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 29, 2008

Item 1. Reports to Stockholders.

UBS U.S. Allocation Fund
Semiannual Report
February 29, 2008

UBS U.S. Allocation Fund

April 15, 2008

Dear shareholder, We present you with the semiannual report for UBS U.S. Allocation Fund (the “Fund”) for the six months ended February 29, 2008. Performance Over the six months ended February 29, 2008, the Fund’s Class A shares declined 8.11% before deducting the maximum sales charge (after deducting the maximum sales charge, the decline was 13.16%). During the same period, the S&P 500 Index declined 8.79% and the UBS U.S. Allocation Fund Index (the “Index”) declined 4.18%. (Returns for all share classes over various time periods and descriptions of the indexes are shown in “Performance at a glance” on page 8; 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
	Edwin M. Denson, PhD.*
	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 Edwin M. Denson
Q.	Can you describe the economic environment during the Fund’s reporting period?
A.	While it had been fairly resilient during much of 2007, the US economy weakened during the reporting period. A variety of factors caused the economy to stumble, including the ongoing troubles in the housing market and tepid business spending. The Commerce Department reported that third quarter GDP growth was 4.9%, due in part to strong consumer spending and increased exports. However, estimates for the fourth quarter GDP sank to just 0.6%. For the remainder of the reporting period, the combined effects of the weak housing market, issues related to subprime mortgages, and tighter credit conditions continued to negatively impact the overall economy.
*	A portfolio management change occurred during the reporting period. Effective December 31, 2007, Edwin Denson assumed the duties of Lead Portfolio Manager, replacing Brian Singer.

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UBS U.S. Allocation Fund

Q.	How did the Federal Reserve Board (the “Fed”) react in this economic environment?
A.	As the fallout from subprime mortgages escalated and began to impact the rest of the economy, the Fed became more concerned about these issues during the period. As credit concerns mounted, the Fed provided greater amounts of liquidity to the market in an effort to facilitate normal market operations.
	In mid-September 2007, the Fed reduced the federal funds rate from 5.25% to 4.75%, the first reduction in the federal funds rate since June 2003. (The federal funds rate, or “fed funds” rate, is the rate that banks charge one another for funds they borrow on an overnight basis.) The Fed again lowered the fed funds rate in October and December 2007, bringing it to 4.25% by the end of the year.
	Since the beginning of 2008, the Fed has cut the fed funds rate three times due to a weakening growth outlook. Following the conclusion of the reporting period, the most recent was a 0.75% reduction on March 18 bringing the rate to 2.25%, the lowest level since December 2004.
Q.	How did the US stock market perform during the reporting period?
A.	The US stock market was extremely volatile during the reporting period. After posting positive returns earlier in the year, US equity prices fell sharply in July 2007, just before the reporting period began. This was largely due to troubles in the housing market. In addition, inflationary pressures led to concerns that the Fed would not cut interest rates in the near future.
	US stock prices then began to rise in the remainder of the third quarter of 2007. This rebound was triggered by the Fed’s lowering of interest rates in an attempt to alleviate the credit crunch and avert a recession. Hopes that the market’s rally would continue ended suddenly in November. Lackluster third-quarter corporate profits, surging oil prices and the continued fallout from the subprime mortgage market caused the S&P 500 Index to fall after reaching a peak in October. Equities continued to show weakness for the remainder of the reporting period as worries about the credit markets continued and fears of a recession grew.
Q.	How did the bond market perform during the reporting period?
A.	As was the case with the US stock market, bond prices also fluctuated during the reporting period, given changing expectations regarding

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UBS U.S. Allocation Fund

	economic growth, inflation and future Fed monetary policies. Sentiment in the bond market quickly shifted from risk tolerance to risk aversion in the third quarter as concerns over the subprime mortgage meltdown spilled into the broader market. Issues related to the bursting of the housing bubble and subprime mortgage meltdown triggered a “flight to quality” in November 2007. During that time, investors flocked to high-quality government Treasury bonds, which they perceived to be safer than lower-quality fixed income securities. As investors flocked to the safety of the Treasury market, yields continued their descent and the yield curve steepened. (The yield curve charts the relationship between yields and maturity dates for a set of similar bonds, at a given point in time.)
	While Treasury securities benefited from heightened investor risk aversion, the non-Treasury sectors suffered, all under performing their Treasury counterparts in the fourth quarter of 2007. November was particularly difficult, as investment grade corporate bonds, asset-backed securities and commercial mortgage-backed securities experienced their worst monthly performance since 1988 according to Lehman Brothers data.
	Overall, during the six months ended February 29, 2008, two-year Treasury yields fell from 4.13% to 1.65%. Over the same period, 10-year Treasury yields moved from 4.56% to 3.53%.
Q.	How was the Fund allocated at the end of the reporting period?
A.	As of February 29, 2008, the Fund was overweight to equities and high yield debt, and underweight to US bonds in relation to the Fund’s target allocation.
	Following the third quarter of 2007, the lack of liquidity in the credit markets—and the spillover into the high yield market—reduced what we viewed as high yield’s overvaluation significantly. At the same time, a flight to quality caused the US Treasury bond market to become slightly overvalued, in our opinion. This provided us with an opportunity to overweight high yield debt, which we funded by reducing the Portfolio’s exposure to investment grade debt.
	The selloff in equities that occurred as the credit market tightened also led us to increase our exposure to US equities. To fund this, we further reduced our exposure to US investment grade bonds. Ultimately, however, increasing the Fund’s exposure to equities hindered performance when the selected securities posted weak returns. However, we continue to view equities’ prospects positively, and believe that market volatility has created opportunities to acquire

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UBS U.S. Allocation Fund

	growth stocks at attractive prices, whereas certain sectors of the US bond market, such as the Treasury sector, continue to be overpriced, in our view.
Q.	Which portions of the Fund performed well during the period, and which areas produced disappointing results?
A.	Over the course of the reporting period, factors impacting the Fund’s results positively included:
	•	The Fund’s overweight to electric utilities was the largest positive contributor to performance. We found the area attractive for several reasons. First, we believe that regulated coal plants, already a low-cost provider, will be able to pass on any possible carbon taxes to consumers. Also, the Federal Energy Regulatory Commission (FERC) is providing attractive incentives for a build-out of the nation’s electric transmission system. We also found gas infrastructure—including pipelines and liquid natural gas terminals—to be attractive.
	•	The Fund’s underweight to specialty retailers drove performance, as well. This strategy was consistent with our belief that the consumer sectors may continue to experience difficulties in the face of a potential recession. Uncertainty regarding interest rates, fuel prices, the housing market and the near-term health of the economy is, in our opinion, weighing heavily on the consumer.
	•	Stock selection in the Fund had some successes. During the period, The Bank of New York Mellon Corp., ExxonMobil Corp., and Costco* were among our better performers.
	•	An underweight to corporate bonds contributed to performance. We maintained an underweight to offerings from insurance and telecom companies.
	•	The Fund underweighted computer hardware companies. In the technology space, we have identified only a handful of companies that we believe have sustainable, dominant positions. We continue to seek companies that we believe are multi-year growth opportunities, and that are effectively revolutionizing their respective markets as they consistently stay ahead of their peers from a consumer experience perspective.
*	This security was sold during the reporting period.

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UBS U.S. Allocation Fund

	On the other hand, several factors detracted from the Fund’s performance during the reporting period, including:
	•	Our issue selection within the securitized sectors negatively impacted performance. High-quality, non-agency mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities—particularly residential mortgage-backed securities—all contributed to negative performance during the period. We attribute the significant price declines to continued risk aversion, however, and continue to view the prospects for these issues positively.
	•	An underweight to energy reserves had a negative impact on performance over the period. Energy stocks have continued their very strong performance. Oil prices have been volatile, reaching all-time highs, and continue to be well above our normal assumptions. We believe that as oil prices normalize at lower levels, energy stock prices in general will underperform other segments of the US equity market, which is why we maintain an underweight to the sector.
	•	Stock selection detracted from Fund performance. During the period, holdings Symantec Corp., Sysco Corp. and FedEx Corp. underperformed.
	•	Our overweight to banks contributed to the Fund’s underperformance. Though these stocks did not perform as well as we expected, we continue to overweight banks. The investment banking cycle in the US is entering the mature phase. The attractiveness of banks, in our opinion, remains, but comes from more global sources, and we believe these companies should continue to derive attractive growth and returns from these areas. While the subprime crisis has had a negative impact on balance sheet strength, we believe banks are very attractive at current levels.
Q.	How did you manage the Fund’s fixed income exposure during the reporting period?
A.	At the beginning of the reporting period, we extended the Fund’s duration to a neutral position. (Duration measures a portfolio’s sensitivity to interest rate changes.) This reflected our belief that market sentiment and pricing had moved within our fair value estimates. We maintained this position until the end of November, when we moved to a slightly underweight duration, which we maintained for the remainder of the period.

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UBS U.S. Allocation Fund

	Following flights to quality in November 2007, the non-Treasury sectors performed poorly during the remainder of the reporting period. In particular, the fallout from the subprime meltdown negatively impacted the performance of the Fund’s positions in mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Overall, our security selection in the fixed income portion of the portfolio detracted from performance.
	In terms of the Fund’s high yield component, we took a conservative stance, which benefited the Fund at the beginning of the reporting period as high yield prices declined sharply. As discussed, we viewed this selloff as an opportunity, and increased the Fund’s exposure to the high yield bond asset class during the fourth quarter of 2007.
Q.	What is your outlook for the markets and the Fund?
A.	We recognize that the reporting period has been a volatile and disappointing one for the Fund and its shareholders. Despite the increased volatility and uncertainty in the market, however, we continue to identify what we believe are opportunities in equities, and we believe we are well positioned to take advantage of them as they arise. We believe that the Fund’s equity performance in 2008 will be positively influenced by its overweight positioning within the financial sector and its underweights to the energy and materials sectors.
	Looking ahead, we believe that the fixed income markets are priced for continuing uncertainty and a challenging economic environment in the US. In our opinion, the US economy still faces significant headwinds, and we expect that market volatility is likely to continue into the second half of 2008. However, we will continue to remain alert to the changing market environment, and plan to continue to seek attractive opportunities.
We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of

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UBS U.S. Allocation Fund

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.

Edwin M. Denson, PhD.
Lead Portfolio Manager
UBS U.S. Allocation Fund
Senior Asset Allocation Analyst
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 the Fund 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 29, 2008. The views and opinions in the letter were current as of April 15, 2008. 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 carefully read and consider a fund’s investment objectives, risks, charges, expenses and other important information before investing. The prospectus contains this and other information about the fund. 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 02/29/08

		6 months		1 year		5 years		10 years
	Class A(1)	– 8.11	%	– 5.61	%	10.88	%	4.00	%
Before deducting maximum sales charge	Class B(2)	–8.59		–6.45		9.97		3.52
	Class C(3)	–8.41		–6.27		10.07		3.23
	Class Y(4)	–7.91		–5.27		11.27		4.34
	Class A(1)	–13.16		–10.80		9.64		3.41
After deducting maximum sales charge	Class B(2)	–13.12		–11.08		9.70		3.52
	Class C(3)	–9.31		–7.19		10.07		3.23
S&P 500 Index(5)		–8.79		–3.60		11.64		4.07
UBS U.S. Allocation Fund Index(6)		–4.18		–0.83		11.62		4.06
Lipper Flexible Portfolio Funds median(7)		–2.37		–2.13		11.14		5.42

For most recent quarter-end performance, please refer to the “Average annual total return” table on page 9.
(1)	Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.
(2)	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.
(3)	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.
(4)	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.
(5)	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.
(6)	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 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 Index, 5% Merrill Lynch US High Yield Cash Pay Constrained Index.
(7)	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 03/31/08

		6 months		1 year		5 years		10 years
	Class A(1)	–10.37	%	–6.53	%	10.52	%	3.42	%
Before deducting maximum sales charge	Class B(2)	–11.03		–7.50		9.60		2.94
	Class C(3)	–10.70		–7.20		9.71		2.65
	Class Y(4)	–10.19		–6.15		10.92		3.76
	Class A(1)	–15.30		–11.67		9.28		2.83
After deducting maximum sales charge	Class B(2)	–15.44		–12.08		9.32		2.94
	Class C(3)	–11.57		–8.11		9.71		2.65

(1)	Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees.
(2)	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.
(3)	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.
(4)	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

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, 2007 to February 29, 2008.

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.

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UBS U.S. Allocation Fund

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

		Beginning	Ending	Expenses paid
		account value	account value	during period(1)
		September 1, 2007	February 29, 2008	09/01/07 to 02/29/08
Class A	Actual	$1,000.00	$918.90	$4.48
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,020.19	4.72
Class B	Actual	1,000.00	914.10	8.38
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,016.11	8.82
Class C	Actual	1,000.00	915.90	7.86
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,016.66	8.27
Class Y	Actual	1,000.00	920.90	2.77
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,021.98	2.92

1 Expenses are equal to the Fund’s annualized net expense ratios: Class A: 0.94%; Class B: 1.76%; Class C: 1.65% and Class Y: 0.58%, multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half year period).

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UBS U.S. Allocation Fund

Portfolio statistics (unaudited)

Characteristics	02/29/08				08/31/07				02/28/07
Net assets (mm)	$	621.9			$	745.0			$	863.8
Number of securities		562				490				491
Portfolio composition(1)	02/29/08				08/31/07				02/28/07
Stocks		65.3	%			69.4	%			65.6	%
Bonds		30.6				27.6				31.8
Swap contracts		(0.2	)			0.0	(2)			N/A
Cash equivalents and other assets less liabilities		4.3				3.0				2.6
Total	100.0		%		100.0		%		100.0		%
Top five equity sectors (1)	02/29/08				08/31/07				02/28/07
Health care		12.1	%	Financials		14.8	%	Financials		16.7	%
				Consumer				Consumer
Financials		11.5		discretionary		11.7		discretionary		11.1
				Information
Industrials		10.1		technology		11.3		Health care		9.6
Consumer								Information
discretionary		10.0		Health care		10.3		technology		8.7
Information
technology		8.5		Industrials		8.6		Industrials		7.2
Total		52.2	%			56.7	%			53.3	%
Top ten equity securities (1)	02/29/08				08/31/07				02/28/07
General Electric		1.8	%	Citigroup		2.5	%	Citigroup		2.6	%
Intel Corp.		1.7		Wells Fargo		2.3		Morgan Stanley		2.4
Wyeth		1.6		Intel Corp.		2.0		Microsoft		2.1
Wells Fargo		1.6		Exelon		1.9		Wells Fargo		2.1
Allergan		1.6		Microsoft		1.9		Exelon		1.8
								Mellon Financial
Citigroup		1.5		Morgan Stanley		1.8		Corp.		1.4
								Johnson
Exelon		1.5		General Electric		1.8		Controls, Inc.		1.4
Burlington				Illinois Tool				American
Northern Santa Fe		1.4		Works		1.5		International Group 1.4
Morgan Stanley		1.3		Wyeth		1.4		Allergan		1.4
Johnson & Johnson		1.2		Sprint Nextel Corp.		1.4		Wyeth		1.4
Total		15.2	%			18.5	%			18.0	%

(1)	Weightings represent percentages of net assets as of the dates indicated.
(2)	Weighting represents 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)

Long-term fixed income sector allocation(1)	02/29/08		08/31/07		02/28/07
Mortgage& agency debt securities	12.7	%	13.7	%	12.7	%
Corporate bonds	8.5		7.3		7.8
US government obligations	4.8		2.7		7.1
Commercial mortgage-backed securities	3.4		3.0		2.5
Asset-backed securities	1.1		0.9		1.5
Collateralized debt obligation	0.1		—		—
International government obligations	—		0.0	(2)	0.2
Total	30.6	%	27.6	%	31.8	%

(1)	Weightings represent percentages of net assets as of the dates indicated.
(2)	Weighting represents 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) (concluded)

Top ten fixed income securities(1)	02/29/08			08/31/07				02/28/07
US Treasury			US Treasury			US Treasury
Notes, 4.250%			Bonds, 6.250%			Notes, 3.500%
due 09/30/12	1.3	%	due 08/15/23	0.9	%	due 05/31/07		1.5	%
US Treasury			FHLMC			US Treasury
Notes, 4.625%			Certificates, 5.500%			Notes, 5.125%
due 02/15/17	0.9		due 08/23/17	0.9		due 05/15/16		1.2
US Treasury			FHLMC			US Treasury
Bonds, 6.250%			Certificates, 5.600%			Notes, 4.875%
due 08/15/23	0.9		due 10/17/13	0.8		due 08/13/08		1.0
FNMA			US Treasury			US Treasury Inflation
Certificates, 6.500%			Bonds, 4.750%			Index Notes, 2.000%
due 01/01/36	0.8		due 02/15/37	0.7		due 01/15/16		0.8
US Treasury			FNMA			FNMA
Notes, 3.250%			Certificates, 6.500%			Certificates, 5.500%
due 12/31/09	0.6		due 01/01/36	0.7		due 11/01/17		0.7
US Treasury Inflation			US Treasury			FHLMC
Index Notes, 2.375%			Notes, 5.125%			Certificates, 5.600%
due 04/15/11	0.6		due 05/15/16	0.6		due 10/17/13		0.7
			JP Morgan Chase
FHLMC			Commercial Mortgage			US Treasury
Certificates, 5.500%			Securities, 5.345%			Bonds, 4.500%
due 05/01/37	0.5		due 12/15/44	0.6		due 02/15/36		0.6
FNMA			FNMA			FNMA
Certificates, 5.000%			Certificates, 5.200%			Certificates, 5.500%
due 02/01/19	0.5		due 11/08/10	0.5		due 09/01/17		0.6
			Greenwich Capital			Asset
FHLMC			Commercial Funding			Securitization
Certificates, 5.600%			Corp., 5.962%			Corp., 7.384%
due 10/17/13	0.5		due 03/18/49	0.4		due 08/13/29		0.6
Lehman XS			FNMA			US Treasury Inflation
Trust, 6.000%			Certificates, 5.500%			Index Notes, 2.000%
due 12/25/35	0.5		due 02/01/19	0.4		due 07/15/14	��	0.5
Total	7.1	%		6.5	%			8.2	%

⁽¹⁾ Weightings represent percentages of net assetsas of the dates indicated.

14

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

Common stocks—65.26%

Security description	Shares	Value
Aerospace & defense—0.74%
Boeing Co.	8,800	$728,552
General Dynamics Corp.	8,300	679,355
Hexcel Corp.*	16,100	325,059
LMI Aerospace, Inc.*	15,700	298,771
Precision Castparts Corp.	7,500	827,925
United Technologies Corp.	24,800	1,748,648
		4,608,310
Air freight & couriers—1.37%
ABX Air, Inc.*	33,000	100,980
Dynamex, Inc.(1),*	8,200	189,584
FedEx Corp.(1)	62,500	5,508,125
Ryder System, Inc.	47,700	2,747,997
		8,546,686
Airlines—0.35%
Southwest Airlines Co.	176,900	2,168,794
Auto components—1.63%
BorgWarner, Inc.	109,700	4,729,167
Johnson Controls, Inc.	164,300	5,398,898
		10,128,065
Automobiles—0.22%
Harley-Davidson, Inc.(1)	36,200	1,345,192
Banks—4.13%
Astoria Financial Corp.	5,800	151,786
City National Corp.	23,500	1,204,375
Colonial BancGroup, Inc.	28,400	343,072
Cullen/Frost Bankers, Inc.	5,700	291,384
Fifth Third Bancorp(1)	184,838	4,232,790
SunTrust Banks, Inc.	55,600	3,232,028
The Bank of New York Mellon Corp.	134,200	5,887,354
UCBH Holdings, Inc.	10,400	117,416
United Bankshares, Inc.	4,600	120,842
Virginia Commerce Bancorp, Inc.(1),*	13,300	134,064
Wells Fargo & Co.(1)	336,500	9,835,895

Security description	Shares	Value
Banks—(concluded)
WSFS Financial Corp.	2,700	$127,845
		25,678,851
Beverages—0.47%
Constellation Brands, Inc., Class A*	125,800	2,416,618
PepsiCo, Inc.	7,600	528,656
		2,945,274
Biotechnology—1.50%
Amgen, Inc.*	23,300	1,060,616
Genentech, Inc.*	19,700	1,492,275
Genzyme Corp.*	95,500	6,772,860
		9,325,751
Building products—0.85%
Masco Corp.	263,400	4,922,946
Watsco, Inc.(1)	10,000	380,000
		5,302,946
Chemicals—0.61%
Cytec Industries, Inc.	9,400	538,432
Monsanto Co.	6,400	740,352
Praxair, Inc.	25,400	2,039,112
Spartech Corp.(1)	34,900	494,533
		3,812,429
Commercial services & supplies—0.78%
Angelica Corp.	5,800	95,990
Coinstar, Inc.(1),*	16,200	472,392
Dice Holdings, Inc.*	1,800	13,086
Dollar Financial Corp.*	18,300	411,201
Factset Research Systems, Inc.(1)	4,100	215,824
ITT Educational Services, Inc.*	16,300	900,086
LECG Corp.*	12,400	117,800
MasterCard, Inc., Class A(1)	13,700	2,603,000
		4,829,379

15

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

Common stocks—(continued)

Security description	Shares	Value
Communications equipment—1.07%
Cisco Systems, Inc.*	91,200	$2,222,544
F5 Networks, Inc.(1),*	8,200	181,712
Harris Corp.	5,700	278,331
NICE Systems Ltd., ADR(1),*	5,900	190,452
OpNext, Inc.*	11,100	51,282
Powerwave Technologies, Inc.(1),*	34,400	98,384
QUALCOMM, Inc.	45,400	1,923,598
Research In Motion Ltd. (RIM)*	16,400	1,702,320
		6,648,623
Computers & peripherals—1.25%
Apple, Inc.*	15,300	1,912,806
Dell, Inc.(1),*	116,600	2,314,510
EMC Corp.*	30,700	477,078
Lexmark International, Inc., Class A(1),*	35,100	1,159,353
Network Appliance, Inc.*	78,200	1,690,684
Stratasys, Inc.(1),*	10,800	202,608
		7,757,039
Construction & engineering—0.20%
McDermott International, Inc.*	19,000	992,180
Sterling Construction Co., Inc.*	11,745	236,192
		1,228,372
Distributors—0.04%
Beacon Roofing Supply, Inc.(1),*	26,000	222,560
Diversified financials—5.58%
American Express Co.	12,100	511,830
Asset Acceptance Capital Corp.(1)	16,000	156,000
BlackRock, Inc.(1)	1,800	347,850
Citigroup, Inc.(1)	389,886	9,244,197

Security description	Shares	Value
Diversified financials—(concluded)
Discover Financial Services	207,025	$3,124,007
Federal Home Loan Mortgage Corp.	99,500	2,505,410
First Horizon National Corp.(1)	6,900	112,056
Goldman Sachs Group, Inc.	5,100	865,113
JP Morgan Chase & Co.	94,000	3,821,100
Morgan Stanley(1)	195,450	8,232,354
National Financial Partners Corp.(1)	5,600	133,112
OptionsXpress Holdings, Inc.(1)	5,200	120,432
PennantPark Investment Corp.(1)	37,800	351,162
Principal Financial Group, Inc.	69,500	3,838,485
State Street Corp.	8,200	644,110
T. Rowe Price Group, Inc.	13,500	682,155
		34,689,373
Diversified telecommunication services—1.55%
AT&T, Inc.	133,600	4,653,288
NeuStar, Inc., Class A(1),*	14,100	361,806
Sprint Nextel Corp.	651,994	4,635,677
		9,650,771
Electric utilities—2.18%
American Electric Power Co., Inc.	74,100	3,032,172
Exelon Corp.	120,700	9,034,395
Pepco Holdings, Inc.(1)	57,900	1,463,133
		13,529,700
Electrical equipment—0.07%
Airvana, Inc.(1),*	17,700	84,252
General Cable Corp.*	5,800	357,976
		442,228

16

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

Common stocks—(continued)

Security description	Shares	Value
Electronic equipment & instruments—0.10%
Daktronics, Inc.	14,400	$248,832
Regal-Beloit Corp.	10,000	369,200
		618,032
Energy equipment & services—2.31%
ENSCO International, Inc.	48,700	2,914,208
Halliburton Co.(1)	195,000	7,468,500
Oil States International, Inc.*	9,000	379,440
Schlumberger Ltd.	20,200	1,746,290
TETRA Technologies, Inc.*	27,600	474,168
Weatherford International Ltd.*	20,000	1,378,400
		14,361,006
Food & drug retailing—0.65%
PetMed Express, Inc.(1),*	16,000	183,200
Sysco Corp.	137,800	3,866,668
		4,049,868
Food products—0.08%
Campbell Soup Co.	12,900	416,541
Maui Land & Pineapple Co., Inc.*	2,977	77,878
		494,419
Gas utilities—0.96%
NiSource, Inc.(1)	88,400	1,519,596
Sempra Energy	70,300	3,735,039
Southwestern Energy Co.*	10,900	711,007
		5,965,642
Health care equipment & supplies—2.54%
Advanced Medical Optics, Inc.(1),*	16,700	382,096
Alcon, Inc.	7,300	1,056,529
Align Technology, Inc.(1),*	20,800	256,880
Baxter International, Inc.	23,700	1,398,774

Security description	Shares	Value
Health care equipment & supplies—(concluded)
Becton, Dickinson & Co.	15,100	$1,365,342
CONMED Corp.(1),*	15,100	407,096
Edwards Lifesciences Corp.*	5,200	226,772
ICU Medical, Inc.(1),*	9,678	259,757
Medical Action Industries, Inc.*	8,600	161,852
Medtronic, Inc.	101,800	5,024,848
Mentor Corp.	5,400	160,164
Millipore Corp.*	33,800	2,362,620
Orthofix International NV*	7,700	308,385
Palomar Medical Technologies, Inc.(1),*	8,847	117,754
Syneron Medical Ltd.*	7,400	119,806
The Cooper Cos., Inc.	5,900	201,721
Zimmer Holdings, Inc.*	26,500	1,995,185
		15,805,581
Health care providers & services—1.24%
DaVita, Inc.*	29,200	1,449,196
Express Scripts, Inc.*	13,100	774,210
Laboratory Corp. of America Holdings*	24,700	1,909,557
LifePoint Hospitals, Inc.*	5,200	130,312
PSS World Medical, Inc.(1),*	12,100	211,750
Quest Diagnostics, Inc.	17,600	838,992
UnitedHealth Group, Inc.	51,600	2,398,368
		7,712,385
Hotels, restaurants & leisure—2.20%
Carnival Corp.	121,200	4,769,220
International Game Technology	48,700	2,198,805
Royal Caribbean Cruises Ltd.(1)	58,500	2,048,085

17

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

Common stocks—(continued)

Security description	Shares	Value
Hotels, restaurants & leisure—(concluded)
Starbucks Corp.*	41,900	$752,943
Starwood Hotels & Resorts Worldwide, Inc.	36,700	1,737,011
Vail Resorts, Inc.(1),*	4,200	190,050
Wynn Resorts Ltd.(1)	20,000	2,014,000
		13,710,114
Household durables—0.67%
Fortune Brands, Inc.	54,500	3,541,410
Interface, Inc., Class A(1)	23,500	393,860
Tempur-Pedic International, Inc.(1)	12,200	212,524
		4,147,794
Household products—0.18%
Prestige Brands Holdings, Inc.(1),*	50,100	386,271
Procter & Gamble Co.	10,900	721,362
		1,107,633
Industrial conglomerates—1.76%
General Electric Co.	329,400	10,916,316
Insurance—1.45%
AFLAC, Inc.	87,200	5,442,152
CastlePoint Holdings Ltd.	28,900	365,007
Hartford Financial Services Group, Inc.	40,000	2,796,000
Tower Group, Inc.(1)	15,200	431,832
		9,034,991
Internet & catalog retail—0.13%
Amazon.com, Inc.*	9,700	625,359
NutriSystem, Inc.(1),*	12,100	173,151
		798,510
Internet software & services—0.72%
Art Technology Group, Inc.*	94,000	317,720
eBay, Inc.*	20,200	532,472
Google, Inc., Class A*	5,100	2,403,018

Security description	Shares		Value
Internet software & services—(concluded)
RightNow Technologies, Inc.(1),*	19,600		$224,028
TheStreet.com, Inc.(1)	29,300		265,458
Tumbleweed Communications Corp.*	64,000		81,920
ValueClick, Inc.(1),*	14,200		274,202
Websense, Inc.(1),*	21,000		408,870
			4,507,688
IT consulting & services—0.17%
Automatic Data Processing, Inc.	16,200	��	647,190
CACI International, Inc., Class A*	8,900		388,574
			1,035,764
Machinery—2.34%
Chart Industries, Inc.(1),*	14,800		507,788
Illinois Tool Works, Inc.(1)	138,700		6,806,009
Insteel Industries, Inc.(1)	15,300		164,781
Manitowoc Co., Inc.	12,700		517,398
Nordson Corp.	9,600		493,344
PACCAR, Inc.	106,300		4,611,294
Pall Corp.	37,300		1,468,501
			14,569,115
Media—3.42%
Cinemark Holdings, Inc.(1)	22,600		326,344
Comcast Corp., Class A(1),*	307,200		6,002,688
Interpublic Group of Cos., Inc.*	385,000		3,318,700
News Corp., Class A	194,600		3,582,586
Omnicom Group, Inc.	65,500		2,925,885
R.H. Donnelley Corp.*	78,985		560,004
The McGraw-Hill Cos., Inc.	36,600		1,498,038
Viacom Inc., Class B*	77,000		3,060,750
			21,274,995

18

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

Common stocks—(continued)

Security description	Shares	Value
Metals & mining—1.34%
Brush Engineered Materials, Inc.*	8,300	$230,574
CONSOL Energy, Inc.	10,800	820,584
Freeport-McMoRan Copper & Gold, Inc.	6,700	675,762
Haynes International, Inc.(1),*	3,900	221,559
Peabody Energy Corp.	112,600	6,375,412
		8,323,891
Multi-line retail—0.61%
Target Corp.	71,700	3,772,137
Oil & gas—2.56%
Apache Corp.	5,700	653,847
Chevron Corp.	30,000	2,599,800
EOG Resources, Inc.	56,700	6,746,733
Equitable Resources, Inc.	9,600	591,552
ExxonMobil Corp.	26,200	2,279,662
Marathon Oil Corp.	25,700	1,366,212
Range Resources Corp.	12,500	764,750
XTO Energy, Inc.	15,050	928,736
		15,931,292
Pharmaceuticals—6.84%
Abbott Laboratories	7,600	406,980
Allergan, Inc.	163,100	9,660,413
Cephalon, Inc.(1),*	20,800	1,255,072
Johnson & Johnson	121,064	7,501,126
Medco Health Solutions, Inc.*	101,900	4,515,189
Merck & Co., Inc.	130,800	5,794,440
Schering-Plough Corp.	154,700	3,356,990
Wyeth	230,500	10,054,410
		42,544,620
Real estate—0.33%
American Campus Communities, Inc.(1)	5,400	140,940

Security description	Shares	Value
Real estate—(concluded)
Anworth Mortgage Asset Corp.(1)	34,900	$331,201
Capstead Mortgage Corp.	16,800	289,296
CB Richard Ellis Group, Inc., Class A*	14,600	292,876
Digital Realty Trust, Inc.(1)	4,100	147,190
Entertainment Properties Trust	4,500	210,915
FelCor Lodging Trust, Inc.	10,100	127,462
MFA Mortgage Investments, Inc.	32,300	308,788
Nationwide Health Properties, Inc.(1)	6,600	200,178
		2,048,846
Road & rail—1.60%
Burlington Northern Santa Fe Corp.	100,900	8,857,002
Kansas City Southern*	15,600	558,480
Old Dominion Freight Line, Inc.(1),*	11,800	321,550
Pacer International, Inc.	14,800	227,476
		9,964,508
Semiconductor equipment & products—3.48%
Analog Devices, Inc.	179,100	4,821,372
Intel Corp.(1)	544,300	10,858,785
Linear Technology Corp.(1)	81,600	2,261,136
Microchip Technology, Inc.(1)	6,200	190,836
ON Semiconductor Corp.*	47,800	286,800
SiRF Technology Holdings, Inc.(1),*	10,500	67,935
Xilinx, Inc.(1)	142,400	3,184,064
		21,670,928

19

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

Common stocks—(concluded)

Security description	Shares	Value
Software—1.79%
Innerworkings, Inc.(1),*	15,400	$212,058
Intuit, Inc.*	87,100	2,313,376
Microsoft Corp.	37,000	1,007,140
Nuance Communications, Inc.*	21,200	348,740
Quest Software, Inc.(1),*	12,900	183,567
Red Hat, Inc.*	53,000	944,990
Secure Computing Corp.(1),*	18,700	151,844
Smith Micro Software, Inc.(1),*	20,600	105,472
Symantec Corp.(1),*	342,173	5,762,193
VASCO Data Security International, Inc.*	9,200	101,752
		11,131,132
Specialty retail—0.78%
Abercrombie & Fitch Co., Class A	8,100	627,993
AnnTaylor Stores Corp.*	6,800	163,336
Casual Male Retail Group, Inc.(1),*	44,500	171,770

Security description	Shares	Value
Specialty retail—(concluded)
Chico’s FAS, Inc.*	106,200	$988,722
Conn’s, Inc.(1),*	10,800	137,700
Hibbett Sports, Inc.(1),*	14,100	222,780
Interline Brands, Inc.(1),*	22,000	390,940
J. Crew Group, Inc.(1),*	28,600	1,145,430
Movado Group, Inc.(1)	11,256	216,791
Regis Corp.	12,600	315,630
Susser Holdings Corp.(1),*	9,400	227,668
United Rentals, Inc.(1),*	12,600	253,260
		4,862,020
Textiles & apparel—0.35%
Coach, Inc.*	60,100	1,822,232
Steven Madden Ltd.*	19,800	333,432
		2,155,664
Wireless telecommunication services—0.07%
American Tower Corp., Class A*	11,700	449,748
Total common stocks (cost—$425,258,231)		405,824,982

20

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
US government obligations—4.75%
US Treasury Bonds,
4.750%, due 02/15/37	$805,000	$848,394
6.250%, due 08/15/23(1)	4,530,000	5,568,716
8.125%, due 08/15/19	90,000	125,297
US Treasury Inflation Index Notes (TIPS),
1.625%, due 01/15/18	1,655,049	1,738,060
2.375%, due 04/15/11	3,176,100	3,436,886
US Treasury Notes,
3.250%, due 12/31/09(1)	3,610,000	3,714,069
3.625%, due 10/31/09(1)	120,000	123,928
4.250%, due 09/30/12(1)	7,540,000	8,133,187
4.625%, due 02/15/17(1)	5,400,000	5,875,875
Total US government obligations (cost—$28,897,514)		29,564,412
Mortgage & agency debt securities—12.72%
Adjustable Rate Mortgage Trust,
Series 2006-1, Class 5A1,
6.079%, due 03/25/36	2,128,017	1,596,013
Banc of America Funding Corp.,
Series 2006-H, Class B1,
6.096%, due 09/20/46(2)	2,382,903	1,843,672
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-1, Class 4A1,
5.183%, due 03/25/35	992,212	991,592
Series 2007-3, Class 2A1,
5.640%, due 05/25/47	2,687,064	2,693,956
Bear Stearns Alternative-A Trust,
Series 2006-4, Class 3B2,
6.289%, due 07/25/36(2)	997,705	279,357
Countrywide Alternative Loan Trust,
Series 2005-J2, Class 2A1,
7.500%, due 12/25/34	770,213	801,169
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-10, Class 10A3,
6.000%, due 11/25/35	1,782,506	1,568,606
Series 2005-11, Class 1A1,
6.500%, due 12/25/35	1,542,644	1,587,478

21

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Mortgage & agency debt securities—(continued)
Federal Home Loan Mortgage Corporation Certificates,
5.250%, due 10/10/12	$1,765,000	$1,792,896
5.500%, due 04/01/18	24,068	24,701
5.500%, due 03/01/37	1,995,347	2,007,806
5.500%, due 04/01/37	1,441,151	1,450,150
5.500%, due 05/01/37	3,160,691	3,180,427
5.600%, due 10/17/13	3,080,000	3,123,918
5.750%, due 06/27/16	1,750,000	1,914,327
6.000%, due 03/01/32	5,575	5,787
6.500%, due 08/01/28	1,216,711	1,276,917
6.500%, due 02/01/29	20,813	21,878
6.500%, due 04/01/29	16,798	17,634
Federal Home Loan Mortgage Corporation Certificates ARM,
5.188%, due 05/01/37	2,266,305	2,307,402
5.372%, due 03/01/37	2,197,429	2,251,629
Federal National Mortgage Association Certificates,
3.625%, due 02/12/13	665,000	673,013
5.000%, due 10/15/10	1,760,000	1,783,308
5.000%, due 02/01/19	3,094,627	3,142,937
5.250%, due 08/01/12	2,140,000	2,288,724
5.500%, due 07/01/33	1,694,622	1,711,163
5.500%, due 01/01/34	2,185,922	2,207,259
6.000%, due 06/01/33	11,633	12,041
6.070%, due 05/12/16	1,945,000	1,956,032
6.500%, due 03/01/17	50,121	52,573
6.500%, due 01/01/36	4,509,684	4,721,326
7.000%, due 08/01/32	1,032,186	1,100,014
7.500%, due 05/01/31	7,597	8,296
7.500%, due 02/01/33	16,570	17,941
FHLMC REMIC,
Series T-42, Class A5,
7.500%, due 02/25/42	1,881,087	1,966,933
First Horizon Mortgage Pass-Through Trust,
Series 2004-FL1, Class 1A1,
3.405%, due 02/25/35(2)	162,638	149,897
Series 2007-AR2, Class 1A1,
5.855%, due 06/25/37(2)	1,859,898	1,882,355

22

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Mortgage & agency debt securities—(concluded)
FNMA REMIC,
Series 2004-W1, Class 3A,
6.331%, due 01/25/43(2)	$2,819,967	$2,863,144
Government National Mortgage Association Certificates,
6.500%, due 10/15/24	1,719,602	1,802,242
6.500%, due 10/15/28	12,342	12,989
6.500%, due 04/15/31	760,872	798,546
7.000%, due 04/15/26	7,207	7,751
Government National Mortgage Association Certificates II,
6.000%, due 11/20/28	5,195	5,393
6.000%, due 02/20/29	11,462	11,900
6.000%, due 02/20/34	2,464,775	2,550,553
JP Morgan Alternative Loan Trust,
Series 2006-S1, Class 1A19,
6.500%, due 03/25/36	2,183,260	2,209,901
Lehman XS Trust,
Series 2005-8, Class 2A3,
6.000%, due 12/25/35(3)	3,250,000	2,966,061
MLCC Mortgage Investors, Inc.,
Series 2006-2, Class 4A,
5.795%, due 05/25/36(2)	1,085,024	1,074,548
Residential Asset Securitization Trust,
Series 2006-A2, Class A11,
6.000%, due 05/25/36	3,000,000	2,957,654
Washington Mutual Mortgage Pass-Through Certificates,
Series 2002-AR17, Class 1A,
5.722%, due 11/25/42(2)	901,295	863,489
Series 2007-HY1, Class 1A1,
5.714%, due 02/25/37(2)	1,199,203	1,200,276
Series 2007-HY7, Class 3A1,
5.911%, due 07/25/37(2)	2,485,404	2,489,350
Series 2007-HY7, Class LB1,
5.856%, due 07/25/37(2),(4)	1,173,895	1,000,966
Wells Fargo Mortgage Backed Securities Trust,
Series 2007-11, Class B1,
6.000%, due 08/25/37	2,391,792	1,861,603
Total mortgage & agency debt securities (cost—$81,059,190)		79,087,493

23

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Commercial mortgage-backed securities—3.40%
American Home Mortgage Investment Trust,
3.325%, due 11/25/35(2)	$279,295	$203,968
Banc of America Commercial Mortgage, Inc.,
Series 2006-2, Class B,
5.775%, due 05/10/45(2)	250,000	212,071
Series 2007-3, Class C,
5.659%, due 06/10/49(2)	325,000	262,650
Bear Stearns Commercial Mortgage Securities,
Series 2006-PW14, Class B,
5.333%, due 12/11/38(5)	375,000	265,723
Series 2007-PW16, Class A4,
5.713%, due 06/11/40(2)	800,000	769,233
Series 2007-PW16, Class C,
5.713%, due 06/11/40(2),(5)	200,000	149,688
Series 2007-PW17, Class C,
5.941%, due 06/11/50(2)	375,000	275,851
Citigroup Commercial Mortgage Trust,
Series 2006-C5, Class A4,
5.431%, due 10/15/49	1,050,000	998,197
Series 2007-C6, Class A4,
5.700%, due 12/10/49(2)	1,600,000	1,536,504
Credit Suisse Mortgage Capital Certificates,
Series 2006-C3, Class B,
5.827%, due 06/15/38(2)	275,000	210,508
Series 2007-C4, Class C,
5.811%, due 09/15/39(2),(5)	225,000	161,207
Greenwich Capital Commercial Funding Corp.,
Series 2006-GG7, Class A4,
5.911%, due 07/10/38(2)	850,000	843,301
Series 2006-RR1, Class A1,
5.778%, due 03/18/49(2),(5)	3,500,000	2,579,063
GS Mortgage Securities Corp. II,
Series 2006-CC1, Class A,
5.372%, due 03/21/46(2),(5)	3,418,121	2,480,325
Series 2006-RR2, Class A1,
5.700%, due 06/23/46(2),(5)	3,125,000	2,254,781
Series 2007-GG10, Class C,
5.799%, due 08/10/45(2)	275,000	200,829

24

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Commercial mortgage-backed securities—(concluded)
JP Morgan Chase Commercial Mortgage Securities Corp.,
Series 2006-LDP8, Class A4,
5.399%, due 05/15/45	$1,350,000	$1,282,444
Series 2006-LDP8, Class B,
5.520%, due 05/15/45(2)	275,000	202,234
Series 2007-LDPX, Class B,
5.582%, due 05/15/49(2),(5)	175,000	123,130
Merrill Lynch/Countrywide Commercial Mortgage Trust,
Series 2006-3, Class B,
5.525%, due 07/12/46(2)	275,000	241,409
Series 2007-8, Class C,
5.957%, due 08/12/49(2)	300,000	239,133
Series 2007-9, Class A4,
5.700%, due 09/12/49	1,300,000	1,237,876
Merrill Lynch Mortgage Trust,
Series 2005-LC1, Class A4,
5.291%, due 01/12/44(2)	1,375,000	1,325,339
Series 2007-C1, Class B,
5.829%, due 06/12/50(2)	325,000	265,078
Morgan Stanley Capital I,
Series 2007-IQ13, Class A4,
5.364%, due 03/15/44	1,500,000	1,401,299
Series 2007-IQ13, Class B,
5.517%, due 03/15/44(2),(5)	375,000	267,611
Series 2007-IQ15, Class B,
5.882%, due 06/11/49(2),(5)	325,000	246,805
Series 2007-IQ16, Class A4,
5.809%, due 12/12/49	915,000	877,118
Total commercial mortgage-backed securities (cost—$24,768,302)		21,113,375
Asset-backed securities—1.10%
Capital One Auto Finance Trust,
Series 2005-D, Class A4,
2.858%, due 10/15/12(2)	400,000	375,652
Citibank Credit Card Issuance Trust,
Series 2002-A8, Class A8,
3.408%, due 11/07/11(2)	400,000	396,476
Series 2003-A9, Class A9,
3.150%, due 11/22/10(2)	400,000	398,206

25

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Asset-backed securities—(continued)
Countrywide Asset-Backed Certificates,
Series 2004-SD1, Class A1,
3.475%, due 06/25/33(2),(5)	$8,379	$7,636
Daimler Chrysler Auto Trust,
Series 2007-A, Class A2B,
5.095%, due 03/08/11(2)	970,000	968,753
Fieldstone Mortgage Investment Corp.,
Series 2006-S1, Class A,
3.355%, due 01/25/37(2),(5)	551,013	249,113
First Franklin Mortgage Loan Asset Backed Certificates,
Series 2006-FFB, Class A2,
3.265%, due 12/25/26(2)	240,823	120,412
GSAMP Trust, Series 2006-S5, Class A2,
5.658%, due 12/12/36(3),(6)	300,000	45,000
Home Equity Mortgage Trust,
Series 2006-3, Class A1,
5.046%, due 09/25/36(3)	214,196	117,808
Series 2006-4, Class A1,
5.671%, due 11/25/36(3)	203,668	105,907
Series 2006-4, Class A2,
5.730%, due 11/25/36(3)	2,000,000	440,000
Series 2006-5, Class A1,
5.500%, due 01/25/37(3)	502,023	225,910
Series 2006-6, Class 2A1,
3.235%, due 03/25/37(2)	198,840	79,536
Merrill Lynch First Franklin Mortgage Loan,
Series 2007-A, Class A1,
4.235%, due 09/25/27(2)	205,432	133,531
Merrill Lynch Mortgage Investors Trust,
Series 2006-SL1, Class A,
3.315%, due 09/25/36(2)	139,757	69,878
Morgan Stanley Mortgage Loan Trust,
Series 2006-14SL, Class A1,
3.295%, due 11/25/36(2)	403,606	212,874
Nomura Asset Acceptance Corp.,
Series 2006-S4, Class A1,
3.305%, due 08/25/36(2)	409,017	184,058

26

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Asset-backed securities—(concluded)
Providian Master Note Trust,
Series 2005-A1A, Class A,
3.181%, due 07/16/12(2),(5)	$2,075,000	$2,070,461
SACO I Trust, Series 2006-5, Class 2A1,
3.285%, due 05/25/36(2)	551,176	213,384
Washington Mutual Master Note Trust,
Series 2007-A5A, Class A5,
3.871%, due 10/15/14(2),(5)	450,000	425,180
Total asset-backed securities (cost—$10,450,897)		6,839,775
Collateralized debt obligation—0.07%
Rutland Rated Investments, CDO,
Series DRYD-1A, Class A6F,
6.957%, due 06/20/13(5),(7) (cost—$645,000)	645,000	464,400
Corporate bonds—8.53%
Aerospace & defense—0.07%
Esterline Technologies Corp.
6.625%, due 03/01/17	155,000	155,775
Hawker Beechcraft Acquisition Co.
8.875%, due 04/01/15	250,000	255,000
		410,775
Agriculture—0.02%
American Rock Salt Co. LLC
9.500%, due 03/15/14	150,000	153,000
Automobile OEM—0.85%
Ford Capital BV
9.500%, due 06/01/10	100,000	94,000
Ford Motor Credit Co.
5.800%, due 01/12/09	3,000,000	2,899,827
7.375%, due 10/28/09	750,000	711,197
General Motors
7.200%, due 01/15/11(1)	300,000	271,500
General Motors Acceptance Corp.
6.875%, due 09/15/11	1,055,000	860,803
7.250%, due 03/02/11	500,000	421,993
		5,259,320
Automotive parts—0.04%
Arvinmeritor
8.125%, due 09/15/15	175,000	144,813

27

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Automotive parts—(concluded)
Stanadyne Corp.
10.000%, due 08/15/14	$125,000	$113,750
		258,563
Banking-non-US—0.16%
Abbey National PLC
7.950%, due 10/26/29	275,000	306,139
Royal Bank of Scotland Group PLC
7.640%, due 09/29/17(2),(8)	300,000	299,174
9.118%, due 03/31/10(8)	350,000	381,052
		986,365
Banking-US—0.99%
Bank of America Corp.
5.420%, due 03/15/17	1,000,000	986,967
Citigroup, Inc.
5.625%, due 08/27/12	600,000	621,356
6.125%, due 11/21/17	625,000	641,593
6.875%, due 03/05/38	175,000	173,791
JP Morgan Chase & Co.
6.750%, due 02/01/11	1,000,000	1,074,037
Wachovia Corp.
5.300%, due 10/15/11	525,000	544,408
Washington Mutual Bank NV
3.193%, due 08/25/08(2)	75,000	72,770
3.490%, due 05/20/13(2)	300,000	252,028
Washington Mutual, Inc.
5.500%, due 01/15/13	1,035,000	962,193
Washington Mutual Preferred IV
9.750%, due 12/15/17(2),(5),(8)	200,000	172,000
Wells Fargo Bank N.A.
5.950%, due 08/26/36	655,000	644,414
		6,145,557
Broadcast—0.11%
CMP Susquehanna
9.875%, due 05/15/14	125,000	82,656
Nexstar Finance Holdings LLC, Inc.
11.375%, due 04/01/13(3)	325,000	316,063

28

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Broadcast—(concluded)
Nexstar Finance, Inc.
7.000%, due 01/15/14	$100,000	$90,750
Univision Communications, Inc.
7.850%, due 07/15/11	75,000	69,375
9.750%, due 03/15/15(5)	200,000	138,000
		696,844
Brokerage—0.49%
Bear Stearns Co., Inc.
7.250%, due 02/01/18	530,000	514,195
Goldman Sachs Group, Inc.
6.750%, due 10/01/37	160,000	149,380
Lehman Brothers Holdings
5.500%, due 04/04/16	160,000	155,002
6.500%, due 07/19/17	125,000	123,563
7.000%, due 09/27/27	180,000	181,211
Lehman Brothers Holdings MTN
5.625%, due 01/24/13	540,000	540,484
6.750%, due 12/28/17	435,000	437,001
Merrill Lynch & Co.
5.700%, due 05/02/17	145,000	138,599
Morgan Stanley MTN
5.950%, due 12/28/17	810,000	806,080
		3,045,515
Building materials—0.18%
Ahern Rentals, Inc.
9.250%, due 08/15/13	225,000	176,625
Ainsworth Lumber
7.250%, due 10/01/12	50,000	31,875
CRH America, Inc.
6.000%, due 09/30/16	260,000	250,555
Dayton Superior Corp.
13.000%, due 06/15/09(1)	220,000	192,500
Interface, Inc.
10.375%, due 02/01/10	100,000	104,500
US Concrete, Inc.
8.375%, due 04/01/14	450,000	371,250
		1,127,305

29

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Business services—0.03%
Da-Lite Screen Co., Inc.
9.500%, due 05/15/11	$125,000	$113,750
Sensata Technologies BV
8.000%, due 05/01/14	50,000	43,750
		157,500
Cable—0.07%
Comcast Corp.
6.300%, due 11/15/17	205,000	210,510
Mediacom Broadband LLC
9.500%, due 01/15/13	150,000	131,250
Quebecor Media
7.750%, due 03/15/16	100,000	91,750
		433,510
Chemicals—0.14%
Hercules, Inc.
6.500%, due 06/30/29	100,000	80,000
ICI Wilmington, Inc.
4.375%, due 12/01/08	450,000	452,606
Ineos Group Holdings PLC
8.500%, due 02/15/16(5)	150,000	112,500
Momentive Performance
9.750%, due 12/01/14	50,000	44,750
10.125%, due 12/01/14	100,000	85,750
Montell Finance Co. BV
8.100%, due 03/15/27(5)	75,000	49,500
Terra Capital, Inc.
7.000%, due 02/01/17	75,000	73,687
		898,793
Commercial services & supplies—0.13%
United Rentals N.A., Inc.
6.500%, due 02/15/12	490,000	443,450
7.750%, due 11/15/13	100,000	81,500
Xerox Capital Trust I
8.000%, due 02/01/27	300,000	304,924
		829,874

30

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Consumer products—0.12%
Fortune Brands, Inc.
5.375%, due 01/15/16	$600,000	$574,200
Prestige Brands, Inc.
9.250%, due 04/15/12	150,000	148,500
		722,700
Containers & packaging—0.11%
Jefferson Smurfit Corp.
8.250%, due 10/01/12	125,000	116,563
Owens-Illinois, Inc.
7.500%, due 05/15/10	150,000	153,375
Stone Container Finance
7.375%, due 07/15/14	500,000	445,000
		714,938
Diversified manufacturing—0.10%
General Electric Co.
5.250%, due 12/06/17	175,000	175,638
Harland Clarke Holdings
7.815%, due 05/15/15(2)	500,000	323,750
SPX Corp.
7.625%, due 12/15/14(5)	120,000	123,600
		622,988
Electric utilities—0.69%
AES Corp.
8.000%, due 10/15/17	125,000	127,500
Comstock Resources, Inc.
6.875%, due 03/01/12	125,000	116,250
Dominion Resources, Inc.
5.950%, due 06/15/35	280,000	267,593
DTE Energy Co.
6.350%, due 06/01/16	250,000	262,549
Dynegy Holdings, Inc.
8.375%, due 05/01/16	125,000	122,187
Exelon Generation Co. LLC
5.350%, due 01/15/14	395,000	392,429
Florida Power Corp.
6.350%, due 09/15/37	55,000	58,593

31

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Electric utilities—(concluded)
MidAmerican Energy Holdings
5.950%, due 05/15/37	$210,000	$203,181
Mirant Americas Generation LLC
8.300%, due 05/01/11	300,000	301,875
9.125%, due 05/01/31	175,000	156,625
Mirant N.A. LLC
7.375%, due 12/31/13	100,000	100,375
NRG Energy, Inc.
7.375%, due 02/01/16	150,000	144,562
7.375%, due 01/15/17	125,000	120,312
Pacific Gas & Electric Co.
6.050%, due 03/01/34	270,000	268,562
PSEG Power LLC
6.950%, due 06/01/12	670,000	727,479
Reliant Energy, Inc.
6.750%, due 12/15/14	550,000	559,625
Texas Competitive Electric Holdings LLC
10.250%, due 11/01/15(5)	400,000	390,000
		4,319,697
Electronics—0.08%
NXP BV/NXP Funding LLC
7.875%, due 10/15/14	50,000	45,500
9.500%, due 10/15/15	50,000	41,469
Sanmina-SCI Corp.
7.741%, due 06/15/14(2),(5)	295,000	271,400
8.125%, due 03/01/16	150,000	133,500
		491,869
Energy—0.24%
Anadarko Petroleum Corp.
5.950%, due 09/15/16	100,000	103,648
Canadian Natural Resources
6.750%, due 02/01/39	440,000	445,645
Gulfmark Offshore, Inc.
7.750%, due 07/15/14	100,000	101,750
Helix Energy Solutions
9.500%, due 01/15/16(5)	150,000	150,000

32

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Energy—(concluded)
Key Energy Services, Inc.
8.375%, due 12/01/14(5)	$70,000	$70,175
Southwestern Energy Co.
7.500%, due 02/01/18(5)	50,000	51,500
Transocean, Inc.
6.800%, due 03/15/38	240,000	250,720
7.500%, due 04/15/31	85,000	93,460
Whiting Petroleum Corp.
7.250%, due 05/01/12	200,000	199,000
		1,465,898
Energy-integrated—0.07%
PPL Energy Supply LLC
6.000%, due 12/15/36	185,000	167,227
Series A
6.400%, due 11/01/11	250,000	262,887
		430,114
Energy-refining & marketing—0.09%
Petroplus Finance Ltd.
7.000%, due 05/01/17(5)	100,000	89,750
Valero Energy Corp.
6.625%, due 06/15/37	295,000	290,649
7.500%, due 04/15/32	140,000	149,443
		529,842
Entertainment—0.10%
Time Warner, Inc.
6.875%, due 05/01/12	570,000	603,213
Finance-noncaptive consumer—0.60%
American General Finance
4.875%, due 07/15/12	360,000	354,518
Countrywide Financial Corp.
3.196%, due 04/30/08(2)	25,000	24,411
3.345%, due 05/05/08(1),(2)	325,000	319,178
Countrywide Home Loan
3.250%, due 05/21/08	1,075,000	1,045,932

33

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Finance-noncaptive consumer—(concluded)
Residential Capital LLC
5.646%, due 06/09/08(2)	$945,000	$841,050
6.125%, due 11/21/08	765,000	590,963
7.875%, due 06/30/10(3)	980,000	558,600
		3,734,652
Food—0.04%
Ameriqual Group LLC
9.000%, due 04/01/12(5)	200,000	130,000
Dole Foods Co.
8.875%, due 03/15/11	175,000	147,000
		277,000
Food processors/beverage/bottling—0.05%
SABMiller PLC
6.500%, due 07/01/16(5)	300,000	323,317
Gaming—0.24%
Caesars Entertainment
7.875%, due 03/15/10	300,000	280,500
Circus & Eldorado
10.125%, due 03/01/12	100,000	100,625
Great Canadian Gaming Co.
7.250%, due 02/15/15(5)	25,000	23,625
Harrah’s Operating Co., Inc.
5.500%, due 07/01/10	400,000	353,000
Jacobs Entertainment, Inc.
9.750%, due 06/15/14	375,000	311,250
Pokagon Gaming Authority
10.375%, due 06/15/14(5)	93,000	96,720
River Rock Entertainment
9.750%, due 11/01/11	150,000	153,375
San Pasqual Casino
8.000%, due 09/15/13(5)	150,000	138,000
Tropicana Entertainment LLC
9.625%, due 12/15/14	50,000	24,000
		1,481,095

34

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Health care—0.17%
Bausch & Lomb, Inc.
9.875%, due 11/01/15(5)	$25,000	$25,375
Community Health Systems
8.875%, due 07/15/15	500,000	490,625
HCA, Inc.
9.125%, due 11/15/14	50,000	51,000
9.250%, due 11/15/16	50,000	51,250
Psychiatric Solutions
7.750%, due 07/15/15	100,000	99,000
UnitedHealth Group, Inc.
6.000%, due 02/15/18	165,000	167,330
6.875%, due 02/15/38	145,000	143,623
Universal Hospital Services
8.288%, due 06/01/15(2)	20,000	18,800
8.500%, due 06/01/15	20,000	19,950
		1,066,953
Industrial-other—0.05%
Aramark Services, Inc.
6.739%, due 02/01/15(2)	250,000	218,750
Tube City IMS Corp.
9.750%, due 02/01/15	100,000	88,250
		307,000
Insurance-life—0.06%
Hartford Financial Services Group
6.300%, due 03/15/18	345,000	348,747
Machinery-agriculture & construction—0.04%
Clondalkin Acquisition
6.991%, due 12/15/13(2),(5)	330,000	270,600
Media—0.13%
Affinion Group, Inc.
10.125%, due 10/15/13	100,000	98,000
Baker & Taylor, Inc.
11.500%, due 07/01/13(5)	75,000	69,656
LIN Television Corp.
6.500%, due 05/15/13	525,000	475,125

35

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Media—(concluded)
Sinclair Broadcast Group
8.000%, due 03/15/12	$132,000	$134,640
		777,421
Metals & mining—0.03%
Century Aluminum Co.
7.500%, due 08/15/14	100,000	95,000
Neenah Corp.
9.500%, due 01/01/17	125,000	90,000
		185,000
Oil & gas—0.23%
Inergy LP/Inergy Finance
8.250%, due 03/01/16	175,000	179,375
Kinder Morgan Energy Partners
5.125%, due 11/15/14	510,000	505,379
5.800%, due 03/15/35	650,000	571,528
7.400%, due 03/15/31	115,000	122,134
NGPL PipeCo LLC
7.119%, due 12/15/17(5)	75,000	78,421
		1,456,837
Paper & forest products—0.35%
Abitibi-Consolidated, Inc.
6.950%, due 04/01/08(1)	260,000	228,800
8.550%, due 08/01/10	150,000	83,812
Boise Cascade LLC
7.125%, due 10/15/14	315,000	296,100
Bowater Canada Finance
7.950%, due 11/15/11	200,000	131,000
Bowater, Inc.
9.000%, due 08/01/09	250,000	194,375
Buckeye Technologies, Inc.
8.000%, due 10/15/10	130,000	129,350
Cellu Tissue Holdings, Inc.
9.750%, due 03/15/10	175,000	161,875
Millar Western Forest
7.750%, due 11/15/13	150,000	108,750

36

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Paper & forest products—(concluded)
P.H. Glatfelter
7.125%, due 05/01/16	$75,000	$74,438
Verso Paper Holdings LLC
9.125%, due 08/01/14	200,000	188,500
Weyerhaeuser Co.
6.750%, due 03/15/12	565,000	587,072
		2,184,072
Pharmaceuticals—0.41%
Abbott Laboratories
5.600%, due 11/30/17	780,000	822,401
6.150%, due 11/30/37	145,000	150,655
Allergan, Inc.
5.750%, due 04/01/16	770,000	788,420
AstraZeneca PLC
6.450%, due 09/15/37	150,000	161,225
Axcan Intermediate Holdings
9.250%, due 03/01/15(5)	175,000	173,250
Bristol-Myers Squibb
5.875%, due 11/15/36	265,000	255,898
Teva Pharmaceutical Finance LLC
5.550%, due 02/01/16	205,000	208,794
		2,560,643
Publishing—0.15%
Cenveo Corp.
7.875%, due 12/01/13	125,000	106,562
Deluxe Corp.
5.000%, due 12/15/12	300,000	264,000
Quebecor World Capital Corp.
4.875%, due 11/15/08(1),(9)	450,000	199,125
8.750%, due 03/15/16(5),(9)	200,000	97,000
R.H. Donnelley Corp.
8.875%, due 01/15/16	175,000	104,125
Sheridan Acquisition Corp.
10.250%, due 08/15/11	200,000	174,000
		944,812

37

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Real estate investment trusts—0.10%
Avalonbay Communities
7.500%, due 08/01/09	$325,000	$336,063
ProLogis
5.625%, due 11/15/15	280,000	258,659
Realogy Corp.
12.375%, due 04/15/15	75,000	39,750
		634,472
Retail—0.17%
Brookstone Co., Inc.
12.000%, due 10/15/12	50,000	46,500
CVS Caremark Corp.
5.750%, due 06/01/17(1)	410,000	423,000
GSC Holdings Corp.
8.000%, due 10/01/12	225,000	237,094
Ingles Markets, Inc.
8.875%, due 12/01/11	200,000	202,000
Pantry, Inc.
7.750%, due 02/15/14	175,000	155,750
		1,064,344
Road & rail—0.05%
Burlington Northern Santa Fe Corp.
7.082%, due 05/13/29	275,000	292,252
Services—0.02%
Carriage Services, Inc.
7.875%, due 01/15/15	150,000	145,500
Special purpose entity—0.04%
AAC Group Holding Corp.
10.250%, due 10/01/12(3)	150,000	124,500
Riddell Bell Holdings, Inc.
8.375%, due 10/01/12	125,000	101,250
		225,750
Technology-hardware—0.03%
Freescale Semiconductor
8.875%, due 12/15/14	175,000	142,625
10.125%, due 12/15/16(1)	50,000	35,500
		178,125

38

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(continued)
Technology-software—0.07%
Computer Sciences Corp.
3.500%, due 04/15/08	$350,000	$349,711
Unisys Corp.
8.000%, due 10/15/12	125,000	108,125
		457,836
Telecommunications—0.33%
Bellsouth Corp.
6.550%, due 06/15/34(1)	325,000	326,543
Citizens Communications Co.
9.000%, due 08/15/31	200,000	184,000
Dycom Industries, Inc.
8.125%, due 10/15/15	100,000	94,000
Echostar DBS Corp.
6.625%, due 10/01/14	250,000	240,625
Intelsat Subsidiary Holding Co. Ltd.
8.625%, due 01/15/15	200,000	200,000
Qwest Communications International
7.250%, due 02/15/11	150,000	148,125
Telecom Italia Capital
5.250%, due 11/15/13	850,000	842,029
		2,035,322
Tobacco—0.03%
Reynolds American, Inc.
7.250%, due 06/01/13	150,000	159,590
Transportation services—0.04%
ERAC USA Finance Co.
7.000%, due 10/15/37(5)	205,000	171,067
8.000%, due 01/15/11(5)	100,000	107,976
		279,043
Utilities-other—0.04%
Duke Capital LLC
5.668%, due 08/15/14	250,000	253,811
Wireless telecommunication services—0.18%
AT&T, Inc.
6.500%, due 09/01/37	50,000	50,586

39

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Face
	amount	Value
Corporate bonds—(concluded)
Wireless telecommunication services—(concluded)
AT&T Wireless Services, Inc.
8.750%, due 03/01/31	$175,000	$218,681
Nextel Communications
7.375%, due 08/01/15	300,000	232,500
Sprint Capital Corp.
6.875%, due 11/15/28	520,000	364,000
Wind Acquisition Finance SA
10.750%, due 12/01/15(5)	100,000	101,250
Windstream Corp.
8.625%, due 08/01/16	125,000	127,187
		1,094,204
Total corporate bonds (cost—$56,134,368)		53,042,578
Short-term US government obligations(10)—0.34%
US Treasury Bills,
2.035%, due 06/19/08(11)	20,000	19,876
2.100%, due 06/19/08	65,000	64,583
2.150%, due 06/19/08(11)	2,050,000	2,036,532
2.164%, due 06/19/08(11)	20,000	19,868
Total short-term US government obligations (cost—$2,140,859)		2,140,859
Repurchase agreement—3.76%
Repurchase agreement dated 02/29/08 with State Street
Bank & Trust Co., 1.260%, due 03/03/08, collateralized by
$13,807,943 Cash Management Bills, zero coupon
due 04/15/08, $198,006 US Treasury Bills, zero coupon
due 08/21/08, $478,769 US Treasury Bonds, 7.125% to
7.250% due 05/15/16 to 02/15/23 and $9,123,001
US Treasury Notes, 4.875% due 08/31/08;
(value—$23,842,564); proceeds: $23,377,454
(cost—$23,375,000)	23,375,000	23,375,000

40

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

	Number
	of shares	Value
Investments of cash collateral from securities loaned—11.73%
Money market funds(12)—11.73%
AIM Prime Portfolio, 3.186%	4,435	$4,435
BlackRock Liquidity Fund Temp Fund     Portfolio Institutional Class, 3.659%	20,845,851	20,845,851
DWS Money Market Series Institutional, 3.607%	10,139,625	10,139,625
UBS Private Money Market Fund LLC,(13) 3.553%	41,935,900	41,935,900
Total money market funds and investments of cash
collateral from securities loaned (cost—$72,925,811)		72,925,811
Total investments (cost—$725,655,172)—111.66%		694,378,685
Liabilities in excess of other assets—(11.66)%		(72,512,666	)
Net assets—100.00%		$621,866,019

*	Non-income producing security.
(1)	Security, or portion thereof, was on loan at February 29, 2008.
(2)	Floating rate security. The interest rate shown is the current rate as of February 29, 2008.
(3)	Step bond. Coupon rate increases in increments to maturity. Rate disclosed is as of February 29, 2008. Maturity date disclosed is the ultimate maturity date.
(4)	Security is being fair valued by a valuation committee under the direction of the Board of Trustees. At February 29, 2008, the value of this security amounted to $1,000,966 or 0.16% of net assets.
(5)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid, unless otherwise noted, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2008, the value of these securities amounted to $15,169,805 or 2.44% of net assets.
(6)	Security is illiquid. At February 29, 2008, the value of this security amounted to $45,000 or 0.01% of net assets.
(7)	The security detailed in the table below, which represents 0.07% of net assets, is considered illiquid and restricted as of February 29, 2008:

			Acquisition		Value at
Illiquid and			cost as a		02/29/08 as
restricted	Acquisition	Acquisition	percentage	Value at	a percentage
security	date	cost	of net assets	02/29/08	of net assets
Rutland Rated
Investments, CDO,
Series DRYD-1A,
Class A6F,
6.957%
due 06/20/13	04/05/06	$645,000	0.10%	$464,400	0.07%

41

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

(8)	Perpetual bond security. The maturity date reflects the next call date.
(9)	Bond interest in default.
(10)	Interest rates shown are the discount rates at date of purchase.
(11)	Entire amount delivered to broker as collateral for futures transactions.
(12)	The rate shown reflects the yield at February 29, 2008.
(13)	The table below details the Fund’s transaction activity in an affiliated issuer for the six months ended February 29, 2008;

					Net income
		Purchases	Sales		earned from
		during the	during the		affiliate
		six months	six months		for the six
Security	Value at	ended	ended	Value at	months ended
description	08/31/07	02/29/08	02/29/08	02/29/08	02/29/08
UBS Private
Money Market
Fund LLC	$50,680,822	$411,713,411	$420,458,333	$41,935,900	$73,673

ADR	American Depositary Receipt
ARM	Adjustable Rate Mortgage. The interest rate shown is the current rate as of February 29, 2008.
CDO	Collateralized Debt Obligation
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GS	Goldman Sachs
GSAMP	Goldman Sachs Asset Mortgage Passthrough
MLCC	Merrill Lynch Credit Corporation
MTN	Medium Term Note
OEM	Original Equipment Manufacturer
REMIC	Real Estate Mortgage Investment Conduit
TIPS	Treasury inflation protected securities (“TIPS”) are debt securities issued by the US Treasury whose principal and/or interest payments are adjusted for inflation, unlike debt securities that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index (“CPI”). Thus, if inflation occurs, the principal and interest payments on the TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical US Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

42

UBS U.S. Allocation Fund

Portfolio of investments—February 29, 2008 (unaudited)

Futures contracts
					Unrealized
Number of		Expiration		Current	appreciation
contracts	Buy contracts	dates	Cost	value	(depreciation)
91	S&P 500 Index
	Futures	March 2008	$29,903,402	$30,287,075	$383,673
	Sale contracts		Proceeds
251	US Treasury Note
	5 Year Futures	June 2008	28,244,947	28,676,750	(431,803)
					$(48,130)

Issuer breakdown by country or territory of origin
	Percentage of total investments
United States	97.2	%
Panama	0.8
Canada	0.4
Netherland Antilles	0.3
Liberia	0.3
Bermuda	0.3
United Kingdom	0.2
Switzerland	0.2
Italy	0.1
Cayman Islands	0.1
Netherlands	0.1
Total	100.0	%

See accompanying notes to financial statements

43

UBS U.S. Allocation Fund

Statement of assets and liabilities—February 29, 2008 (unaudited)

Assets:
Investments in unaffiliated securities, at value (cost—$683,719,272)(1)	$652,442,785
Investment in an affiliated security, at value (cost—$41,935,900)	41,935,900
Total investments in securities, at value (cost—$725,655,172)	694,378,685
Cash	4,307
Receivable for investments sold	9,404,047
Receivable for shares of beneficial interest sold	24,387
Receivable for dividends and interest	2,709,479
Swap contracts, at value(2)	392,930
Due from broker	151,819
Receivable for variation margin	305,636
Receivable for foreign tax reclaims	2,780
Other assets	56,057
Total assets	707,430,127
Liabilities:
Payable for cash collateral from securities loaned	72,925,811
Payable for investments purchased	8,797,871
Swap contracts, at value(2)	1,795,225
Payable for shares of beneficial interest repurchased	1,224,189
Payable to affiliates	471,655
Due to broker	24,380
Accrued expenses and other liabilities	324,977
Total liabilities	85,564,108
Net assets:
Beneficial interest—$0.001 par value per share (unlimited amount authorized)	721,365,122
Accumulated undistributed net investment income	4,908,818
Accumulated net realized loss from investments, futures and swaps	(72,605,065	)
Net unrealized depreciation of investments, futures and swaps	(31,802,856	)
Net assets	$621,866,019

(1)	Includes $100,237,456 of investments in securities on loan, at value.
(2)	Net upfront payments received totaled $924,056.

See accompanying notes to financial statements

44

UBS U.S. Allocation Fund

Statement of assets and liabilities—February 29, 2008 (unaudited)

Class A:
Net assets	$387,204,005
Shares outstanding	13,294,727
Net asset value per share	$29.12
Maximum offering price per share (net asset value plus maximum sales charge of 5.50%)	$30.81
Class B:
Net assets	$13,503,684
Shares outstanding	468,284
Net asset value and offering price per share	$28.84
Class C:
Net assets	$169,977,027
Shares outstanding	5,946,243
Net asset value and offering price per share	$28.59
Class Y:
Net assets	$51,181,303
Shares outstanding	1,733,768
Net asset value and offering price per share	$29.52

See accompanying notes to financial statements

45

UBS U.S. Allocation Fund

Statement of operations

	For the six
	months ended
	February 29, 2008
	(unaudited)
Investment income:
Dividends	$4,220,824
Interest (net of foreign withholding taxes of $314)	7,195,791
Securities lending income (includes $73,673 earned from an affiliated entity)	158,769
	11,575,384
Expenses:
Investment advisory and administration fees	1,638,543
Service fees—Class A	539,333
Service and distribution fees—Class B	99,543
Service and distribution fees—Class C	963,034
Transfer agency and related services fees—Class A	257,374
Transfer agency and related services fees—Class B	19,758
Transfer agency and related services fees—Class C	82,205
Transfer agency and related services fees—Class Y	4,305
Custody and accounting fees	140,123
Reports and notices to shareholders	133,490
Professional fees	49,301
State registration fees	41,407
Trustees’ fees	9,301
Insurance expense	11,170
Other expenses	19,461
	4,008,348
Less: Fee waivers by investment advisor and administrator	(50,837	)
Net expenses	3,957,511
Net investment income	7,617,873
Realized and unrealized gains from investment activities
Net realized gains from:
Investments	31,036,963
Futures	353,766
Swaps	192,339
Net change in unrealized appreciation/depreciation of:
Investments	(94,741,305	)
Futures	(48,130	)
Swaps	(756,884	)
Net realized and unrealized loss from investment activities	(63,963,251	)
Net decrease in net assets resulting from operations	$(56,345,378	)

See accompanying notes to financial statements

46

UBS U.S. Allocation Fund

Statement of changes in net assets

	For the six
	months ended		For the
	February 29, 2008		year ended
	(unaudited)		August 31, 2007
From operations:
Net investment income	$7,617,873		$16,155,639
Net realized gains from investments, futures and swaps	31,583,068		71,846,649
Net change in unrealized appreciation/depreciation of investments, futures and swaps	(95,546,319	)	2,510,121
Net increase (decrease) in net assets resulting from operations	(56,345,378	)	90,512,409
Dividends to shareholders from:
Net investment income—Class A	(11,059,350	)	(10,456,632	)
Net investment income—Class B	(184,439	)	(690,100	)
Net investment income—Class C	(3,477,930	)	(3,289,920	)
Net investment income—Class Y	(1,651,935	)	(2,980,008	)
	(16,373,654	)	(17,416,660	)
From beneficial interest transactions:
Net proceeds from the sale of shares	7,171,673		16,978,079
Cost of shares repurchased	(72,828,504	)	(254,156,118	)
Proceeds from dividends reinvested	15,197,009		16,501,783
Net decrease in net assets from beneficial transactions	(50,459,822	)	(220,676,256	)
Redemption fees	4,497		5,320
Net decrease in net assets	(123,174,357	)	(147,575,187	)
Net assets:
Beginning of period	745,040,376		892,615,563
End of period	$621,866,019		$745,040,376
Accumulated undistributed net investment income	$4,908,818		$13,664,599

See accompanying notes to financial statements

47

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 29, 2008
	(unaudited)
Net asset value, beginning of period	$32.53
Net investment income(1)	0.38
Net realized and unrealized gains (losses) from investment activities	(2.96	)
Net increase (decrease) from operations	(2.58	)
Dividends from net investment income	(0.83	)
Net asset value, end of period	$29.12
Total investment return(2)	(8.11	)%
Ratios/supplemental data:
Net assets, end of period (000’s)	$387,204
Expenses to average net assets, net of fee waivers by advisor	0.94	%(3)
Expenses to average net assets, before fee waivers by advisor	0.96	%(3)
Net investment income to average net assets	2.37	%(3)
Portfolio turnover	47	%

(1)	Calculated using the average shares method.
(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)	Annualized.
(4)	During the year ended August 31, 2003, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees. UBS Global Asset Management (US) Inc. served as advisor to the Fund until April 1, 2006.

See accompanying notes to financial statements

48

Class A
For the years ended August 31,
2007		2006		2005		2004		2003
$29.94		$28.60		$25.81		$23.00		$20.80
0.68		0.56		0.51		0.30		0.18
2.60		1.38		2.79		2.72		2.10
3.28		1.94		3.30		3.02		2.28
(0.69	)	(0.60	)	(0.51	)	(0.21	)	(0.08	)
$32.53		$29.94		$28.60		$25.81		$23.00
11.04	%	6.84	%	12.85	%	13.19	%	10.99	%
$452,439		$472,213		$525,711		$552,195		$649,582
0.90	%	0.91	%	0.90	%	0.93	%	0.98	%(4)
0.92	%	0.94	%	0.93	%	0.95	%	0.98	%(4)
2.12	%	1.91	%	1.87	%	1.18	%	0.84	%
85	%	82	%	67	%	128	%	2	%

49

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 29, 2008
	(unaudited)
Net asset value, beginning of period	$31.87
Net investment income(1)	0.22
Net realized and unrealized gains (losses) from investment activities	(2.94	)
Net increase (decrease) from operations	(2.72	)
Dividends from net investment income	(0.31	)
Net asset value, end of period	$28.84
Total investment return(2)	(8.59	)%
Ratios/supplemental data:
Net assets, end of period (000’s)	$13,504
Expenses to average net assets, net of fee waivers by advisor	1.76	%(3)
Expenses to average net assets, before fee waivers by advisor	1.78	%(3)
Net investment income to average net assets	1.48	%(3)
Portfolio turnover	47	%

(1)	Calculated using the average shares method.
(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)	Annualized.
(4)	During the year ended August 31, 2003, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees. UBS Global Asset Management (US) Inc. served as advisor to the Fund until April 1, 2006.

See accompanying notes to financial statements

50

Class B
For the years ended August 31,
2007		2006		2005		2004		2003
$29.24		$27.81		$25.04		$22.29		$20.23
0.39		0.30		0.28		0.09		0.02
2.57		1.36		2.70		2.66		2.04
2.96		1.66		2.98		2.75		2.06
(0.33	)	(0.23	)	(0.21	)	—		—
$31.87		$29.24		$27.81		$25.04		$22.29
10.16	%	5.99	%	11.95	%	12.34	%	10.18	%
$28,167		$77,296		$148,208		$277,891		$461,273
1.72	%	1.71	%	1.70	%	1.70	%	1.74	%(4)
1.74	%	1.74	%	1.73	%	1.72	%	1.74	%(4)
1.29	%	1.07	%	1.08	%	0.36	%	0.08	%
85	%	82	%	67	%	128	%	2	%

51

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 29, 2008
	(unaudited)
Net asset value, beginning of period	$31.80
Net investment income(1)	0.26
Net realized and unrealized gains (losses) from investment activities	(2.90	)
Net increase (decrease) from operations	(2.64	)
Dividends from net investment income	(0.57	)
Net asset value, end of period	$28.59
Total investment return(2)	(8.41	)%
Ratios/supplemental data:
Net assets, end of period (000’s)	$169,977
Expenses to average net assets, net of fee waivers by advisor	1.65	%(3)
Expenses to average net assets, before fee waivers by advisor	1.67	%(3)
Net investment income to average net assets	1.65	%(3)
Portfolio turnover	47	%

(1)	Calculated using the average shares method.
(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)	Annualized.
(4)	During the year ended August 31, 2003, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees. UBS Global Asset Management (US) Inc. served as advisor to the Fund until April 1, 2006.

See accompanying notes to financial statements

52

Class C
For the years ended August 31,
2007		2006		2005		2004		2003
$29.27		$27.95		$25.21		$22.46		$20.38
0.43		0.33		0.30		0.10		0.02
2.55		1.35		2.72		2.67		2.06
2.98		1.68		3.02		2.77		2.08
(0.45	)	(0.36	)	(0.28	)	(0.02	)	—
$31.80		$29.27		$27.95		$25.21		$22.46
10.23	%	6.02	%	12.02	%	12.35	%	10.21	%
$205,104		$226,219		$271,996		$333,765		$458,117
1.65	%	1.65	%	1.65	%	1.67	%	1.72	%(4)
1.67	%	1.68	%	1.68	%	1.69	%	1.72	%(4)
1.38	%	1.16	%	1.12	%	0.42	%	0.10	%
85	%	82	%	67	%	128	%	2	%

53

UBS U.S. Allocation Fund

Financial highlights

Selected data for a share ofbeneficial interest outstanding throughout each periodis presented below:

	Class Y
	For the six
	months ended
	February 29, 2008
	(unaudited)
Net asset value, beginning of period	$33.03
Net investment income(1)	0.44
Net realized and unrealized gains (losses) from investment activities	(3.00	)
Net increase (decrease) from operations	(2.56	)
Dividends from net investment income	(0.95	)
Net asset value, end of period	$29.52
Total investment return(2)	(7.91	)%
Ratios/supplemental data:
Net assets, end of period (000’s)	$51,181
Expenses to average net assets, net of fee waivers by advisor	0.58	%(3)
Expenses to average net assets, before fee waivers by advisor	0.60	%(3)
Net investment income to average net assets	2.72	%(3)
Portfolio turnover	47	%

(1)	Calculated using the average shares method.
(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)	Annualized.
(4)	During the year ended August 31, 2003, UBS Global Asset Management (US) Inc. did not waive any advisory and administration fees. UBS Global Asset Management (US) Inc. served as advisor to the Fund until April 1, 2006.

See accompanying notes to financial statements

54

Class Y
For the years ended August 31,
2007		2006		2005		2004		2003
$30.39		$29.02		$26.19		$23.33		$21.07
0.79		0.67		0.61		0.39		0.25
2.66		1.40		2.83		2.76		2.13
3.45		2.07		3.44		3.15		2.38
(0.81	)	(0.70	)	(0.61	)	(0.29	)	(0.12	)
$33.03		$30.39		$29.02		$26.19		$23.33
11.42	%	7.22	%	13.22	%	13.58	%	11.39	%
$59,330		$116,888		$122,743		$123,727		$137,401
0.55	%	0.55	%	0.55	%	0.58	%	0.63	%(4)
0.57	%	0.57	%	0.58	%	0.60	%	0.63	%(4)
2.48	%	2.27	%	2.21	%	1.53	%	1.19	%
85	%	82	%	67	%	128	%	2	%

55

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.

As of October 1, 2007, new or additional investments into Class B shares, including investments through an automatic investment plan, are not permitted. Existing shareholders of Class B shares may: (i) continue as Class B shareholders; (ii) continue to reinvest dividends and distributions into Class B shares; and (iii) exchange their Class B shares for Class B shares of other series of the UBS Family of Funds, as permitted by existing exchange privileges. For Class B shares outstanding on October 1, 2007 and Class B shares acquired upon reinvestment of dividends or distributions or through exchanges, all Class B share attributes, including the associated Rule 12b-1 service plan and distribution fees, contingent deferred sales charges and conversion features will continue.

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

56

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

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. 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 may 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, these securities would be 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

57

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

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 29, 2008, 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 measurements reported on 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 (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.

58

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

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.

Futures contracts—Upon entering into a financial futures contract, the Fund is required to deliver to a broker an amount of cash and/or securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin”, are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying financial futures contracts. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain or loss until the financial futures contract is closed, at which time the net gain or loss is reclassified to realized gain or loss on futures. Variation margin calls could be substantial in the event of adverse price movements.

Using financial futures contracts involves various market risks. If the Fund was unable to liquidate a futures position due to the absence of a liquid secondary market or the imposition of price limits, it could incur substantial losses and would continue to be subject to market risk with respect to the position. In addition, the Fund would continue to be required to make variation margin payments and might be required to maintain the position being hedged or to maintain cash or securities in a separate account. Furthermore, certain characteristics of the futures market might increase the risk that movements in the prices of the financial futures contracts might not correlate perfectly with movements in the prices of the investments being hedged, including temporary price distortion. The separate account for margin will be maintained at the futures counterparty and may be subject to risks or delays if the counterparty becomes insolvent.

Credit default swap agreements—Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or a credit event. As a buyer, the Fund would make periodic payments to the counterparty, and the Fund would receive payments only upon the occurrence of a credit event. If no credit event occurs, the Fund will lose its periodic stream of payments over the term of the contract. However, if a credit event does occur, the Fund typically

59

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

would receive full notional value for a reference obligation that may have little or no value. As a seller, the Fund would receive periodic payments from the counterparty, and the Fund would make payments only upon the occurrence of a credit event. If no default or credit event occurs, the Fund will gain the periodic stream of payments it received over the term of the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Fund typically pays full notional value for a reference obligation that may have little or not value. Credit default swaps may involve greater risks than if the Fund had invested in the reference obligation directly and are subject to general market risk, liquidity risk and credit risk.

At February 29, 2008, the Fund had outstanding credit default swap contracts with the following terms:

Credit default swaps(1)
			Rate type
							Upfront
Notional			Payments		Payments		payments
amount		Termination	made by		received by		received
(000)		dates	the Fund		the Fund		(made)		Value
USD	450	09/20/08	0.000	%(2)	6.000	%	$0		$(5,230	)
USD	750	09/20/08	0.000	(3)	8.000		0		(130,747	)
USD	3,250	12/20/12	3.750		0.000	(4)	(139,479	)	392,930
USD	4,850	06/20/12	0.000	(5)	1.200		296,313		(459,447	)
USD	10,000	06/20/12	0.000	(4)	2.750		767,222		(1,199,801	)
							$924,056		$(1,402,295	)

USD	United States Dollar
(1)	Payments made or received are based on the notional amounts.
(2)	Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Countrywide Home Loans, Inc. bond, 6.00%, due 03/22/11.
(3)	Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the Residential Capital LLC bond, 6.50%, due 04/17/13.
(4)	Payment to or from the counterparty will be made or received upon the occurrence of bankruptcy and/or by a restructuring event with respect to the securities contained in the CDX North America High Yield Index.
(5)	Payment to the counterparty will be made upon the occurrence of bankruptcy and/or by a restructuring event with respect to the securities contained in the Loan CDX North America Index Series 8.

60

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend 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” 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 29, 2008, UBS Global AM waived $50,837 in investment advisory and administration fees. At February 29, 2008, the Fund owed UBS Global AM $238,441 in investment advisory and administration fees. At February 29, 2008, UBS Global AM owed the Fund $5,637 for fee waivers under the above agreement.

For the six months ended February 29, 2008, the Fund paid $10,154 in brokerage commissions to UBS Securities LLC, an indirect wholly owned subsidiary of UBS AG, for transactions executed on behalf of the Fund.

61

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

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 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 29, 2008, the Fund paid brokerage commissions to Morgan Stanley in the amount of $11,314. During the six months ended February 29, 2008, the Fund purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having an aggregate value of $33,241,822. 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 29, 2008, the Fund owed UBS Global AM—US $229,478 for service and 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 29, 2008, it earned $41,673, $14,510, and $2,424 in initial sales and deferred sales charges on Class A, Class B and Class C shares, respectively.

62

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Redemption fees
Effective March 1, 2007, thereisa redemption fee of 1.00% on any class of shares if an investor sells or exchanges shares less than 90 days after purchase, subject to certain exemptions as noted in the prospectus. For the six months ended February 29, 2008, the Fund received $4,497 in redemption fees.

Transfer agency related services fees
UBS Financial Services Inc., an indirect wholly owned subsidiary of UBS AG, provides certain services 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.

For the six months ended February 29, 2008, UBS Financial Services, Inc. received from PFPC, not the Fund, $169,604 of the total delegated 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 29, 2008, UBS Securities LLC earned $53,929 in compensation as the Fund’s lending agent. At February 29, 2008, the Fund owed UBS Securities LLC $9,373 in compensation as the Fund’s lending agent.

At February 29, 2008, the Fund had securities on loan having a market value of $100,237,456. The custodian for the Fund held cash and cash

63

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

equivalents as collateral for securities loaned of $72,925,811. In addition, the Fund held US government and agency securities having an aggregate value of $36,321,534 as collateral for portfolio securities loaned as follows:

Principal
amount		Maturity	Interest
(000)		dates	rates		Value
$20,964	Federal Home Loan Bank	05/07/10	5.250	%	$21,396,557
428	Federal National Mortgage Association	08/24/27	6.110		450,277
6,127	Federal National Mortgage Association	04/16/09	3.750		6,218,624
1,088	US Treasury Inflation Index Bonds	01/15/26	2.000		1,206,406
2,050	US Treasury Inflation Index Bonds	01/15/27	2.375		2,373,291
4,000	US Treasury Inflation Index Notes	01/15/17	2.375		4,676,379
					$36,321,534

Bank line of credit
The Fund participates with other funds managed, advised or sub-advised by UBS Global AM 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 shareholders and other temporary or emergency purposes. Under the Committed Credit Facility arrangement, the Fund has agreed to pay commitment fees, 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 29, 2008.

Purchases and sales of securities
For the six months ended February 29, 2008 aggregate purchases and sales of portfolio securities, excluding short-term securities and US Government securities, were $223,448,079 and $291,661,975, respectively.

For the six months ended February 29, 2008, aggregate purchases and sales of US Government securities, excluding short-term securities, were $95,767,158 and $89,498,414, respectively.

64

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

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, 2007 was as follows:

Distributions paid from:	2007
Ordinary Income	$17,416,660

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, 2008.

At August 31, 2007, the Fund had a net capital loss carryforward of $100,452,966. 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. For the period ended August 31, 2007, the Fund utilized $67,309,715 of the capital loss carryforward to offset current year realized gains.

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 29, 2008 were as follows:

Tax cost of investments	$725,655,172
Gross appreciation (investments having an excess of value over cost)	38,016,381
Gross depreciation (investments having an excess of cost over value)	(69,292,868	)
Net unrealized depreciation of investments	$(31,276,487	)

65

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

The Fund adopted the provisions of Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”), “Accounting for Uncertainty in Income Taxes.” The implementation of FIN 48 resulted in no material liabilities for unrecognized tax benefits and no material change to the beginning net asset value of the Fund.

As of and during the period ended February 29, 2008, the Fund did not have any liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of operations. During the period, the Fund did not incur any interest or penalties.

Each of the tax years in the three year period ended August 31, 2007, remains subject to examination by the Internal Revenue Service and state taxing authorities. The adoption of FIN 48 had no impact on the operations of the Fund for the period ended February 29, 2008.

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 29, 2008:	Shares		Amount		Shares		Amount
Shares sold	145,372		$4,604,427		405		$12,820
Shares repurchased	(1,437,029	)	(45,645,131	)	(65,911	)	(2,068,209	)
Shares converted from
Class B to Class A	350,076		11,343,486		(355,557	)	(11,343,486	)
Dividends reinvested	327,307		10,202,147		5,463		169,430
Net decrease	(614,274	)	$(19,495,071	)	(415,600	)	$(13,229,445	)
For the year ended
August 31, 2007:
Shares sold	336,576		$10,727,532		15,262		$475,908
Shares repurchased	(3,875,111	)	(124,115,373	)	(404,788	)	(12,574,484	)
Shares converted from
Class B to Class A	1,364,379		43,544,750		(1,391,160	)	(43,544,750	)
Dividends reinvested	310,647		9,791,587		20,755		644,436
Net decrease	(1,863,509	)	$(60,051,504	)	(1,759,931	)	$(54,998,890	)

66

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

	Class C				Class Y
For the six months ended
February 29, 2008:	Shares		Amount		Shares		Amount
Shares sold	32,466		$1,010,214		49,890		$1,544,212
Shares repurchased	(643,968	)	(19,991,797	)	(161,540	)	(5,123,367	)
Dividends reinvested	107,102		3,281,599		48,902		1,543,833
Net decrease	(504,400	)	$(15,699,984	)	(62,748	)	$(2,035,322	)
For the year ended
August 31, 2007:
Shares sold	83,181		$2,587,025		97,792		$3,187,614
Shares repurchased	(1,462,509	)	(45,791,461	)	(2,238,875	)	(71,674,800	)
Dividends reinvested	101,308		3,137,517		91,737		2,928,243
Net decrease	(1,278,020	)	$(40,066,919	)	(2,049,346	)	$(65,558,943	)

67

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 R. Sotorp	Thomas Disbrow
President	Vice President and Treasurer
Mark F. Kemper
Vice President and Secretary

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.

© 2008 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 semi-annual 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 9, 2008

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 9, 2008
By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	May 9, 2008