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)

1285 Avenue of the Americas, New York, New York 10019-6028

(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq.

UBS Global Asset Management

1285 Avenue of the Americas

New York, NY 10019-6028

(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: 212-821 3000

Date of fiscal year end: August 31

Date of reporting period: February 28, 2011

Item 1. Reports to Stockholders.

   Asset Allocation

UBS U.S. Allocation Fund
Semiannual Report
February 28, 2011

UBS U.S. Allocation Fund


April 14, 2011

Dear shareholder, We present you with the semiannual report for UBS U.S. Allocation Fund (the “Fund”) for the six months ended February 28, 2011. Performance Over the six months ended February 28, 2011, the Fund’s Class A shares returned 20.15% before deducting the maximum sales charge; after deducting the maximum sales charge, the Fund’s Class A shares returned 13.52%. During the same period, the Fund’s benchmark, the S&P 500 Index, which tracks large cap US equities, gained 27.73%. Since the Fund invests in both stocks and bonds, we feel it is appropriate to also compare its performance to the UBS U.S. Allocation Fund Index (the “Index”),1 which returned 18.65%. (Returns for all share classes over various time periods and descriptions of the indices are shown in “Performance at a glance” on pages 8–10; please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on 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 Curt Custard, Aaron Balsam and Andreas Koester 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 Curt Custard
Q.	How would you describe the economic environment during the reporting period?
A.	Although the overall US economy expanded during the reporting period, there continued to be several areas of weakness. These included elevated

¹ The UBS U.S. Allocation Fund Index is 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% Barclays Capital US Aggregate Index, and 5% BofA Merrill Lynch US High Yield Cash Pay Index; and from June 1, 2005 until present: 65% Russell 3000 Index, 30% Barclays Capital US Aggregate Index, and 5% BofA Merrill Lynch US High Yield Cash Pay Constrained Index. Investors should note that indices do not reflect the deduction of fees and expenses.

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UBS U.S. Allocation Fund

	unemployment levels and a weak housing market, which held back a more robust expansion.
	Looking back, gross domestic product (“GDP”) growth was 3.7% during the first quarter of 2010, followed by second and third quarter GDP growth of 1.7% and 2.6%, respectively. On March 25, 2011, after the Fund’s reporting period had ended, the Commerce Department announced that fourth quarter 2010 GDP growth had grown 3.1%. The US economy has now expanded for six consecutive quarters.
Q.	How did the Federal Reserve Board (the “Fed”) react to the economic environment?
A.	Despite the economy’s ongoing growth, the Fed remained concerned about continued high unemployment levels. As a result, the Fed maintained its highly accommodative monetary policy, keeping the federal funds rate within a range of 0.00% to 0.25%—a historic low. (The federal funds rate, or “fed funds” rate, is the rate that banks charge one another for funds they borrow on an overnight basis.) At its meeting in March 2010, the Fed stated that “the Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.”
	Given this statement, it was no surprise when the Fed took additional action in November 2010 in an attempt to stimulate the economy. Saying that “the pace of recovery in output and employment continues to be slow,” the Fed launched another round of quantitative easing that called for purchasing an additional $600 billion of longer-term US Treasury securities by the end of the second quarter of 2011.
Q.	How did the stock market perform during the reporting period?
A.	In September, the S&P 500 Index got off to a strong start when the Fed indicated that it may introduce another round of quantitative easing to stimulate the economy and ward off deflation. The S&P 500 Index continued its ascent over the next five months, even with concerns regarding the sovereign debt crisis in Europe, and geopolitical issues toward the end of the period. Also, signs that the economy was gaining momentum supported the equity market, which in turn helped improve corporate profits and stoked

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UBS U.S. Allocation Fund

	robust demand. Altogether, the benchmark gained an impressive 27.73% during the six months ended February 28, 2011.
Q.	How did the bond market perform during the reporting period?
A.	The US bond market produced mixed results during the reporting period. As the economy continued to expand, both short- and long-term interest rates moved higher, and the Fed vowed to keep short-term interest rates low for “an extended period.” Despite the fact that core inflation remained relatively benign, fears of inflation pushed Treasury yields higher and their prices lower. In contrast, a number of US spread sectors (non-Treasuries) produced strong results. In particular, demand for higher yielding securities, including high yield bonds and commercial mortgage-backed securities, was typically robust, driving their prices higher.
	During the six months ended February 28, 2011, the Barclays Capital US Aggregate Index2 returned -0.83%, while, the Barclays Capital High Yield Municipal Bond Index3 gained 10.10% over the same period.
Q.	How was the Fund allocated during the reporting period?
A.	Throughout the period, we had an overweight to equities versus the Index, as we felt the asset class was undervalued. However, as the period progressed, we pared our equity exposure from approximately 74% to 70.5% in order to capture profits and reduce the Fund’s overall risk exposure.
	While the Fund’s fixed income exposure remained underweight versus the Index, we increased our position from roughly 23% to 24.5% as portions of the fixed income market sold off toward the end of the reporting period and became, in our view, relatively more attractively valued. Elsewhere, we maintained a neutral weighting to high yield bonds versus the Index (roughly 5% of the portfolio) and reduced the Fund’s cash position.

2

The Barclays Capital US Aggregate Index is an unmanaged broad-based index designed to measure the US dollar-denominated, investment grade, fixed rate taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset-backed and commercial mortgage-backed sectors. US agency hybrid adjustable-rate mortgage (ARM) securities were added to the index on April 1, 2007. Investors should note that indices do not reflect the deduction of fees and expenses.

3

The Barclays Capital High Yield Municipal Bond Index is an unmanaged index designed to measure the US dollar-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Investors should note that indices do not reflect the deduction of fees and expenses.

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UBS U.S. Allocation Fund

	Please note, neutral Index weights for the Fund are 65% equities and 35% fixed income.
	Overall, our asset allocation strategy contributed to relative results, as stocks outperformed both US investment grade and high yield bonds.
Q.	Which equity strategies performed well during the reporting period, and which areas produced disappointing results?
A.	Stock selection detracted from performance during the reporting period, whereas sector positioning was a modest contributor to relative results. In terms of stock selection, the Fund’s holdings in the information technology, consumer staples and telecommunication services sectors were the largest drags on performance. This was somewhat offset by stock selection in the financials, consumer discretionary and industrial sectors.
	Looking at individual stocks, the Fund’s allocations to American Electric Power Co., Inc., Avon Products, Inc. and Cisco Systems, Inc. were the largest detracting names in the portfolio during the reporting period. American Electric Power, a major owner of electric utilities in the US, was negatively impacted by a weak rate environment. We continue to own the stock, as it trades at a discount to its regulated utility peers. In addition, we believe the company has significant growth opportunities in the future, in part due to its significant new transmission investment. Avon Products is a worldwide distributor of cosmetics, perfume and other products. The company faced several headwinds, including some difficulties in Brazil and Russia, two of Avon’s most important markets. We remain positive on the company given its recent restructuring, which has helped to trim its costs. In addition, Avon’s top-line growth remains strong, its fundamentals appear solid and we feel it has opportunities to expand in emerging market countries. Lastly, Cisco Systems’ stock was penalized after it reported disappointing earnings due to lower sales to government agencies. Additionally, there were concerns that the company—the world’s largest networking equipment maker—was facing increased competition and potentially narrowing margins. However, we still feel the company stands to benefit from further growth of the Internet; we are seeing increased wireless network demand and usage of Internet Protocol-based video—two areas in which Cisco Systems is very well-positioned.

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UBS U.S. Allocation Fund

	The largest contributors to the Fund’s performance during the reporting period were Baker Hughes, Inc., Hess Corp. and Comcast Corp. Baker Hughes, the world’s largest oilfield services company, saw its shares rise sharply after the company posted strong fourth quarter earnings with solid cash flow. In addition, management boosted its outlook for the remainder of the year. Hess Corp. is an integrated oil company, with businesses in exploration, production, refining and retail sales. The company’s shares responded favorably as it posted strong results, and we pared our position to capture profits. Lastly, Comcast Corp. is one of the country’s largest cable operators, home Internet service providers and home telephone service companies. Comcast recently completed a system-wide upgrade that provides high quality video and data under its “Xfinity” brand. It has also been a beneficiary of a trend toward bundling of Internet, cable and phone services by consumers and businesses.
	From a sector positioning perspective, underweights to consumer staples and financials, along with an overweight to the consumer discretionary sector, were the largest contributors to relative performance. Conversely, an overweight to health care, coupled with underweights to the materials and utility sectors, were the largest detractors from relative results.
Q.	How did you manage the Fund’s fixed income exposure during the reporting period?
A.	Overall, investor demand for the spread sectors (non-US Treasuries) was robust during the period as investors looked to generate incremental yield given relatively low interest rates. Against this backdrop, the Fund’s spread sector overweight significantly contributed to performance. In particular, an overweight to investment grade corporate bonds, most notably financials, was rewarded. They performed well in an environment that was largely characterized by better-than-expected corporate profits and strong investor demand. Another meaningful contributor to relative performance was the Fund’s overweight to commercial mortgage-backed securities (CMBS), which were the beneficiaries of solid demand and improving fundamentals. Finally, the Fund’s high yield exposure was a positive for relative results as the high yield market posted very strong returns.
	The Fund’s duration positioning was a positive for relative performance during the reporting period. (Duration measures the price sensitivity of a portfolio to interest rate changes.) We tactically adjusted the Fund’s duration,

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UBS U.S. Allocation Fund

	but generally had a neutral to short bias relative to the benchmark, which proved rewarding as yields rose during the period as a whole. Somewhat offsetting this positive was the Fund’s yield curve positioning. (The yield curve plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity dates.) During much of the review period, the Fund was positioned for a flattening of the yield curve. Still, the yield curve steepened, as longer term rates moved higher than their short-term counterparts. This occurred as short-term rates were somewhat anchored by the Fed’s announcements that it would keep the federal funds rate at an historical low for “an extended period.” Longer term rates moved sharply higher due to fears of future inflation.
	Certain derivative instruments, namely interest rate futures, were used to facilitate specific duration and yield curve strategies. The results of derivatives used during the period were positive for performance.
Q.	What is your outlook for the economy?
A.	We expect that the US economy, which surprised investors with its resiliency in 2010, will also surprise positively in 2011. We believe two forces will likely shape the macro picture in 2011. First, the global industrial cycle is reaccelerating after a brief dip, and this cyclical upswing will likely be an important driver for the financial markets. Second, the recovery appears to be on the threshold of moving from a rebound phase to an expansion phase, as suggested by recent movements of global risk appetite. In addition, accommodative Fed monetary policy could further support the solid foundation for broader and more sustainable growth.

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UBS U.S. Allocation Fund

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

Sincerely,
Mark E. Carver	Curt Custard
President	Portfolio Manager
UBS U.S. Allocation Fund	UBS U.S. Allocation Fund
Managing Director	Group Managing Director
UBS Global Asset Management	UBS Global Asset Management
(Americas) Inc.	(Americas) Inc.
Andreas Koester	Aaron Balsam
Portfolio Manager	Portfolio Manager
UBS U.S. Allocation Fund	UBS U.S. Allocation Fund
Managing Director	Director
UBS Global Asset Management	UBS Global Asset Management
(Americas) Inc.	(Americas) Inc.
This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended February 28, 2011. The views and opinions in the letter were current as of April 14, 2011. They are not guarantees of performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund’s investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. 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 02/28/11

		6 months		1 year		5 years		10 years
Before deducting maximum sales charge	Class A1	20.15	%	17.42	%	1.82	%	1.98	%
	Class B2	19.63		16.44		0.91		1.50	5
	Class C3	19.73		16.59		1.06		1.22
	Class Y4	20.32		17.77		2.18		2.33
After deducting maximum sales charge	Class A1	13.52		10.96		0.67		1.40
	Class B2	14.63		11.44		0.53		1.50	5
	Class C3	18.73		15.59		1.06		1.22
S&P 500 Index6		27.73		22.57		2.87		2.62
UBS U.S. Allocation Fund Index7		18.65		18.28		4.65		3.38
Lipper Flexible Portfolio Funds median		16.55		15.93		4.31		4.50

Most recent quarter-end returns

Average annual total returns for periods ended 03/31/11

		6 months		1 year		5 years		10 years
Before deducting maximum sales charge	Class A1	11.59	%	12.15	%	1.65	%	2.63	%
	Class B2	11.11		11.15		0.74		2.15	5
	Class C3	11.15		11.28		0.88		1.86
	Class Y4	11.73		12.46		2.00		2.98
After deducting maximum sales charge	Class A1	5.45		5.99		0.51		2.05
	Class B2	6.11		6.15		0.35		2.15	5
	Class C3	10.15		10.28		0.88		1.86

The annualized gross and net expense ratios, respectively, for each class of shares as in the December 29, 2010 prospectuses, were as follows: Class A—1.03% and 1.03%; Class B—1.91% and 1.90%; Class C—1.78% and 1.78%; and Class Y—0.70% and 0.70%.

Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Fund and UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) have entered into: (1) a written agreement, separate from UBS Global AM’s investment advisory agreement with the fund, whereby UBS Global AM has agreed to permanently reduce its management fee based on the Fund’s average daily net assets to the following rates: $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%; and (2) a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Fund’s ordinary total operating expenses of each class through December 31, 2011 (excluding

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UBS U.S. Allocation Fund

Performance at a glance (unaudited) (continued)

dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.15% for Class A, 1.90% for Class B, 1.90% for Class C and 0.90% for Class Y (the “fee waiver/expense reimbursement agreement”). The Fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses (pursuant to the fee waiver/expense reimbursement agreement) to the extent that it can do so over the following three fiscal years without causing the Fund’s expenses in any of those three years to exceed these expense caps. The agreements may be terminated by the Fund’s board at any time and also will terminate automatically upon the expiration or termination of the Fund’s advisory contract with UBS Global AM. Upon termination of the fee waiver/expense reimbursement agreement, however, UBS Global AM’s three year recoupment rights will survive.

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. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front-end sales charge is not reflected in the average annual total return presented for the Class C shares shown above.
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.
5	Assumes the conversion of Class B to Class A shares at the end of the sixth year.
6	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. Investors should note that indices do not reflect the deduction of fees and expenses.
7	The UBS U.S. Allocation Fund Index is 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% Barclays Capital US Aggregate Index, and 5% BofA Merrill Lynch US High Yield Cash Pay Index; and from June 1, 2005 until present: 65% Russell 3000 Index, 30% Barclays Capital US Aggregate Index, and 5% BofA Merrill Lynch US High Yield Cash Pay Constrained Index. Investors should note that indices do not reflect the deduction of fees and expenses. 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.

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UBS U.S. Allocation Fund

Performance at a glance (unaudited) (concluded)

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 www.ubs.com.

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.

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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, 2010 to February 28, 2011.

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)

				Expenses paid	Expense
		Beginning	Ending	during period1	ratio
		account value	account value	09/01/10 -	during the
		September 1, 2010	February 28, 2011	02/28/11	period
Class A	Actual	$1,000.00	$1,201.50	$5.57	1.02	%
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,019.74	5.11	1.02
Class B	Actual	1,000.00	1,196.30	10.24	1.88
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,015.47	9.39	1.88
Class C	Actual	1,000.00	1,197.30	9.70	1.78
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,015.97	8.90	1.78
Class Y	Actual	1,000.00	1,203.20	3.99	0.73
	Hypothetical
	(5% annual return
	before expenses)	1,000.00	1,021.17	3.66	0.73

¹ Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

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UBS U.S. Allocation Fund

Portfolio statistics (unaudited)
Characteristics	02/28/11		08/31/10		02/28/10
Net assets (mm)	$313.6		$296.5		$341.8
Number of securities	542		589		577
Portfolio composition1	02/28/11		08/31/10		02/28/10
Stocks	73.1%		69.9%		68.5%
Bonds	19.9		18.6		28.2
Investment company	4.0		8.0		0.2
Futures, options
and swap contracts	(0.2)		—		0.1
Cash equivalents and
other assets less liabilities	3.2		3.5		3.0
Total	100.0%		100.0%		100.0%
Top five equity sectors1	02/28/11		08/31/10		02/28/10
Information		Information		Information
technology	15.5%	technology	14.7%	technology	12.7%
Consumer discretionary	12.0	Consumer discretionary	10.2	Health care	10.2
Financials	9.6	Health care	9.5	Consumer discretionary	9.5
Energy	8.9	Financials	8.5	Financials	8.7
Health care	8.9	Industrials	7.8	Industrials	8.7
Total	54.9%		50.7%		49.8%
Top ten equity securities1	02/28/11		08/31/10		02/28/10
Apple, Inc.	2.9%	Apple, Inc.	2.5%	Apple, Inc.	1.8%
Exxon Mobil Corp.	2.8	Exxon Mobil Corp.	1.9	Covidien PLC	1.7
				The Procter &
QUALCOMM, Inc.	1.5	JPMorgan Chase & Co.	1.5	Gamble Co.	1.7
Wells Fargo & Co.	1.5	Comcast Corp., Class A	1.5	Microsoft Corp.	1.7
				JPMorgan
Microsoft Corp.	1.5	Allergan, Inc.	1.4	Chase & Co.	1.6
JPMorgan Chase & Co.	1.4	AT&T, Inc.	1.4	Exxon Mobil Corp.	1.5
				General Dynamics
Amazon.com, Inc.	1.3	Wells Fargo & Co.	1.3	Corp.	1.3
Adobe Systems, Inc.	1.2	Johnson & Johnson	1.3	Wells Fargo & Co.	1.3
Comcast Corp., Class A	1.2	PepsiCo, Inc.	1.3	Pfizer, Inc.	1.3
AT&T, Inc.	1.2	Illinois Tool Works, Inc.	1.2	FedEx Corp.	1.3
Total	16.5%		15.3%		15.2%

¹ Weightings represent percentages of the Fund’s net assets as of the dates indicated.

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UBS U.S. Allocation Fund

Portfolio statistics (unaudited) (continued)

Long-term fixed income
sector allocation1	02/28/11		08/31/10		02/28/10
Mortgage & agency
debt securities	6.8	%	6.9	%	10.3	%
US government obligations	6.6		4.9		11.4
Corporate bonds	5.9		6.2		6.0
Commercial
mortgage-backed securities	0.6		0.6		0.5
Asset-backed securities	—		0.0	2	0.0	2
Total	19.9	%	18.6	%	28.2	%

1	Weightings represent percentages of the Fund’s net assets as of the dates indicated.
2	Weighting represents less than 0.05% of the Fund’s net assets as of the dates indicated.

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UBS U.S. Allocation Fund

Portfolio statistics (unaudited) (concluded)

Top ten fixed
income securities1	02/28/11			08/31/10			02/28/10
			US Treasury Notes,			US Treasury Notes,
US Treasury Notes,			0.625%,			2.250%
0.625%, due 01/31/13	2.2	%	due 06/30/12	2.2	%	due 01/31/15	3.5	%
			US Treasury Notes,			US Treasury Notes,
US Treasury Notes,			0.625%,			1.000%
2.000%, due 01/31/16	1.5		due 07/31/12	1.4		due 10/31/11	2.6
			FNMA Certificates,			US Treasury Notes,
US Treasury Notes,			2.375%,			3.375%
0.625%, due 12/31/12	1.4		due 07/28/15	1.2		due 11/15/19	1.5
			FHLMC Certificates,			FHLMC Certificates,
FNMA Certificates,			5.500%,			2.875%
1.625%, due 10/26/15	0.9		due 05/01/37	0.8		due 02/09/15	1.0
			US Treasury Bonds,			US Treasury Notes,
FNMA Certificates,			4.625%,			0.750%
4.000%, TBA	0.9		due 02/15/40	0.6		due 11/30/11	1.0
			FNMA Certificates,			FNMA Certificates,
US Treasury Notes,			4.500%,			4.500%
2.625%, due 11/15/20	0.8		due 04/01/39	0.5		due 04/01/39	1.0
			US Treasury Bonds,			US Treasury Notes,
FNMA Certificates,			4.375%,			0.875%
5.000%, TBA	0.6		due 05/15/40	0.5		due 05/31/11	1.0
			GNMA Certificates II,			US Treasury Bonds,
FNMA Certificates,			6.000%,			4.375%
4.500%, TBA	0.6		due 02/20/34	0.4		due 11/15/39	0.8
			FNMA Certificates,			FNMA Certificates,
FHLMC Certificates,			5.000%,			6.000%
5.00%, 05/01/37	0.5		due 09/01/39	0.3		due 11/01/38	0.8
			GS Mortgage
			Securities Corp. II,			FHLMC Certificates,
US Treasury Bonds,			6.002%,			5.500%
4.250%, due 11/15/40	0.5		due 08/10/45	0.3		due 05/01/37	0.7
Total	9.9	%		8.2	%		13.9	%

¹ Weightings represent percentages of the Fund’s net assets as of the dates indicated.

15

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

Security description	Shares	Value
Common stocks—73.07%
Aerospace & defense—2.03%
Aerovironment, Inc.*	2,100		$60,921
BE Aerospace, Inc.*	3,000		101,160
General Dynamics Corp.	29,200		2,222,704
Precision Castparts Corp.	4,100		581,175
The Boeing Co.	36,800		2,649,968
United Technologies Corp.	9,000		751,860
			6,367,788
Air freight & logistics—1.00%
C.H. Robinson Worldwide, Inc.	8,100		586,359
FedEx Corp.	27,300		2,457,546
Hub Group, Inc., Class A*	2,900		101,384
			3,145,289
Airlines—0.47%
Southwest Airlines Co.	123,500		1,461,005
Auto components—0.94%
Johnson Controls, Inc.	68,700		2,802,960
Tenneco, Inc.*	3,700		147,556
			2,950,516
Automobiles—0.60%
General Motors Co.*	56,000		1,877,680
Beverages—1.06%
PepsiCo, Inc.	52,300		3,316,866
Biotechnology—1.24%
Acorda Therapeutics, Inc.*	19,600		411,012
Alexion Pharmaceuticals, Inc.*	12,400		1,193,872
Amgen, Inc.*	28,400		1,457,772
Amylin Pharmaceuticals, Inc.*	30,800		471,240
Pharmasset, Inc.*	7,400		370,000
			3,903,896
Building products—0.05%
A.O. Smith Corp.	500		20,200
Trex Co., Inc.1,*	4,500		134,775
			154,975

Security description		Shares	Value
Common stocks—(continued)
Capital markets—2.74%
Apollo Investment Corp.		8,905		$110,155
Evercore Partners, Inc., Class A		3,300		113,784
Goldman Sachs Group, Inc.		16,800		2,751,504
Golub Capital BDC, Inc.		4,100		70,848
Morgan Stanley		111,900		3,321,192
PennantPark Investment Corp.		8,500		107,950
The Bank of New York Mellon Corp.		69,600		2,115,144
				8,590,577
Chemicals—1.08%
Celanese Corp., Series A		43,100		1,786,495
Cytec Industries, Inc.		1,900		107,977
Potash Corporation of
Saskatchewan, Inc.		8,100		498,960
Praxair, Inc.		3,500		347,830
The Sherwin-Williams Co.		7,800		640,536
	��			3,381,798
Commercial banks—2.48%
Bank of Hawaii Corp.		1,300		61,308
Center Financial Corp.*		9,300		74,121
City National Corp.		1,100		64,801
Prosperity Bancshares, Inc.		1,800		73,476
U.S. Bancorp		101,300		2,809,049
Webster Financial Corp.		3,200		74,176
Wells Fargo & Co.		142,800		4,606,728
				7,763,659
Commercial services & supplies—0.02%
Innerworkings, Inc.1,*		8,800		71,896
Communications equipment—2.95%
Cisco Systems, Inc.*		177,600		3,296,256
Juniper Networks, Inc.*		10,300		453,200
NETGEAR, Inc.*		3,000		98,400

16

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

Security description	Shares	Value
Common stocks—(continued)
Communications equipment—(concluded)
Nortel Networks Corp.*	25,433		$686
QUALCOMM, Inc.	79,900		4,760,442
Riverbed Technology, Inc.*	15,400		635,866
			9,244,850
Computers & peripherals—5.01%
Apple, Inc.*	25,400		8,971,534
EMC Corp.*	50,700		1,379,547
Hewlett-Packard Co.	79,100		3,451,133
SanDisk Corp.*	9,200		456,320
Seagate Technology*	109,500		1,390,650
SMART Technologies, Inc., Class A1,*	6,700		61,573
			15,710,757
Construction & engineering—0.03%
MasTec, Inc.*	5,500		102,410
Diversified consumer services—0.51%
Apollo Group, Inc., Class A*	30,700		1,389,482
Coinstar, Inc.1,*	2,800		119,504
Universal Technical Institute, Inc.	5,700		104,880
			1,613,866
Diversified financial services—2.46%
Citigroup, Inc.*	457,100		2,139,228
CME Group, Inc.	2,300		715,944
IntercontinentalExchange, Inc.*	2,600		333,320
JPMorgan Chase & Co.	97,000		4,528,930
			7,717,422
Diversified telecommunication services—1.19%
AT&T, Inc.	128,600		3,649,668
Cbeyond, Inc.*	5,100		71,298
			3,720,966

Security description	Shares	Value
Common stocks—(continued)
Electric utilities—2.03%
American Electric Power Co., Inc.	84,500		$3,023,410
FirstEnergy Corp.	45,500		1,742,650
NextEra Energy, Inc.	28,600		1,586,442
			6,352,502
Electrical equipment—0.20%
Regal-Beloit Corp.	2,100		153,195
Roper Industries, Inc.	5,600		471,128
			624,323
Electronic equipment, instruments & components—0.05%
NeoPhotonics Corp.*	2,500		45,875
Rofin-Sinar Technologies, Inc.*	2,900		112,462
			158,337
Energy equipment & services—2.83%
Baker Hughes, Inc.	28,700		2,039,135
Bristow Group, Inc.*	2,100		100,632
Dril-Quip, Inc.*	1,100		84,370
Ensco PLC, ADR	36,900		2,070,090
FMC Technologies, Inc.*	4,100		385,605
Noble Corp.	74,200		3,317,482
Schlumberger Ltd.	6,500		607,230
TETRA Technologies, Inc.*	11,000		151,910
Willbros Group, Inc.*	10,800		122,688
			8,879,142
Food & staples retailing—1.05%
CVS Caremark Corp.	19,500		644,670
Kroger Co.	115,500		2,644,950
			3,289,620
Food products—0.88%
Kellogg Co.	51,400		2,752,984
Gas utilities—0.02%
AGL Resources, Inc.	1,700		64,617

17

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

Security description	Shares	Value
Common stocks—(continued)
Health care equipment & supplies—2.64%
AngioDynamics, Inc.*	5,400		$90,828
Baxter International, Inc.	33,200		1,764,580
CONMED Corp.*	3,200		84,736
Covidien PLC	63,600		3,272,220
Greatbatch, Inc.*	3,300		82,104
ICU Medical, Inc.*	2,700		113,373
Integra LifeSciences Holdings*	2,400		120,360
Medtronic, Inc.	64,700		2,582,824
Synovis Life Technologies, Inc.*	3,100		61,194
The Cooper Cos., Inc.	1,900		117,458
			8,289,677
Health care providers & services—1.35%
ePocrates, Inc.1,*	1,200		26,040
Express Scripts, Inc.*	7,300		410,406
Owens & Minor, Inc.	3,700		115,440
Patterson Cos., Inc.	2,600		86,788
PSS World Medical, Inc.*	3,700		96,274
UnitedHealth Group, Inc.	82,100		3,495,818
			4,230,766
Health care technology—0.06%
Emdeon, Inc., Class A*	12,547		196,988
Hotels, restaurants & leisure—2.32%
Carnival Corp.	79,300		3,383,731
International Game Technology	112,300		1,848,458
Las Vegas Sands Corp.*	13,800		643,632
McDonald’s Corp.	15,600		1,180,608
O’Charley’s, Inc.*	9,800		62,230
Summit Hotel Properties, Inc.*	7,400		72,150
WMS Industries, Inc.*	2,500		99,475
			7,290,284

Security description	Shares	Value
Common stocks—(continued)
Household durables—0.85%
Fortune Brands, Inc.	43,100		$2,666,166
Household products—1.05%
Spectrum Brands Holdings, Inc.*	3,700		106,190
The Procter & Gamble Co.	50,400		3,177,720
			3,283,910
Insurance—1.82%
AFLAC, Inc.	48,200		2,837,052
MetLife, Inc.	58,500		2,770,560
Seabright Insurance Holdings	7,200		75,816
Tower Group, Inc.	1,300		35,334
			5,718,762
Internet & catalog retail—1.58%
Amazon.com, Inc.*	23,300		4,037,657
Priceline.com, Inc.*	2,000		907,760
			4,945,417
Internet software & services—0.86%
Baidu, Inc., ADR*	5,800		702,728
Digital River, Inc.*	2,300		77,234
Google, Inc., Class A*	2,800		1,717,520
Intralinks Holdings, Inc.*	2,000		56,380
RightNow Technologies, Inc.*	2,200		58,718
ValueClick, Inc.*	6,700		100,031
			2,712,611
IT services—0.86%
MasterCard, Inc., Class A	1,600		384,896
Teradata Corp.*	12,300		588,186
Visa, Inc., Class A	23,500		1,716,675
			2,689,757
Life sciences tools & services—0.43%
Agilent Technologies, Inc.*	16,700		702,736
Bio-Rad Laboratories, Inc., Class A*	5,700		650,712
			1,353,448

18

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

Security description	Shares	Value
Common stocks—(continued)
Machinery—3.05%
Danaher Corp.	12,600		$637,560
Dover Corp.	40,300		2,589,275
Illinois Tool Works, Inc.	63,400		3,429,940
Kaydon Corp.	2,200		86,328
PACCAR, Inc.	15,700		787,041
Pall Corp.	29,200		1,587,312
Parker Hannifin Corp.	4,900		436,982
			9,554,438
Media—3.41%
Cinemark Holdings, Inc.	5,200		104,416
Comcast Corp., Class A	143,500		3,696,560
Discovery Communications, Inc., Class A*	14,000		603,540
Focus Media Holding Ltd., ADR*	20,600		546,312
ReachLocal, Inc.1,*	2,600		49,504
Time Warner, Inc.	88,000		3,361,600
Valassis Communications, Inc.*	3,000		84,660
Viacom Inc., Class B	50,300		2,246,398
			10,692,990
Metals & mining—0.17%
Freeport-McMoRan Copper & Gold, Inc.	10,200		540,090
Oil, gas & consumable fuels—6.10%
Anadarko Petroleum Corp.	7,000		572,810
Cimarex Energy Co.	3,300		383,229
Comstock Resources, Inc.*	3,400		90,270
Concho Resources, Inc.*	6,500		692,380
CONSOL Energy, Inc.	10,100		512,171
EOG Resources, Inc.	17,000		1,909,270
Exxon Mobil Corp.	104,300		8,920,779
Hess Corp.	28,100		2,445,543

Security description	Shares	Value
Common stocks—(continued)
Oil, gas & consumable fuels—(concluded)
Occidental Petroleum Corp.	4,700		$479,259
Suncor Energy, Inc.	7,600		357,352
Ultra Petroleum Corp.*	61,000		2,766,350
			19,129,413
Personal products—0.77%
Avon Products, Inc.	83,700		2,327,697
Prestige Brands Holdings, Inc.*	7,900		87,058
			2,414,755
Pharmaceuticals—3.36%
Allergan, Inc.	45,700		3,389,569
Johnson & Johnson	58,900		3,618,816
Merck & Co., Inc.	93,200		3,035,524
Watson Pharmaceuticals, Inc.*	8,900		498,311
			10,542,220
Professional services—0.02%
Heidrick & Struggles International, Inc.	2,900		78,967
Real estate investment trusts—0.13%
American Campus Communities, Inc.	1,900		63,498
Cypress Sharpridge Investments, Inc.	6,800		84,728
Entertainment Properties Trust	1,700		81,039
Hudson Pacific Properties, Inc.	5,700		85,785
Invesco Mortgage Capital, Inc.	4,000		93,360
			408,410
Road & rail—1.81%
Hertz Global Holdings, Inc.*	103,100		1,568,151
Norfolk Southern Corp.	35,800		2,347,764
Ryder System, Inc.	28,700		1,372,721
Union Pacific Corp.	4,000		381,640
			5,670,276

19

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

Security description	Shares	Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—0.94%
Intersil Corp., Class A	94,800		$1,212,492
National Semiconductor Corp.	106,200		1,646,100
ON Semiconductor Corp.*	7,200		80,280
			2,938,872
Software—4.57%
Adobe Systems, Inc.*	109,800		3,788,100
Autodesk, Inc.*	52,800		2,220,240
Blackboard, Inc.1,*	2,000		70,020
Cadence Design Systems, Inc.*	7,200		71,640
Microsoft Corp.	172,000		4,571,760
NICE Systems Ltd., ADR*	1,800		62,361
Nuance Communications, Inc.*	4,200		78,372
Oracle Corp.	27,600		908,040
RealPage, Inc.*	2,100		52,080
Red Hat, Inc.*	7,900		326,112
Solera Holdings, Inc.	1,200		61,296
SS&C Technologies Holdings, Inc.*	3,800		74,442
Symantec Corp.*	110,900		1,999,527
Websense, Inc.*	2,800		59,976
			14,343,966
Specialty retail—1.31%
Children’s Place Retail Stores, Inc.*	1,800		82,260
GameStop Corp., Class A1,*	72,600		1,448,370
Lowe’s Cos., Inc.	95,200		2,491,384
PetSmart, Inc.	2,000		81,740
			4,103,754
Textiles, apparel & luxury goods—0.27%
Movado Group, Inc.*	4,200		59,094
Nike, Inc., Class B	8,000		712,240
Skechers USA, Inc., Class A*	3,300		68,574
			839,908

Security description		Shares	Value
Common stocks—(concluded)
Trading companies & distributors—0.06%
Beacon Roofing Supply, Inc.*		4,600		$97,566
Interline Brands, Inc.*		4,300		94,213
				191,779
Wireless telecommunication services—0.36%
American Tower Corp., Class A*		5,800		312,968
Crown Castle International Corp.*		19,300		813,495
				1,126,463
Total common stocks
(cost—$192,253,670)				229,171,828
Preferred stocks—0.00%
Consumer finance—0.00%
Ally Financial, Inc.1,2,3,*		5		4,765
Media—0.00%
CMP Susquehanna Radio Holdings Corp., Series A4,5,6,*		2,332		23
Total preferred stocks
(cost—$271)				4,788
Investment company—4.03%
UBS Credit Bond Relationship Fund7,* (cost—$11,873,481)		882,042		12,634,906
	Number of
	warrants
Warrants*—0.00%
Commercial banks—0.00%
CNB Capital Trust I, expires 03/23/19 (cost—$27)4,8		2,665		27

20

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
US government obligations—6.63%
US Treasury Bonds
4.250%, due 11/15/40	$	1,675,000		$1,606,692
US Treasury Inflation Indexed Bonds
2.125%, due 02/15/41		470,000		487,588
US Treasury Notes
0.625%, due 12/31/12		4,475,000		4,475,349
0.625%, due 01/31/13		6,865,000		6,861,513
1.875%, due 06/30/15		160,000		160,350
2.000%, due 01/31/16		4,600,000		4,578,076
2.625%, due 11/15/20		2,705,000		2,530,866
3.625%, due 02/15/21		80,000		81,412
Total US government obligations (cost—$20,741,192)				20,781,846
Mortgage & agency debt securities—6.84%
Federal Home Loan Mortgage Corporation Certificates,**
4.000%, due 05/01/23		438,859		451,890
4.000%, due 01/01/41		723,660		713,241
5.000%, due 11/01/38		97,699		102,323
5.500%, due 05/01/37		1,576,760		1,699,804
5.500%, due 07/01/38		152,431		162,873
6.000%, due 10/01/36		244,260		268,130
6.500%, due 08/01/28		315,465		357,448
Federal National Mortgage Association Certificates,**
1.250%, due 02/27/14		645,000		643,891
1.625%, due 10/26/15		2,905,000		2,824,871
2.875%, due 12/11/13		685,000		716,152
4.000%, due 01/01/41		1,147,987		1,133,252
4.500%, due 02/01/39		237,218		242,095
4.500%, due 04/01/39		786,006		802,165
4.500%, due 10/01/39		520,092		530,784
5.000%, due 09/01/39		743,866		781,623
5.000%, due 10/01/39		102,784		107,745
5.000%, due 05/01/40		130,733		137,042
5.500%, due 03/01/38		84,139		90,021
5.500%, due 08/01/39		484,307		521,114
6.000%, due 06/01/33		8,770		9,824
				21

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Mortgage & agency debt securities—(concluded)
Federal National Mortgage Association Certificates,** (concluded)
6.000%, due 08/01/37		$310,739		$341,449
7.000%, due 08/01/32		589,646		677,532
7.500%, due 02/01/33		8,997		10,407
Federal National Mortgage Association Certificates,**
4.000%, TBA		2,800,000		2,780,369
4.500%, TBA		1,875,000		1,911,036
5.000%, TBA		1,850,000		1,937,007
5.500%, TBA		25,000		26,719
6.000%, TBA		225,000		244,477
First Horizon Mortgage Pass-Through Trust, Series 2004-FL1, Class 1A1,
0.532%, due 02/25/359		147,725		119,488
Government National Mortgage Association Certificates,
6.500%, due 10/15/28		6,259		7,113
Government National Mortgage Association Certificates II,
6.000%, due 11/20/28		2,783		3,069
6.000%, due 02/20/29		6,564		7,243
6.000%, due 02/20/34		981,978		1,089,072
Total mortgage & agency debt securities (cost—$21,054,214)				21,451,269
Commercial mortgage-backed securities—0.57%
Bear Stearns Commercial Mortgage Securities,
Series 2006-PW12, Class A4,
5.722%, due 09/11/389		300,000		330,210
Commercial Mortgage Pass Through Certificates,
Series 2006-C8, Class A4,
5.306%, due 12/10/46		200,000		211,483
FDIC Structured Sale Guaranteed Notes, Series 2010-C1, Class A,
2.980%, due 12/06/202		336,102		336,015
Greenwich Capital Commercial Funding Corp.,
Series 2007-GG9, Class A4,
5.444%, due 03/10/39		375,000		400,614
Series 2007-GG11, Class A4,
5.736%, due 12/10/49		250,000		267,976
Holmes Master Issuer PLC, Series 2011-1A, Class A2,
1.641%, due 10/15/542,9		225,000		224,995
Total commercial mortgage-backed securities (cost—$1,598,324)				1,771,293
22

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—5.87%
Aerospace & defense—0.07%
BE Aerospace, Inc.
6.875%, due 10/01/20		$150,000		$156,375
DAE Aviation Holdings
11.250%, due 08/01/152		35,000		36,837
Spirit AeroSystems, Inc.
7.500%, due 10/01/17		25,000		26,563
				219,775
Airlines—0.05%
AMGH Merger Sub, Inc.
9.250%, due 11/01/182		25,000		26,938
Delta Air Lines, Inc.
12.250%, due 03/15/152,10		75,000		85,875
Global Aviation Holdings, Inc.
14.000%, due 08/15/13		45,000		51,862
				164,675
Automobile OEM—0.04%
Ford Motor Co.
7.450%, due 07/16/311		115,000		125,171
Automotive parts—0.06%
Allison Transmission, Inc.
11.000%, due 11/01/152		50,000		54,375
ArvinMeritor, Inc.
10.625%, due 03/15/18		30,000		34,275
Goodyear Tire & Rubber Co.
10.500%, due 05/15/16		65,000		74,100
Navistar International Corp.
8.250%, due 11/01/21		25,000		27,687
Tenneco, Inc.
7.750%, due 08/15/18		10,000		10,763
				201,200
Banking-non-US—0.04%
HBOS Capital Funding LP
6.071%, due 06/30/142,9,11		65,000		58,175
ING Groep N.V.
5.775%, due 12/08/159,11		50,000		44,500
				23

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Banking-non-US—(concluded)
NB Capital Trust II
7.830%, due 12/15/26		$25,000		$25,250
				127,925
Banking-US—0.63%
Bank of America Corp.
5.420%, due 03/15/17		300,000		307,359
BankAmerica Capital II
8.000%, due 12/15/26		75,000		76,125
CIT Group, Inc.
7.000%, due 05/01/13		30,494		31,104
7.000%, due 05/01/17		450,000		453,375
Citigroup Capital XXI
8.300%, due 12/21/579		135,000		139,050
Citigroup, Inc.
6.125%, due 05/15/18		150,000		164,485
Merrill Lynch & Co.
5.700%, due 05/02/17		105,000		109,243
Morgan Stanley
5.500%, due 01/26/20		65,000		65,850
Morgan Stanley MTN
6.625%, due 04/01/18		250,000		276,360
Washington Mutual, Inc.
5.500%, due 01/15/1312		585,000		731
Wells Fargo Bank N.A.
5.950%, due 08/26/36		310,000		324,634
Zions Bancorp.
5.500%, due 11/16/15		30,000		30,138
				1,978,454
Beverage/bottling—0.05%
Anheuser-Busch InBev Worldwide, Inc.
4.125%, due 01/15/15		85,000		90,335
Constellation Brands, Inc.
8.375%, due 12/15/14		60,000		67,500
				157,835
24

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Building materials—0.05%
Cemex Espana Luxembourg
9.250%, due 05/12/202		$75,000		$77,250
Hanson Ltd.
6.125%, due 08/15/16		40,000		41,400
USG Corp.
9.750%, due 08/01/142		25,000		27,187
				145,837
Business services/office equipment—0.06%
Harland Clarke Holdings
9.500%, due 05/15/15		75,000		73,687
West Corp.
7.875%, due 01/15/192		45,000		46,181
11.000%, due 10/15/161		50,000		54,438
				174,306
Chemicals—0.10%
Ashland, Inc.
9.125%, due 06/01/17		40,000		46,525
Celanese US Holdings LLC
6.625%, due 10/15/182		25,000		26,125
Georgia Gulf Corp.
9.000%, due 01/15/172		5,000		5,562
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
8.875%, due 02/01/18		25,000		26,844
Ineos Group Holdings PLC
8.500%, due 02/15/161,2		105,000		106,050
Momentive Performance Materials, Inc.
12.500%, due 06/15/14		15,000		16,744
Nalco Co.
6.625%, due 01/15/192		50,000		51,687
NOVA Chemicals Corp.
8.625%, due 11/01/19		25,000		27,625
				307,162
				25

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Coal—0.03%
Consol Energy, Inc.
8.000%, due 04/01/172		$45,000		$48,825
Patriot Coal Corp.
8.250%, due 04/30/18		50,000		53,500
				102,325
Commercial services—0.01%
DynCorp International, Inc.
10.375%, due 07/01/172		20,000		21,500
Interactive Data Corp.
10.250%, due 08/01/182		5,000		5,575
				27,075
Consumer products-non durables—0.09%
ACCO Brands Corp.
10.625%, due 03/15/15		25,000		28,250
Sealy Mattress Co.
10.875%, due 04/15/162		9,000		10,215
Toys R US Property Co. II LLC
8.500%, due 12/01/17		120,000		130,500
Yankee Acquisition Corp., Series B
8.500%, due 02/15/151		20,000		20,925
9.750%, due 02/15/171		50,000		53,375
YCC Holdings LLC/Yankee Finance, Inc.
10.250%, due 02/15/161,2,13		50,000		51,500
				294,765
Consumer services—0.02%
Avis Budget Car Rental/Avis Budget Finance, Inc.
9.625%, due 03/15/18		20,000		22,350
Hertz Corp.
7.375%, due 01/15/212		50,000		52,250
				74,600
Distribution/wholesale—0.04%
McJunkin Red Man Corp.
9.500%, due 12/15/162		130,000		128,700
26

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Diversified manufacturing—0.04%
Bombardier, Inc.
7.500%, due 03/15/182		$20,000		$21,500
7.750%, due 03/15/202		25,000		27,125
SPX Corp.
7.625%, due 12/15/14		65,000		71,175
				119,800
Electric-generation—0.19%
AES Corp.
8.000%, due 06/01/20		100,000		109,500
Calpine Construction Finance/CCFC Finance Corp.
8.000%, due 06/01/162		50,000		54,250
Calpine Corp.
7.875%, due 07/31/202		115,000		121,613
Dynegy Holdings, Inc.
8.375%, due 05/01/16		40,000		32,100
Edison Mission Energy
7.000%, due 05/15/17		100,000		81,250
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.
10.000%, due 12/01/20		80,000		83,508
Mirant Americas Generation LLC
9.125%, due 05/01/31		40,000		41,600
North American Energy Alliance LLC/ North American Energy Finance Corp.
10.875%, due 06/01/162		50,000		56,500
NRG Energy, Inc.
8.500%, due 06/15/19		15,000		15,975
				596,296
Electric-integrated—0.06%
E.ON International Finance BV
5.800%, due 04/30/182		80,000		90,133
Oncor Electric Delivery Co. LLC
6.800%, due 09/01/18		80,000		92,898
Texas Competitive Electric Holdings Co. LLC, Series A
10.250%, due 11/01/1510		35,000		19,688
				202,719
				27

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Electronics—0.11%
Freescale Semiconductor, Inc.
9.250%, due 04/15/182		$25,000		$27,875
10.750%, due 08/01/201,2		60,000		69,300
KEMET Corp.
10.500%, due 05/01/18		25,000		28,375
NXP BV/NXP Funding LLC
9.500%, due 10/15/151		100,000		106,750
Sanmina-SCI Corp.
8.125%, due 03/01/16		100,000		103,000
				335,300
Energy-exploration & production—0.22%
Alta Mesa Holdings/Alta Mesa Finance Services Corp.
9.625%, due 10/15/182		100,000		101,250
Denbury Resources, Inc.
8.250%, due 02/15/20		25,000		27,812
9.750%, due 03/01/16		75,000		85,125
Forest Oil Corp.
8.500%, due 02/15/14		30,000		33,375
Helix Energy Solutions
9.500%, due 01/15/162		100,000		104,000
Hilcorp Energy I LP/Hilcorp Finance Co.
7.625%, due 04/15/212		10,000		10,550
8.000%, due 02/15/202		20,000		21,450
Linn Energy LLC/Linn Energy Finance Corp.
7.750%, due 02/01/212		50,000		53,125
11.750%, due 05/15/17		35,000		40,775
Plains Exploration & Production Co.
10.000%, due 03/01/16		55,000		62,425
Pride International, Inc.
6.875%, due 08/15/20		5,000		5,575
Quicksilver Resources, Inc.
11.750%, due 01/01/16		30,000		35,025
SandRidge Energy, Inc.
8.750%, due 01/15/201		45,000		48,600
9.875%, due 05/15/162		45,000		49,950
				679,037
28

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Energy-independent—0.17%
Chesapeake Energy Corp.
6.625%, due 08/15/20		$30,000		$31,500
9.500%, due 02/15/15		115,000		142,600
Comstock Resources, Inc.
8.375%, due 10/15/17		20,000		20,825
Encore Acquisition Co.
9.500%, due 05/01/16		30,000		33,900
Gulfmark Offshore, Inc.
7.750%, due 07/15/1410		40,000		40,600
Key Energy Services, Inc.
8.375%, due 12/01/14		80,000		87,000
PetroHawk Energy Corp.
7.875%, due 06/01/15		80,000		84,800
10.500%, due 08/01/14		50,000		57,500
Swift Energy Co.
8.875%, due 01/15/20		30,000		32,850
				531,575
Energy-oilfield services—0.04%
Aquilex Holdings/Aquilex Finance Corp.
11.125%, due 12/15/16		10,000		10,525
Cie Generale de Geophysique-Veritas
7.750%, due 05/15/17		35,000		37,013
Expro Finance Luxembourg SCA
8.500%, due 12/15/162		75,000		77,062
				124,600
Energy-refining & marketing—0.02%
Tesoro Corp.
9.750%, due 06/01/19		55,000		62,013
Entertainment—0.05%
AMC Entertainment, Inc.
8.750%, due 06/01/19		40,000		42,950
WMG Acquisition Corp.
9.500%, due 06/15/16		95,000		101,175
				144,125
				29

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Environmental—0.01%
Casella Waste Systems, Inc.
11.000%, due 07/15/14		$25,000		$28,375
Finance-noncaptive consumer—0.01%
Residential Capital LLC
9.625%, due 05/15/15		25,000		25,250
Finance-noncaptive diversified—0.17%
Ally Financial, Inc.
6.875%, due 09/15/11		24,000		24,540
7.500%, due 09/15/202		50,000		54,688
8.000%, due 03/15/20		60,000		67,575
8.300%, due 02/12/15		70,000		79,012
BNP Paribas MTN
3.600%, due 02/23/16		220,000		221,336
E*Trade Financial Corp.
12.500%, due 11/30/1713		63,000		74,655
				521,806
Finance-other—0.17%
Ford Motor Credit Co. LLC
12.000%, due 05/15/15		100,000		126,287
FTI Consulting, Inc.
6.750%, due 10/01/202		25,000		25,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.000%, due 01/15/18		25,000		25,875
International Lease Finance Corp.
7.125%, due 09/01/182		100,000		109,125
8.625%, due 09/15/152		70,000		78,925
8.750%, due 03/15/172		20,000		22,850
Pinafore LLC/Pinafore, Inc.
9.000%, due 10/01/182		70,000		77,875
SquareTwo Financial Corp.
11.625%, due 04/01/172		75,000		75,188
				541,125
30

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Food—0.09%
Land O’Lakes Capital Trust I
7.450%, due 03/15/282		$75,000		$67,594
Michael Foods, Inc.
9.750%, due 07/15/182		50,000		54,750
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
10.625%, due 04/01/171		55,000		58,987
Smithfield Foods, Inc.
10.000%, due 07/15/14		22,000		25,960
Tyson Foods, Inc.
10.500%, due 03/01/14		35,000		42,263
Viskase Cos., Inc.
9.875%, due 01/15/182		40,000		42,800
				292,354
Food-wholesale—0.03%
ARAMARK Corp.
8.500%, due 02/01/15		85,000		88,825
Gaming—0.43%
Boyd Gaming Corp.
9.125%, due 12/01/182		100,000		105,000
FireKeepers Development Authority
13.875%, due 05/01/152		165,000		196,556
Harrah’s Operating Co., Inc.
10.000%, due 12/15/18		175,000		164,500
11.250%, due 06/01/17		155,000		175,925
Marina District Finance Co., Inc.
9.500%, due 10/15/152		105,000		109,462
MGM Resorts International
10.000%, due 11/01/161,2		110,000		116,875
10.375%, due 05/15/14		30,000		33,600
11.125%, due 11/15/17		70,000		80,675
13.000%, due 11/15/13		40,000		47,900
Peninsula Gaming LLC
8.375%, due 08/15/15		25,000		26,813
Pokagon Gaming Authority
10.375%, due 06/15/142		93,000		96,952
				31

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Gaming—(concluded)
Shingle Springs Tribal Gaming Authority
9.375%, due 06/15/152		$75,000		$51,000
Tunica-Biloxi Gaming Authority
9.000%, due 11/15/152		75,000		74,813
Yonkers Racing Corp.
11.375%, due 07/15/162		50,000		56,125
				1,336,196
Gas distributors—0.06%
Ferrellgas Partners LP
8.625%, due 06/15/20		40,000		43,500
9.125%, due 10/01/17		60,000		66,300
Niska Gas Storage US LLC/Niska Gas Storage Canada ULC
8.875%, due 03/15/182		75,000		81,750
				191,550
Gas pipelines—0.14%
Atlas Pipeline Partners LP
8.750%, due 06/15/18		40,000		42,800
Nustar Logistics LP
7.650%, due 04/15/18		140,000		163,279
Sonat, Inc.
7.000%, due 02/01/18		150,000		166,748
Trans-Canada Pipelines Ltd.
7.625%, due 01/15/39		60,000		74,548
				447,375
Health care—0.26%
Accellent, Inc.
8.375%, due 02/01/17		50,000		53,000
Apria Healthcare Group, Inc.
11.250%, due 11/01/14		135,000		146,137
Biomet, Inc.
10.375%, due 10/15/1713		75,000		83,906
Capella Healthcare, Inc.
9.250%, due 07/01/172		10,000		10,750
Carriage Services, Inc.
7.875%, due 01/15/15		70,000		71,050
32

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Health care—(concluded)
HCA Holdings, Inc.
7.750%, due 05/15/211,2		$50,000		$52,625
Multiplan, Inc.
9.875%, due 09/01/182		125,000		134,531
Prospect Medical Holdings, Inc.
12.750%, due 07/15/14		40,000		44,150
Radiation Therapy Services, Inc.
9.875%, due 04/15/17		25,000		25,750
Tenet Healthcare Corp.
6.875%, due 11/15/31		50,000		40,125
8.875%, due 07/01/19		75,000		85,313
Universal Hospital Services
8.500%, due 06/01/1513		10,000		10,450
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.
8.000%, due 02/01/18		50,000		51,375
				809,162
Home construction—0.08%
Beazer Homes USA, Inc.
6.875%, due 07/15/15		25,000		24,813
8.125%, due 06/15/16		25,000		25,406
K Hovnanian Enterprises, Inc.
10.625%, due 10/15/16		30,000		32,512
KB Home
5.875%, due 01/15/15		25,000		24,937
6.250%, due 06/15/15		25,000		25,000
Ryland Group, Inc.
6.625%, due 05/01/20		50,000		49,000
Standard Pacific Corp.
10.750%, due 09/15/16		25,000		29,375
Toll Brothers Finance Corp.
8.910%, due 10/15/17		35,000		41,160
				252,203
Housewares—0.01%
Libbey Glass, Inc.
10.000%, due 02/15/15		25,000		27,313
				33

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Industrial-other—0.02%
Belden, Inc.
9.250%, due 06/15/19		$20,000		$22,150
RBS Global, Inc./Rexnord LLC
8.500%, due 05/01/18		30,000		32,663
				54,813
Insurance-life—0.13%
American General Institutional Capital A
7.570%, due 12/01/452		100,000		103,000
American International Group, Inc.
8.175%, due 05/15/589		100,000		109,750
American International Group, Inc. MTN
5.850%, due 01/16/18		100,000		105,573
Hartford Financial Services Group
8.125%, due 06/15/389		95,000		104,975
				423,298
Insurance-multiline—0.06%
Glen Meadow Pass-Through Trust
6.505%, due 02/12/672,9		60,000		53,250
ING Capital Funding Trust III
3.903%, due 06/30/119,11		40,000		38,381
Lincoln National Corp.
7.000%, due 05/17/669		100,000		99,500
				191,131
Insurance-personal & casualty—0.06%
Liberty Mutual Group, Inc.
7.800%, due 03/15/372		25,000		25,000
10.750%, due 06/15/582,9		70,000		91,175
XL Capital Ltd.
6.500%, due 04/15/179,11		85,000		78,625
				194,800
Internet software & services—0.03%
Equinix, Inc.
8.125%, due 03/01/18		50,000		54,250
34

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Internet software & services—(concluded)
MedAssets, Inc.
8.000%, due 11/15/182		$50,000		$51,375
				105,625
Leisure—0.02%
Brunswick Corp.
11.250%, due 11/01/161,2		15,000		18,038
Royal Caribbean Cruises Ltd.
7.500%, due 10/15/27		40,000		39,800
				57,838
Lodging—0.06%
Diamond Resorts Corp.
12.000%, due 08/15/182		125,000		134,062
Host Hotels & Resorts LP
9.000%, due 05/15/171		40,000		44,900
				178,962
Machinery-agriculture & construction—0.07%
Case New Holland, Inc.
7.875%, due 12/01/172		55,000		61,463
Caterpillar Financial Services Corp.
6.125%, due 02/17/14		100,000		112,783
CPM Holdings, Inc.
10.875%, due 09/01/142,10		30,000		32,475
				206,721
Manufacturing-diversified—0.00%
Trimas Corp.
9.750%, due 12/15/17		10,000		11,100
Media-broadcast/outdoor—0.04%
Clear Channel Communications, Inc.
10.750%, due 08/01/16		50,000		48,750
Clear Channel Worldwide Holdings, Inc.
9.250%, due 12/15/17		30,000		33,363
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc.
8.875%, due 04/15/17		25,000		27,125
				35

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Media-broadcast/outdoor—(concluded)
XM Satellite Radio, Inc.
13.000%, due 08/01/132		$25,000		$29,812
				139,050
Media-cable—0.11%
Cablevision Systems Corp.
8.625%, due 09/15/17		50,000		56,000
CSC Holdings LLC
8.625%, due 02/15/19		25,000		28,813
DISH DBS Corp.
7.750%, due 05/31/15		35,000		38,237
7.875%, due 09/01/19		75,000		81,281
Insight Communications Co., Inc.
9.375%, due 07/15/182		10,000		11,025
Time Warner Cable, Inc.
6.750%, due 07/01/18		100,000		114,819
UPC Germany GmbH
8.125%, due 12/01/172		25,000		26,813
				356,988
Media-non cable—0.06%
CMP Susquehanna Corp.
9.875%, due 05/15/144,9,14		10,000		7,049
Gannett Co., Inc.
8.750%, due 11/15/14		25,000		28,687
LIN Television Corp.
8.375%, due 04/15/18		25,000		27,188
Nielsen Finance LLC/ Nielsen Finance Co.
11.625%, due 02/01/14		13,000		15,275
Sinclair Television Group
9.250%, due 11/01/172		20,000		22,600
Univision Communications, Inc.
8.500%, due 05/15/211,2		50,000		52,125
12.000%, due 07/01/142		45,000		49,050
				201,974
36

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Media-publishing—0.03%
Cengage Learning Acquisitions, Inc.
10.500%, due 01/15/152,10		$40,000		$41,500
McClatchy Co.
11.500%, due 02/15/17		35,000		39,725
				81,225
Metals & mining—0.08%
Freeport-McMoRan Copper & Gold, Inc.
8.375%, due 04/01/17		40,000		44,400
Murray Energy Corp.
10.250%, due 10/15/152		40,000		42,700
Ryerson, Inc.
12.000%, due 11/01/1510		105,000		112,875
Tube City IMS Corp.
9.750%, due 02/01/15		50,000		52,375
				252,350
Packaging & containers—0.04%
Berry Plastics Corp.
8.250%, due 11/15/151		30,000		32,137
Exopack Holding Corp.
11.250%, due 02/01/14		40,000		41,450
Graphic Packaging International, Inc.
9.500%, due 06/15/17		5,000		5,550
Owens-Brockway Glass Container, Inc.
7.375%, due 05/15/16		25,000		27,250
Solo Cup Co.
8.500%, due 02/15/14		35,000		29,838
				136,225
Paper & forest products—0.12%
Boise Paper Holdings LLC/ Boise Finance Co.
9.000%, due 11/01/17		15,000		16,725
Georgia-Pacific LLC
5.400%, due 11/01/202		25,000		24,868
8.250%, due 05/01/162		50,000		56,375
8.875%, due 05/15/31		100,000		122,250
				37

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Paper & forest products—(concluded)
Sino-Forest Corp.
6.250%, due 10/21/171,2		$15,000		$14,625
Verso Paper Holdings LLC
11.500%, due 07/01/141		50,000		55,125
Series B
11.375%, due 08/01/161		65,000		69,063
Weyerhaeuser Co.
7.375%, due 03/15/32		25,000		27,184
				386,215
Pharmaceuticals—0.02%
Mylan, Inc.
7.625%, due 07/15/172		50,000		54,938
Pipelines—0.03%
Crosstex Energy LP/Crosstex Energy Finance Corp.
8.875%, due 02/15/18		80,000		88,200
Railroads—0.05%
Burlington Northern Santa Fe Corp.
7.082%, due 05/13/29		85,000		97,976
Union Pacific Corp.
5.780%, due 07/15/40		55,000		57,806
				155,782
Real estate development & management—0.03%
Realogy Corp.
10.500%, due 04/15/14		80,000		83,200
Real estate investment trusts—0.07%
CB Richard Ellis Services, Inc.
11.625%, due 06/15/17		50,000		58,938
Developers Diversified Realty Corp.
9.625%, due 03/15/16		70,000		85,047
DuPont Fabros Technology LP
8.500%, due 12/15/17		75,000		82,687
				226,672
38

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Retail-department—0.06%
Bon-Ton Department Stores, Inc.
10.250%, due 03/15/141		$60,000		$61,575
JC Penney Corp., Inc.
7.125%, due 11/15/23		60,000		61,800
Macy’s Retail Holdings, Inc.
6.375%, due 03/15/37		35,000		34,650
Neiman Marcus Group, Inc.
9.000%, due 10/15/151,13		38,982		40,834
				198,859
Retail-discount—0.02%
Dollar General Corp.
11.875%, due 07/15/1713		65,000		75,400
Retail-restaurants—0.01%
Landry’s Restaurants, Inc.
11.625%, due 12/01/15		40,000		43,400
Retail-specialty—0.14%
Burlington Coat Factory
10.000%, due 02/15/192		100,000		101,000
Ingles Markets, Inc.
8.875%, due 05/15/17		70,000		75,250
Limited Brands, Inc.
8.500%, due 06/15/19		45,000		51,525
Michaels Stores, Inc.
11.375%, due 11/01/161		50,000		54,625
Petco Animal Supplies, Inc.
9.250%, due 12/01/182		40,000		43,200
QVC, Inc.
7.125%, due 04/15/172		20,000		21,350
7.500%, due 10/01/192		25,000		26,687
RITE AID Corp.
10.375%, due 07/15/16		60,000		64,500
				438,137
				39

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount		Value
Corporate bonds—(continued)
Steel producers/products—0.05%
AK Steel Corp.
7.625%, due 05/15/20		$50,000		$51,000
Severstal Columbus LLC
10.250%, due 02/15/182		50,000		54,500
US Steel Corp.
7.375%, due 04/01/20		50,000		52,875
				158,375
Technology-hardware—0.03%
Advanced Micro Devices, Inc.
8.125%, due 12/15/17		25,000		26,625
Jabil Circuit, Inc.
8.250%, due 03/15/18		25,000		28,437
Seagate HDD Cayman
7.750%, due 12/15/182		50,000		51,250
				106,312
Technology-software—0.10%
Aspect Software, Inc.
10.625%, due 05/15/172		10,000		10,650
First Data Corp.
9.875%, due 09/24/151		40,000		40,400
11.250%, due 03/31/161		25,000		24,125
Sungard Data Systems, Inc.
10.250%, due 08/15/15		165,000		173,869
Unisys Corp.
12.750%, due 10/15/142		50,000		59,125
				308,169
Telecom-satellite—0.03%
Intelsat Bermuda Ltd.
11.250%, due 02/04/17		75,000		82,969
Telecom-wireless—0.13%
Clearwire Communications LLC/Clearwire Finance, Inc.
12.000%, due 12/01/152		250,000		272,500
SBA Telecommunications, Inc.
8.250%, due 08/15/19		75,000		82,687
40

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount	Value
Corporate bonds—(continued)
Telecom-wireless—(concluded)
Wind Acquisition Finance SA
11.750%, due 07/15/172	$40,000		$45,900
			401,087
Telecom-wirelines—0.15%
BellSouth Corp.
6.875%, due 10/15/31	65,000		71,671
Cincinnati Bell, Inc.
8.250%, due 10/15/17	50,000		50,500
Qwest Capital Funding, Inc.
7.750%, due 02/15/31	125,000		130,000
Verizon Communications, Inc.
6.100%, due 04/15/18	100,000		112,600
Windstream Corp.
8.625%, due 08/01/16	90,000		95,175
			459,946
Telecommunication services—0.04%
Global Crossing UK Finance PLC
10.750%, due 12/15/14	50,000		51,938
PAETEC Escrow Corp.
9.875%, due 12/01/182	55,000		59,262
			111,200
Telephone-integrated—0.12%
Frontier Communications Corp.
7.875%, due 04/15/15	30,000		33,225
Level 3 Financing, Inc.
9.250%, due 11/01/14	25,000		25,813
10.000%, due 02/01/18	25,000		25,469
Sprint Capital Corp.
8.375%, due 03/15/12	25,000		26,531
8.750%, due 03/15/32	80,000		83,200
Sprint Nextel Corp.
8.375%, due 08/15/171	75,000		83,156
Virgin Media Finance PLC
9.125%, due 08/15/16	50,000		53,375
			41

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Face
Security description	amount	Value
Corporate bonds—(concluded)
Telephone-integrated—(concluded)
Virgin Media Secured Finance PLC
6.500%, due 01/15/18	$50,000		$54,750
			385,519
Textile/apparel—0.01%
Quiksilver, Inc.
6.875%, due 04/15/15	25,000		24,813
Tobacco—0.03%
Altria Group, Inc.
9.950%, due 11/10/38	60,000		83,418
Transportation services—0.09%
ERAC USA Finance Co.
7.000%, due 10/15/372	115,000		125,590
Marquette Transportation Co./Marquette Transportation Finance Corp.
10.875%, due 01/15/172	50,000		53,000
Navios Maritime Acquisition Corp.
8.625%, due 11/01/172	75,000		78,188
Navios Maritime Holdings, Inc./Navios Maritime Finance US, Inc.
8.875%, due 11/01/17	30,000		32,400
			289,178
Utilities-other—0.03%
NRG Energy, Inc.
7.375%, due 02/01/16	80,000		82,800
Total corporate bonds (cost—$17,203,429)			18,423,493
Repurchase agreement—4.80%
Repurchase agreement dated 02/28/11 with
State Street Bank & Trust Co., 0.010%
due 03/01/11, collateralized by $15,333,091
US Treasury Bonds, 4.500% due 08/15/39;
(value—$15,352,258); proceeds: $15,051,004
(cost—$15,051,000)	15,051,000		15,051,000
42

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

	Number of
Security description	shares	Value
Investment of cash collateral from securities loaned—1.09%
Money market fund—1.09%
UBS Private Money Market Fund LLC7
(cost—$3,424,900)	3,424,900	$3,424,900
Total investments (cost—$283,200,508)—102.90%		322,715,350
Liabilities in excess of other assets—(2.90)%		(9,087,472	)
Net assets—100.00%		$313,627,878

Aggregate cost for federal income tax purposes, which was substantially the same for book purposes, was $283,200,508; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$42,918,764
Gross unrealized depreciation	(3,403,922	)
Net unrealized appreciation	$39,514,842

*	Non-income producing security.
**	On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.
1	Security, or portion thereof, was on loan at February 28, 2011.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 1.93% of net assets as of February 28, 2011, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
3	Cumulative preferred stock. The next call date is 12/31/11.
4	Illiquid securities representing less than 0.01% of net assets as of February 28, 2011.
5	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security, which represents less than 0.01% of net assets as of February 28, 2011, is considered illiquid and restricted, and may be resold in transactions exempt from registration, normally to qualified buyers. (See table below for more information).

			Acquisition
Illiquid and			cost as a		Value as a
restricted	Acquisition	Acquisition	percentage	Value at	percentage
security	date	cost	of net assets	02/28/11	of net assets
CMP Susquehanna Radio Holdings Corp., Series A	3/26/09	$23	0.00%	$23	0.00%

6	Cumulative preferred stock.
7	Investment in affiliated investment company. See Notes to financial statements for additional information.
	43

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

8	Security is being fair valued by a valuation committee under the direction of the board of trustees.
9	Variable or floating rate security. The interest rate shown is the current rate as of February 28, 2011 and changes periodically.
10	Step bond. Coupon rate increases in increments to maturity. Rate disclosed is as of February 28, 2011. Maturity date indicated represents the instrument’s ultimate maturity date.
11	Perpetual bond security. The maturity date reflects the next call date.
12	Bond interest in default.
13	PIK—Payment-in-kind security. Income may be paid in cash or additional notes, at the discretion of the issuer.
14	This security, which represents less than 0.01% of net assets as of February 28, 2011, is considered illiquid and restricted. (See table for more information).

				Acquisition
Illiquid and				cost as a			Value as a
restricted	Acquisition	Acquisition		percentage	Value at		percentage
security	date	cost		of net assets	02/28/11		of net assets
CMP Susquehanna Corp.,
9.875%, 05/15/14	03/26/09	$	9,195	0.00%	$	7,049	0.00%

ADR	American Depositary Receipt
MTN	Medium Term Note
OEM	Original Equipment Manufacturer
TBA	(To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/– 1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

Futures contracts
					Unrealized
Number of		Expiration		Current	appreciation
contracts	Buy contracts	dates	Cost	value	(depreciation)
110	Russell 1000 Mini Index Futures	March 2011	$7,951,199	$8,092,700	$141,501
111	US Treasury Note 10 Year Futures	June 2011	13,158,881	13,214,203	55,322
			$21,110,080	$21,306,903	$196,823
	Sale contracts		Proceeds
76	Russell 2000 Mini Index Futures	March 2011	$6,067,745	$6,254,040	$(186,295	)
149	S&P 500 E-Mini Index Futures	March 2011	9,147,408	9,879,445	(732,037	)
			15,215,153	16,133,485	(918,332	)
					$(721,509	)
44

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of February 28, 2011 in valuing the Fund’s investments:

	Unadjusted
	quoted prices in		Other
	active markets		significant
	for identical		observable	Unobservable
	investments		inputs	inputs
	(Level 1)		(Level 2)	(Level 3)	Total
Common stocks	$229,171,828		$—	$—	$229,171,828
Preferred stocks	—		4,788	—	4,788
Investment company	—		12,634,906	—	12,634,906
Warrants	—		—	27	27
US government obligations	—		20,781,846	—	20,781,846
Mortgage & agency debt securities	—		21,451,269	—	21,451,269
Commercial mortgage-backed securities	—		1,771,293	—	1,771,293
Corporate bonds	—		18,423,493	—	18,423,493
Repurchase agreement	—		15,051,000	—	15,051,000
Investment of cash collateral from securities loaned	—		3,424,900	—	3,424,900
Futures contracts	(721,509	)	—	—	(721,509	)
Total	$228,450,319		$93,543,495	$27	$321,993,841
						45

UBS U.S. Allocation Fund

Portfolio of investments—February 28, 2011 (unaudited)

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs (Level 3) for the six months ended February 28, 2011:

	Preferred			Corporate
	stocks		Warrants	bond		Total
Beginning balance	$23		$27	$3,550		$3,600
Net purchases/(sales)	—		—	—		—
Accrued discounts/(premiums)	—		—	69		69
Total realized gain/(loss)	—		—	—		—
Net change in unrealized appreciation/depreciation	—		—	3,430		3,430
Net transfers in/(out) of Level 3	(23	)	—	(7,049	)	(7,072	)
Ending balance	$—		$27	$—		$27

The change in unrealized appreciation/depreciation relating to the Level 3 investments held at February 28, 2011 was $0.

Issuer breakdown by country or territory of origin
	Percentage of total investments
United States	93.7	%
Ireland	1.5
Canada	1.2
Panama	1.0
Switzerland	1.0
United Kingdom	0.7
Cayman Islands	0.4
Netherlands Antilles	0.2
France	0.1
Netherlands	0.1
Luxembourg	0.1
Total	100.0	%

See accompanying notes to financial statements

46

UBS U.S. Allocation Fund

Statement of assets and liabilities—February 28, 2011 (unaudited)

Assets:
Investments in unaffiliated securities, at value (cost—$267,902,127)1	$306,655,544
Investments in affiliated securities, at value (cost—$15,298,381)	16,059,806
Total investments in securities, at value (cost—$283,200,508)	322,715,350
Cash2	2,078,594
Receivable for investments sold	3,164,775
Receivable for shares of beneficial interest sold	17,157
Receivable for dividends and interest	894,245
Receivable for foreign tax reclaims	1,962
Other assets	26,002
Total assets	328,898,085
Liabilities:
Payable for investments purchased	9,964,391
Payable for cash collateral from securities loaned	3,424,900
Payable for shares of beneficial interest repurchased	755,101
Payable for variation margin	720,466
Payable to affiliates	225,183
Accrued expenses and other liabilities	180,166
Total liabilities	15,270,207
Net assets:
Beneficial interest—$0.001 par value per share (unlimited amount authorized)	464,973,060
Accumulated undistributed net investment income	1,136,918
Accumulated net realized loss	(191,275,433	)
Net unrealized appreciation	38,793,333
Net assets	$313,627,878

1	Includes $3,369,684 of investments in securities on loan, at value.
2	Includes restricted cash of $2,075,864 delivered to broker as initial margin for futures contracts.

See accompanying notes to financial statements
	47

UBS U.S. Allocation Fund

Statement of assets and liabilities—February 28, 2011 (unaudited)

Class A:
Net assets	$204,578,739
Shares outstanding	7,153,051
Net asset value per share	$28.60
Maximum offering price per share (net asset value plus maximum sales charge of 5.50%)	$30.26
Class B:
Net assets	$1,930,882
Shares outstanding	67,118
Net asset value and offering price per share	$28.77
Class C:
Net assets	$85,216,298
Shares outstanding	3,024,582
Net asset value and offering price per share	$28.17
Class Y:
Net assets	$21,901,959
Shares outstanding	756,345
Net asset value and offering price per share	$28.96

See accompanying notes to financial statements

48

UBS U.S. Allocation Fund

Statement of operations

	For the six
	months ended
	February 28, 2011
	(unaudited)
Investment income:
Dividends (net of foreign witholding taxes of $44)	$1,777,174
Interest (net of foreign witholding taxes of $68)	1,242,763
Affiliated securities lending income	5,479
	3,025,416
Expenses:
Investment advisory and administration fees	766,679
Service fees—Class A	252,410
Service and distribution fees—Class B	9,884
Service and distribution fees—Class C	421,420
Transfer agency and related service fees—Class A	125,364
Transfer agency and related service fees—Class B	2,199
Transfer agency and related service fees—Class C	55,496
Transfer agency and related service fees—Class Y	10,356
Professional fees	72,890
Reports and notices to shareholders	62,309
Custody and accounting fees	55,338
State registration fees	26,521
Trustees’ fees	7,219
Insurance fees	4,190
Other expenses	15,855
Net expenses	1,888,130
Net investment income	1,137,286
Net realized and unrealized gains from investment activities:
Net realized gains from:
Investments in unaffiliated issuers	14,427,515
Investments in affiliated issuers	551,642
Futures	513,873
Net realized gain	15,493,030
Net change in unrealized appreciation/depreciation of:
Investments in unaffiliated issuers	41,471,177
Investments in affiliated issuers	(482,832	)
Futures	(575,809	)
Net change in unrealized appreciation/depreciation	40,412,536
Net realized and unrealized gain from investment activities	55,905,566
Net increase in net assets resulting from operations	$57,042,852

See accompanying notes to financial statements
	49

UBS U.S. Allocation Fund

Statement of changes in net assets

	For the six
	months ended		For the
	February 28, 2011		year ended
	(unaudited)		August 31, 2010
From operations:
Net investment income	$1,137,286		$3,833,989
Net realized gain	15,493,030		13,747,432
Net change in unrealized appreciation/depreciation	40,412,536		10,762,626
Net increase in net assets resulting from operations	57,042,852		28,344,047
Dividends to shareholders from:
Net investment income—Class A	(3,010,818	)	(5,329,904	)
Net investment income—Class B	(6,506	)	(33,642	)
Net investment income—Class C	(589,766	)	(1,617,375	)
Net investment income—Class Y	(491,920	)	(850,422	)
Total dividends to shareholders	(4,099,010	)	(7,831,343	)
From beneficial interest transactions:
Net proceeds from shares sold	1,664,671		3,471,436
Cost of shares repurchased	(41,075,000	)	(89,121,567	)
Proceeds from dividends reinvested	3,634,299		7,189,773
Net decrease in net assets from beneficial interest transactions	(35,776,030	)	(78,460,358	)
Redemption fees	2,663		1,632
Net increase (decrease) in net assets	17,170,475		(57,946,022	)
Net assets:
Beginning of period	296,457,403		354,403,425
End of period	$313,627,878		$296,457,403
Accumulated undistributed net investment income	$1,136,918		$4,098,642

See accompanying notes to financial statements

50

(This page has been left blank intentionally)

51

UBS U.S. Allocation Fund

Financial highlights

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

	Six months ended
	February 28, 2011
	(unaudited)
Net asset value, beginning of period	$24.16
Net investment income1	0.12
Net realized and unrealized gains (losses)	4.73
Net increase (decrease) from operations	4.85
Dividends from net investment income	(0.41	)
Net asset value, end of period	$28.60
Total investment return2	20.15	%
Ratios to average net assets:
Expenses before fee waivers by investment advisor and adminstrator	1.02	%3
Expenses after fee waivers by investment advisor and administrator	1.02	%3
Net investment income	0.91	%3
Supplemental data:
Net assets, end of period (000’s)	$204,579
Portfolio turnover	67	%

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.

See accompanying notes to financial statements

52

Class A
Years ended August 31,
2010		2009		2008		2007		2006
$22.96		$28.83		$32.53		$29.94		$28.60
0.32		0.46		0.70		0.68		0.56
1.47		(5.65	)	(3.57	)	2.60		1.38
1.79		(5.19	)	(2.87	)	3.28		1.94
(0.59	)	(0.68	)	(0.83	)	(0.69	)	(0.60	)
$24.16		$22.96		$28.83		$32.53		$29.94
7.75	%	(17.49	)%	(9.02	)%	11.04	%	6.84	%
1.03	%	1.05	%	0.95	%	0.92	%	0.94	%
1.03	%	1.05	%	0.93	%	0.90	%	0.91	%
1.30	%	2.26	%	2.28	%	2.12	%	1.91	%
$190,007		$221,983		$344,910		$452,439		$472,213
138	%	111	%	98	%	85	%	82	%

53

UBS U.S. Allocation Fund

Financial highlights

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

	Six months ended
	February 28, 2011
	(unaudited)
Net asset value, beginning of period	$24.13
Net investment income1	0.01
Net realized and unrealized gains (losses)	4.72
Net increase (decrease) from operations	4.73
Dividends from net investment income	(0.09	)
Net asset value, end of period	$28.77
Total investment return2	19.63	%
Ratios to average net assets:
Expenses before fee waivers by investment advisor and administrator	1.88	%3
Expenses after fee waivers by and recoupments to investment advisor and administrator	1.88	%3,4
Net investment income	0.05	%3
Supplemental data:
Net assets, end of period (000’s)	$1,931
Portfolio turnover	67	%

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	The investment advisor and administrator recouped expenses previously reimbursed by the investment advisor and administrator on behalf of the Fund, not to exceed the expense cap.

See accompanying notes to financial statements

54

Class B
Years ended August 31,
2010		2009		2008		2007		2006
$22.88		$28.41		$31.87		$29.24		$27.81
0.10		0.26		0.41		0.39		0.30
1.46		(5.51	)	(3.56	)	2.57		1.36
1.56		(5.25	)	(3.15	)	2.96		1.66
(0.31	)	(0.28	)	(0.31	)	(0.33	)	(0.23	)
$24.13		$22.88		$28.41		$31.87		$29.24
6.80	%	(18.27	)%	(9.96	)%	10.16	%	5.99	%
1.91	%	2.02	%	1.82	%	1.74	%	1.74	%
1.90	%	2.02	%	1.80	%	1.72	%	1.71	%
0.43	%	1.29	%	1.39	%	1.29	%	1.07	%
$1,934		$2,972		$6,864		$28,167		$77,296
138	%	111	%	98	%	85	%	82	%

55

UBS U.S. Allocation Fund

Financial highlights

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

	Six months ended
	February 28, 2011
	(unaudited)
Net asset value, beginning of period	$23.70
Net investment income1	0.02
Net realized and unrealized gains (losses)	4.64
Net increase (decrease) from operations	4.66
Dividends from net investment income	(0.19	)
Net asset value, end of period	$28.17
Total investment return2	19.73	%
Ratios to average net assets:
Expenses before fee waivers by investment advisor and administrator	1.78	%3
Expenses after fee waivers by investment advisor and administrator	1.78	%3
Net investment income	0.15	%3
Supplemental data:
Net assets, end of period (000’s)	$85,216
Portfolio turnover	67	%

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.

See accompanying notes to financial statements

56

Class C
Years ended August 31,
2010		2009		2008		2007		2006
$22.55		$28.19		$31.80		$29.27		$27.95
0.13		0.30		0.46		0.43		0.33
1.43		(5.50	)	(3.50	)	2.55		1.35
1.56		(5.20	)	(3.04	)	2.98		1.68
(0.41	)	(0.44	)	(0.57	)	(0.45	)	(0.36	)
$23.70		$22.55		$28.19		$31.80		$29.27
6.90	%	(18.10	)%	(9.70	)%	10.23	%	6.02	%
1.78	%	1.80	%	1.70	%	1.67	%	1.68	%
1.78	%	1.80	%	1.68	%	1.65	%	1.65	%
0.55	%	1.51	%	1.53	%	1.38	%	1.16	%
$79,561		$94,818		$147,945		$205,104		$226,219
138	%	111	%	98	%	85	%	82	%

57

UBS U.S. Allocation Fund

Financial highlights

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

	Six months ended
	February 28, 2011
	(unaudited)
Net asset value, beginning of period	$24.51
Net investment income1	0.17
Net realized and unrealized gains (losses)	4.78
Net increase (decrease) from operations	4.95
Dividends from net investment income	(0.50	)
Net asset value, end of period	$28.96
Total investment return2	20.32	%
Ratios to average net assets:
Expenses before fee waivers by investment advisor and administrator	0.73	%3
Expenses after fee waivers by investment advisor and administrator	0.73	%3
Net investment income	1.21	%3
Supplemental data:
Net assets, end of period (000’s)	$21,902
Portfolio turnover	67	%

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.

See accompanying notes to financial statements

58

Class Y
Years ended August 31,
2010		2009		2008		2007		2006
$23.29		$29.27		$33.03		$30.39		$29.02
0.41		0.55		0.81		0.79		0.67
1.49		(5.75	)	(3.62	)	2.66		1.40
1.90		(5.20	)	(2.81	)	3.45		2.07
(0.68	)	(0.78	)	(0.95	)	(0.81	)	(0.70	)
$24.51		$23.29		$29.27		$33.03		$30.39
8.13	%	(17.16	)%	(8.69	)%	11.42	%	7.22	%
0.70	%	0.65	%	0.61	%	0.57	%	0.57	%
0.70	%	0.65	%	0.59	%	0.55	%	0.55	%
1.63	%	2.65	%	2.62	%	2.48	%	2.27	%
$24,955		$34,630		$46,994		$59,330		$116,888
138	%	111	%	98	%	85	%	82	%

59

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 (“SEC”) 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative US generally

60

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The Fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. 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 value for its portfolio securities. The Fund normally obtains values for its securities from independent pricing sources. Independent pricing sources may use last reported sale prices, official market closing 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 market close, 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 (“NYSE”), the securities are fair valued. The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt-instruments with sixty days or less remaining to maturity, unless the Board determines that this does not represent fair value. Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Swaps are marked to market daily based upon values from

61

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of assets and liabilities. In the event that market quotations are not readily available or deemed unreliable, swaps are valued at fair value as determined in good faith by or under the direction of the Board.

GAAP requires disclosure surrounding the various inputs that are used in determining the value of the Fund’s investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.
Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.
Level 3—Unobservable inputs inclusive of the Fund’s own assumptions in determining the fair value of investments.

In accordance with the requirements of GAAP, a fair value hierarchy has been included near the end of the Fund’s Portfolio of investments.

In January 2010, FASB issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements”. ASU No. 2010-06 will require reporting entities to make new disclosures about amounts and reasons for significant transfers in and out of Level 1 and Level 2 fair value measurements as well as inputs and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3, and information on purchases, sales, issuances and settlements on a gross basis in the reconciliation of activity in Level 3 fair value measurements. The new and revised disclosures have been implemented for annual and interim periods beginning after December 15, 2009 except for the disclosures surrounding purchases, sales, issuances and settlements on a gross basis in the reconciliation of Level 3 fair value measurements, which are effective for annual and interim periods beginning after December 15, 2010. Management is currently evaluating the impact that the adoption of the remaining portion of ASU No. 2010-06 may have on the Fund’s financial statement disclosures.

The provisions of ASC Topic 815 “Derivatives and Hedging” (“ASC Topic 815”) require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative

62

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

instruments and disclosures about credit-risk related contingent features in derivative agreements. Since investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations, they do not qualify for hedge accounting under ASC Topic 815. Accordingly, even though a Fund’s investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of disclosure under ASC Topic 815. ASC Topic 815 requires (1) objectives for using derivative instruments be disclosed in terms of underlying risk and accounting designation, (2) the fair values of derivative instruments and their gains and losses be disclosed in a tabular format, and (3) information be disclosed about credit-risk contingent features of derivatives contracts. Details of this disclosure can be found below as well as in the Portfolio of investments. The volume of derivatives that is presented in the Portfolio of investments is consistent with the derivative activity during the period ended February 28, 2011. The Advisor is not aware of any credit-risk contingent features on derivative contracts held by the Fund.

At February 28, 2011, the Fund had the following derivatives categorized by underlying risk:

Asset derivatives1
	Interest	Equity
	rate risk	risk	Total
Futures contracts	$55,322	$141,501	$196,823

¹ Statement of assets and liabilities location: futures contracts are reported in the table above using the cumulative appreciation as detailed in the futures contract table at the end of the Portfolio of investments, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

Liability derivatives2
	Interest	Equity
	rate risk	risk	Total
Futures contracts	$—	$(918,332)	$(918,332)

² Statement of assets and liabilities location: futures contracts are reported in the table above using the cumulative depreciation as detailed in the futures contract table at the end of the Portfolio of investments, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

63

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Transactions in derivative instruments during the six months ended February 28, 2011, were as follows:

	Interest	Equity
	rate risk	risk	Total
Realized gain (loss)2
Futures contracts	$(5,482)	$519,355	$513,873
Net change in unrealized appreciation/depreciation3
Futures contracts	$70,802	$(646,611)	$(575,809)

2	The net realized gains (losses) from futures are disclosed in the Statement of operations.
3	The net change in unrealized appreciation/depreciation on futures are disclosed in the Statement of operations.

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, equities 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.

Under certain circumstances, the Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Fund assessed a fee for uninvested cash held in a business account at a bank.

64

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Restricted securities—The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of the Fund’s Portfolio of investments.

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 net of withholding taxes on the ex-dividend date (“ex-date”). Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

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

Investing in non-US securities—Investing in non-US securities may involve more risks than investing in US securities. Investments in non-US securities may involve risks relating to political, social and economic developments abroad, as well as risks resulting from the differences between the regulations to which US and non-US issuers are subject. These risks may include expropriation, confiscatory taxation, withholding taxes on interest and/or dividends, limitations on the use of or transfer of Fund assets and political or social instability or diplomatic developments.

Securities of non-US issuers may not be registered with the SEC, and the issuers thereof may not be subject to its reporting requirements.

The Fund may invest in non-US securities by purchasing American Depositary Receipts (“ADRs”). ADRs are receipts typically issued by a US bank or trust company evidencing ownership of the underlying securities.

65

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

ADRs are publicly traded on exchanges or over-the-counter in the United States and are issued through “sponsored” or “unsponsored” arrangements. Under an unsponsored arrangement, the depositary’s transaction fees are paid directly by the ADR holders.

Investment income and realized gains on certain non-US securities in which the Fund may invest may be subject to non-US withholding or other taxes that could reduce the return on the securities. Tax conventions between the United States and certain non-US countries, however, may reduce or eliminate the amount of non-US taxes to which the Fund would be subject.

Securities traded on to-be-announced basis—The Fund may from time to time purchase securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying security transactions.
Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, US government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations, and their current value is determined in the same manner as for other securities.

Futures contracts—The Fund may use futures contracts as part of its investment strategy, for hedging purposes to adjust exposure to US and foreign markets in connection with a reallocation of the Fund’s assets or to manage the average duration of the Fund. In addition, the Fund may purchase or sell futures contracts or purchase options thereon to increase or reduce its exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance return or realize gains. Using futures contracts involves various market risks including interest rate and equity risk. However, imperfect correlations between futures contracts and the related securities or markets, or market disruptions, do not normally permit full control of these risks at all times. The maximum amount at risk from the purchase of a futures contract is the contract value or the loss of the benefit of the transaction should the counterparty default.

Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent

66

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

payments, known as “variation margin”, generally are made or received by the Fund each day, depending on the fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts payments may be made or received at settlement. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures until the futures contract is closed, at which time the net gain or loss is reclassified to realized gain or loss on futures.

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 GAAP. 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
Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities.

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 fees and other transactions with affiliates
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.

67

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

UBS Global AM has agreed to permanently reduce its advisory and administration fee based on the Fund’s average daily net assets so that it is assessed as follows: $0 to $250 million – 0.50%; in excess of $250 million up to $500 million – 0.45%; in excess of $500 million up to $2 billion – 0.40%; and over $2 billion – 0.35%. Accordingly, for the six months ended February 28, 2011, UBS Global AM did not waive any investment advisory and administration fees. At February 28, 2011, the Fund owed UBS Global AM $118,489 for investment advisory and administration fees.

UBS Global AM is contractually undertaken to waive fees/reimburse a portion of the Fund’s expenses, when necessary, to maintain the total annual operating expenses (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and interest, taxes, brokerage commissions and extraordinary expenses, if any) of Class A, Class B, Class C and Class Y shares at a level not to exceed 1.15%, 1.90%, 1.90% and 0.90%, respectively through December 31, 2011. The Fund will repay UBS Global AM for any previously waived fees/ reimbursed expenses during the three-year period following August 31, 2010, to the extent that operating expenses are otherwise below the expense caps in effect at the time the fees or expenses were waived/reimbursed. For the six months ended February 28, 2011, UBS U.S. Allocation Class B had a recoupment of $144. The recoupment is included in the investment advisory and administration fees on the statement of operations. At February 28, 2011, the Fund had no fee waivers/expense reimbursements subject to repayment.

For the six months ended February 28, 2011, the Fund paid $4,605 in brokerage commissions to UBS Securities LLC., an indirect wholly owned subsidiary of UBS AG, for transactions executed on behalf of the Fund.

The Fund may invest in certain affiliated investment companies also advised or managed by the Advisor. Investments in affiliated investment companies for the six months ended February 28, 2011 were as follows:

		Purchases	Sales
		during the	during the		Change
Affiliated		six months	six months	Net	in net
investment	Value at	ended	ended	realized	unrealized	Value at
company	08/31/10	02/28/11	02/28/11	gain	depreciation	02/28/11
UBS Credit Bond Relationship Fund	$23,616,096	$—	$11,050,000	$551,642	$(482,832)	$12,634,906

68

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

Under normal conditions, the Fund invests cash collateral from securities lending activities into an affiliated private money market fund, UBS Private Money Market Fund LLC (“Private Money Market”), which operates in compliance with most of the substantive provisions of Rule 2a-7 of the 1940 Act. Private Money Market is managed by the Advisor and is offered as a cash management option only to mutual funds and certain other accounts managed by the Advisor. The Advisor acts as managing member and receives a management fee from Private Money Market payable monthly in arrears at the annual rate of 0.10% of Private Money Market’s average daily members’ equity, minus the aggregate operating expenses of, and incurred by, Private Money Market during each such related month, not including investment expenses (including brokerage commissions, taxes, interest charges and other costs with respect to transactions in securities) and extraordinary expenses including litigation expenses, if any. The Advisor may, in its sole discretion, waive all or any portion of the management fee to which it may be entitled from time to time in order to maintain operating expenses at a certain level. Distributions received from Private Money Market, net of fee rebates paid to borrowers, are reflected as affiliated securities lending income in the Statement of operations.

Amounts relating to the investment for the six months ended February 28, 2011 were as follows:

		Purchases	Sales
		during the	during the
		six months	six months
	Value at	ended	ended	Value at	Net income
	08/31/10	02/28/11	02/28/11	02/28/11	earned
UBS Private Money Market Fund LLC	$1,694,234	$22,130,480	$20,399,814	$3,424,900	5,479

Additional information regarding compensation to affiliate of a board member
Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Fund may conduct transactions, resulting in him being 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.

69

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

During the six months ended February 28, 2011, the Fund paid brokerage commissions to Morgan Stanley in the amount of $9,268. During the six months ended February 28, 2011, the Fund purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley, having an aggregate value of $46,110,714. 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 Fund’s investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Service and distribution plans
UBS Global Asset Management (US) Inc. (“UBS Global AM—US”) is the principal underwriter of the Fund’s shares. Under separate plans of service and/or distribution pertaining to Class A, Class B and Class C shares, the Fund pays UBS Global AM—US monthly service fees at an annual rate of 0.25% of the average daily net assets of Class A, Class B and Class C shares and monthly distribution fees at the annual rate of 0.75% of the average daily net assets of Class B and Class C shares. At February 28, 2011, the Fund owed UBS Global AM—US $106,694 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 28, 2011, it earned $6,114, $433, and $73 in initial sales and deferred sales charges on Class A, Class B and Class C shares, respectively.

Transfer agency related services
UBS Financial Services Inc. provides certain services to the Fund pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), the Fund’s transfer agent, and is compensated for these services by BNY Mellon, not the Fund.

For the six months ended February 28, 2011, UBS Financial Services, Inc. received from BNY Mellon, not the Fund, $81,827 of the total delegated services fees.

70

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

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 will 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. State Street Bank and Trust Company serves as the Fund’s lending agent.

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 a commitment fee, pro rata, based on the relative asset size of the funds in the Committed Credit Facility. The Fund borrows at prevailing rates in effect at the time of the borrowings. The Fund did not borrow under the Committed Credit Facility during the six months ended February 28, 2011.

Purchases and sales of securities
For the six months ended February 28, 2011, aggregate purchases and sales of portfolio securities, excluding short-term securities and US Government securities, were $80,482,014 and $125,687,177, respectively.

For the six months ended February 28, 2011, aggregate purchases and sales of US Government securities, excluding short-term securities, were $122,752,278 and $114,751,593, respectively.

71

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

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

	Class A				Class B
For the six months ended February 28, 2011:	Shares		Amount		Shares		Amount
Shares sold	48,282		$1,322,146		106		$2,946
Shares repurchased	(870,651	)	(23,647,730	)	(1,756	)	(48,044	)
Shares converted from Class B to Class A	11,617		313,751		(11,614	)	(313,751	)
Dividends reinvested	99,056		2,700,257		209		5,732
Net decrease	(711,696	)	$(19,311,576	)	(13,055	)	$(353,117	)
For the year ended August 31, 2010:
Shares sold	89,123		$2,190,718		798		$19,303
Shares repurchased	(2,126,709	)	(52,691,886	)	(14,902	)	(367,998	)
Shares converted from Class B to Class A	36,914		901,474		(36,926	)	(901,474	)
Dividends reinvested	198,277		4,847,877		1,282		31,512
Net decrease	(1,802,395	)	$(44,751,817	)	(49,748	)	$(1,218,657	)
	Class C				Class Y
For the six months ended February 28, 2011:	Shares		Amount		Shares		Amount
Shares sold	6,853		$184,914		5,534		$154,665
Shares repurchased	(358,913	)	(9,571,959	)	(281,751	)	(7,807,267	)
Dividends reinvested	19,947		536,374		14,211		391,936
Net decrease	(332,113	)	$(8,850,671	)	(262,006	)	$(7,260,666	)
For the year ended August 31, 2010:
Shares sold	33,846		$826,683		17,129		$434,732
Shares repurchased	(944,259	)	(23,103,615	)	(518,928	)	(12,958,068	)
Dividends reinvested	61,468		1,482,603		33,446		827,781
Net decrease	(848,945	)	$(20,794,329	)	(468,353	)	$(11,695,555	)

Redemption fees
Each class of the Fund will impose a 1% redemption fee on shares sold or exchanged within 90 days of their purchase date, subject to limited exemptions as noted in the prospectus;this amount is paid to the Fund. Redemption fees, if

72

UBS U.S. Allocation Fund

Notes to financial statements (unaudited)

any, earned by the Fund are disclosed in the Statement of changes in net assets. For the six months ended February 28, 2011, redemption fees represent less than $0.005 per share.

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, 2010 was as follows:

Distributions paid from:	2010
Ordinary Income	$7,831,343

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, 2011.

At August 31, 2010, the Fund had a net capital loss carryforward of $198,585,157. 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 as follows: $76,727,703 in 2011, $39,436,357 in 2017 and $82,431,097 in 2018. To the extent that such losses are used to offset future net realized capital gains, it is probable these gains will not be distributed.

As of and during the period ended February 28, 2011, the Fund did not have any liabilities for any unrecognized tax positions. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statement of operations. During the six months ended February 28, 2011, the Fund did not incur any interest or penalties.

Each of the tax years in the four year period ended August 31, 2010, remains subject to examination by the Internal Revenue Service and state taxing authorities.

73

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
	Barry M. Mandinach
Principal Officers
Mark E. Carver	Thomas Disbrow
President	Vice President and Treasurer
Mark F. Kemper
Vice President and Secretary

Investment Advisor and Administrator
UBS Global Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

Principal Underwriter
UBS Global Asset Management (US) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

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.

©	2011 UBS Global Asset Management (Americas) Inc.
	All rights reserved.

©2011 UBS Global Asset Management (Americas) Inc.
UBS Global Asset Management (Americas) Inc. is a
subsidiary of UBS AG.
All rights reserved.
Feb. 2011

www.ubs.com/globalam-us

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. Investments.

(a) Included as part of the report to shareholders filed under Item 1 of this form.
(b) Not applicable.

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, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Mark Kemper, Secretary, 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 are 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 are 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/ Mark E. Carver
	Mark E. Carver
	President
Date:	May 9, 2011

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/ Mark E. Carver
	Mark E. Carver
	President
Date:	May 9, 2011

By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	May 9, 2011