/ Kai R. Sotorp
	Kai R. Sotorp
	President
Date:	May 7, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kai R. Sotorp
	Kai R. Sotorp
	President
Date:	May 7, 2007
By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	May 7, 2007