485BPOS 2012-08-31 0000873803 2012-12-29 UBS INVESTMENT TRUST false 2012-12-28 2012-12-29 <tt>The fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the fund's performance.<br />During the most recent fiscal year, the fund's portfolio turnover rate was 150%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Total return, consisting of long-term capital appreciation and current income.</tt> <tt>This example is intended to help you compare the cost of investing in the fund<br />with the cost of investing in other mutual funds. The example assumes that you<br />invest $10,000 in the fund for the time periods indicated and then redeem all <br />of your shares at the end of those periods unless otherwise stated. The example<br />also assumes that your investment has a 5% return each year and that the fund's<br />operating expenses remain the same.<br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Indices reflect no deduction for fees, expenses or taxes. <tt>Principal investments<br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus borrowings for investment purposes, if any) in US fixed income and equity<br />securities. The following are the ranges within which the fund, under normal<br />market circumstances, expects to allocate its assets among the various asset<br />classes: (1) US equities-20-90%; (2) investment grade fixed income-0-70%; (3)<br />high yield fixed income-0-15%; and (4) cash equivalents-0-50%. The fund may<br />exceed these ranges and may modify them in the future.<br /> <br />Investments in fixed income securities, which are not subject to any credit<br />rating or maturity limitations, may include debt securities of the US government, <br />its agencies and instrumentalities; debt securities of US corporations; and <br />mortgage-backed securities and asset-backed securities. There are different <br />types of US government securities, including those issued or guaranteed by <br />the US government, its agencies and its instrumentalities, and they have <br />different types of government support. Some are supported by the full faith <br />and credit of the US, while others are supported by (1) the ability of the<br />issuer to borrow from the US Treasury; (2) the credit of the issuing agency,<br />instrumentality or government-sponsored entity; (3) pools of assets, such as<br />mortgages; or (4) the US government in some other way.<br />&#xA0;&#xA0;<br />Investments in equity securities may include dividend-paying securities, common<br />stock and preferred stock. Equity investments may include large, intermediate<br />and small capitalization companies.<br /> <br />The fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or as part of the fund's<br />investment strategies. The derivatives in which the fund may invest include<br />futures, index options, forward agreements, swap agreements (specifically, total<br />return swaps, interest rate swaps, and credit default swaps), equity participation <br />notes and equity linked notes. All of these derivatives may be used for risk <br />management purposes, such as hedging against a specific security or currency <br />(except with respect to equity participation notes and equity linked notes), or <br />to manage or adjust the risk profile of the fund. In addition, all of the <br />derivative instruments listed above may be used for investment (non-hedging)<br />purposes to earn income; to enhance returns; to replace more traditional direct<br />investments; to obtain exposure to certain markets; or to establish net short<br />positions for individual markets, currencies or securities. Futures on indices<br />and forward agreements may also be used to adjust the fund's portfolio duration.<br /> <br />UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), the fund's<br />investment advisor, actively manages the fund. As such, increased portfolio<br />turnover may result in higher levels of brokerage commissions, transaction costs<br />and taxable gains and may therefore adversely affect fund performance. The fund<br />also may invest in other open-end investment companies advised by UBS Global AM<br />in order to pursue its investment objective. The fund pays expenses associated<br />with such investments.<br /> <br />Management process<br />The fund is a multi-asset fund and allocates its assets among the major domestic<br />asset classes (US fixed-income, including US high yield (lower-rated) securities, <br />and US equities) based upon UBS Global AM's assessment of prevailing market <br />conditions in the US and abroad. In determining the asset allocation of the fund, <br />UBS Global AM may utilize fundamental valuation and market behavior indicators to <br />construct the fund's portfolio.<br /> <br />Within the equity portion of the fund, UBS Global AM may focus on securities<br />whose fundamental values (UBS Global AM's assessment of what a security is<br />worth) it believes are greater than their market prices. UBS Global AM then<br />compares its assessment of a security's value against the prevailing market<br />prices with the aim of constructing a portfolio of stocks with attractive<br />relative price/value characteristics.<br /> <br />UBS Global AM's fixed income strategy combines judgments about the absolute<br />value of the fixed income universe and the relative value of issuer sectors,<br />maturity intervals, duration of securities, quality and coupon segments and<br />specific circumstances facing the issuers of fixed income securities. Duration<br />management involves adjusting the sensitivity to interest rates of the holdings.<br />UBS Global AM manages duration by choosing a maturity mix that provides<br />opportunity for appreciation while also limiting interest rate risk.<br />&#xA0;&#xA0;<br />The fund may invest in cash or cash equivalent instruments, including shares of<br />an affiliated investment company. When market conditions warrant, the fund may<br />make substantial temporary defensive investments in cash equivalents, which may<br />affect its ability to pursue its investment objective.</tt> UBS U.S. Allocation Fund You may qualify for sales charge discounts on purchases of Class A shares if you or your family invest, or agree to invest in the future, at least $50,000 in the UBS family of funds. Example After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Investment objective The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. You may lose money by investing in the fund. Principal risks Shareholder fees (fees paid directly from your investment) 1.50 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Annual Total Returns of Class C Shares The bar chart does not reflect the sales charges of the fund's Class C shares; if it did, the total returns shown would be lower. Performance 50000 The performance information that follows shows the fund's performance information in a bar chart and an average annual total returns table. <tt>Total return January 1 - September 30, 2012: 11.70%<br />Best quarter during calendar years shown-2Q, 2009: 17.27%<br />Worst quarter during calendar years shown-4Q, 2008: (23.66)%</tt> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) Average annual total returns (for the periods ended December 31, 2011) Portfolio turnover <tt>All investments carry a certain amount of risk and the fund cannot guarantee<br />that it will achieve its investment objective. You may lose money by investing<br />in the fund. An investment in the fund is not a bank deposit and is not insured<br />or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. The principal risks presented by an investment in the fund<br />are:<br /> <br />Asset allocation risk: The risk that the fund may allocate assets to an asset<br />category that underperforms other asset categories.<br /> <br />Interest rate risk: An increase in prevailing interest rates typically causes<br />the value of fixed income securities to fall. Changes in interest rates will<br />likely affect the value of longer-duration fixed income securities more than<br />shorter-duration securities and higher quality securities more than lower<br />quality securities. When interest rates are falling, some fixed income<br />securities provide that the issuer may repay them earlier than the maturity<br />date, and if this occurs the fund may have to reinvest these repayments at lower<br />interest rates.<br /> <br />Prepayment risk: The fund's mortgage- and asset-backed securities may be prepaid<br />more rapidly than expected, especially when interest rates are falling, and the<br />fund may have to reinvest those prepayments at lower interest rates. When<br />interest rates are rising, slower prepayments may extend the duration of the<br />securities and may reduce their value.<br /> <br />Equity risk: Stocks and other equity securities, and securities convertible into<br />stocks, generally fluctuate in value more than bonds. The fund could lose all of<br />its investment in a company's stock.<br /> <br />Credit risk: The risk that the fund could lose money if the issuer or guarantor<br />of a fixed income security, or the counterparty to or guarantor of a derivative<br />contract, is unable or unwilling to meet its financial obligations. This risk is<br />likely greater for lower quality investments than for investments that are<br />higher quality.<br /> <br />High yield securities ("junk bonds") risk: Lower-rated securities (the issuers<br />of which are typically in poor financial health) are subject to higher risks<br />than investment grade securities. For example, lower-rated securities may be (1)<br />subject to a greater risk of loss of principal and non-payment of interest<br />(including default by the issuer); (2) subject to greater price volatility; and<br />(3) less liquid than investment grade securities. The prices of such securities<br />may be more vulnerable to bad economic news, or even the expectation of bad<br />news, than higher rated fixed income securities.<br />&#xA0;&#xA0;<br />US Government securities risk: There are different types of US government<br />securities with different levels of credit risk, including the risk of default,<br />depending on the nature of the particular government support for that security.<br />For example, a US government-sponsored entity, such as Federal National Mortgage<br />Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie<br />Mac"), although chartered or sponsored by an Act of Congress, may issue<br />securities that are neither insured nor guaranteed by the US Treasury and are<br />therefore riskier than those that are.<br /> <br />Market risk: The risk that the market value of the fund's investments may<br />fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets<br />fluctuate. Market risk may affect a single issuer, industry, or sector of the<br />economy, or it may affect the market as a whole. Moreover, changing market,<br />economic and political conditions in one country or geographic region could<br />adversely impact market, economic and political conditions in other countries <br />or regions.<br /> <br />Limited capitalization risk: The risk that securities of smaller capitalization<br />companies tend to be more volatile and less liquid than securities of larger<br />capitalization companies. This can have a disproportionate effect on the market<br />price of smaller capitalization companies and affect the fund's ability to<br />purchase or sell these securities. In general, smaller capitalization companies<br />are more vulnerable than larger companies to adverse business or economic<br />developments and they may have more limited resources.<br /> <br />Derivatives risk: The value of "derivatives"-so called because their value<br />"derives" from the value of an underlying asset, reference rate or index-may<br />rise or fall more rapidly than other investments. When using derivatives for<br />non-hedging purposes, it is possible for the fund to lose more than the amount<br />it invested in the derivative. When using derivatives for hedging purposes, <br />the fund's overall returns may be reduced if the hedged investment experiences a<br />favorable price movement. The risks of investing in derivative instruments also<br />include market and management risks. Derivatives relating to fixed income<br />markets are especially susceptible to interest rate risk and credit risk. In<br />addition, many types of swaps and other non-exchange traded derivatives may be<br />subject to liquidity risk, counterparty risk, credit risk and mispricing or<br />valuation complexity. These derivatives risks are different from, and may be<br />greater than, the risks associated with investing directly in securities and<br />other instruments.<br /> <br />Risk associated with value investing: Securities selection based on value<br />orientation involves certain risks. Because the prices of value-oriented stocks<br />tend to correlate more closely with economic cycles than growth-oriented stocks,<br />value-oriented stocks generally may be more sensitive to changing economic<br />conditions, such as changes in interest rates, corporate earnings and industrial<br />production.<br /> <br />Investment company risk: Investments in open- or closed-end investment companies<br />involve certain risks. The shares of other investment companies are subject to<br />management fees and other expenses of those companies, and the purchase of<br />shares of some investment companies requires the payment of sales loads and (in<br />the case of closed-end investment companies) sometimes substantial premiums<br />above the value of such companies' portfolio securities.<br />&#xA0;&#xA0;<br />Portfolio turnover risk: The fund may engage in frequent trading, which can<br />result in high portfolio turnover. A high portfolio turnover rate involves<br />greater expenses to the fund, including transaction costs, and is likely to<br />generate more taxable short-term gains for shareholders, which may have an<br />adverse impact on performance.<br /> <br />Valuation risk: During periods of reduced market liquidity or in the absence of<br />readily available market quotations the ability of the fund to value the fund's<br />investments becomes more difficult and the judgment of the fund's investment<br />advisor may play a greater role in the valuation of the investments due to<br />reduced availability of reliable objective pricing data.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by the investment advisor may not produce the desired results.</tt> Fees and expenses After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. The bar<br />chart does not reflect the sales charges of the fund's Class C shares; if it<br />did, the total returns shown would be lower. The information provides some<br />indication of the risks of investing in the fund by showing changes in the<br />fund's performance from year to year and by showing how the fund's average<br />annual total returns compare with those of broad measures of market performance.<br />The UBS U.S. Allocation Fund Index, an unmanaged index compiled by UBS Global<br />AM, shows how the fund's performance compares to an index constructed as<br />follows: from July 22, 1992 (the fund's inception) until February 29, 2004: 100%<br />S&amp;P 500 Index; from March 1, 2004 until May 31, 2005: 65% Russell 3000 Index,<br />30% Barclays US Aggregate Index, and 5% BofA Merrill Lynch US High Yield Cash<br />Pay Index; and from June 1, 2005 until present: 65% Russell 3000 Index, 30%<br />Barclays US Aggregate Index, and 5% BofA Merrill Lynch US High Yield Cash Pay<br />Constrained Index. The fund's past performance (before and after taxes) is not<br />necessarily an indication of how the fund will perform in the future. This may<br />be particularly true given that part of the bar chart and table reflects the<br />fund's performance during periods when it employed a different investment<br />strategy and had a different portfolio manager (prior to February 15, 2004).<br />Consequently, only a portion of the historical information presented is<br />attributable to the fund's current investment strategy. Updated performance for<br />the fund is available at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. In addition, the after-tax returns shown are not<br />relevant to investors who hold fund shares through tax-deferred arrangements,<br />such as 401(k) plans or individual retirement accounts. After-tax returns for<br />other classes will vary from the Class C shares' after-tax returns shown. Prior<br />to September 30, 2003, Class C shares were subject to a maximum front-end sales<br />charge of 1.00%; this front end sales charge is not reflected in the average<br />annual total returns table for Class C shares.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund. You may qualify for sales charge discounts on purchases of<br />Class A shares if you or your family invest, or agree to invest in the future,<br />at least $50,000 in the UBS family of funds. More information about these and<br />other discounts and waivers, as well as eligibility requirements for each share<br />class, is available from your financial advisor and in "Managing your fund<br />account" on page 15 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 58 of<br />the fund's Statement of Additional Information ("SAI").</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.ubs.com/role/ExpenseExampleNoRedemption_S000002487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> UBS U.S. Allocation Fund Index (Indices reflect no deduction for fees, expenses or taxes.) 0.0351 0.0270 0.0400 S&P 500 Index 0.0211 -0.0025 0.0292 Class C Return after taxes on distributions and sale of fund shares -0.0085 -0.0131 0.0127 1992-07-22 Class C Return after taxes on distributions -0.0142 -0.0170 0.0134 1992-07-22 PWTYX 0.0000 Class Y Return before taxes 77 240 930 -0.0100 417 0.0062 0.0025 0.0050 -0.0026 0.00 0.0000 0.0273 0.0075 1993-05-10 0.0000 KPAAX -0.2346 Worst quarter during calendar years shown-4Q, 2008: Best quarter during calendar years shown-2Q, 2009: 0.0000 2012-09-30 Class C Return before taxes 282 2009-06-30 182 563 -0.2366 0.1100 0.1250 2150 -0.0100 970 0.0154 0.1727 -0.0139 0.0029 -0.3660 0.0050 2008-12-31 2150 0.2964 -0.0133 0.0578 563 970 Total return January 1 - September 30, 2012: 0.00 -0.0039 0.2652 0.0100 0.0162 0.0179 0.1039 1992-07-22 0.1170 0.0100 PWTAX 0.0550 Class A Return before taxes 649 860 1740 -0.0100 1087 -0.0517 0.0028 0.0050 -0.0171 0.00 0.0025 0.0180 0.0103 1993-05-10 0.0000 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Memberck0000873803:C000006689Member 2012-12-29 2012-12-29 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Memberck0000873803:C000006691Member 2012-12-29 2012-12-29 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Memberck0000873803:C000006692Member 2012-12-29 2012-12-29 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Memberrr:AfterTaxesOnDistributionsMemberck0000873803:C000006691Member 2012-12-29 2012-12-29 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000873803:C000006691Member 2012-12-29 2012-12-29 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Memberck0000873803:RRINDEX00001Member 2012-12-29 2012-12-29 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Memberck0000873803:RRINDEX00002Member 2012-12-29 2012-12-29 0000873803 ck0000873803:SummaryS000002487Memberck0000873803:S000002487Member 2012-12-29 2012-12-29 0000873803 2012-12-29 2012-12-29 pure iso4217:USD