485BPOS 2012-07-31 0000930007 2012-11-28 PACE SELECT ADVISORS TRUST false 2012-11-28 2012-11-28 The fund is a non-diversified investment company, which means that the fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the fund's share price may be more volatile and the fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. <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 <br />may 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 242%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000006035Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000006035Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Long-term capital appreciation.</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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />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 /> <br />The fund has a broad investment mandate that permits it to use an extensive<br />range of investment strategies and to invest in a wide spectrum of equity, <br />fixed income and derivative securities in pursuing its investment objective. <br />The fund seeks to achieve its investment objective with a low correlation to <br />market environments for traditional asset classes and as such attempts to <br />achieve a total rate of return which exceeds the rate of return on 3-month <br />Treasury bills by 3.00% to 4.00%, exclusive of investment management fees, <br />on an annualized basis over a full market cycle. The fund's manager, UBS<br />Global Asset Management (Americas) Inc. ("UBS Global AM"), does not represent <br />or guarantee that the fund will meet this return goal, and investors should <br />be aware that, because of the fund's complex strategies and investments, an<br />investment in the fund involves a significantly higher risk level than an<br />investment in US Treasury bills.<br /> <br />The fund invests in equity securities of US and non-US companies of various<br />market capitalizations. The fund also invests in fixed income securities, <br />which are not subject to any credit rating or maturity limitations, issued by <br />companies and government and supranational entities around the world. The fund <br />may invest in emerging as well as developed markets and may invest a significant <br />portion of its assets in the securities of companies in particular economic <br />sectors.<br /> <br />The fund may, but is not required to, invest extensively in exchange-traded or<br />over-the-counter derivative instruments for risk management purposes or to<br />attempt to increase total returns. The derivatives in which the fund may invest<br />include options (on indices), futures (on indices or interest rate futures),<br />currency forward agreements and swap agreements (specifically, interest rate<br />swaps). These derivatives may be used for risk management purposes, such as<br />hedging the fund's security, index, currency, interest rate or other exposure,<br />or otherwise managing the risk profile of the fund. In addition, the derivative<br />instruments listed above may be used to enhance returns; in place of direct<br />investments; to obtain or adjust exposure to certain markets; or to establish<br />net short positions in markets, currencies or securities. Interest rate futures<br />and swaps may also be used to adjust the fund's portfolio duration, or to<br />achieve a negative portfolio duration.<br /> <br />The fund is also permitted to engage in "short-selling." When selling short, the<br />fund will sell a security it does not own at the then-current market price and<br />then borrow the security to deliver to the buyer. The fund is then obligated to<br />buy the security on a later date so that it can return the security to the<br />lender. Short selling provides opportunities to increase the fund's total<br />returns, but also entails significant potential risks.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global AM, the fund's<br />manager and primary provider of investment advisory services, has the ultimate<br />authority, subject to oversight by the fund's board, to oversee the fund's<br />investment advisor(s) and recommend their hiring, termination and replacement.<br />Analytic Investors, LLC ("Analytic Investors"), First Quadrant L.P. ("First <br />Quadrant") and Standard Life Investments (Corporate Funds) Limited ("Standard <br />Life Investments") currently serve as the fund's investment advisors. The <br />allocation of the fund's assets between investment advisors is designed to <br />achieve long-term capital appreciation while having a low correlation to <br />traditional equity and fixed income asset classes. Subject to approval by the <br />fund's board of trustees, UBS Global AM may in the future allocate assets to <br />additional or different investment advisors to employ other portfolio management <br />strategies, and changes to current strategies may be made.<br /> <br />Analytic Investors employs a long/short global equity strategy. This strategy is<br />implemented by taking long and short positions of equity securities publicly<br />traded in the US and in foreign markets by direct equity investment (and may<br />also be implemented through the use of derivatives). The fund buys securities<br />"long" that Analytic Investors believes will out-perform the market, and sells<br />securities "short" that Analytic believes will under-perform the market. This<br />is, however, not a market neutral strategy. The fund's long-short exposure will<br />vary over time based on Analytic Investors' assessment of market conditions and<br />other factors.<br /> <br />First Quadrant employs a "global macro strategy." This strategy is implemented<br />by combining several different complex investment techniques. First Quadrant<br />uses a "tactical risk allocation" approach across global markets which increases<br />investment risk where it believes opportunities for risk-adjusted profit are<br />high and attempts to lower market risks when it believes gains have been realized <br />and future gains are unlikely. First Quadrant also assesses the combination of <br />local market and economic factors as well as global equity, fixed income or <br />currency market factors and attempts to capture inefficiencies in those markets. <br />First Quadrant's strategy is primarily implemented through the use of derivatives, <br />and First Quadrant seldom holds securities "long." It uses exchange traded futures <br />on global equity indices and government bonds, forwards, swaps and exchange traded <br />options such as options on indices. By using derivatives, First Quadrant intends <br />to quickly and efficiently gain market exposure to equity securities, fixed income <br />securities, and foreign currencies, and seeks to take advantage of value (and to <br />reduce exposure to certain risks) that it identifies in these global markets. The <br />fund also may hold cash or invest its cash balances at such times and in any <br />permissible investments deemed appropriate by First Quadrant.<br /> <br />First Quadrant presently manages two separate portions of the fund's assets, using <br />the strategies and investments described above. With respect to the first portion, <br />First Quadrant seeks positive absolute returns from its global macro strategy, and <br />the returns of this portion are not expected to be closely correlated with those <br />of global equity markets. With respect to the second portion, First Quadrant <br />combines its global macro strategy with passive exposure to global equity markets <br />while targeting a specific level of risk, which is expected to result in returns <br />more closely correlated with those of global equity markets.<br /> <br />Standard Life Investments employs a "global multi-asset strategy" and seeks to<br />achieve a total return by delivering a diversified global portfolio that makes<br />use of multiple strategies across various asset classes. It aims to exploit<br />market cyclicality and a diverse array of inefficiencies across and within<br />global markets to maximize risk adjusted absolute return, by investing in listed<br />equity, equity-related and debt securities, including exchange traded funds, and<br />derivatives or other instruments, both for investment and hedging purposes. The<br />fund may take long and/or short positions, and its derivative investments (which<br />may be used routinely) may include futures, options, swaps, and forward currency<br />contracts.<br /> <br />Standard Life Investments manages its strategies dynamically over time, and will<br />actively modify investment strategies and develop new strategies in response to<br />additional research, changing market conditions, or other factors. Its strategies <br />seek to deliver returns commensurate with reasonable levels of risk and tangible <br />diversification benefits, while having both sufficient liquidity and capacity to <br />benefit the fund in a significant way. Standard Life Investments may also hold <br />cash or invest its cash balances in cash equivalents and short-term investments, <br />in order to cover the derivative transactions or otherwise in its discretion.</tt> PACE Alternative Strategies Investments 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) 2.42 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. PACE Alternative Strategies Investments Annual Total Returns of Class P Shares (2007 was Class P's first full calendar year of operations) The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 6.30% <br />Best quarter during calendar years shown--2Q 2009: 7.65%<br />Worst quarter during calendar years shown--3Q 2008: (11.93)%</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 deposit of a bank and is not<br />insured 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 />Aggressive investment risk: The fund may employ investment strategies that<br />involve greater risks than the strategies used by typical mutual funds,<br />including increased use of short sales (which involve the risk of an unlimited<br />increase in the market value of the security sold short, which could result in a<br />theoretically unlimited loss), leverage and derivative transactions, and hedging<br />strategies.<br /> <br />Arbitrage trading risk: The underlying relationships between securities in which<br />the fund takes arbitrage investment positions may change in an adverse manner,<br />causing the fund to realize losses.<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 />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, the<br />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 />Swap agreement risk: The fund may enter into various types of swap agreements.<br />Swap agreements can be less liquid and more difficult to value than other<br />investments. Because its cash flows are based in part on changes in the value of<br />the reference asset, a total return swap's market value will vary with changes<br />in that reference asset. In addition, the fund may experience delays in payment<br />or loss of income if the counterparty fails to perform under the contract.<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 />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. <br />If a local currency declines against the US dollar, the value of the holding<br />decreases in US dollar terms. In addition, the fund may be exposed to losses if<br />its other foreign currency positions (e.g., options, forward commitments) move<br />against it.<br />&#xA0;&#xA0;<br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<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 /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may <br />not be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<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 <br />lower interest rates.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the fund to be more volatile <br />than if it had not been leveraged. The use of leverage may also accelerate <br />the velocity of losses and can result in losses to the fund that exceed the <br />amount originally invested.<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 />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 or<br />regions.<br /> <br />Non-diversification risk: The fund is a non-diversified investment company,<br />which means that the fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />fund's share price may be more volatile and the fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Sector risk: Because the fund may invest a significant portion of its assets in<br />the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<br /> <br />Short sales risk: There are certain unique risks associated with the use of<br />short sales strategies. When selling a security short, an investment advisor<br />will sell a security it does not own at the then-current market price and then<br />borrow the security to deliver to the buyer. The fund is then obligated to buy<br />the security on a later date so it can return the security to the lender. Short<br />sales therefore involve the risk that the fund will incur a loss by subsequently<br />buying a security at a higher price than the price at which the fund previously<br />sold the security short. This would occur if the securities lender required the<br />fund to deliver the securities the fund had borrowed at the commencement of the<br />short sale and the fund was unable to either purchase the security at a<br />favorable price or to borrow the security from another securities lender. If<br />this occurs at a time when other short sellers of the security also want to<br />close out their positions, a "short squeeze" can occur. A short squeeze occurs <br />when demand is greater than supply for the security sold short. Moreover, because <br />a fund's loss on a short sale arises from increases in the value of the security <br />sold short, such loss, like the price of the security sold short, is theoretically <br />unlimited. By contrast, a fund's loss on a long position arises from decreases <br />in the value of the security and therefore is limited by the fact that a <br />security's value cannot drop below zero. It is possible that the fund's securities <br />held long will decline in value at the same time that the value of the securities <br />sold short increases, thereby increasing the potential for loss.<br /> <br />Structured security risk: The fund may purchase securities representing interests <br />in underlying assets, but structured to provide certain advantages not inherent <br />in those assets (e.g., enhanced liquidity and yields linked to short-term interest <br />rates). If those securities behaved in a way that the fund's investment advisors <br />did not anticipate, or if the security structures encountered unexpected <br />difficulties, the fund could suffer a loss.<br /> <br />Valuation risk: During periods of reduced market liquidity or in the absence of<br />readily available market quotations for securities, the ability of the fund to<br />value the fund's securities becomes more difficult and the judgment of the<br />fund's manager and investment advisors may play a greater role in the valuation<br />of the securities due to reduced availability of reliable objective pricing data.<br /> <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 />Municipal securities risk: Municipal securities are subject to interest rate and<br />credit risks. The ability of a municipal issuer to make payments and the value<br />of municipal securities can be affected by uncertainties in the municipal<br />securities market. Such uncertainties could cause increased volatility in the<br />municipal securities market and could negatively impact the fund's net asset<br />value and/or the distributions paid by the fund. Municipalities continue to<br />experience difficulties in the current economic and political environment.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. <br />The bar chart does not reflect the maximum annual PACE Select Advisors <br />Program fee; if it did, the total returns shown would be lower. The <br />information provides some indication of the risks of investing in the <br />fund by showing changes in the fund's performance from year to year <br />and by showing how the fund's average annual total returns compare <br />with those of a broad measure of market performance. The Barclays <br />Global Aggregate Index shows how the fund's performance compares to <br />the broad global markets for US and non-US corporate, government, <br />governmental agency, supranational, mortgage-backed and asset-backed<br />fixed income securities. The US Consumer Price Index (CPI) shows how <br />the fund's performance compares to a broad indicator of inflation. Life <br />of class performance for the indices is as of Class P's inception <br />month-end. The fund's past performance (before and after taxes) is not <br />necessarily an indication of how the fund will perform in the future. <br />Analytic Investors has been responsible for the day-to-day management <br />of a separate portion of the fund's assets since inception of the fund. <br />First Quadrant assumed day-to-day management of a separate portion of <br />the fund's assets on April 8, 2009. Standard Life Investments assumed <br />day-to-day management of a separate portion of the fund's assets on <br />August 5, 2010. Updated performance for the fund is available at<br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. In addition, the after-tax <br />returns shown are not relevant to investors who hold fund shares through <br />tax-deferred arrangements, such as 401(k) plans or individual retirement <br />accounts.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000006035Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000006035Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000006035Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> US Consumer Price Index (CPI) (Indices reflect no deduction for fees, expenses or taxes.) 0.0296 0.0226 0.0202 Barclays Global Aggregate Index 0.0564 0.0646 0.0655 Citigroup Three-Month US Treasury Bill Index 0.0008 0.0136 0.0179 Class P Return after taxes on distributions and sale of fund shares -0.0379 -0.0328 -0.0232 2006-04-10 Class P Return after taxes on distributions -0.0583 -0.0406 -0.0291 2006-04-10 PASPX Worst quarter during calendar years shown-3Q 2008: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 0.0040 380 2009-06-30 1169 0.0200 -0.1193 -0.0007 0.0393 4074 -0.0100 1975 0.0767 0.0765 -0.0583 0.0055 -0.2406 0.0130 2013-11-30 2008-09-30 0.1169 -0.0377 Total return January 1 - September 30, 2012: 0.0015 -0.0393 0.00 0.0178 0.0185 -0.0264 2006-04-10 0.0630 0.00 The fund is a non-diversified investment company, which means that the fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the fund's share price may be more volatile and the fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. <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 <br />may 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 242%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000006035Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000006035Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Long-term capital appreciation.</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 of<br />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 />&#xA0;&#xA0;<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 /> <br />The fund has a broad investment mandate that permits it to use an extensive<br />range of investment strategies and to invest in a wide spectrum of equity, fixed<br />income and derivative securities in pursuing its investment objective. The fund<br />seeks to achieve its investment objective with a low correlation to market<br />environments for traditional asset classes and as such attempts to achieve a<br />total rate of return which exceeds the rate of return on 3-month Treasury bills<br />by 3.00% to 4.00%, exclusive of investment management fees, on an annualized<br />basis over a full market cycle. The fund's manager, UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), does not represent or guarantee that the fund<br />will meet this return goal, and investors should be aware that, because of the<br />fund's complex strategies and investments, an investment in the fund involves a<br />significantly higher risk level than an investment in US Treasury bills.<br /> <br />The fund invests in equity securities of US and non-US companies of various<br />market capitalizations. The fund also invests in fixed income securities, which<br />are not subject to any credit rating or maturity limitations, issued by<br />companies and government and supranational entities around the world. The fund<br />may invest in emerging as well as developed markets and may invest a significant<br />portion of its assets in the securities of companies in particular economic<br />sectors.<br /> <br />The fund may, but is not required to, invest extensively in exchange-traded or<br />over-the-counter derivative instruments for risk management purposes or to<br />attempt to increase total returns. The derivatives in which the fund may invest<br />include options (on indices), futures (on indices or interest rate futures),<br />currency forward agreements and swap agreements (specifically, interest rate<br />swaps). These derivatives may be used for risk management purposes, such as<br />hedging the fund's security, index, currency, interest rate or other exposure,<br />or otherwise managing the risk profile of the fund. In addition, the derivative<br />instruments listed above may be used to enhance returns; in place of direct<br />investments; to obtain or adjust exposure to certain markets; or to establish<br />net short positions in markets, currencies or securities. Interest rate futures<br />and swaps may also be used to adjust the fund's portfolio duration, or to<br />achieve a negative portfolio duration.<br /> <br />The fund is also permitted to engage in "short-selling." When selling short, the<br />fund will sell a security it does not own at the then-current market price and<br />then borrow the security to deliver to the buyer. The fund is then obligated to<br />buy the security on a later date so that it can return the security to the<br />lender. Short selling provides opportunities to increase the fund's total<br />returns, but also entails significant potential risks.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global AM, the fund's<br />manager and primary provider of investment advisory services, has the ultimate<br />authority, subject to oversight by the fund's board, to oversee the fund's<br />investment advisor(s) and recommend their hiring, termination and replacement.<br />Analytic Investors, LLC ("Analytic Investors"), First Quadrant L.P. ("First<br />Quadrant") and Standard Life Investments (Corporate Funds) Limited ("Standard<br />Life Investments") currently serve as the fund's investment advisors. The<br />allocation of the fund's assets between investment advisors is designed to<br />achieve long-term capital appreciation while having a low correlation to<br />traditional equity and fixed income asset classes. Subject to approval by the<br />fund's board of trustees, UBS Global AM may in the future allocate assets to<br />additional or different investment advisors to employ other portfolio management <br />strategies, and changes to current strategies may be made.<br /> <br />Analytic Investors employs a long/short global equity strategy. This strategy is<br />implemented by taking long and short positions of equity securities publicly<br />traded in the US and in foreign markets by direct equity investment (and may<br />also be implemented through the use of derivatives). The fund buys securities<br />"long" that Analytic Investors believes will out-perform the market, and sells<br />securities "short" that Analytic believes will under-perform the market. This<br />is, however, not a market neutral strategy. The fund's long-short exposure will<br />vary over time based on Analytic Investors' assessment of market conditions and<br />other factors.<br /> <br />First Quadrant employs a "global macro strategy." This strategy is implemented<br />by combining several different complex investment techniques. First Quadrant<br />uses a "tactical risk allocation" approach across global markets which increases<br />investment risk where it believes opportunities for risk-adjusted profit are<br />high and attempts to lower market risks when it believes gains have been<br />realized and future gains are unlikely. First Quadrant also assesses the<br />combination of local market and economic factors as well as global equity, fixed<br />income or currency market factors and attempts to capture inefficiencies in<br />those markets. First Quadrant's strategy is primarily implemented through the<br />use of derivatives, and First Quadrant seldom holds securities "long." It uses<br />exchange traded futures on global equity indices and government bonds, forwards,<br />swaps and exchange traded options such as options on indices. By using<br />derivatives, First Quadrant intends to quickly and efficiently gain market<br />exposure to equity securities, fixed income securities, and foreign currencies,<br />and seeks to take advantage of value (and to reduce exposure to certain risks)<br />that it identifies in these global markets. The fund also may hold cash or<br />invest its cash balances at such times and in any permissible investments deemed<br />appropriate by First Quadrant.<br /> <br />First Quadrant presently manages two separate portions of the fund's assets,<br />using the strategies and investments described above. With respect to the first<br />portion, First Quadrant seeks positive absolute returns from its global macro<br />strategy, and the returns of this portion are not expected to be closely<br />correlated with those of global equity markets. With respect to the second<br />portion, First Quadrant combines its global macro strategy with passive exposure<br />to global equity markets while targeting a specific level of risk, which is<br />expected to result in returns more closely correlated with those of global<br />equity markets.<br /> <br />Standard Life Investments employs a "global multi-asset strategy" and seeks to<br />achieve a total return by delivering a diversified global portfolio that makes<br />use of multiple strategies across various asset classes. It aims to exploit<br />market cyclicality and a diverse array of inefficiencies across and within<br />global markets to maximize risk adjusted absolute return, by investing in listed<br />equity, equity-related and debt securities, including exchange traded funds, and<br />derivatives or other instruments, both for investment and hedging purposes. The<br />fund may take long and/or short positions, and its derivative investments (which<br />may be used routinely) may include futures, options, swaps, and forward currency<br />contracts.<br /> <br />Standard Life Investments manages its strategies dynamically over time, and will<br />actively modify investment strategies and develop new strategies in response to<br />additional research, changing market conditions, or other factors. Its<br />strategies seek to deliver returns commensurate with reasonable levels of risk<br />and tangible diversification benefits, while having both sufficient liquidity<br />and capacity to benefit the fund in a significant way. Standard Life Investments<br />may also hold cash or invest its cash balances in cash equivalents and<br />short-term investments, in order to cover the derivative transactions or<br />otherwise in its discretion.</tt> PACE Alternative Strategies Investments 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) 2.42 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. PACE Alternative Strategies Investments Annual Total Returns of Class C Shares (2007 was Class C's first full calendar year of operations) 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: 5.69%<br />Best quarter during calendar years shown-2Q 2009: 7.27%<br />Worst quarter during calendar years shown-3Q 2008: (12.12)%</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 deposit of a bank and is not<br />insured 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 />Aggressive investment risk: The fund may employ investment strategies that<br />involve greater risks than the strategies used by typical mutual funds,<br />including increased use of short sales (which involve the risk of an unlimited<br />increase in the market value of the security sold short, which could result in a<br />theoretically unlimited loss), leverage and derivative transactions, and hedging<br />strategies.<br /> <br />Arbitrage trading risk: The underlying relationships between securities in which<br />the fund takes arbitrage investment positions may change in an adverse manner,<br />causing the fund to realize losses.<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.<br />&#xA0;&#xA0;<br />This risk is likely greater for lower quality investments than for investments<br />that are higher quality.<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, the<br />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 />Swap agreement risk: The fund may enter into various types of swap agreements.<br />Swap agreements can be less liquid and more difficult to value than other<br />investments. Because its cash flows are based in part on changes in the value of<br />the reference asset, a total return swap's market value will vary with changes<br />in that reference asset. In addition, the fund may experience delays in payment<br />or loss of income if the counterparty fails to perform under the contract.<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 />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. If<br />a local currency declines against the US dollar, the value of the holding<br />decreases in US dollar terms. In addition, the fund may be exposed to losses if<br />its other foreign currency positions (e.g., options, forward commitments) move<br />against it.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers <br />may decline in value because of unfavorable foreign government actions, greater <br />risks of political instability or the absence of accurate information about <br />emerging market issuers.<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 /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may not<br />be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<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 <br />lower interest rates.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the fund to be more volatile <br />than if it had not been leveraged. The use of leverage may also accelerate <br />the velocity of losses and can result in losses to the fund that exceed the <br />amount originally invested.<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 />&#xA0;&#xA0;<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 />Non-diversification risk: The fund is a non-diversified investment company,<br />which means that the fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />fund's share price may be more volatile and the fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Sector risk: Because the fund may invest a significant portion of its assets <br />in the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<br /> <br />Short sales risk: There are certain unique risks associated with the use of<br />short sales strategies. When selling a security short, an investment advisor<br />will sell a security it does not own at the then-current market price and then<br />borrow the security to deliver to the buyer. The fund is then obligated to buy<br />the security on a later date so it can return the security to the lender. Short<br />sales therefore involve the risk that the fund will incur a loss by subsequently<br />buying a security at a higher price than the price at which the fund previously<br />sold the security short. This would occur if the securities lender required the<br />fund to deliver the securities the fund had borrowed at the commencement of the<br />short sale and the fund was unable to either purchase the security at a<br />favorable price or to borrow the security from another securities lender. If<br />this occurs at a time when other short sellers of the security also want to<br />close out their positions, a "short squeeze" can occur. A short squeeze occurs<br />when demand is greater than supply for the security sold short. Moreover,<br />because a fund's loss on a short sale arises from increases in the value of the<br />security sold short, such loss, like the price of the security sold short, is<br />theoretically unlimited. By contrast, a fund's loss on a long position arises<br />from decreases in the value of the security and therefore is limited by the fact<br />that a security's value cannot drop below zero. It is possible that the fund's<br />securities held long will decline in value at the same time that the value of<br />the securities sold short increases, thereby increasing the potential for loss.<br /> <br />Structured security risk: The fund may purchase securities representing<br />interests in underlying assets, but structured to provide certain advantages <br />not inherent in those assets (e.g., enhanced liquidity and yields linked to<br />short-term interest rates). If those securities behaved in a way that the fund's<br />investment advisors did not anticipate, or if the security structures<br />encountered unexpected difficulties, the fund could suffer a loss.<br /> <br />Valuation risk: During periods of reduced market liquidity or in the absence of<br />readily available market quotations for securities, the ability of the fund to<br />value the fund's securities becomes more difficult and the judgment of the<br />fund's manager and investment advisors may play a greater role in the valuation<br />of the securities due to reduced availability of reliable objective pricing<br />data.<br /> <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 />Municipal securities risk: Municipal securities are subject to interest rate and<br />credit risks. The ability of a municipal issuer to make payments and the value<br />of municipal securities can be affected by uncertainties in the municipal<br />securities market. Such uncertainties could cause increased volatility in the<br />municipal securities market and could negatively impact the fund's net asset<br />value and/or the distributions paid by the fund. Municipalities continue to<br />experience difficulties in the current economic and political environment.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 a broad measure of market<br />performance. The Barclays Global Aggregate Index shows how the fund's<br />performance compares to the broad global markets for US and non-US corporate,<br />government, governmental agency, supranational, mortgage-backed and asset-backed <br />fixed income securities. The US Consumer Price Index (CPI) shows how the fund's <br />performance compares to a broad indicator of inflation. Life of class performance <br />for the indices is as of the inception month-end of each class. The fund's past <br />performance (before and after taxes) is not necessarily an indication of how the <br />fund will perform in the future. Analytic Investors has been responsible for the <br />day-to-day management of a separate portion of the fund's assets since inception <br />of the fund. First Quadrant assumed day-to-day management of a separate portion <br />of the fund's assets on April 8, 2009. Standard Life Investments assumed day-to-day <br />management of a separate portion of the fund's assets on August 5, 2010. Updated <br />performance for 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.</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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000006035Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000006035Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000006035Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000006035Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> US Consumer Price Index (CPI) (Indices reflect no deduction for fees, expenses or taxes.) 0.0296 0.0226 Barclays Global Aggregate Index 0.0564 0.0646 Citigroup Three-Month US Treasury Bill Index 0.0008 0.0136 Class C Return after taxes on distributions and sale of fund shares -0.0378 -0.0241 -0.0140 2006-04-11 Class C Return after taxes on distributions -0.0582 -0.0295 -0.0174 2006-04-11 PASYX 0.0000 0 Class Y Return before taxes 0.0046 181 587 -0.0013 2222 -0.0100 1020 -0.0402 0.0061 0.0130 2013-11-30 0.0015 0.0000 0.0178 0.0191 -0.0342 2008-07-23 0.0000 PASOX Worst quarter during calendar years shown-3Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 0 Class C Return before taxes 0.0037 381 2009-06-30 281 870 -0.1212 -0.0004 0.0293 3144 -0.0100 1485 0.0677 0.0727 -0.0582 0.0052 -0.2487 0.0130 2013-11-30 2008-09-30 3144 0.1057 -0.0278 870 1485 Total return January 1 - September 30, 2012: 0.0015 -0.0487 0.0100 0.0278 0.0282 -0.0158 2006-04-11 0.0569 0.0100 PASIX 0.0550 0 Class A Return before taxes 0.0042 745 1169 -0.0009 2860 -0.0100 1619 -0.0945 0.0057 0.0130 2013-11-30 -0.0316 0.0015 0.0025 0.0203 0.0212 -0.0189 2006-04-10 0.0000 The fund is a non-diversified investment company, which means that the fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the fund's share price may be more volatile and the fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. <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 <br />may 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 66%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000006034Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000006034Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Total return.</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 of<br />your shares at the end of those periods. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.&#xA0;&#xA0;<br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund seeks to achieve its objective by investing primarily in real estate<br />investment trusts ("REITs") and other real-estate related securities. Under<br />normal market circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in securities of<br />companies in the real estate industry, which may include common shares,<br />preferred shares, initial public offerings ("IPOs") and units of beneficial <br />interest in real estate companies (inclusive of REITs). The fund invests in <br />such securities of companies with varying market capitalizations.<br /> <br />The fund will consider real estate securities to be those securities issued by<br />companies principally engaged in the real estate industry, defined to mean those<br />companies which (1) derive at least 50% of their revenues from the ownership,<br />operation, development, construction, financing, management or sale of commercial, <br />industrial or residential real estate and similar activities, or (2)invest at <br />least 50% of their assets in such real estate.<br /> <br />The fund may invest in the securities of issuers located in a number of<br />different countries throughout the world. Under normal market circumstances, the<br />fund will maintain exposure to real estate related securities of issuers in the<br />US and in at least three countries outside the US. The amount invested outside<br />the US may vary, and at any given time, the fund may have a significant exposure<br />to non-US securities depending upon an investment advisor's investment<br />decisions.<br /> <br />The fund may engage in "short-selling," where the fund will sell a security it<br />does not own at the then-current market price and then borrow the security to<br />deliver to the buyer. The fund is then obligated to buy the security on a later<br />date so that it can return it to the lender. Short selling provides<br />opportunities to increase the fund's total returns, but also entails significant<br />potential risks.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. CBRE Clarion Securities LLC ("CBRE<br />Clarion") and Brookfield Investment Management Inc. ("Brookfield") currently<br />serve as the fund's investment advisors. The relative value of each investment<br />advisor's share of the fund's assets may change over time.<br /> <br />CBRE Clarion uses a multi-step investment process for constructing the<br />investment portfolio, combining top-down region and sector allocation with<br />bottom-up individual stock selection. First, CBRE Clarion selects property<br />sectors and geographic regions in which to invest and determines the degree of<br />representation of such sectors and regions, through a systematic evaluation of<br />public and private real estate market trends and conditions. Second, CBRE<br />Clarion uses a proprietary valuation process in an effort to identify<br />investments with superior current income and growth potential relative to <br />their peers, which includes the analysis of several factors within three <br />broad groupings: (1) value and property; (2) capital structure; and (3) <br />management and strategy.<br /> <br />Brookfield intends to achieve total returns by investing in a diversified<br />portfolio of global securities of companies primarily in the real estate<br />industry, including REITs, real estate operating companies and companies whose<br />values are significantly affected by their real estate holdings. Brookfield<br />utilizes a fundamental, bottom-up, value-based stock selection methodology,<br />taking into account short-term considerations (such as temporary market<br />mispricing) and long-term considerations (such as values of assets and cash<br />flows).</tt> PACE Global Real Estate Securities Investments 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) 0.66 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. PACE Global Real Estate Securities Investments Annual Total Returns of Class P Shares (2008 was Class P's first full calendar year of operations) The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 20.43%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best quarter during calendar years shown--2Q 2009: 25.93%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst quarter during calendar years shown--4Q 2008: (33.20)%</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 deposit of a bank and is not<br />insured 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 />Real estate industry risk: An investment in the fund is subject to certain risks<br />associated with the direct ownership of real estate and with the real estate<br />industry in general, including possible declines in the value of real estate;<br />risks related to general and local economic conditions; possible lack of<br />availability of mortgage financing; variations in rental income, neighborhood<br />values or the appeal of property to tenants; interest rates; overbuilding;<br />extended vacancies of properties; increases in competition, property taxes and<br />operating expenses; and changes in zoning laws. The values of securities of<br />companies in the real estate industry, which is sensitive to economic downturns,<br />may go through cycles of relative under-performance and out-performance in<br />comparison to equity securities markets in general.<br /> <br />Real estate investment trust risk: The performance of equity and mortgage REITs<br />depends on how well each REIT manages its properties. Equity REITs, which invest<br />directly in real estate properties and property developers, may be affected by<br />any changes in the value of the underlying property owned by the trusts.<br />Mortgage REITs, which specialize in lending money to developers of properties,<br />may be affected by the quality of any credit extended.<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 />&#xA0;&#xA0;<br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. If<br />a local currency gains against the US dollar, the value of the holding increases<br />in US dollar terms. In addition, the fund may be exposed to losses if its other<br />foreign currency positions (e.g., options, forward commitments) move against it.<br /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may <br />not be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<br /> <br />Short sales risk: There are certain unique risks associated with the use of<br />short sales strategies. When selling a security short, an investment advisor<br />will sell a security it does not own at the then-current market price and then<br />borrow the security to deliver to the buyer. The fund is then obligated to buy<br />the security on a later date so it can return the security to the lender. Short<br />sales therefore involve the risk that the fund will incur a loss by subsequently<br />buying a security at a higher price than the price at which the fund previously<br />sold the security short. This would occur if the securities lender required the<br />fund to deliver the securities the fund had borrowed at the commencement of the<br />short sale and the fund was unable to either purchase the security at a<br />favorable price or to borrow the security from another securities lender. If<br />this occurs at a time when other short sellers of the security also want to<br />close out their positions, a "short squeeze" can occur. A short squeeze occurs<br />when demand is greater than supply for the security sold short. Moreover,<br />because a fund's loss on a short sale arises from increases in the value of the<br />security sold short, such loss, like the price of the security sold short, is<br />theoretically unlimited. By contrast, a fund's loss on a long position arises<br />from decreases in the value of the security and therefore is limited by the fact <br />that a security's value cannot drop below zero. It is possible that the fund's <br />securities held long will decline in value at the same time that the value of the <br />securities sold short increases, thereby increasing the potential for loss.<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 />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 <br />lower interest rates.<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 />Non-diversification risk: The fund is a non-diversified investment company,<br />which means that the fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />fund's share price may be more volatile and the fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Sector risk: Because the fund may invest a significant portion of its assets in<br />the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<br /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities <br />depositories may be subject to limited regulatory oversight. The laws of certain <br />countries also may limit the fund's ability to recover its assets if a foreign bank <br />or depository enters into bankruptcy.<br /> <br />Initial public offerings risk: The purchase of shares issued in IPOs may expose<br />the fund to the risks associated with issuers that have no operating history as<br />public companies, as well as to the risks associated with the sectors of the<br />market in which the issuer operates. The market for IPO shares may be volatile,<br />and share prices of newly-public companies may fluctuate significantly over a<br />short period of time.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam- us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 maximum annual PACE Select Advisors Program fee; if<br />it 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 a broad measure of market<br />performance. 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 for the period prior to November 17, 2009, which is the<br />date on which CBRE Clarion and Brookfield each assumed day-to-day management of<br />a separate portion of the fund's assets. Prior to that, another investment<br />advisor was responsible for managing the fund's assets. 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.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000006034Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000006034Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000006034Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> FTSE EPRA/NAREIT Developed Index (Index reflects no deduction for fees, expenses or taxes.) -0.0582 -0.0591 Class P Return after taxes on distributions and sale of fund shares -0.0523 -0.0930 2007-01-22 Class P Return after taxes on distributions -0.0894 -0.1193 2007-01-22 PREQX Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 323 2009-06-30 1076 0.0200 -0.3320 -0.0045 0.1627 3877 -0.0100 1850 0.2593 -0.0803 0.0095 -0.4944 0.0070 2013-11-30 2008-12-31 0.2788 Total return January 1 - September 30, 2012: -0.0617 0.00 0.0120 0.0165 -0.1041 2007-01-22 0.2043 0.00 The fund is a non-diversified investment company, which means that the fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the fund's share price may be more volatile and the fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. <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 <br />may 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 66%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000006034Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000006034Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Total return.</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> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund seeks to achieve its objective by investing primarily in real estate<br />investment trusts ("REITs") and other real-estate related securities. Under<br />normal market circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in securities of<br />companies in the real estate industry, which may include common shares,<br />preferred shares, initial public offerings ("IPOs") and units of beneficial<br />interest in real estate companies (inclusive of REITs). The fund invests in <br />such securities of companies with varying market capitalizations.<br /> <br />The fund will consider real estate securities to be those securities issued by<br />companies principally engaged in the real estate industry, defined to mean those<br />companies which (1) derive at least 50% of their revenues from the ownership,<br />operation, development, construction, financing, management or sale of<br />commercial, industrial or residential real estate and similar activities, or (2)<br />invest at least 50% of their assets in such real estate.<br /> <br />The fund may invest in the securities of issuers located in a number of different <br />countries throughout the world. Under normal market circumstances, the fund will <br />maintain exposure to real estate related securities of issuers in the US and in <br />at least three countries outside the US. The amount invested outside the US may <br />vary, and at any given time, the fund may have a significant exposure to non-US <br />securities depending upon an investment advisor's investment decisions.<br /> <br />The fund may engage in "short-selling," where the fund will sell a security it<br />does not own at the then-current market price and then borrow the security to<br />deliver to the buyer. The fund is then obligated to buy the security on a later<br />date so that it can return it to the lender. Short selling provides opportunities <br />to increase the fund's total returns, but also entails significant potential risks.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. CBRE Clarion Securities LLC ("CBRE<br />Clarion") and Brookfield Investment Management Inc. ("Brookfield") currently<br />serve as the fund's investment advisors. The relative value of each investment<br />advisor's share of the fund's assets may change over time.<br /> <br />CBRE Clarion uses a multi-step investment process for constructing the<br />investment portfolio, combining top-down region and sector allocation with<br />bottom-up individual stock selection. First, CBRE Clarion selects property<br />sectors and geographic regions in which to invest and determines the degree of<br />representation of such sectors and regions, through a systematic evaluation of<br />public and private real estate market trends and conditions. Second, CBRE<br />Clarion uses a proprietary valuation process in an effort to identify<br />investments with superior current income and growth potential relative to <br />their peers, which includes the analysis of several factors within three <br />broad groupings: (1) value and property; (2) capital structure; and (3) <br />management and strategy.<br /> <br />Brookfield intends to achieve total returns by investing in a diversified<br />portfolio of global securities of companies primarily in the real estate<br />industry, including REITs, real estate operating companies and companies whose<br />values are significantly affected by their real estate holdings. Brookfield<br />utilizes a fundamental, bottom-up, value-based stock selection methodology,<br />taking into account short-term considerations (such as temporary market<br />mispricing) and long-term considerations (such as values of assets and cash<br />flows).</tt> PACE Global Real Estate Securities Investments 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) 0.66 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. PACE Global Real Estate Securities Investments Annual Total Returns of Class C Shares (2007 was Class C's first full calendar year of operations) 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: 19.53%<br />Best quarter during calendar years shown-2Q 2009: 25.64%<br />Worst quarter during calendar years shown-4Q 2008: (33.27)%</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 deposit of a bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. The principal risks presented by an investment in the fund are:<br /> <br />Real estate industry risk: An investment in the fund is subject to certain risks<br />associated with the direct ownership of real estate and with the real estate<br />industry in general, including possible declines in the value of real estate;<br />risks related to general and local economic conditions; possible lack of<br />availability of mortgage financing; variations in rental income, neighborhood<br />values or the appeal of property to tenants; interest rates; overbuilding;<br />extended vacancies of properties; increases in competition, property taxes and<br />operating expenses; and changes in zoning laws. The values of securities of<br />companies in the real estate industry, which is sensitive to economic downturns,<br />may go through cycles of relative under-performance and out-performance in<br />comparison to equity securities markets in general.<br /> <br />Real estate investment trust risk: The performance of equity and mortgage REITs<br />depends on how well each REIT manages its properties. Equity REITs, which invest<br />directly in real estate properties and property developers, may be affected by<br />any changes in the value of the underlying property owned by the trusts.<br />Mortgage REITs, which specialize in lending money to developers of properties,<br />may be affected by the quality of any credit extended.<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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. If<br />a local currency gains against the US dollar, the value of the holding increases<br />in US dollar terms. In addition, the fund may be exposed to losses if its other<br />foreign currency positions (e.g., options, forward commitments) move against it.<br /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may <br />not be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<br /> <br />Short sales risk: There are certain unique risks associated with the use of<br />short sales strategies. When selling a security short, an investment advisor<br />will sell a security it does not own at the then-current market price and then<br />borrow the security to deliver to the buyer. The fund is then obligated to buy<br />the security on a later date so it can return the security to the lender. Short<br />sales therefore involve the risk that the fund will incur a loss by subsequently<br />buying a security at a higher price than the price at which the fund previously<br />sold the security short. This would occur if the securities lender required the<br />fund to deliver the securities the fund had borrowed at the commencement of the<br />short sale and the fund was unable to either purchase the security at a<br />favorable price or to borrow the security from another securities lender. If<br />this occurs at a time when other short sellers of the security also want to<br />close out their positions, a "short squeeze" can occur. A short squeeze occurs<br />when demand is greater than supply for the security sold short. Moreover,<br />because a fund's loss on a short sale arises from increases in the value of the<br />security sold short, such loss, like the price of the security sold short, is<br />theoretically unlimited. By contrast, a fund's loss on a long position arises<br />from decreases in the value of the security and therefore is limited by the fact<br />that a security's value cannot drop below zero. It is possible that the fund's<br />securities held long will decline in value at the same time that the value of<br />the securities sold short increases, thereby increasing the potential for loss.<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 />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 <br />lower interest rates.<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 />Non-diversification risk: The fund is a non-diversified investment company,<br />which means that the fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />fund's share price may be more volatile and the fund has a greater potential <br />to realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<br /> <br />Sector risk: Because the fund may invest a significant portion of its assets <br />in the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<br /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities<br />depositories may be subject to limited regulatory oversight. The laws of certain<br />countries also may limit the fund's ability to recover its assets if a foreign<br />bank or depository enters into bankruptcy.<br /> <br />Initial public offerings risk: The purchase of shares issued in IPOs may expose<br />the fund to the risks associated with issuers that have no operating history as<br />public companies, as well as to the risks associated with the sectors of the<br />market in which the issuer operates. The market for IPO shares may be volatile,<br />and share prices of newly-public companies may fluctuate significantly over a<br />short period of time.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 a broad measure of market<br />performance. 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 for the period prior to November 17, 2009, which is the<br />date on which CBRE Clarion and Brookfield each assumed day-to-day management of<br />a separate portion of the fund's assets. Prior to that, another investment<br />advisor was responsible for managing the fund's assets. 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.</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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000006034Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000006034Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000006034Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000006034Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> FTSE EPRA/NAREIT Developed Index (Index reflects no deduction for fees, expenses or taxes.) -0.0582 -0.0528 Class C Return after taxes on distributions and sale of fund shares -0.0526 -0.0788 -0.0771 2006-12-18 Class C Return after taxes on distributions -0.0879 -0.1001 -0.0981 2006-12-18 PREYX 0.0000 0 Class Y Return before taxes 122 421 -0.0019 1652 -0.0100 742 -0.0633 0.0069 0.0070 2013-11-30 0.0000 0.0120 0.0139 0.1275 2008-12-26 0.0000 PREEX Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 0 Class C Return before taxes 323 2009-06-30 223 738 -0.3327 -0.0024 0.1522 2758 -0.0100 1279 -0.0672 0.2564 -0.0808 0.0074 -0.4990 0.0070 2013-11-30 2008-12-31 2758 0.2632 -0.0879 738 1279 Total return January 1 - September 30, 2012: -0.0718 0.0100 0.0220 0.0244 -0.0856 2006-12-18 0.1953 0.0100 PREAX 0.0550 0 Class A Return before taxes 689 1031 -0.0024 2419 -0.0100 1396 -0.1152 0.0074 0.0070 2013-11-30 -0.0909 0.0025 0.0145 0.0169 -0.0884 2006-12-18 0.0000 <tt>The fund pays transaction costs, such as commissions or dealer spreads, when it<br />buys and sells securities (or "turns over" its portfolio). A higher portfolio<br />turnover rate may indicate higher transaction costs and may result in higher<br />taxes when fund shares are held in a taxable account. These costs, which are not<br />reflected in annual fund operating expenses or in the example, affect the fund's<br />performance. During the most recent fiscal year, the fund's portfolio turnover<br />rate was 20% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000006015Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000006015Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Total return.</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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.&#xA0;&#xA0;<br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund seeks to achieve its objective by investing primarily in a<br />professionally managed, diversified portfolio of fixed income securities rated<br />below investment grade. Under normal circumstances, the fund invests at least<br />80% of its net assets (plus the amount of any borrowing for investment purposes)<br />in high yield fixed income securities that are rated below investment grade or<br />considered to be of comparable quality (commonly referred to as "junk bonds").<br />&#xA0;&#xA0;<br />These investments will include fixed income securities that are (1) rated below<br />investment grade (lower than a Baa rating by Moody's Investors Service, Inc.<br />("Moody's") or lower than a BBB rating by Standard and Poor's, a division of The<br />McGraw Hill Companies Inc. ("S&amp;P")); (2) comparably rated by another nationally<br />recognized statistical rating organization (collectively, with Moody's and S&amp;P,<br />"Rating Agencies"); or (3) unrated, but deemed by the fund's investment advisor<br />to be of comparable quality to fixed income securities rated below Baa, BBB or a<br />comparable rating by a Rating Agency.<br /> <br />The fund may invest up to 10% of its total assets in US and/or non-US senior<br />secured bank loans (each of which may be denominated in foreign currencies),<br />which may be in the form of loan participations and assignments. The fund may<br />invest in a number of different countries throughout the world, including the<br />US.<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 to attempt to increase<br />total returns. The derivatives in which the fund may invest include futures<br />(specifically, interest rate futures), currency forward agreements, swap<br />agreements (specifically, credit default swaps) and structured notes. These<br />derivatives may be used for risk management purposes, such as hedging the fund's<br />security, index, currency, interest rate or other exposure, or otherwise<br />managing the risk profile of the fund. In addition, the derivative instruments<br />listed above may be used in place of direct investments. Interest rate futures<br />may also be used to adjust the fund's portfolio duration.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. MacKay Shields LLC ("MacKay Shields")<br />currently serves as the fund's investment advisor. MacKay Shields attempts to<br />deliver attractive risk adjusted returns by avoiding most of the unusually large<br />losses in the high yield market, even if it means giving up much of the large<br />potential gains. MacKay Shields believes that there is a very small subset of<br />bonds that delivers outsized gains in the market. Due to the limited upside<br />inherent in most bonds, over time, outsized gains are expected to be smaller<br />than unusually large losses. By attempting to limit the fund's participation in<br />the extremes of the market, MacKay Shields strives to add value over a market<br />cycle and with lower volatility through a rigorous process that attempts to screen <br />out what it believes to be the riskiest issuers in the market. MacKay Shields <br />anticipates that under normal circumstances the fund's average duration will be <br />within +/- 25% of that of the BofA Merrill Lynch Global High Yield Index. This index <br />ordinarily has a duration of between 4 and 5 years. Duration is a measure of the <br />fund's exposure to interest rate risk--a longer duration means that changes in market <br />interest rates are likely to have a larger effect on the value of the fund's portfolio. <br />The fund has no average targeted portfolio maturity.</tt> PACE High Yield Investments 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) 0.20 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. PACE High Yield Investments Annual Total Returns of Class P Shares (2007 was Class P's first full calendar year of operations) The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 13.43%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best quarter during calendar years shown--2Q 2009: 20.77%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst quarter during calendar years shown--4Q 2008: (12.52)%</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 deposit of a bank and is not<br />insured 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 />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 /> <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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br />&#xA0;&#xA0;<br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may not<br />be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<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 <br />lower interest rates.<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 />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 />securities becomes more difficult and the judgment of the fund's manager and<br />investment advisor may play a greater role in the valuation of the securities<br />due to reduced availability of reliable objective pricing data.<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, the<br />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 />Loan investments risk: In addition to those risks typically associated with<br />investments in debt securities, investments in bank loans are subject to the<br />risk that the collateral securing a loan may not provide sufficient protection<br />to the fund. With respect to participations in loans, the fund's contractual<br />relationship is typically with the lender (rather than the borrower).<br />Consequently, the fund may have limited rights of enforcement against the<br />borrower and assumes the credit risk of both the lender and the borrower.<br />Investments in bank loans may be relatively illiquid, which could adversely<br />affect the value of these investments and the fund's ability to dispose of them.<br /> <br />Structured security risk: The fund may purchase securities representing<br />interests in underlying assets, but structured to provide certain advantages <br />not inherent in those assets (e.g., enhanced liquidity and yields linked to<br />short-term interest rates). If those securities behaved in a way that the fund's<br />investment advisor did not anticipate, or if the security structures encountered<br />unexpected difficulties, the fund could suffer a loss.<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 of the fund Principal strategies http://globalamus.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 maximum annual PACE Select Advisors Program fee; if<br />it 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 a broad measure of market<br />performance. The fund's past performance (before and after taxes) is not<br />necessarily an indication of how the fund will perform in the future. Updated<br />performance for the fund is available at<br />http://globalamus.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.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000006015Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000006015Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000006015Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BofA Merrill Lynch Global High Yield Index (hedged in USD) (Index reflects no deduction for fees, expenses or taxes.) 0.0318 0.0728 0.0792 Class P Return after taxes on distributions and sale of fund shares -0.0098 0.0290 0.0306 2006-04-10 Class P Return after taxes on distributions -0.0462 0.0250 0.0273 2006-04-10 PHYPX Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 306 2009-06-30 960 0.0200 -0.1252 -0.0012 0.1528 3449 -0.0100 1639 0.0136 0.2077 -0.0199 0.0045 -0.1853 0.0070 2013-11-30 2008-12-31 0.5086 0.0538 Total return January 1 - September 30, 2012: 0.00 0.00 0.0103 0.0115 0.0552 2006-04-10 0.1343 0.00 <tt>The fund pays transaction costs, such as commissions or dealer spreads, when it<br />buys and sells securities (or "turns over" its portfolio). A higher portfolio<br />turnover rate may indicate higher transaction costs and may result in higher<br />taxes when fund shares are held in a taxable account. These costs, which are not<br />reflected in annual fund operating expenses or in the example, affect the fund's<br />performance. During the most recent fiscal year, the fund's portfolio turnover<br />rate was 20% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000006015Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000006015Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Total return.</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 of<br />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.&#xA0;&#xA0;<br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund seeks to achieve its objective by investing primarily in a<br />professionally managed, diversified portfolio of fixed income securities rated<br />below investment grade. Under normal circumstances, the fund invests at least<br />80% of its net assets (plus the amount of any borrowing for investment purposes)<br />in high yield fixed income securities that are rated below investment grade or<br />considered to be of comparable quality (commonly referred to as "junk bonds").<br /> <br />These investments will include fixed income securities that are (1) rated below<br />investment grade (lower than a Baa rating by Moody's Investors Service, Inc.<br />("Moody's") or lower than a BBB rating by Standard and Poor's, a division of The<br />McGraw Hill Companies Inc. ("S&amp;P")); (2) comparably rated by another nationally<br />recognized statistical rating organization (collectively, with Moody's and S&amp;P,<br />"Rating Agencies"); or (3) unrated, but deemed by the fund's investment advisor<br />to be of comparable quality to fixed income securities rated below Baa, BBB or a<br />comparable rating by a Rating Agency.<br /> <br />The fund may invest up to 10% of its total assets in US and/or non-US senior<br />secured bank loans (each of which may be denominated in foreign currencies),<br />which may be in the form of loan participations and assignments. The fund may<br />invest in a number of different countries throughout the world, including the<br />US.<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 to attempt to increase<br />total returns. The derivatives in which the fund may invest include futures<br />(specifically, interest rate futures), currency forward agreements, swap<br />agreements (specifically, credit default swaps) and structured notes. These<br />derivatives may be used for risk management purposes, such as hedging the fund's<br />security, index, currency, interest rate or other exposure, or otherwise<br />managing the risk profile of the fund. In addition, the derivative instruments<br />listed above may be used in place of direct investments. Interest rate futures<br />may also be used to adjust the fund's portfolio duration.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. MacKay Shields LLC ("MacKay Shields")<br />currently serves as the fund's investment advisor. MacKay Shields attempts to<br />deliver attractive risk adjusted returns by avoiding most of the unusually large<br />losses in the high yield market, even if it means giving up much of the large<br />potential gains. MacKay Shields believes that there is a very small subset of<br />bonds that delivers outsized gains in the market. Due to the limited upside<br />inherent in most bonds, over time, outsized gains are expected to be smaller<br />than unusually large losses. By attempting to limit the fund's participation in<br />the extremes of the market, MacKay Shields strives to add value over a market<br />cycle and with lower volatility through a rigorous process that attempts to<br />screen out what it believes to be the riskiest issuers in the market. MacKay<br />Shields anticipates that under normal circumstances the fund's average duration<br />will be within +/- 25% of that of the BofA Merrill Lynch Global High Yield<br />Index. This index ordinarily has a duration of between 4 and 5 years. Duration<br />is a measure of the fund's exposure to interest rate risk--a longer duration<br />means that changes in market interest rates are likely to have a larger effect<br />on the value of the fund's portfolio. The fund has no average targeted portfolio<br />maturity.</tt> PACE High Yield Investments 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 $100,000 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) 0.20 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. PACE High Yield Investments Annual Total Returns of Class A Shares (2007 was Class A's first full calendar year of operations) The bar chart does not reflect the sales charges of the fund's Class A shares; if it did, the total returns shown would be lower. Performance 100000 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: 13.28%<br />Best quarter during calendar years shown--2Q 2009: 20.87%<br />Worst quarter during calendar years shown--4Q 2008: (12.47)%</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 deposit of a bank and is not<br />insured or guaranteed by the Federal Deposit Insurance Corporation or any other<br />government agency. The principal risks presented by an investment in the fund are:<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 <br />(1) 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 /> <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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers <br />may decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may <br />not be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<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 <br />lower interest rates.<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 />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 />securities becomes more difficult and the judgment of the fund's manager and<br />investment advisor may play a greater role in the valuation of the securities<br />due to reduced availability of reliable objective pricing data.<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, the<br />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 />Swap agreement risk: The fund may enter into credit, total return, equity,<br />interest rate, index, currency and variance swap agreements. Swap agreements can<br />be less liquid and more difficult to value than other investments. Because its<br />cash flows are based in part on changes in the value of the reference asset, a<br />total return swap's market value will vary with changes in that reference asset.<br />In addition, the fund may experience delays in payment or loss of income if the<br />counterparty fails to perform under the contract.<br /> <br />Loan investments risk: In addition to those risks typically associated with<br />investments in debt securities, investments in bank loans are subject to the<br />risk that the collateral securing a loan may not provide sufficient protection<br />to the fund. With respect to participations in loans, the fund's contractual<br />relationship is typically with the lender (rather than the borrower). Consequently, <br />the fund may have limited rights of enforcement against the borrower and assumes<br />the credit risk of both the lender and the borrower. Investments in bank loans<br />may be relatively illiquid, which could adversely affect the value of these<br />investments and the fund's ability to dispose of them.<br /> <br />Structured security risk: The fund may purchase securities representing<br />interests in underlying assets, but structured to provide certain advantages <br />not inherent in those assets (e.g., enhanced liquidity and yields linked to<br />short-term interest rates). If those securities behaved in a way that the fund's<br />investment advisor did not anticipate, or if the security structures encountered<br />unexpected difficulties, the fund could suffer a loss.<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 of the fund After-tax returns for other classes will vary from the Class A shares' after-tax returns shown. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 A 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 a broad measure of market<br />performance. The fund's past performance (before and after taxes) is not<br />necessarily an indication of how the fund will perform in the future. Updated<br />performance for the fund is available at<br />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 A shares' after-tax returns shown.</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 $100,000 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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000006015Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000006015Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000006015Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000006015Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BofA Merrill Lynch Global High Yield Index (hedged in USD) (Index reflects no deduction for fees, expenses or taxes.) 0.0318 0.0728 Class A Return after taxes on distributions and sale of fund shares -0.0275 0.0367 0.0394 2006-05-01 Class A Return after taxes on distributions -0.0717 0.0344 0.0378 2006-05-01 PHDYX 0.0000 0 Class Y Return before taxes 105 328 1259 -0.0100 569 0.0008 0.0033 0.0070 2013-11-30 0.0000 0.0103 0.0103 0.2207 2008-12-26 0.0000 PHYCX 0.0000 0 Class C Return before taxes 255 180 557 2084 -0.0100 959 -0.0125 0.0032 0.0070 2013-11-30 2084 557 959 0.0075 0.0177 0.0177 0.1799 2009-01-21 0.0075 PHIAX Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0450 2012-09-30 0 Class A Return before taxes 575 2009-06-30 846 -0.1247 -0.0004 0.1494 1965 -0.0100 1137 0.0122 0.2087 -0.0467 0.0037 -0.1872 0.0070 2013-11-30 2008-12-31 0.5039 0.0626 Total return January 1 - September 30, 2012: -0.0022 0.0025 0.0128 0.0132 0.0653 2006-05-01 0.1328 0.0000 <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 <br />may 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 30%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002976Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002976Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.<br /> <br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in equity securities<br />that are tied economically to emerging market countries, which may include<br />equity securities issued by companies domiciled in emerging market countries.<br />The fund generally defines emerging market countries as countries that are not<br />included in the MSCI World Index of major world economies. However, countries<br />included in this index may be considered emerging markets based on current<br />political and economic factors. The fund may not always diversify its<br />investments on a geographic basis among emerging market countries.<br /> <br />The fund may from time to time invest a significant portion of its assets in <br />the stocks of companies in various economic sectors, such as financials or<br />technology. The fund may invest, to a limited extent, in (1) bonds, including up<br />to 10% of its total assets in bonds that are below investment grade, which are<br />commonly known as "junk bonds," and (2) securities of other investment companies<br />that invest in emerging markets.<br />&#xA0;&#xA0;<br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Mondrian Investment Partners Limited<br />("Mondrian"), William Blair &amp; Company, L.L.C. ("William Blair") and Lee Munder<br />Capital Group, LLC ("Lee Munder") currently serve as the fund's investment<br />advisors. The relative value of each investment advisor's share of the fund's<br />assets may change over time.<br /> <br />Mondrian conducts research on a global basis in an effort to identify securities<br />that have the potential for capital appreciation over a market cycle, using (1)<br />a value-oriented dividend discount methodology toward individual securities and<br />(2) market analysis that attempts to identify value across country boundaries.<br />This approach focuses on future anticipated dividends and their current<br />discounted worth, and then compares the values of different possible investments. <br />Currency returns can be an integral component of an investment's total return, <br />and Mondrian uses a purchasing power parity approach to assess the value of <br />individual currencies. Purchasing power parity attempts to identify the amount <br />of goods and services that a dollar will buy in the US and compares that to the <br />amount of a foreign currency required to buy the same amount of goods and services <br />in another country.<br /> <br />William Blair invests in a portfolio of mid cap and large cap equity securities<br />issued by companies in emerging markets worldwide, according to a quality growth<br />philosophy. William Blair's primary focus is on identifying such companies whose<br />growth characteristics (rate and durability) are underestimated by the market<br />and supported by quality management and strong competitive positioning. After<br />screening the universe of emerging country issuers for certain quality, growth<br />and liquidity characteristics to create a prospective list of investible<br />securities, William Blair undertakes detailed fundamental analysis of these<br />companies, focusing attention on areas where short- to intermediate-term<br />earnings trends and overall operating performance are improving or are strong.<br />Key considerations are the sustainability of a company's competitive advantage<br />relative to peers, its industry and market conditions, a sound financial<br />structure and high reinvestment rates that combine to create favorable<br />conditions for prospective growth. William Blair normally invests on a<br />relatively concentrated basis, with the number of holdings ranging between 50-80<br />securities. To a lesser extent, William Blair also takes into account country<br />selection and industry sector allocation. Normally, William Blair's investments<br />will be allocated among at least six different countries, and no more than 50%<br />of its segment of the fund may be invested in securities of issuers in any one<br />country at any given time. William Blair may obtain exposure to emerging markets<br />equity securities through limited investments in investment company securities,<br />such as exchange-traded funds ("ETFs").<br /> <br />Lee Munder uses a bottom-up quantitative approach to investing in emerging<br />markets equity securities. Inefficiencies in the market create opportunities,<br />and Lee Munder believes that a quantitative process, which relies on<br />sophisticated mathematical or statistical models in selecting investments, is<br />well-suited to capture these inefficiencies and provide an opportunity to<br />outperform the market. Lee Munder's stock selection model groups factors used to<br />select investments into three major categories: market dynamics, value and<br />quality. Market dynamic factors are designed to exploit short term trends as Lee<br />Munder believes investors under-react to certain developments in the short term;<br />value factors are intended to capture mean reversion (i.e., a return to the<br />average) as investors tend to overreact to certain developments in the longer<br />term; and quality factors incorporate information about the quality of earnings<br />that investors tend to overlook.</tt> PACE International Emerging Markets Equity Investments 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) 0.30 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. PACE International Emerging Markets Equity Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 11.48%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best quarter during calendar years shown--2Q 2009: 31.65%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst quarter during calendar years shown--4Q 2008: (28.35)%</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 deposit of a bank and is not<br />insured 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 />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 />Sector risk: Because the fund may invest a significant portion of its assets <br />in the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value than <br />securities of US issuers. These risks are greater for investments in emerging market <br />issuers. In addition, investments in emerging market issuers may decline in value <br />because of unfavorable foreign government actions, greater risks of political <br />instability or the absence of accurate information about emerging market issuers.<br /> <br />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. If<br />a local currency gains against the US dollar, the value of the holding increases<br />in US dollar terms. In addition, the fund may be exposed to losses if its other<br />foreign currency positions (e.g., options, forward commitments) move against it.<br /> <br />Geographic concentration risk: To the extent the fund invests a significant<br />portion of its assets in one geographic area, it will be more susceptible to<br />factors adversely affecting that area.<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 />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 />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 or<br />regions.<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 />the 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 above <br />the value of such companies' portfolio securities.<br /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities<br />depositories may be subject to limited regulatory oversight. The laws of certain<br />countries also may limit the fund's ability to recover its assets if a foreign<br />bank or depository enters into bankruptcy.<br /> <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 />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 />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.<br />An investment advisor for the fund employs a complex strategy using proprietary<br />quantitative models in selecting investments for the fund. Investments selected<br />using these models may perform differently than expected as a result of the<br />factors used in the models, the weight placed on each factor, changes from the<br />factors' historical trends, and technical issues in the construction and<br />implementation of the models (including, for example, data problems, software<br />issues, or other types of errors). There is no guarantee that the investment<br />advisor's quantitative models will perform as expected or result in effective<br />investment decisions for the fund.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 maximum annual PACE Select Advisors Program fee; if<br />it 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 annual <br />total returns compare with those of a broad measure of market performance. The <br />fund's past performance(before and after taxes) is not necessarily an indication of <br />how the fund will perform in the future. This may be particularly true given that <br />other investment advisors were responsible for managing portions of the fund's assets <br />during previous periods. Mondrian assumed day-to-day management of a portion of the<br />fund's assets on September 28, 2004. William Blair assumed day-to-day management<br />of a separate portion of the fund's assets on March 23, 2011. Lee Munder assumed<br />day-to-day management of a separate portion of the fund's assets on October 16,<br />2012. Updated performance for the fund is available at<br />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.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002976Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002976Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002976Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI Emerging Markets Index (Index reflects no deduction for fees, expenses or taxes.) -0.1817 0.0270 0.1420 Class P Return after taxes on distributions and sale of fund shares -0.1214 -0.0120 0.0756 1995-08-24 Class P Return after taxes on distributions -0.1959 -0.0279 0.0751 1995-08-24 PCEMX -0.1370 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 390 2009-06-30 1184 0.0200 -0.2835 0.1953 0.1803 4104 -0.0100 1995 0.3535 0.3165 -0.1957 0.0088 -0.5183 0.0100 2008-12-31 0.6412 -0.0128 0.2891 Total return January 1 - September 30, 2012: -0.1794 0.5499 0.00 0.0862 0.0188 0.3072 1995-08-24 0.1148 0.00 <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 <br />may 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 30% of <br />the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002976Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002976Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in equity securities<br />that are tied economically to emerging market countries, which may include<br />equity securities issued by companies domiciled in emerging market countries.<br />The fund generally defines emerging market countries as countries that are not<br />included in the MSCI World Index of major world economies. However, countries<br />included in this index may be considered emerging markets based on current<br />political and economic factors. The fund may not always diversify its<br />investments on a geographic basis among emerging market countries.<br /> <br />The fund may from time to time invest a significant portion of its assets in <br />the stocks of companies in various economic sectors, such as financials or<br />technology. The fund may invest, to a limited extent, in (1) bonds, including up<br />to 10% of its total assets in bonds that are below investment grade, which are<br />commonly known as "junk bonds," and (2) securities of other investment companies<br />that invest in emerging markets.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Mondrian Investment Partners Limited<br />("Mondrian"), William Blair &amp; Company, L.L.C. ("William Blair") and Lee Munder<br />Capital Group, LLC ("Lee Munder") currently serve as the fund's investment<br />advisors. The relative value of each investment advisor's share of the fund's<br />assets may change over time.<br /> <br />Mondrian conducts research on a global basis in an effort to identify securities<br />that have the potential for capital appreciation over a market cycle, using (1)<br />a value-oriented dividend discount methodology toward individual securities and<br />(2) market analysis that attempts to identify value across country boundaries.<br />This approach focuses on future anticipated dividends and their current<br />discounted worth, and then compares the values of different possible<br />investments. Currency returns can be an integral component of an investment's<br />total return, and Mondrian uses a purchasing power parity approach to assess the<br />value of individual currencies. Purchasing power parity attempts to identify the <br />amount of goods and services that a dollar will buy in the US and compares that to <br />the amount of a foreign currency required to buy the same amount of goods and services <br />in another country.<br /> <br />William Blair invests in a portfolio of mid cap and large cap equity securities<br />issued by companies in emerging markets worldwide, according to a quality growth<br />philosophy. William Blair's primary focus is on identifying such companies whose<br />growth characteristics (rate and durability) are underestimated by the market<br />and supported by quality management and strong competitive positioning. After<br />screening the universe of emerging country issuers for certain quality, growth<br />and liquidity characteristics to create a prospective list of investible<br />securities, William Blair undertakes detailed fundamental analysis of these<br />companies, focusing attention on areas where short- to intermediate-term<br />earnings trends and overall operating performance are improving or are strong.<br />Key considerations are the sustainability of a company's competitive advantage<br />relative to peers, its industry and market conditions, a sound financial<br />structure and high reinvestment rates that combine to create favorable<br />conditions for prospective growth. William Blair normally invests on a<br />relatively concentrated basis, with the number of holdings ranging between 50-80<br />securities. To a lesser extent, William Blair also takes into account country<br />selection and industry sector allocation. Normally, William Blair's investments<br />will be allocated among at least six different countries, and no more than 50%<br />of its segment of the fund may be invested in securities of issuers in any one<br />country at any given time. William Blair may obtain exposure to emerging markets<br />equity securities through limited investments in investment company securities,<br />such as exchange-traded funds ("ETFs").<br /> <br />Lee Munder uses a bottom-up quantitative approach to investing in emerging<br />markets equity securities. Inefficiencies in the market create opportunities,<br />and Lee Munder believes that a quantitative process, which relies on sophisticated <br />mathematical or statistical models in selecting investments, is well-suited to <br />capture these inefficiencies and provide an opportunity to outperform the market. <br />Lee Munder's stock selection model groups factors used to select investments into <br />three major categories: market dynamics, value and quality. Market dynamic factors <br />are designed to exploit short term trends as Lee Munder believes investors under-react <br />to certain developments in the short term; value factors are intended to capture mean <br />reversion (i.e., a return to the average) as investors tend to overreact to certain <br />developments in the longer term; and quality factors incorporate information about <br />the quality of earnings that investors tend to overlook.</tt> PACE International Emerging Markets Equity Investments 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) 0.30 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. PACE International Emerging Markets Equity Investments 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: 10.89%<br />Best quarter during calendar years shown-2Q 2009: 31.37%<br />Worst quarter during calendar years shown-4Q 2008: (28.45)%</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 deposit of a bank and is not<br />insured 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 />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 />Sector risk: Because the fund may invest a significant portion of its assets in<br />the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. If<br />a local currency gains against the US dollar, the value of the holding increases<br />in US dollar terms. In addition, the fund may be exposed to losses if its other<br />foreign currency positions (e.g., options, forward commitments) move against it.<br /> <br />Geographic concentration risk: To the extent the fund invests a significant<br />portion of its assets in one geographic area, it will be more susceptible to<br />factors adversely affecting that area.<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<br />risk is likely greater for lower quality investments than for investments that<br />are higher quality.<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 <br />lower interest rates.<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 />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 />the 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 /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities<br />depositories may be subject to limited regulatory oversight. The laws of certain<br />countries also may limit the fund's ability to recover its assets if a foreign<br />bank or depository enters into bankruptcy.<br /> <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 />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.<br />An investment advisor for the fund employs a complex strategy using proprietary<br />quantitative models in selecting investments for the fund. Investments selected<br />using these models may perform differently than expected as a result of the factors <br />used in the models, the weight placed on each factor, changes from the factors' <br />historical trends, and technical issues in the construction and implementation of <br />the models (including, for example, data problems, software issues, or other types <br />of errors). There is no guarantee that the investment advisor's quantitative models <br />will perform as expected or result in effective investment decisions for the fund.<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.</tt> Fees and expenses of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 a broad measure of market<br />performance. 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 other investment advisors were responsible for<br />managing portions of the fund's assets during previous periods. Mondrian assumed<br />day-to-day management of a portion of the fund's assets on September 28, 2004.<br />William Blair assumed day-to-day management of a separate portion of the fund's<br />assets on March 23, 2011. Lee Munder assumed day-to-day management of a separate<br />portion of the fund's assets on October 16, 2012. Updated performance for the<br />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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002976Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002976Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002976Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002976Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI Emerging Markets Index (Index reflects no deduction for fees, expenses or taxes.) -0.1817 0.0270 0.1420 Class C Return after taxes on distributions and sale of fund shares -0.1212 -0.0016 0.0871 Class C Return after taxes on distributions -0.1924 -0.0149 0.0882 2000-12-01 PWEYX 0.0000 0 Class Y Return before taxes 170 526 1976 -0.0100 907 -0.1782 0.0067 0.0100 0.0101 0.0000 0.1110 0.0167 2001-02-09 0.0000 PWECX -0.1478 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 0 Class C Return before taxes 368 2009-06-30 268 823 -0.2845 0.1851 0.1713 2983 -0.0100 1405 0.3425 0.3137 -0.1936 0.0065 -0.5219 0.0100 2008-12-31 2983 0.6285 -0.0006 0.2791 823 1405 Total return January 1 - September 30, 2012: -0.1856 0.5343 0.0100 0.0986 0.0265 0.2961 2000-12-01 0.1089 0.0100 PWEAX 0.0550 0 Class A Return before taxes 732 1114 2650 -0.0100 1520 -0.2251 0.0065 0.0100 -0.0045 0.0025 0.1011 0.0190 2000-12-11 0.0000 <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 <br />may 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 44%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002975Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002975Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.<br /> <br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees and expenses. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in equity securities.<br />The fund invests primarily in stocks of companies that are domiciled in<br />developed foreign countries and principally traded in Japanese, European,<br />Pacific and Australian securities markets or traded in US securities markets.<br />Such investments may include common stocks, which may or may not pay dividends,<br />and securities convertible into common stocks, of companies domiciled outside<br />the US.<br /> <br />The fund may invest, to a limited extent, in (1) stocks of companies in emerging<br />markets, including Asia, Latin America and other regions where markets may not<br />yet fully reflect the potential of the developing economy, and (2) securities <br />of other investment companies that invest in foreign markets and securities<br />convertible into stocks, including convertible bonds that are below investment<br />grade. The fund may, but is not required to, use exchange-traded or over-the-counter <br />derivative instruments for risk management purposes. The derivatives in which the <br />fund may invest include futures (on indices or currencies). These derivatives may <br />be used for risk management purposes, such as hedging the fund's security, index, <br />currency or other exposure.<br />&#xA0;&#xA0;<br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Mondrian Investment Partners Limited<br />("Mondrian"), J.P. Morgan Investment Management Inc. ("J.P. Morgan") and Martin<br />Currie Inc. ("Martin Currie") currently serve as the fund's investment advisors.<br />The relative value of each investment advisor's share of the fund's assets may<br />change over time.<br /> <br />Mondrian conducts research on a global basis in an effort to identify securities<br />that have the potential for capital appreciation over a market cycle, using (1)<br />a value-oriented dividend discount methodology toward individual securities and<br />(2) market analysis that attempts to identify value across country boundaries.<br />This approach focuses on future anticipated dividends and their current<br />discounted worth and then compares the values of different possible investments.<br />Currency returns can be an integral component of an investment's total return,<br />and Mondrian uses a purchasing power parity approach to assess the value of<br />individual currencies. Purchasing power parity attempts to identify the amount<br />of goods and services that a dollar will buy in the US and compares that to the<br />amount of a foreign currency required to buy the same amount of goods and<br />services in another country.<br /> <br />J.P. Morgan manages two separate segments of the fund's assets, utilizing<br />distinct investment strategies and portfolio management for each. In managing<br />one segment of the fund's assets, the International Research Enhanced Index<br />Strategy segment ("International REI" segment), J.P. Morgan uses a bottom-up,<br />research driven strategy that seeks to generate risk characteristics and<br />maintain regional weights and sector/industry weights that are close to those of<br />the fund's benchmark, while also capitalizing on the firm's proprietary research<br />capabilities in seeking to generate outperformance. The strategy is driven by<br />valuation based fundamental analysis focused on normalized earnings and earnings<br />growth. Stock selection is the focus, and is expected to be the primary source<br />of added value.<br /> <br />In managing the second segment of the fund's assets, the Europe, Australasia,<br />and Far East Opportunities Strategy segment ("EAFE Opportunities" segment), J.P.<br />Morgan uses an active equity strategy. J.P. Morgan applies a uniform valuation<br />methodology across regions and sectors, and analysts conduct thorough analysis<br />with a particular emphasis on a company's normalized (or mid-cycle) earnings and<br />their intermediate growth rate. J.P. Morgan typically focuses on the most attractive <br />companies, within a sector, that possess a catalyst for share price appreciation.<br /> <br />Martin Currie has a highly active "conviction" approach, seeking the best<br />opportunities for growth across global stock markets. Martin Currie utilizes a<br />stock-focused portfolio construction approach driven by fundamental research to<br />attempt to exploit market inefficiencies and generate above-market performance.<br />Martin Currie employs a consistent analytical framework to seek undervalued<br />stocks by assessing quality, value and growth characteristics over a three- to<br />five-year time horizon.</tt> PACE International Equity Investments 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) 0.44 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. PACE International Equity Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 10.05%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best quarter during calendar years shown--2Q 2009: 22.85%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst quarter during calendar years shown--3Q 2002: (22.14)%</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 deposit of a bank and is not<br />insured 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 />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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. If<br />a local currency declines against the US dollar, the value of the holding<br />decreases in US dollar terms. In addition, the fund may be exposed to losses if<br />its other foreign currency positions (e.g., options, forward commitments) move<br />against it.<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 />hedging purposes, the fund's overall returns may be reduced if the hedged <br />investment experiences a favorable price movement. The risks of investing in <br />derivative instruments also include market and management risks. In addition, <br />many types of non-exchange traded derivatives may be subject to liquidity risk, <br />counterparty risk, credit risk and mispricing or valuation complexity. These <br />derivatives risks are different from, and may be greater than, the risks <br />associated with investing directly in securities and other instruments.<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 or<br />regions.<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 />the 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 /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities<br />depositories may be subject to limited regulatory oversight. The laws of certain<br />countries also may limit the fund's ability to recover its assets if a foreign<br />bank or depository enters into bankruptcy.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 maximum annual PACE Select Advisors Program fee; if<br />it 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 a broad measure of market performance. <br />The fund's past performance(before and after taxes) is not necessarily an indication <br />of how the fund will perform in the future. This may be particularly true given that <br />other investment advisors were responsible for managing portions of the fund's assets <br />during previous periods. Mondrian and J.P. Morgan (with respect to the International<br />REI segment) each assumed day-to-day management of a separate portion of the<br />fund's assets on April 1, 2004. J.P. Morgan assumed day-to-day management of a<br />second, separate portion (the EAFE Opportunities segment) of the fund's assets<br />on November 8, 2010. Updated performance for the fund is available at<br />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.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002975Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002975Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002975Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI EAFE Index (net) (Index reflects no deduction for fees and expenses.) -0.1214 -0.0472 0.0467 Class P Return after taxes on distributions and sale of fund shares -0.0703 -0.0639 0.0164 1995-08-24 Class P Return after taxes on distributions -0.1210 -0.0857 0.0114 1995-08-24 PCIEX -0.1910 Worst quarter during calendar years shown-3Q 2002: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 321 2009-06-30 980 0.0200 -0.2214 0.1862 0.0408 3485 -0.0100 1664 0.1108 0.2285 -0.1162 0.0039 -0.4385 0.0079 2002-09-30 0.2581 -0.0780 0.14 Total return January 1 - September 30, 2012: -0.0984 0.3974 0.00 0.0170 0.0118 0.2846 1995-08-24 0.1005 0.00 <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 <br />may 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 44% <br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002975Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002975Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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> Index reflects no deduction for fees and expenses. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in equity securities.<br />The fund invests primarily in stocks of companies that are domiciled in<br />developed foreign countries and principally traded in Japanese, European,<br />Pacific and Australian securities markets or traded in US securities markets.<br />Such investments may include common stocks, which may or may not pay dividends,<br />and securities convertible into common stocks, of companies domiciled outside<br />the US.<br /> <br />The fund may invest, to a limited extent, in (1) stocks of companies in emerging<br />markets, including Asia, Latin America and other regions where markets may not<br />yet fully reflect the potential of the developing economy, and (2) securities <br />of other investment companies that invest in foreign markets and securities<br />convertible into stocks, including convertible bonds that are below investment<br />grade. The fund may, but is not required to, use exchange-traded or<br />over-the-counter derivative instruments for risk management purposes. The<br />derivatives in which the fund may invest include futures (on indices or<br />currencies). These derivatives may be used for risk management purposes, such <br />as hedging the fund's security, index, currency or other exposure.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Mondrian Investment Partners Limited<br />("Mondrian"), J.P. Morgan Investment Management Inc. ("J.P. Morgan") and Martin<br />Currie Inc. ("Martin Currie") currently serve as the fund's investment advisors.<br />The relative value of each investment advisor's share of the fund's assets may<br />change over time.<br /> <br />Mondrian conducts research on a global basis in an effort to identify securities<br />that have the potential for capital appreciation over a market cycle, using (1)<br />a value-oriented dividend discount methodology toward individual securities and<br />(2) market analysis that attempts to identify value across country boundaries.<br />This approach focuses on future anticipated dividends and their current<br />discounted worth and then compares the values of different possible investments.<br />Currency returns can be an integral component of an investment's total return,<br />and Mondrian uses a purchasing power parity approach to assess the value of individual <br />currencies. Purchasing power parity attempts to identify the amount of goods and <br />services that a dollar will buy in the US and compares that to the amount of a <br />foreign currency required to buy the same amount of goods and services in another <br />country.<br /> <br />J.P. Morgan manages two separate segments of the fund's assets, utilizing<br />distinct investment strategies and portfolio management for each. In managing<br />one segment of the fund's assets, the International Research Enhanced Index<br />Strategy segment ("International REI" segment), J.P. Morgan uses a bottom-up,<br />research driven strategy that seeks to generate risk characteristics and<br />maintain regional weights and sector/industry weights that are close to those of<br />the fund's benchmark, while also capitalizing on the firm's proprietary research<br />capabilities in seeking to generate outperformance. The strategy is driven by<br />valuation based fundamental analysis focused on normalized earnings and earnings<br />growth. Stock selection is the focus, and is expected to be the primary source<br />of added value.<br /> <br />In managing the second segment of the fund's assets, the Europe, Australasia,<br />and Far East Opportunities Strategy segment ("EAFE Opportunities" segment), J.P.<br />Morgan uses an active equity strategy. J.P. Morgan applies a uniform valuation<br />methodology across regions and sectors, and analysts conduct thorough analysis<br />with a particular emphasis on a company's normalized (or mid-cycle) earnings <br />and their intermediate growth rate. J.P. Morgan typically focuses on the most<br />attractive companies, within a sector, that possess a catalyst for share price<br />appreciation.<br /> <br />Martin Currie has a highly active "conviction" approach, seeking the best<br />opportunities for growth across global stock markets. Martin Currie utilizes a<br />stock-focused portfolio construction approach driven by fundamental research to<br />attempt to exploit market inefficiencies and generate above-market performance.<br />Martin Currie employs a consistent analytical framework to seek undervalued<br />stocks by assessing quality, value and growth characteristics over a three- to<br />five-year time horizon.</tt> PACE International Equity Investments 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) 0.44 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. PACE International Equity Investments 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: 9.07%<br />Best quarter during calendar years shown-2Q 2009: 22.47%<br />Worst quarter during calendar years shown-3Q 2002: (22.38)%</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 deposit of a bank and is not<br />insured 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 />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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Foreign currency risk: The value of non-US dollar denominated securities held by<br />the fund may be affected by changes in exchange rates or control regulations. If<br />a local currency declines against the US dollar, the value of the holding<br />decreases in US dollar terms. In addition, the fund may be exposed to losses if<br />its other foreign currency positions (e.g., options, forward commitments) move<br />against it.<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 />hedging purposes, the fund's overall returns may be reduced if the hedged<br />investment experiences a favorable price movement. The risks of investing in<br />derivative instruments also include market and management risks. In addition,<br />many types of non-exchange traded derivatives may be subject to liquidity risk,<br />counterparty risk, credit risk and mispricing or valuation complexity. These<br />derivatives risks are different from, and may be greater than, the risks<br />associated with investing directly in securities and other instruments.<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 />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 />the 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 above <br />the value of such companies' portfolio securities.<br /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities<br />depositories may be subject to limited regulatory oversight. The laws of certain<br />countries also may limit the fund's ability to recover its assets if a foreign<br />bank or depository enters into bankruptcy.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 a broad measure of market<br />performance. 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 other investment advisors were responsible for<br />managing portions of the fund's assets during previous periods. Mondrian and<br />J.P. Morgan (with respect to the International REI segment) each assumed<br />day-to-day management of a separate portion of the fund's assets on April 1,<br />2004. J.P. Morgan assumed day-to-day management of a second, separate portion<br />(the EAFE Opportunities segment) of the fund's assets on November 8, 2010.<br />Updated performance for the fund is available at<br />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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002975Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002975Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002975Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002975Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> MSCI EAFE Index (net) (Index reflects no deduction for fees and expenses.) -0.1214 -0.0472 0.0467 Class C Return after taxes on distributions and sale of fund shares -0.0721 -0.0567 0.0246 2000-11-27 Class C Return after taxes on distributions -0.1191 -0.0751 0.0224 2000-11-27 PWIYX 0.0000 0 Class Y Return before taxes 120 375 1432 -0.0100 649 -0.0982 0.0039 0.0079 -0.0587 0.0000 0.0385 0.0118 2001-01-17 0.0000 PWGCX -0.1991 Worst quarter during calendar years shown-3Q 2002: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 0 Class C Return before taxes 330 2009-06-30 230 709 -0.2238 0.1722 0.03 2605 -0.0100 1215 0.0991 0.2247 -0.1165 0.0048 -0.4449 0.0079 2002-09-30 2605 0.2443 -0.0695 0.1281 709 1215 Total return January 1 - September 30, 2012: -0.1078 0.3811 0.0100 0.0263 0.0227 0.2698 2000-11-27 0.0907 0.0100 PWGAX 0.0550 0 Class A Return before taxes 688 978 2169 -0.0100 1289 -0.1504 0.0039 0.0079 -0.0722 0.0025 0.0290 0.0143 2000-11-27 0.0000 <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 <br />may 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 94%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002974Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002974Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.<br />&#xA0;&#xA0;<br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of "emerging growth" companies that are<br />believed to have potential for high future earnings growth relative to the<br />overall market. Under normal circumstances, the fund invests at least 80% of its<br />net assets (plus the amount of any borrowing for investment purposes) in equity<br />securities issued by small/medium capitalization companies (that is, companies<br />with a total market capitalization of less than $6.0 billion at the time of <br />purchase). Dividend income is an incidental consideration in the investment <br />advisors' selection of stocks for the fund.<br /> <br />The fund may from time to time invest a significant portion of its assets in <br />the stocks of companies in various economic sectors, such as healthcare or<br />technology. The fund may invest, to a limited extent, in stocks of companies<br />with larger total market capitalizations and other securities, including<br />securities convertible into stocks. The fund may invest up to 10% of its total<br />assets in non-US securities, which may trade either within or outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Copper Rock Capital Partners, LLC<br />("Copper Rock"), Palisade Capital Management, L.L.C. ("Palisade") and Riverbridge <br />Partners, LLC ("Riverbridge") currently serve as the fund's investment advisors. <br />The relative value of each investment advisor's share of the fund's assets may <br />change over time.<br /> <br />Copper Rock employs a fundamental, bottom-up investment approach that focuses <br />on identifying emerging companies that exhibit the potential for strong and<br />sustainable revenue growth over each of the following two years. Copper Rock<br />believes that incremental margin expansion and proven management are key factors<br />that propel a company's growth. Copper Rock will typically hold 70 to 90 equity<br />positions that are diversified across sectors and industries. Copper Rock<br />utilizes a "pure" growth investment style that emphasizes growth and momentum<br />characteristics, and attempts to manage risk by diversifying and understanding<br />its holdings and employing a stringent sell discipline.<br /> <br />Palisade seeks fundamentally strong and dynamic small and mid cap companies <br />that are trading at a discount to their growth rates. Palisade's goal is to <br />ascertain a dynamic of change before it manifests in consensus estimates. Palisade<br />believes that the small and mid cap market is inherently less efficient than the<br />large cap market, and attempts to gain an informational advantage by committing<br />to the labor intensive process of conducting bottom-up fundamental research on<br />small and mid cap companies, as well as their customers, competitors and supply<br />chains. Palisade places heavy emphasis on the effectiveness of a small/mid cap<br />company's management team and seeks direct access to a variety of each company's<br />key decision-makers.<br /> <br />Riverbridge believes that earnings power determines the value of a franchise.<br />Riverbridge focuses on companies that are viewed as building their earnings<br />power and building the intrinsic value of the company over long periods of time.<br />Riverbridge looks to invest in high-quality growth companies that demonstrate<br />the ability to sustain strong secular earnings growth, regardless of overall<br />economic conditions.</tt> PACE Small/Medium Co Growth Equity Investments 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) 0.94 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 arrange-ments, such as 401(k) plans or individual retirement accounts. PACE Small/Medium Co Growth Equity Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 15.59%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best quarter during calendar years shown--2Q 2009: 20.64%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst quarter during calendar years shown--4Q 2008: (26.31)%</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 deposit of a bank and is not<br />insured 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 />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 />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 />Sector risk: Because the fund may invest a significant portion of its assets <br />in the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because <br />the fund may have limited legal recourse in the event of default. Also, foreign <br />securities are sometimes less liquid and more difficult to sell and to value than <br />securities of US issuers. These risks are greater for investments in emerging market <br />issuers. In addition, investments in emerging market issuers may decline in value <br />because of unfavorable foreign government actions, greater risks of political <br />instability or the absence of accurate information about emerging market issuers.<br /> <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 />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 maximum annual PACE Select Advisors Program fee; if<br />it 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 a broad measure of market<br />performance. 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 other investment advisors were responsible for<br />managing portions of the fund's assets during previous periods. Riverbridge<br />assumed day-to-day management of a portion of the fund's assets on October 1,<br />2005. Copper Rock assumed responsibility for managing a separate portion of the<br />fund's assets on March 1, 2007. Palisade assumed day-to-day management of a<br />separate portion of the fund's assets on February 2, 2009. Updated performance<br />for 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 arrange-<br />ments, such as 401(k) plans or individual retirement accounts.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002974Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002974Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002974Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2500 Growth Index (Index reflects no deduction for fees, expenses or taxes.) -0.0157 0.0289 0.0523 Class P Return after taxes on distributions and sale of fund shares -0.0256 0.0061 0.0216 1995-08-24 Class P Return after taxes on distributions -0.0394 0.0027 0.0204 1995-08-24 PCSGX -0.1988 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 316 2009-06-30 976 0.0200 -0.2631 0.1101 -0.0005 0.2869 3481 -0.0100 1660 0.1621 0.2064 -0.0394 0.0048 -0.4374 0.0070 2013-11-30 2008-12-31 0.4023 0.0090 0.0328 Total return January 1 - September 30, 2012: -0.02 0.3768 0.00 0.0266 0.0113 0.0118 0.0859 1995-08-24 0.1559 0.00 <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 <br />may 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 94%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002974Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002974Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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 of<br />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.&#xA0;&#xA0;<br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of "emerging growth" companies that are<br />believed to have potential for high future earnings growth relative to the<br />overall market. Under normal circumstances, the fund invests at least 80% of its<br />net assets (plus the amount of any borrowing for investment purposes) in equity<br />securities issued by small/medium capitalization companies (that is, companies<br />with a total market capitalization of less than $6.0 billion at the time of<br />purchase). Dividend income is an incidental consideration in the investment<br />advisors' selection of stocks for the fund.<br /> <br />The fund may from time to time invest a significant portion of its assets in <br />the stocks of companies in various economic sectors, such as healthcare or<br />technology. The fund may invest, to a limited extent, in stocks of companies<br />with larger total market capitalizations and other securities, including<br />securities convertible into stocks. The fund may invest up to 10% of its total<br />assets in non-US securities, which may trade either within or outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Copper Rock Capital Partners, LLC<br />("Copper Rock"), Palisade Capital Management, L.L.C. ("Palisade") and Riverbridge <br />Partners, LLC ("Riverbridge") currently serve as the fund's investment advisors. <br />The relative value of each investment advisor's share of the fund's assets may <br />change over time.<br /> <br />Copper Rock employs a fundamental, bottom-up investment approach that focuses <br />on identifying emerging companies that exhibit the potential for strong and<br />sustainable revenue growth over each of the following two years. Copper Rock<br />believes that incremental margin expansion and proven management are key factors<br />that propel a company's growth. Copper Rock will typically hold 70 to 90 equity<br />positions that are diversified across sectors and industries. Copper Rock<br />utilizes a "pure" growth investment style that emphasizes growth and momentum<br />characteristics, and attempts to manage risk by diversifying and understanding<br />its holdings and employing a stringent sell discipline.<br /> <br />Palisade seeks fundamentally strong and dynamic small and mid cap companies that<br />are trading at a discount to their growth rates. Palisade's goal is to ascertain<br />a dynamic of change before it manifests in consensus estimates. Palisade<br />believes that the small and mid cap market is inherently less efficient than the<br />large cap market, and attempts to gain an informational advantage by committing<br />to the labor intensive process of conducting bottom-up fundamental research on<br />small and mid cap companies, as well as their customers, competitors and supply<br />chains. Palisade places heavy emphasis on the effectiveness of a small/mid cap<br />company's management team and seeks direct access to a variety of each company's<br />key decision-makers.<br /> <br />Riverbridge believes that earnings power determines the value of a franchise.<br />Riverbridge focuses on companies that are viewed as building their earnings<br />power and building the intrinsic value of the company over long periods of time.<br />Riverbridge looks to invest in high-quality growth companies that demonstrate<br />the ability to sustain strong secular earnings growth, regardless of overall<br />economic conditions.</tt> PACE Small/Medium Co Growth Equity Investments 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) 0.94 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. PACE Small/Medium Co Growth Equity Investments 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: 14.84%<br />Best quarter during calendar years shown--2Q 2009: 20.34%<br />Worst quarter during calendar years shown--4Q 2008: (26.48)%</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 deposit of a bank and is not<br />insured 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 />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 />&#xA0;&#xA0;<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 />Sector risk: Because the fund may invest a significant portion of its assets <br />in the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<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 or<br />regions.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <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 />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 a broad measure of market<br />performance. 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 other investment advisors were responsible for<br />managing portions of the fund's assets during previous periods. Riverbridge<br />assumed day-to-day management of a portion of the fund's assets on October 1,<br />2005. Copper Rock assumed responsibility for managing a separate portion of the<br />fund's assets on March 1, 2007. Palisade assumed day-to-day management of a<br />separate portion of the fund's assets on February 2, 2009. Updated performance<br />for 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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002974Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002974Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002974Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002974Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2500 Growth Index (Index reflects no deduction for fees, expenses or taxes.) -0.0157 0.0289 0.0523 Class C Return after taxes on distributions and sale of fund shares -0.0252 0.0146 0.0302 2000-11-27 Class C Return after taxes on distributions -0.0388 0.0125 0.0302 2000-11-27 PUMYX 0.0000 0 Class Y Return before taxes 115 385 -0.0012 1501 -0.0100 675 -0.0198 0.0055 0.0070 2013-11-30 0.0303 0.0000 0.0482 0.0113 0.0125 2001-02-12 0.0000 PUMCX -0.2079 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 0 Class C Return before taxes 308 2009-06-30 208 643 -0.2648 0.0986 0.2740 2379 -0.0100 1103 0.1509 0.2034 -0.0388 0.0035 -0.4427 0.0070 2013-11-30 2008-12-31 2379 0.3877 0.0194 0.0223 643 1103 Total return January 1 - September 30, 2012: -0.0291 0.3623 0.0100 0.0368 0.0205 0.0205 0.0756 2000-11-27 0.1484 0.0100 PQUAX 0.0550 0 Class A Return before taxes 675 939 2032 -0.0100 1224 -0.0755 0.0035 0.0070 2013-11-30 0.0158 0.0025 0.0391 0.0130 0.0130 2000-11-27 0.0000 <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 72%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002973Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002973Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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 of<br />your shares at the end of those periods. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. <br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of companies that are believed to be<br />undervalued or overlooked in the marketplace. These stocks also generally have<br />price-to-earnings ("P/E") ratios below the market average. Under normal<br />circumstances, the fund invests at least 80% of its net assets (plus the amount<br />of any borrowing for investment purposes) in equity securities issued by small/<br />medium capitalization companies (that is, companies with a total market<br />capitalization of less than $6.0 billion at the time of purchase). The fund<br />invests only in stocks that are traded on major exchanges or the<br />over-the-counter market.<br /> <br />The fund may from time to time invest a significant portion of its assets in <br />the stocks of companies in various economic sectors, such as financials or<br />technology. The fund may invest, to a limited extent, in stocks of companies<br />with larger total market capitalizations and other securities, including<br />securities convertible into stocks. The fund may invest up to 10% of its total<br />assets in non-US securities, which may trade either within or outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Metropolitan West Capital Management,<br />LLC ("MetWest Capital"), Systematic Financial Management, L.P. ("Systematic")<br />and Kayne Anderson Rudnick Investment Management, LLC ("Kayne Anderson Rudnick")<br />currently serve as the fund's investment advisors. The relative value of each<br />investment advisor's share of the fund's assets may change over time.<br /> <br />MetWest Capital directly researches smaller capitalization businesses it views<br />as "high-quality" and attempts to identify companies selling below intrinsic<br />value with one or more clear catalysts to realize full value within the<br />investment time horizon (typically two to four years). MetWest Capital utilizes<br />a bottom-up, fundamental, research-driven, low-risk style that it believes is<br />ideally suited to the small cap market segment, along with a long-term focus<br />that attempts to take advantage of opportunities presented by short-term<br />anomalies in high-quality stocks.<br /> <br />Systematic employs an investment approach that utilizes (1) quantitative<br />screening of all companies within the small/mid capitalization universe and (2)<br />fundamental research, which seeks to gauge investor expectations by focusing on<br />key revenue and margin assumptions underlying earnings estimates. Systematic's<br />investment philosophy is predicated on its belief that stock prices reflect the<br />market's estimates of earnings, and as revisions to those estimates are made by<br />the market, stock prices will follow suit. By focusing only on companies whose<br />fundamentals are improving, as confirmed by Systematic's research analysis and<br />as evidenced by a positive earnings surprise, Systematic's process seeks to<br />avoid the chances of buying stocks that have experienced significant price<br />depreciation and, as a result, are mistaken as value stocks. Systematic is<br />expected to typically invest in 60 to 90 securities, with a market<br />capitalization range generally consistent with that of the fund's benchmark.<br /> <br />Kayne Anderson Rudnick employs a fundamental, bottom-up, research-driven<br />investment style and utilizes a disciplined investment process to identify<br />high-quality companies that possess solid investment-grade balance sheets,<br />generate positive cash flow, and whose securities can be acquired at attractive<br />valuations. Kayne Anderson Rudnick's first-hand fundamental research process<br />involves carefully evaluating a company from a three-tiered perspective<br />involving qualitative, financial, and valuation analyses. Qualitative analysis<br />assesses the company's long-term market positioning in terms of market structure<br />and prospects, business model and strategies, and competitive advantages.<br />Financial analysis involves an historical examination of the income statement,<br />cash flow statement, balance sheet, and associated ratios on an absolute and<br />peer relative basis. Valuation analysis determines the current and potential<br />value of each company in the investable universe. The portfolio managers<br />establish price ranges for each security held, these prices are developed in<br />consideration of expected return and comparative valuation, and they are<br />actively monitored. Sector weights are also actively evaluated.</tt> PACE Small/Medium Co Value Equity Investments 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) 0.72 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. PACE Small/Medium Co Value Equity Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 12.93%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best quarter during calendar years shown--2Q 2009: 27.55%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst quarter during calendar years shown--4Q 2008: (27.67)%</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 deposit of a bank and is not<br />insured 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 />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 />Sector risk: Because the fund may invest a significant portion of its assets in<br />the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<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 purchase <br />or sell these securities. In general, smaller capitalization companies are more <br />vulnerable than larger companies to adverse business or economic developments and <br />they may have more limited resources.<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 or<br />regions.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 maximum annual PACE Select Advisors Program fee; if<br />it 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 a broad measure of market<br />performance. 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 other investment advisors were responsible for<br />managing portions of the fund's assets during previous periods. On October 1,<br />2005, MetWest Capital assumed day-to-day management of a portion of the fund's <br />assets. On May 28, 2009, Systematic assumed responsibility for managing a portion <br />of the fund's assets. Kayne Anderson Rudnick assumed day-to-day management of a <br />separate portion of the fund's assets on March 6, 2012. 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.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002973Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002973Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002973Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2500 Value Index (Index reflects no deduction for fees, expenses or taxes.) -0.0336 -0.0058 0.0716 Class P Return after taxes on distributions and sale of fund shares -0.0651 -0.0218 0.0185 1995-08-24 Class P Return after taxes on distributions -0.1002 -0.0297 0.0138 1995-08-24 PCSVX -0.1582 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 319 2009-06-30 986 0.0200 -0.2767 0.1793 -0.0006 0.2330 3518 -0.0100 1678 -0.0228 0.2755 -0.1002 0.0052 -0.3525 0.0070 2013-11-30 2008-12-31 0.3618 -0.0247 0.0310 Total return January 1 - September 30, 2012: -0.0820 0.3865 0.00 0.0231 0.0116 0.0122 0.1087 1995-08-24 0.1293 0.00 <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 72% of <br />the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002973Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002973Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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 of<br />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> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of companies that are believed to be<br />undervalued or overlooked in the marketplace. These stocks also generally <br />have price-to-earnings ("P/E") ratios below the market average. Under normal<br />circumstances, the fund invests at least 80% of its net assets (plus the amount<br />of any borrowing for investment purposes) in equity securities issued by<br />small/medium capitalization companies (that is, companies with a total market<br />capitalization of less than $6.0 billion at the time of purchase). The fund<br />invests only in stocks that are traded on major exchanges or the<br />over-the-counter market.<br /> <br />The fund may from time to time invest a significant portion of its assets in <br />the stocks of companies in various economic sectors, such as financials or<br />technology. The fund may invest, to a limited extent, in stocks of companies<br />with larger total market capitalizations and other securities, including<br />securities convertible into stocks. The fund may invest up to 10% of its total<br />assets in non-US securities, which may trade either within or outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Metropolitan West Capital Management,<br />LLC ("MetWest Capital"), Systematic Financial Management, L.P. ("Systematic")<br />and Kayne Anderson Rudnick Investment Management LLC ("Kayne Anderson Rudnick")<br />currently serve as the fund's investment advisors. The relative value of each<br />investment advisor's share of the fund's assets may change over time.<br /> <br />MetWest Capital directly researches smaller capitalization businesses it views<br />as "high-quality" and attempts to identify companies selling below intrinsic<br />value with one or more clear catalysts to realize full value within the<br />investment time horizon (typically two to four years). MetWest Capital utilizes<br />a bottom-up, fundamental, research-driven, low-risk style that it believes is<br />ideally suited to the small cap market segment, along with a long-term focus<br />that attempts to take advantage of opportunities presented by short-term<br />anomalies in high-quality stocks.<br /> <br />Systematic employs an investment approach that utilizes (1) quantitative<br />screening of all companies within the small/mid capitalization universe and (2)<br />fundamental research, which seeks to gauge investor expectations by focusing on<br />key revenue and margin assumptions underlying earnings estimates. Systematic's<br />investment philosophy is predicated on its belief that stock prices reflect the<br />market's estimates of earnings, and as revisions to those estimates are made by<br />the market, stock prices will follow suit. By focusing only on companies whose<br />fundamentals are improving, as confirmed by Systematic's research analysis and<br />as evidenced by a positive earnings surprise, Systematic's process seeks to<br />avoid the chances of buying stocks that have experienced significant price<br />depreciation and, as a result, are mistaken as value stocks. Systematic is<br />expected to typically invest in 60 to 90 securities, with a market<br />capitalization range generally consistent with that of the fund's benchmark.<br /> <br />Kayne Anderson Rudnick employs a fundamental, bottom-up, research-driven<br />investment style and utilizes a disciplined investment process to identify<br />high-quality companies that possess solid investment-grade balance sheets,<br />generate positive cash flow, and whose securities can be acquired at attractive<br />valuations. Kayne Anderson Rudnick's first-hand fundamental research process<br />involves carefully evaluating a company from a three-tiered perspective<br />involving qualitative, financial, and valuation analyses. Qualitative analysis<br />assesses the company's long-term market positioning in terms of market structure<br />and prospects, business model and strategies, and competitive advantages.<br />Financial analysis involves an historical examination of the income statement,<br />cash flow statement, balance sheet, and associated ratios on an absolute and<br />peer relative basis. Valuation analysis determines the current and potential<br />value of each company in the investable universe. The portfolio managers<br />establish price ranges for each security held, these prices are developed in<br />consideration of expected return and comparative valuation, and they are<br />actively monitored. Sector weights are also actively evaluated.</tt> PACE Small/Medium Co Value Equity Investments 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) 0.72 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. PACE Small/Medium Co Value Equity Investments 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: 12.11%<br />Best quarter during calendar years shown--2Q 2009: 27.19%<br />Worst quarter during calendar years shown--4Q 2008: (27.90)%</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 deposit of a bank and is not<br />insured 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 />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 />&#xA0;&#xA0;<br />Sector risk: Because the fund may invest a significant portion of its assets in<br />the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<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 />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 or<br />regions.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 a broad measure of market performance. <br />The fund's past performance (before and after taxes) is not necessarily an <br />indication of how the fund will perform in the future. This may be particularly <br />true given that other investment advisors were responsible for managing portions <br />of the fund's assets during previous periods. On October 1, 2005, MetWest Capital <br />assumed day-to-day management of a portion of the fund's assets. On May 28, 2009, <br />Systematic assumed responsibility for managing a portion of the fund's assets. <br />Kayne Anderson Rudnick assumed day-to-day management of a separate portion of the<br />fund's assets on March 6, 2012. Updated performance for the fund is available at<br />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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002973Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002973Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002973Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002973Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2500 Value Index (Index reflects no deduction for fees, expenses or taxes.) -0.0336 -0.0058 0.0716 Class C Return after taxes on distributions and sale of fund shares -0.0642 -0.0131 0.0276 2000-11-27 Class C Return after taxes on distributions -0.0987 -0.0192 0.0243 2000-11-27 PVEYX 0.0000 0 Class Y Return before taxes 118 368 1409 -0.0100 638 -0.0810 0.0046 0.0070 -0.0036 0.0000 0.0451 0.0116 2000-12-20 0.0000 PEVCX -0.1675 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.0000 2012-09-30 0 Class C Return before taxes 310 2009-06-30 210 649 -0.2790 0.1684 0.2213 2400 -0.0100 1114 -0.0313 0.2719 -0.0987 0.0037 -0.3590 0.0070 2008-12-31 2400 0.3482 -0.0142 0.0218 649 1114 Total return January 1 - September 30, 2012: -0.0896 0.3732 0.0100 0.0339 0.0207 0.0985 2000-11-27 0.1211 0.0100 PEVAX 0.0550 0 Class A Return before taxes 677 945 2053 -0.0100 1234 -0.1332 0.0037 0.0070 -0.0179 0.0025 0.0360 0.0132 2000-11-27 0.0000 <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 54%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002972Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002972Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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 of<br />your shares at the end of those periods. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.<br /> <br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of companies that are believed to have<br />substantial potential for capital growth. Under normal circumstances, the fund<br />invests at least 80% of its net assets (plus the amount of any borrowing for<br />investment purposes) in equity securities issued by large capitalization<br />companies (that is, companies with a total market capitalization of $3.0 billion<br />or greater at the time of purchase). Dividend income is an incidental<br />consideration in the investment advisors' selection of stocks for the fund.<br /> <br />The fund may from time to time invest a significant portion of its assets in the<br />stocks of companies in various economic sectors, such as healthcare or<br />technology. The fund may also invest, to a lesser extent, in other securities<br />such as securities convertible into stocks, fixed income securities, initial<br />public offerings ("IPOs") and stocks of companies with smaller total market<br />capitalizations. The fund may invest up to 20% of its total assets in non-US<br />securities, which may trade either within or outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend <br />their hiring, termination and replacement. Delaware Management Company ("Delaware"), <br />Roxbury Capital Management, LLC ("Roxbury") and J.P. Morgan Investment Management, <br />Inc. ("J.P. Morgan") currently serve as the fund's investment advisors. The relative <br />value of each investment advisor's share of the fund's assets may change over time.<br /> <br />Delaware invests primarily in common stocks of large capitalization growth-oriented <br />companies that Delaware believes have long-term capital appreciation potential and <br />are expected to grow faster than the US economy. It uses a bottom-up approach, <br />seeking companies that have large-end market potential, dominant business models <br />and strong free cash flow generation that are attractively priced compared to <br />the intrinsic value of the securities. Delaware tends to hold a relatively <br />focused portfolio with a limited number of stocks.<br /> <br />Roxbury's strategy employs a bottom-up approach to stock selection, seeking high<br />quality growth companies whose stocks are trading at discounts to fair value.<br />Roxbury looks for companies with sustainable competitive advantages and<br />opportunities to grow and reinvest capital at higher rates than their cost of<br />capital, as well as companies with management teams with a proven ability to<br />maximize shareholder value. Roxbury evaluates companies as private entities to<br />determine their intrinsic worth and uses scenario analysis to determine a<br />"margin of safety," or discount to intrinsic value, as a means of protecting<br />capital. Roxbury typically sells a stock if (1) the market price exceeds<br />Roxbury's estimate of intrinsic value; (2) the company's fundamentals fall short<br />of Roxbury's investment thesis; or (3) when there are more attractive investment<br />alternatives. Roxbury may invest in a limited number of stocks that it believes<br />have attractive risk-reward profiles, and this may also result in significant<br />weights in a sector.<br /> <br />J.P. Morgan invests primarily in a focused portfolio of equity securities of<br />large capitalization companies. Although J.P. Morgan will invest primarily in<br />equity securities of U.S. companies, it may invest in foreign securities,<br />including depositary receipts. In selecting investments, J.P. Morgan utilizes a<br />combination of qualitative analysis and quantitative metrics in order to seek to<br />achieve target returns which are higher than those of the fund's benchmark while<br />attempting to maintain a moderate risk profile. J.P. Morgan employs a process<br />that combines research, valuation and stock selection to identify companies that<br />have a history of above-average growth or which it believes will achieve<br />above-average growth in the future, and looks for companies with leading<br />competitive positions, predictable and durable business models and management<br />that can achieve sus-tained growth. J.P. Morgan may sell a security: due to a <br />change in the company's fundamentals or a change in the original reason for purchase <br />of an investment; if it no longer considers the security to be reasonably valued; <br />or if it identifies a stock that it believes offers a better investment opportunity.</tt> PACE Large Co Growth Equity Investments 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) 0.54 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. PACE Large Co Growth Equity Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 16.07%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Best quarter during calendar years shown--3Q 2009: 15.04%&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br />Worst quarter during calendar years shown--4Q 2008: (21.35)%</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 deposit of a bank and is not<br />insured 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 />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 />Sector risk: Because the fund may invest a significant portion of its assets in<br />the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<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 />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 or<br />regions.<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 />&#xA0;&#xA0;<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 <br />lower interest rates.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Initial public offerings risk: The purchase of shares issued in IPOs may expose<br />the fund to the risks associated with issuers that have no operating history as<br />public companies, as well as to the risks associated with the sectors of the<br />market in which the issuer operates. The market for IPO shares may be volatile,<br />and share prices of newly-public companies may fluctuate significantly over a<br />short period of time.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 maximum annual PACE Select Advisors Program fee; if<br />it 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 a broad measure of market<br />performance. 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 other investment advisors were responsible for<br />managing portions of the fund's assets during previous periods. Delaware assumed <br />responsibility for managing a separate portion of the fund's assets on December 5, <br />2007. Roxbury assumed responsibility for managing a separate portion of the fund's <br />assets on May 25, 2010. J.P. Morgan assumed day-to-day management of a separate <br />portion of the fund's assets on October 5, 2012. Updated performance for the fund is <br />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.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002972Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002972Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002972Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Growth Index (Index reflects no deduction for fees, expenses or taxes.) 0.0264 0.0250 0.0260 Class P Return after taxes on distributions and sale of fund shares -0.0189 -0.0094 -0.0030 1995-08-24 Class P Return after taxes on distributions -0.0302 -0.0124 -0.0042 1995-08-24 PCLCX -0.3071 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-3Q 2009: 0.00 2012-09-30 Class P Return before taxes 299 2009-09-30 915 0.0200 -0.2135 0.0884 0.1652 3280 -0.0100 1557 0.1216 0.1504 -0.0298 0.0028 -0.3960 0.0068 2008-12-31 0.3373 -0.0112 0.0541 Total return January 1 - September 30, 2012: -0.0102 0.2966 0.00 -0.0035 0.0096 0.0947 1995-08-24 0.1607 0.00 <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 54%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002972Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002972Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation.</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 of<br />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.&#xA0;&#xA0;<br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of companies that are believed to have<br />substantial potential for capital growth. Under normal circumstances, the <br />fund invests at least 80% of its net assets (plus the amount of any borrowing <br />for investment purposes) in equity securities issued by large capitalization<br />companies (that is, companies with a total market capitalization of $3.0 <br />billion or greater at the time of purchase). Dividend income is an incidental<br />consideration in the investment advisors' selection of stocks for the fund.<br /> <br />The fund may from time to time invest a significant portion of its assets in <br />the stocks of companies in various economic sectors, such as healthcare or<br />technology. The fund may also invest, to a lesser extent, in other securities<br />such as securities convertible into stocks, fixed income securities, initial<br />public offerings ("IPOs") and stocks of companies with smaller total market<br />capitalizations. The fund may invest up to 20% of its total assets in non-US<br />securities, which may trade either within or outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Delaware Man-agement Company <br />("Delaware"), Roxbury Capital Management, LLC ("Roxbury") and J.P. Morgan <br />Investment Management, Inc. ("J.P. Morgan") currently serve as the fund's <br />investment advisors. The relative value of each investment advisor's share of <br />the fund's assets may change over time.<br /> <br />Delaware invests primarily in common stocks of large capitalization growth-oriented <br />companies that Delaware believes have long-term capital appreciation potential <br />and are expected to grow faster than the US economy. It uses a bottom-up approach, <br />seeking companies that have large-end market potential, dominant business models <br />and strong free cash flow generation that are attractively priced compared to the <br />intrinsic value of the securities. Delaware tends to hold a relatively focused <br />portfolio with a limited number of stocks.<br /> <br />Roxbury's strategy employs a bottom-up approach to stock selection, seeking high<br />quality growth companies whose stocks are trading at discounts to fair value.<br />Roxbury looks for companies with sustainable competitive advantages and<br />opportunities to grow and reinvest capital at higher rates than their cost of<br />capital, as well as companies with management teams with a proven ability to<br />maximize shareholder value. Roxbury evaluates companies as private entities to<br />determine their intrinsic worth and uses scenario analysis to determine a<br />"margin of safety," or discount to intrinsic value, as a means of protecting<br />capital. Roxbury typically sells a stock if (1) the market price exceeds<br />Roxbury's estimate of intrinsic value; (2) the company's fundamentals fall short<br />of Roxbury's investment thesis; or (3) when there are more attractive investment<br />alternatives. Roxbury may invest in a limited number of stocks that it believes<br />have attractive risk-reward profiles, and this may also result in significant<br />weights in a sector.<br /> <br />J.P. Morgan invests primarily in a focused portfolio of equity securities of<br />large capitalization companies. Although J.P. Morgan will invest primarily in<br />equity securities of U.S. companies, it may invest in foreign securities,<br />including depositary receipts. In selecting investments, J.P. Morgan utilizes a<br />combination of qualitative analysis and quantitative metrics in order to seek to<br />achieve target returns which are higher than those of the fund's benchmark while<br />attempting to maintain a moderate risk profile. J.P. Morgan employs a process<br />that combines research, valuation and stock selection to identify companies that<br />have a history of above-average growth or which it believes will achieve<br />above-average growth in the future, and looks for companies with leading<br />competitive positions, predictable and durable business models and management<br />that can achieve sustained growth. J.P. Morgan may sell a security: due to a<br />change in the company's fundamentals or a change in the original reason for<br />purchase of an investment; if it no longer considers the security to be <br />reasonably valued; or if it identifies a stock that it believes offers a better <br />investment opportunity.</tt> PACE Large Co Growth Equity Investments 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) 0.54 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. PACE Large Co Growth Equity Investments 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: 15.19%<br />Best quarter during calendar years shown--3Q 2009: 14.69%<br />Worst quarter during calendar years shown--4Q 2008: (21.54)%</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 deposit of a bank and is not<br />insured 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 />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 />Sector risk: Because the fund may invest a significant portion of its assets in<br />the stocks of companies in particular economic sectors, economic changes<br />adversely affecting such a sector may have more of an impact on the fund's<br />performance than another fund having a broader range of investments.<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 />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 />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 />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 <br />lower interest rates.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Initial public offerings risk: The purchase of shares issued in IPOs may expose<br />the fund to the risks associated with issuers that have no operating history as<br />public companies, as well as to the risks associated with the sectors of the<br />market in which the issuer operates. The market for IPO shares may be volatile,<br />and share prices of newly-public companies may fluctuate significantly over a<br />short period of time.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <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 a broad measure of market<br />performance. 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 other investment advisors were responsible for<br />managing portions of the fund's assets during previous periods. Delaware assumed<br />responsibility for managing a separate portion of the fund's assets on December<br />5, 2007. Roxbury assumed responsibility for managing a separate portion of the<br />fund's assets on May 25, 2010. J.P. Morgan assumed day-to-day management of a <br />separate portion of the fund's assets on October 5, 2012. Updated performance <br />for 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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002972Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002972Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002972Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002972Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Growth Index (Index reflects no deduction for fees, expenses or taxes.) 0.0264 0.0250 0.0260 Class C Return after taxes on distributions and sale of fund shares -0.0202 -0.0019 0.0047 2000-11-27 Class C Return after taxes on distributions -0.0311 -0.0033 0.0050 2000-11-27 PLAYX 0.0000 0 Class Y Return before taxes 99 309 1190 -0.0100 536 -0.0104 0.0029 0.0068 2013-11-30 0.0094 0.0000 0.0174 0.0097 0.0097 2001-02-15 0.0000 PLACX -0.3136 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-3Q 2009: 0.0000 2012-09-30 0 Class C Return before taxes 308 2009-09-30 208 647 -0.2154 0.0767 -0.0002 0.1524 2398 -0.0100 1112 0.1092 0.1469 -0.0311 0.0039 -0.4028 0.0068 2013-11-30 2008-12-31 2398 0.3234 -0.0023 0.0423 647 1112 Total return January 1 - September 30, 2012: -0.0213 0.2817 0.0100 0.0055 0.0205 0.0207 0.0818 2000-11-27 0.1519 0.0100 PLAAX 0.0550 0 Class A Return before taxes 668 919 1957 -0.0100 1188 -0.0670 0.0030 0.0068 2013-11-30 -0.0053 0.0025 0.0080 0.0123 0.0123 2000-11-27 0.0000 <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 62%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002971Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002971Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation and dividend 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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.<br /> <br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of US companies that are believed to be<br />undervalued. Under normal circumstances, the fund invests at least 80% of its<br />net assets (plus the amount of any borrowing for investment purposes) in equity<br />securities issued by large capitalization companies (that is, companies with a<br />total market capitalization of $3.0 billion or greater at the time of purchase).<br />The fund seeks income primarily from dividend paying stocks.<br /> <br />The fund may invest, to a lesser extent, in other securities, such as securities<br />convertible into stocks, initial public offerings ("IPOs") and stocks of<br />companies with smaller total market capitalizations. The fund may invest up to<br />20% of its total assets in non-US securities, which may trade either within or<br />outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. The fund's manager, UBS<br />Global Asset Management (Americas) Inc. ("UBS Global AM"), and primary provider<br />of investment advisory services, has the ultimate authority, subject to oversight <br />by the fund's board, to oversee the fund's investment advisor(s) and recommend <br />their hiring, termination and replacement. Institutional Capital LLC ("ICAP"), <br />Westwood Management Corp. ("Westwood") and Pzena Investment Management, LLC <br />("Pzena") currently serve as the fund's investment advisors. The relative <br />value of each investment advisor's share of the fund's assets may change <br />over time.<br /> <br />ICAP's investment process involves the use of its proprietary valuation model to<br />identify large capitalization companies that it believes offer the best relative<br />values, and ICAP seeks to avoid companies that are exhibiting excessive<br />deterioration in earnings trends. ICAP focuses on what it believes are the key<br />investment variables (catalysts) that could potentially impact the security's<br />market value. These catalysts are primarily company specific, such as a new<br />product, restructuring or change in management, but occasionally the catalyst<br />can be thematic (e.g., dependent on macroeconomic or industry trends). After a<br />review of stock recommendations, ICAP's portfolio management team determines<br />whether to add the stock to the portfolio or to monitor it for future purchase.<br />ICAP continuously monitors each security and evaluates whether to eliminate it<br />when its price target is achieved, the catalyst becomes inoperative or another<br />stock offers a greater opportunity.<br /> <br />Westwood's strategy utilizes a value style of investing in which it chooses<br />common stocks that it believes are currently undervalued in the market. Other<br />key metrics for evaluating the risk/return profile of an investment include an<br />improving return on equity, a declining debt/equity ratio and, in the case of<br />common equities, positive earnings surprises without a corresponding increase <br />in Wall Street estimates. Westwood has disciplines in place that serve as sell<br />signals, such as a security reaching a predetermined price target or a change to<br />a company's fundamentals that negatively impacts the original investment thesis.<br /> <br />Pzena's strategy follows a disciplined investment process to implement its value<br />philosophy, by focusing exclusively on companies that are underperforming their<br />historically demonstrated earnings power. Pzena applies intensive fundamental<br />research to these companies in an effort to determine whether such underperformance <br />is temporary or permanent. Pzena looks for companies where: (1) the current <br />valuation is low compared to the company's normalized earnings power; (2) <br />current earnings are below historic norms; (3) the problems are temporary; (4) <br />management has a viable strategy to generate earnings recovery; and (5) there <br />is meaningful downside protection in case the earnings recovery does not <br />materialize.</tt> PACE Large Co Value Equity Investments 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) 0.62 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. PACE Large Co Value Equity Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 13.42% <br />Best quarter during calendar years shown--2Q 2009: 18.50% <br />Worst quarter during calendar years shown--4Q 2008: (22.58)%</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 deposit of a bank and is not <br />insured or guaranteed by the Federal Deposit Insurance Corporation or any <br />other government agency. The principal risks presented by an investment in <br />the fund are:<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 />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 />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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers <br />may decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Initial public offerings risk: The purchase of shares issued in IPOs may expose<br />the fund to the risks associated with issuers that have no operating history as<br />public companies, as well as to the risks associated with the sectors of the<br />market in which the issuer operates. The market for IPO shares may be volatile,<br />and share prices of newly-public companies may fluctuate significantly over a <br />short period of time.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. <br />The bar chart does not reflect the maximum annual PACE Select Advisors <br />Program fee; if it did, the total returns shown would be lower. The <br />information provides some indication of the risks of investing in the <br />fund by showing changes in the fund's performance from year to year <br />and by showing how the fund's average annual total returns compare <br />with those of a broad measure of market performance. The fund's past <br />performance (before and after taxes) is not necessarily an indication <br />of how the fund will perform in the future. This may be particularly <br />true given that other investment advisors were responsible for managing <br />portions of the fund's assets during previous periods. ICAP and Westwood <br />each assumed day-to-day management of a separate portion of the fund's<br />assets on July 1, 2000. Pzena assumed day-to-day management of another <br />portion of the fund's assets on May 27, 2008. 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 <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. In addition, the after-tax <br />returns shown are not relevant to investors who hold fund shares through <br />tax-deferred arrangements, such as 401(k) plans or individual retirement <br />accounts.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002971Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002971Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002971Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Value Index (Index reflects no deduction for fees, expenses or taxes.) 0.0039 -0.0264 0.0390 Class P Return after taxes on distributions and sale of fund shares -0.0243 -0.0342 0.0122 1995-08-24 Class P Return after taxes on distributions -0.0444 -0.0465 0.0080 1995-08-24 PCLVX -0.1684 Worst quarter during calendar years shown-4Q 2008: Best quarter during calendar years shown-2Q 2009: 0.00 2012-09-30 Class P Return before taxes 296 2009-06-30 907 0.0200 -0.2258 0.1313 0.1539 3252 -0.0100 1543 0.0463 0.1850 -0.0420 0.0028 -0.3985 0.0065 2008-12-31 0.2721 -0.0397 0.1066 Total return January 1 - September 30, 2012: -0.0226 0.2698 0.00 0.0151 0.0093 0.1895 1995-08-24 0.1342 0.00 <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 <br />may 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 62%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002971Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002971Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Capital appreciation and dividend 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 of<br />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> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests primarily in stocks of US companies that are believed to be<br />undervalued. Under normal circumstances, the fund invests at least 80% of its<br />net assets (plus the amount of any borrowing for investment purposes) in equity<br />securities issued by large capitalization companies (that is, companies with a<br />total market capitalization of $3.0 billion or greater at the time of purchase).<br />The fund seeks income primarily from dividend paying stocks.<br /> <br />The fund may invest, to a lesser extent, in other securities, such as securities<br />convertible into stocks, initial public offerings ("IPOs") and stocks of companies <br />with smaller total market capitalizations. The fund may invest up to 20% of its <br />total assets in non-US securities, which may trade either within or outside the US.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. The fund's manager, UBS<br />Global Asset Management (Americas) Inc. ("UBS Global AM"), and primary provider<br />of investment advisory services, has the ultimate authority, subject to<br />oversight by the fund's board, to oversee the fund's investment advisor(s) and<br />recommend their hiring, termination and replacement. Institutional Capital LLC<br />("ICAP"), Westwood Management Corp. ("Westwood") and Pzena Investment Management, <br />LLC ("Pzena") currently serve as the fund's investment advisors. The relative <br />value of each investment advisor's share of the fund's assets may change over time.<br /> <br />ICAP's investment process involves the use of its proprietary valuation model to<br />identify large capitalization companies that it believes offer the best relative<br />values, and ICAP seeks to avoid companies that are exhibiting excessive<br />deterioration in earnings trends. ICAP focuses on what it believes are the key<br />investment variables (catalysts) that could potentially impact the security's<br />market value. These catalysts are primarily company specific, such as a new<br />product, restructuring or change in management, but occasionally the catalyst<br />can be thematic (e.g., dependent on macroeconomic or indus-try trends). After a <br />review of stock recommendations, ICAP's portfolio management team determines <br />whether to add the stock to the portfolio or to monitor it for future purchase. <br />ICAP continuously monitors each security and evaluates whether to eliminate it <br />when its price target is achieved, the catalyst becomes inoperative or another <br />stock offers a greater opportunity.<br /> <br />Westwood's strategy utilizes a value style of investing in which it chooses<br />common stocks that it believes are currently undervalued in the market. Other<br />key metrics for evaluating the risk/return profile of an investment include an<br />improving return on equity, a declining debt/equity ratio and, in the case of<br />common equities, positive earnings surprises without a corresponding increase in<br />Wall Street estimates. Westwood has disciplines in place that serve as sell<br />signals, such as a security reaching a predetermined price target or a change to<br />a company's fundamentals that negatively impacts the original investment thesis.<br /> <br />Pzena's strategy follows a disciplined investment process to implement its value<br />philosophy, by focusing exclusively on companies that are underperforming their<br />historically demonstrated earnings power. Pzena applies intensive fundamental<br />research to these companies in an effort to determine whether such underperformance <br />is temporary or permanent. Pzena looks for companies where: (1) the current <br />valuation is low compared to the company's normalized earnings power; (2) current <br />earnings are below historic norms; (3) the problems are temporary; (4) management <br />has a viable strategy to generate earnings recovery; and (5) there is meaningful <br />downside protection in case the earnings recovery does not materialize.</tt> PACE Large Co Value Equity Investments 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 neces-sarily 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) 0.62 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. PACE Large Co Value Equity Investments 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: 12.54%<br />Best quarter during calendar years shown-2Q 2009: 18.27%<br />Worst quarter during calendar years shown-4Q 2008: (22.79)%</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 deposit of a bank and is not<br />insured 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 />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 />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 />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 or<br />regions.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers <br />may decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<br /> <br />Initial public offerings risk: The purchase of shares issued in IPOs may expose<br />the fund to the risks associated with issuers that have no operating history as<br />public companies, as well as to the risks associated with the sectors of the<br />market in which the issuer operates. The market for IPO shares may be volatile,<br />and share prices of newly-public companies may fluctuate significantly over a<br />short period of time.<br /> <br />Management risk: The risk that the investment strategies, techniques and risk<br />analyses employed by an investment advisor may not produce the desired results.</tt> Fees and expenses of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. <br />The bar chart does not reflect the sales charges of the fund's Class <br />C shares; if it did, the total returns shown would be lower. The <br />information provides some indication of the risks of investing in the <br />fund by showing changes in the fund's performance from year to year <br />and by showing how the fund's average annual total returns compare <br />with those of a broad measure of market performance. The fund's past <br />performance (before and after taxes) is not neces-sarily an indication <br />of how the fund will perform in the future. This may be particularly <br />true given that other investment advisors were responsible for managing <br />portions of the fund's assets during previous periods. ICAP and Westwood <br />each assumed day-to-day management of a separate portion of the fund's<br />assets on July 1, 2000. Pzena assumed day-to-day management of another <br />portion of the fund's assets on May 27, 2008. 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 <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. In addition, the after-tax <br />returns shown are not relevant to investors who hold fund shares through <br />tax-deferred arrangements, such as 401(k) plans or individual retirement <br />accounts. After-tax returns for other classes will vary from the Class C <br />shares' after-tax returns shown. Prior to September 30, 2003, Class C <br />shares were subject to a maximum front-end sales charge of 1.00%; this <br />front end sales charge is not reflected in the average annual total <br />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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002971Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002971Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002971Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002971Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000 Value Index (Index reflects no deduction for fees, expenses or taxes.) 0.0039 -0.0264 0.0390 Class C Return after taxes on distributions and sale of fund shares -0.0268 -0.0264 0.0212 2000-11-27 Class C Return after taxes on distributions -0.0430 -0.0355 0.0199 2000-11-27 PLVYX 0.0000 Class Y Return before taxes 96 300 1155 -0.0100 520 -0.0220 0.0029 0.0065 -0.0195 0.00 0.0000 0.0365 0.0094 2001-01-19 0.0000 PLVCX -0.1769 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 301 2009-06-30 201 621 -0.2279 0.1198 0.1412 2306 -0.0100 1068 0.0353 0.1827 -0.0424 0.0033 -0.4048 0.0065 2008-12-31 2306 0.2592 -0.0305 0.0952 621 1068 Total return January 1 - September 30, 2012: 0.00 -0.0327 0.2572 0.0100 0.0250 0.0198 0.1770 2000-11-27 0.1254 0.0100 PCPAX 0.0550 Class A Return before taxes 664 904 1903 -0.0100 1163 -0.0781 0.0028 0.0065 -0.0335 0.00 0.0025 0.0273 0.0118 2000-11-27 0.0000 The fund is a non-diversified investment company, which means that the fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the fund's share price may be more volatile and the fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. <tt>The fund pays transaction costs, such as commissions or dealer spreads, when it<br />buys and sells securities (or "turns over" its portfolio). A higher portfolio<br />turnover rate may indicate higher transaction costs and may result in higher<br />taxes when fund shares are held in a taxable account. These costs, which are not<br />reflected in annual fund operating expenses or in the example, affect the fund's<br />performance. During the most recent fiscal year, the fund's portfolio turnover<br />rate was 40% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002700Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002700Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>High total return.</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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. <br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in fixed income<br />securities. Such investments may include non-US government bonds (including<br />bonds issued by supranational organizations and quasi-governmental entities), US<br />government bonds, and bonds of US or non-US private issuers. While the fund may<br />invest in US fixed income securities, it expects to invest mainly in non-US<br />fixed income securities under normal circumstances. The fund invests primarily <br />in high-grade bonds of governmental and private issuers in developed countries. <br />These high-grade bonds are rated in one of the three highest rating categories <br />or are of comparable quality. The fund invests, to a limited extent, in <br />emerging market bonds and lower rated bonds of governmental and private issuers, <br />including bonds that are rated below investment grade.<br /> <br />The fund invests in bonds of varying maturities, but normally limits its<br />portfolio "duration" to between four and eight years. Duration is a measure of<br />the fund's exposure to interest rate risk--a longer duration means that changes<br />in market interest rates are likely to have a larger effect on the value of the<br />fund's portfolio.<br /> <br />The fund's investments may include mortgage- and asset-backed securities. The<br />fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or to attempt to increase<br />total returns. The derivatives in which the fund may invest include currency<br />forward agreements. These derivatives may be used for risk management purposes,<br />such as hedging the Fund's currency exposure, or otherwise managing the risk<br />profile of the fund. In addition, these derivative instruments may be used to<br />enhance returns; in place of direct investments; or to obtain or adjust exposure<br />to certain markets.<br /> <br />There are different types of US government securities, including those issued or<br />guaranteed by the US government, its agencies and its instrumentalities, and<br />they have different types of government support. Some are supported by the full<br />faith 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 /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Rogge Global Partners plc ("Rogge<br />Global Partners") currently serves as the fund's investment advisor. Rogge<br />Global Partners seeks to invest in bonds of financially healthy entities because<br />it believes that these investments produce the highest bond and currency returns<br />over time. In deciding which bonds to buy for the fund, Rogge Global Partners<br />uses a top-down analysis to find value across countries and to forecast interest<br />and currency-exchange rates over a one-year horizon in those countries, and an<br />optimization model to help determine country, currency and duration positions <br />for the fund. Rogge Global Partners generally sells securities (1) that no <br />longer meet these selection criteria; (2) when it identifies more attractive <br />investment opportunities; or (3) to adjust the average duration of the fund <br />assets it manages.</tt> PACE International Fixed Income Investments 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) 0.40 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. PACE International Fixed Income Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 5.98% <br />Best quarter during calendar years shown--3Q 2010: 11.45% <br />Worst quarter during calendar years shown--3Q 2008: (7.33)%</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 deposit of a bank and is not<br />insured 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 />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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<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 />Non-diversification risk: The fund is a non-diversified investment company,<br />which means that the fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />fund's share price may be more volatile and the fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular <br />issuer.<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 />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, the<br />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 non-exchange traded derivatives may be subject to<br />liquidity risk, counterparty risk, credit risk and mispricing or valuation<br />complexity. These derivatives risks are different from, and may be greater than,<br />the risks associated with investing directly in securities and other<br />instruments.<br /> <br />Swap agreement risk: The fund may enter into various types of swap agreements.<br />Swap agreements can be less liquid and more difficult to value than other<br />investments. Because its cash flows are based in part on changes in the value of<br />the reference asset, a total return swap's market value will vary with changes<br />in that reference asset. In addition, the fund may experience delays in payment<br />or loss of income if the counterparty fails to perform under the contract.<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 or<br />regions.<br /> <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 securities<br /> that are neither insured nor guaranteed by the US Treasury and are therefore riskier<br />than those that are.<br /> <br />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may not<br />be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<br /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities<br />depositories may be subject to limited regulatory oversight. The laws of certain<br />countries also may limit the fund's ability to recover its assets if a foreign<br />bank or depository enters into bankruptcy.<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 /> <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 of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. <br />The bar chart does not reflect the maximum annual PACE Select Advisors <br />Program fee; if it did, the total returns shown would be lower. The <br />information provides some indication of the risks of investing in the <br />fund by showing changes in the fund's performance from year to year <br />and by showing how the fund's average annual total returns compare <br />with those of a broad measure of market performance. The fund's past <br />performance (before and after taxes) is not necessarily an indication <br />of how the fund will perform in the future. This may be particularly <br />true for the period between October 10, 2000 and August 22, 2007, when <br />Rogge Global Partners and another investment advisor each was responsible <br />for managing a separate portion of the fund's assets. In addition, prior <br />to December 1, 2005, the fund had been following a strategy of investing <br />in both US and non-US fixed income investments, but effective as of that <br />date, the fund modified its strategy to focus more on non-US fixed income <br />investment opportunities. Updated performance for the fund is available <br />at http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. In addition, the after-tax <br />returns shown are not relevant to investors who hold fund shares through <br />tax-deferred arrangements, such as 401(k) plans or individual retirement <br />accounts.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002700Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002700Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002700Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Global Aggregate ex US Index (Index reflects no deduction for fees, expenses or taxes.) 0.0436 0.0642 0.0829 Class P Return after taxes on distributions and sale of fund shares 0.0054 0.0204 0.0299 1995-08-24 Class P Return after taxes on distributions -0.0172 0.0173 0.0285 1995-08-24 PCGLX 0.1742 Worst quarter during calendar years shown-3Q 2008: Best quarter during calendar years shown-3Q 2010: 0.00 2012-09-30 Class P Return before taxes 303 2010-09-30 949 0.0200 -0.0733 0.1003 -0.0011 0.0517 3413 -0.0100 1621 0.1035 0.1145 0.0080 0.0046 0.0127 0.0065 2013-11-30 2008-09-30 0.1013 0.0379 -0.0598 Total return January 1 - September 30, 2012: 0.0284 0.1431 0.00 0.0479 0.0100 0.0111 0.0556 1995-08-24 0.0598 0.00 The fund is a non-diversified investment company, which means that the fund may invest more of its assets in a smaller number of issuers than a diversified investment company. As a non-diversified fund, the fund's share price may be more volatile and the fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. <tt>The fund pays transaction costs, such as commissions or dealer spreads, when it<br />buys and sells securities (or "turns over" its portfolio). A higher portfolio<br />turnover rate may indicate higher transaction costs and may result in higher<br />taxes when fund shares are held in a taxable account. These costs, which are not<br />reflected in annual fund operating expenses or in the example, affect the fund's<br />performance. During the most recent fiscal year, the fund's portfolio turnover<br />rate was 40% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002700Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002700Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>High total return.</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> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in fixed income<br />securities. Such investments may include non-US government bonds (including<br />bonds issued by supranational organizations and quasi-governmental entities), US<br />government bonds, and bonds of US or non-US private issuers. While the fund may<br />invest in US fixed income securities, it expects to invest mainly in non-US<br />fixed income securities under normal circumstances. The fund invests primarily<br />in high-grade bonds of governmental and private issuers in developed countries.<br />These high-grade bonds are rated in one of the three highest rating categories<br />or are of comparable quality. The fund invests, to a limited extent, in emerging<br />market bonds and lower rated bonds of governmental and private issuers,<br />including bonds that are rated below investment grade.<br /> <br />The fund invests in bonds of varying maturities, but normally limits its<br />portfolio "duration" to between four and eight years. Duration is a measure of<br />the fund's exposure to interest rate risk--a longer duration means that changes<br />in market interest rates are likely to have a larger effect on the value of the<br />fund's portfolio.<br /> <br />The fund's investments may include mortgage- and asset-backed securities. The<br />fund may, but is not required to, use exchange-traded or over-the-counter<br />derivative instruments for risk management purposes or to attempt to increase<br />total returns. The derivatives in which the fund may invest include currency<br />forward agreements. These derivatives may be used for risk management purposes, <br />such as hedging the Fund's currency exposure, or otherwise managing the risk <br />profile of the fund. In addition, these derivative instruments may be used to <br />enhance returns; in place of direct investments; or to obtain or adjust exposure <br />to certain markets.<br /> <br />There are different types of US government securities, including those issued or<br />guaranteed by the US government, its agencies and its instrumentalities, and<br />they have different types of government support. Some are supported by the full<br />faith 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 /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Rogge Global Partners plc ("Rogge<br />Global Partners") currently serves as the fund's investment advisor. Rogge<br />Global Partners seeks to invest in bonds of financially healthy entities because<br />it believes that these investments produce the highest bond and currency returns<br />over time. In deciding which bonds to buy for the fund, Rogge Global Partners<br />uses a top-down analysis to find value across countries and to forecast interest<br />and currency-exchange rates over a one-year horizon in those countries, and an<br />optimization model to help determine country, currency and duration positions<br />for the fund. Rogge Global Partners generally sells securities (1) that no<br />longer meet these selection criteria; (2) when it identifies more attractive<br />investment opportunities; or (3) to adjust the average duration of the fund<br />assets it manages.</tt> PACE International Fixed Income Investments 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 $100,000 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) 0.40 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. PACE International Fixed Income Investments 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 100000 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: 5.32%<br />Best quarter during calendar years shown--3Q 2010: 11.26%<br />Worst quarter during calendar years shown--3Q 2008: (7.50)%</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 deposit of a bank and is not<br />insured 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 />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 <br />lower interest rates.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US<br />dollar. Investments in foreign government bonds involve special risks because<br />the fund may have limited legal recourse in the event of default. Also, foreign<br />securities are sometimes less liquid and more difficult to sell and to value<br />than securities of US issuers. These risks are greater for investments in<br />emerging market issuers. In addition, investments in emerging market issuers may<br />decline in value because of unfavorable foreign government actions, greater<br />risks of political instability or the absence of accurate information about<br />emerging market issuers.<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 />Non-diversification risk: The fund is a non-diversified investment company,<br />which means that the fund may invest more of its assets in a smaller number of<br />issuers than a diversified investment company. As a non-diversified fund, the<br />fund's share price may be more volatile and the fund has a greater potential to<br />realize losses upon the occurrence of adverse events affecting a particular<br />issuer.<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 />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, the<br />fund's overall returns may be reduced if the hedged investment experiences a<br />favorable price move-ment. The risks of investing in derivative instruments <br />also 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 non-exchange traded derivatives may be subject to <br />liquidity risk, counterparty risk, credit risk and mispricing or valuation <br />complexity. These derivatives risks are different from, and may be greater <br />than, the risks associated with investing directly in securities and other <br />instruments.<br /> <br />Swap agreement risk: The fund may enter into credit, total return, equity,<br />interest rate, index, currency and variance swap agreements. Swap agreements can<br />be less liquid and more difficult to value than other investments. Because its<br />cash flows are based in part on changes in the value of the reference asset, a<br />total return swap's market value will vary with changes in that reference asset.<br />In addition, the fund may experience delays in payment or loss of income if the<br />counterparty fails to perform under the contract.<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 or<br />regions.<br /> <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 />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may <br />not be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<br /> <br />Foreign custody risk: The fund may hold foreign securities and cash with foreign<br />banks, agents and securities depositories. Such foreign banks or securities<br />depositories may be subject to limited regulatory oversight. The laws of certain<br />countries also may limit the fund's ability to recover its assets if a foreign <br />bank or depository enters into bankruptcy.<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 /> <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 of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. <br />The bar chart does not reflect the sales charges of the fund's Class <br />C shares; if it did, the total returns shown would be lower. The <br />information provides some indication of the risks of investing in the <br />fund by showing changes in the fund's performance from year to year <br />and by showing how the fund's average annual total returns compare <br />with those of a broad measure of market performance. The fund's past <br />performance (before and after taxes) is not necessarily an indication <br />of how the fund will perform in the future. This may be particularly <br />true for the period between October 10, 2000 and August 22, 2007, <br />when Rogge Global Partners and another investment advisor each was<br />responsible for managing a separate portion of the fund's assets. In <br />addition, prior to December 1, 2005, the fund had been following a <br />strategy of investing in both US and non-US fixed income investments, <br />but effective as of that date, the fund modified its strategy to focus <br />more on non-US fixed income investment opportunities. Updated <br />performance for the fund is available at <br />http://globalam-us.ubs.com/corpweb/performance.do.<br /> <br />After-tax returns are calculated using the historical highest individual <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. In addition, the after-tax <br />returns shown are not relevant to investors who hold fund shares through <br />tax-deferred arrangements, such as 401(k) plans or individual retirement <br />accounts. After-tax returns for other classes will vary from the Class C <br />shares' after-tax returns shown. Prior to September 30, 2003, Class C <br />shares were subject to a maximum front-end sales charge of 1.00%; this <br />front end sales charge is not reflected in the average annual total <br />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 $100,000 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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002700Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002700Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002700Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002700Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays Global Aggregate ex US Index (Index reflects no deduction for fees, expenses or taxes.) 0.0436 0.0642 0.0829 Class C Return after taxes on distributions and sale of fund shares 0.0093 0.0333 0.0431 2000-12-01 Class C Return after taxes on distributions -0.0089 0.0332 0.0443 2000-12-11 PWFYX 0.0000 Class Y Return before taxes 102 342 -0.0011 1342 -0.0100 601 0.0276 0.0046 0.0065 2013-11-30 0.0594 0.00 0.0000 0.0697 0.0100 0.0111 2001-01-16 0.0000 PWFCX 0.1645 Worst quarter during calendar years shown-3Q 2008: Best quarter during calendar years shown-3Q 2010: 0.0000 2012-09-30 Class C Return before taxes 247 2010-09-30 172 545 -0.0750 0.0923 -0.0006 0.0451 2057 -0.0100 943 0.0953 0.1126 0.0143 0.0035 0.0052 0.0065 2013-11-30 2008-09-30 2057 0.0932 0.0514 -0.0667 545 943 Total return January 1 - September 30, 2012: 0.00 0.0215 0.1359 0.0075 0.0615 0.0169 0.0175 0.0478 2000-12-01 0.0532 0.0075 PWFAX 0.0450 Class A Return before taxes 568 829 -0.0006 1910 -0.0100 1110 -0.0195 0.0037 0.0065 2013-11-30 0.0468 0.00 0.0025 0.0616 0.0121 0.0127 2000-12-11 0.0000 <tt>The fund pays transaction costs, such as commissions or dealer spreads, when it<br />buys and sells securities (or "turns over" its portfolio). A higher portfolio<br />turnover rate may indicate higher transaction costs and may result in higher<br />taxes when fund shares are held in a taxable account. These costs, which are not<br />reflected in annual fund operating expenses or in the example, affect the fund's<br />performance. During the most recent fiscal year, the fund's portfolio turnover<br />rate was 32% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002699Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002699Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>High current income exempt from federal income tax.</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 of<br />your shares at the end of those periods. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same.&#xA0;&#xA0;<br /> Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in municipal fixed<br />income investments, the income from which is exempt from regular federal income<br />taxes. The fund invests principally in investment grade municipal bonds of<br />varying maturities. Normally, the fund limits its investments in municipal bonds<br />that are subject to the federal alternative minimum tax ("AMT") so that not more<br />than 25% of its interest income will be subject to the AMT, and invests in these <br />bonds when its investment advisor believes that they offer attractive yields <br />relative to similar municipal bonds that are not subject to the AMT.<br /> <br />The fund normally limits its portfolio "duration" to between three and seven<br />years. Duration is a measure of the fund's exposure to interest rate risk--a<br />longer duration means that changes in market interest rates are likely to have <br />a larger effect on the value of the fund's portfolio.<br /> <br />The fund may invest up to 50% of its total assets in municipal bonds that are<br />secured by revenues from public housing authorities and state and local housing<br />finance authorities, including bonds that are secured or backed by the US<br />Treasury or other US government guaranteed securities. There are different types<br />of US government securities, including those issued or guaranteed by the US<br />government, its agencies and its instrumentalities, and they have different<br />types of government support. Some are supported by the full faith and credit of<br />the US, while others are supported by (1) the ability of the issuer to borrow<br />from the US Treasury; (2) the credit of the issuing agency, instrumentality or<br />government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the<br />US government in some other way.<br /> <br />The fund limits its investments in municipal bonds with the lowest investment<br />grade rating (or unrated bonds of equivalent quality) to 15% of its total assets<br />at the time the bonds are purchased.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Standish Mellon Asset Management<br />Company LLC ("Standish") currently serves as the fund's investment advisor. In<br />deciding which securities to buy for the fund, Standish seeks to identify<br />undervalued sectors or geographical regions of the municipal market or<br />undervalued individual securities, by using credit research and valuation<br />analysis and monitoring the relationship of the municipal yield curve to the<br />treasury yield curve. Standish also uses credit quality assessments from its<br />in-house analysts to identify potential rating changes, undervalued issues and<br />macro trends with regard to market sectors and geographical regions. Standish<br />may make modest duration adjustments based on economic analyses and interest<br />rate forecasts. Standish generally sells securities (1) if it identifies more<br />attractive investment opportunities within its investment criteria;<br />(2) with weakening credit profiles; or (3) to adjust the average duration of the<br />fund's portfolio.</tt> PACE Municipal Fixed Income Investments 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) 0.32 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. PACE Municipal Fixed Income Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 3.93% <br />Best quarter during calendar years shown--3Q 2009: 6.13% <br />Worst quarter during calendar years shown--4Q 2010: (3.13)%</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 deposit of a bank and is not<br />insured 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 />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 <br />lower interest rates.<br /> <br />Municipal securities risk: Municipal securities are subject to interest rate and<br />credit risks. The ability of a municipal issuer to make payments and the value<br />of municipal securities can be affected by uncertainties in the municipal<br />securities market. Such uncertainties could cause increased volatility in the<br />municipal securities market and could negatively impact the fund's net asset<br />value and/or the distributions paid by the fund. Municipalities continue to<br />experience difficulties in the current economic and political environment.<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 />Related securities concentration risk: Because the fund may invest more than 25%<br />of its total assets in municipal bonds that are issued to finance similar<br />projects, changes that affect one type of municipal bond may have a significant<br />impact on the value of the fund.<br /> <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 />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may <br />not be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage <br />of other investment opportunities.<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 of the fund Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. <br />The bar chart does not reflect the maximum annual PACE Select Advisors <br />Program fee; if it did, the total returns shown would be lower. The <br />information provides some indication of the risks of investing in the <br />fund by showing changes in the fund's performance from year to year <br />and by showing how the fund's average annual total returns compare with <br />those of a broad measure of market performance. The fund's past <br />performance (before and after taxes) is not necessarily an indication <br />of how the fund will perform in the future. 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 <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. In addition, the after-tax <br />returns shown are not relevant to investors who hold fund shares through <br />tax-deferred arrangements, such as 401(k) plans or individual retirement <br />accounts.</tt> <tt>These tables describe the fees and expenses that you may pay if you buy and hold<br />shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002699Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002699Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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/ShareholderFeesData_S000002699Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays US Municipal 3-15 Year Blend Index (Index reflects no deduction for fees, expenses or taxes.) 0.0963 0.0574 0.0535 Class P Return after taxes on distributions and sale of fund shares 0.0609 0.0307 0.0240 1995-08-24 Class P Return after taxes on distributions 0.0761 0.0302 0.0225 1995-08-24 PCMNX 0.0778 Worst quarter during calendar years shown-4Q 2010: Best quarter during calendar years shown-3Q 2009: 0.00 2012-09-30 Class P Return before taxes 268 2009-09-30 838 0.0200 -0.0313 0.0233 -0.0007 0.0272 3046 -0.0100 1433 0.0342 0.0613 0.0761 0.0028 -0.0015 0.0044 2013-11-30 2010-12-31 0.1013 0.0302 0.0099 Total return January 1 - September 30, 2012: 0.0978 0.0342 0.00 0.0225 0.0065 0.0072 0.0325 1995-08-24 0.0393 0.00 <tt>The fund pays transaction costs, such as commissions or dealer spreads, when it<br />buys and sells securities (or "turns over" its portfolio). A higher portfolio<br />turnover rate may indicate higher transaction costs and may result in higher<br />taxes when fund shares are held in a taxable account. These costs, which are not<br />reflected in annual fund operating expenses or in the example, affect the fund's<br />performance. During the most recent fiscal year, the fund's portfolio turnover<br />rate was 32% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002699Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002699Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>High current income exempt from federal income tax.</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> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in municipal fixed<br />income investments, the income from which is exempt from regular federal income<br />taxes. The fund invests principally in investment grade municipal bonds of<br />varying maturities. Normally, the fund limits its investments in municipal bonds<br />that are subject to the federal alternative minimum tax ("AMT") so that not more<br />than 25% of its interest income will be subject to the AMT, and invests in these<br />bonds when its investment advisor believes that they offer attractive yields<br />relative to similar municipal bonds that are not subject to the AMT.<br /> <br />The fund normally limits its portfolio "duration" to between three and seven<br />years. Duration is a measure of the fund's exposure to interest rate risk-a<br />longer duration means that changes in market interest rates are likely to have a<br />larger effect on the value of the fund's portfolio.<br /> <br />The fund may invest up to 50% of its total assets in municipal bonds that are<br />secured by revenues from public housing authorities and state and local housing<br />finance authorities, including bonds that are secured or backed by the US<br />Treasury or other US government guaranteed securities. There are different types<br />of US government securities, including those issued or guaranteed by the US<br />government, its agencies and its instrumentalities, and they have different<br />types of government support. Some are supported by the full faith and credit of <br />the US, while others are supported by (1) the ability of the issuer to borrow from <br />the US Treasury; (2) the credit of the issuing agency, instrumentality or<br />government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the<br />US government in some other way.<br /> <br />The fund limits its investments in municipal bonds with the lowest investment<br />grade rating (or unrated bonds of equivalent quality) to 15% of its total assets<br />at the time the bonds are purchased.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recommend<br />their hiring, termination and replacement. Standish Mellon Asset Management<br />Company LLC ("Standish") currently serves as the fund's investment advisor. In<br />deciding which securities to buy for the fund, Standish seeks to identify<br />undervalued sectors or geographical regions of the municipal market or<br />undervalued individual securities, by using credit research and valuation<br />analysis and monitoring the relationship of the municipal yield curve to the<br />treasury yield curve. Standish also uses credit quality assessments from its<br />in-house analysts to identify potential rating changes, undervalued issues and<br />macro trends with regard to market sectors and geographical regions. Standish<br />may make modest duration adjustments based on economic analyses and interest<br />rate forecasts. Standish generally sells securities (1) if it identifies more<br />attractive investment opportunities within its investment criteria; (2) with<br />weakening credit profiles; or (3) to adjust the average duration of the fund's<br />portfolio.</tt> PACE Municipal Fixed Income Investments 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 $100,000 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) 0.32 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. PACE Municipal Fixed Income Investments 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 100000 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: 3.34%<br />Best quarter during calendar years shown--3Q 2009: 5.93%<br />Worst quarter during calendar years shown--4Q 2010: (3.31)%</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 deposit of a bank and is not<br />insured 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 />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 <br />lower interest rates.<br /> <br />Municipal securities risk: Municipal securities are subject to interest rate and<br />credit risks. The ability of a municipal issuer to make payments and the value<br />of municipal securities can be affected by uncertainties in the municipal<br />securities market. Such uncertainties could cause increased volatility in the<br />municipal securities market and could negatively impact the fund's net asset<br />value and/or the distributions paid by the fund. Municipalities continue to<br />experience difficulties in the current economic and political environment.<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 />Related securities concentration risk: Because the fund may invest more than 25%<br />of its total assets in municipal bonds that are issued to finance similar<br />projects, changes that affect one type of municipal bond may have a significant<br />impact on the value of the fund.<br /> <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 />Illiquidity risk: The risk that investments cannot be readily sold at the<br />desired time or price, and the fund may have to accept a lower price or may <br />not be able to sell the security at all. An inability to sell securities can<br />adversely affect the fund's value or prevent the fund from taking advantage of<br />other investment opportunities.<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 of the fund After-tax returns for other classes will vary from the Class C shares' after-tax returns shown. Prior to September 30, 2003, Class C shares were subject to a maximum front-end sales charge of 1.00%; this front end sales charge is not reflected in the average annual total returns table for Class C shares. Principal strategies http://globalam-us.ubs.com/corpweb/performance.do <tt>Risk/return bar chart and table<br /> <br />The performance information that follows shows the fund's performance<br />information in a bar chart and an average annual total returns table. <br />The bar chart does not reflect the sales charges of the fund's Class <br />C shares; if it did, the total returns shown would be lower. The <br />information provides some indication of the risks of investing in the <br />fund by showing changes in the fund's performance from year to year <br />and by showing how the fund's average annual total returns compare <br />with those of a broad measure of market performance. The fund's past <br />performance (before and after taxes) is not necessarily an indication <br />of how the fund will perform in the future. 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 <br />federal marginal income tax rates and do not reflect the impact of state <br />and local taxes. Actual after-tax returns depend on an investor's tax <br />situation and may differ from those shown. In addition, the after-tax <br />returns shown are not relevant to investors who hold fund shares through <br />tax-deferred arrangements, such as 401(k) plans or individual retirement <br />accounts. After-tax returns for other classes will vary from the Class <br />C shares' after-tax returns shown. Prior to September 30, 2003, Class C <br />shares were subject to a maximum front-end sales charge of 1.00%; this <br />front end sales charge is not reflected in the average annual total <br />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 $100,000 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 105 of the prospectus and in "Reduced sales charges, additional<br />purchase, exchange and redemption information and other services" on page 202 of<br />the fund's Statement of Additional Information.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002699Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> assuming no sale of shares <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002699Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> An investment in the fund is not a deposit of a bank 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_S000002699Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002699Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays US Municipal 3-15 Year Blend Index (Index reflects no deduction for fees, expenses or taxes.) 0.0963 0.0574 0.0535 Class C Return after taxes on distributions and sale of fund shares 0.0622 0.0408 0.0343 2000-12-04 Class C Return after taxes on distributions 0.0821 0.0432 0.0354 2000-12-04 PMUYX 0.0000 Class Y Return before taxes 66 225 -0.0008 899 -0.0100 398 0.0978 0.0029 0.0044 2013-11-30 0.0510 0.00 0.0000 0.0432 0.0065 0.0073 2001-02-23 0.0000 PMUCX 0.0698 Worst quarter during calendar years shown-4Q 2010: Best quarter during calendar years shown-3Q 2009: 0.0000 2012-09-30 Class C Return before taxes 218 2009-09-30 143 454 -0.0331 0.0153 -0.0005 0.0196 1731 -0.0100 787 0.0265 0.0593 0.0821 0.0026 -0.0090 0.0044 2013-11-30 2010-12-31 1731 0.0931 0.0432 0.0034 454 787 Total return January 1 - September 30, 2012: 0.00 0.0896 0.0268 0.0075 0.0354 0.0140 0.0145 0.0247 2000-12-04 0.0334 0.0075 PMUAX 0.0450 Class A Return before taxes 538 734 -0.0005 1560 -0.0100 947 0.0460 0.0026 0.0044 2013-11-30 0.0388 0.00 0.0025 0.0360 0.0090 0.0095 2001-01-23 0.0000 <tt>The fund pays transaction costs, such as commissions or dealer spreads, when it<br />buys and sells securities (or "turns over" its portfolio). A higher portfolio<br />turnover rate may indicate higher transaction costs and may result in higher<br />taxes when fund shares are held in a taxable account. These costs, which are not<br />reflected in annual fund operating expenses or in the example, affect the fund's<br />performance. During the most recent fiscal year, the fund's portfolio turnover<br />rate was 162% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002698Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002698Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Total return consisting of income and capital appreciation.</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. The example also assumes that your<br />investment has a 5% return each year and that the fund's operating expenses<br />remain the same. <br /><br />Although your actual costs may be higher or lower, based on these assumptions<br />your costs would be:</tt> Index reflects no deduction for fees, expenses or taxes. <tt>Principal investments<br /> <br />The fund invests in bonds of varying maturities, but normally limits its<br />portfolio "duration" to within two years (plus or minus) of the effective<br />duration of the fund's benchmark index, Barclays US Government/Credit Index, <br />as calculated by the investment advisor, which as of July 31, 2012 was 6.07 <br />years. Duration is a measure of the fund's exposure to interest rate risk--a <br />longer duration means that changes in market interest rates are likely to <br />have a larger effect on the value of the fund's portfolio.<br />&#xA0;&#xA0;<br />Under normal circumstances, the fund invests at least 80% of its net assets<br />(plus the amount of any borrowing for investment purposes) in investment grade<br />fixed income securities. Such investments may include US government bonds, bonds<br />that are backed by mortgages and other assets, bonds (including convertible<br />bonds) of US and foreign private issuers, foreign government bonds (including<br />bonds issued by supranational and quasi-governmental entities), foreign currency<br />exchange-related securities, loan participations and assignments, repurchase<br />agreements, municipals, structured notes, and money market instruments<br />(including commercial paper and certificates of deposit). There are different<br />types of US government securities, including those issued or guaranteed by the<br />US government, its agencies and its instrumentalities, and they have different<br />types of government support. Some are supported by the full faith and credit of<br />the US, while others are supported by (1) the ability of the issuer to borrow<br />from the US Treasury; (2) the credit of the issuing agency, instrumentality or<br />government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the<br />US government in some other way.<br /> <br />The fund also invests, to a limited extent, in bonds that are below investment<br />grade. Securities rated below investment grade (or unrated bonds of equivalent<br />quality) are commonly known as "junk bonds." The fund may invest in when-issued<br />or delayed delivery bonds to increase its return, giving rise to a form of<br />leverage. The fund may invest in preferred securities.<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 to attempt to increase<br />total returns. The derivatives in which the fund may invest include futures<br />(specifically, interest rate futures), currency forward agreements and swap<br />agreements (specifically, interest rate swaps). These derivatives may be used<br />for risk management purposes, such as hedging the fund's security, index,<br />currency, interest rate or other exposure, or otherwise managing the risk<br />profile of the fund. In addition, the derivative instruments listed above may be<br />used to enhance returns; in place of direct investments; to obtain or adjust<br />exposure to certain markets; or to establish net short positions in markets,<br />currencies or securities. Interest rate futures and swaps may also be used to<br />adjust the fund's portfolio duration.<br /> <br />Management process<br /> <br />The fund employs a "manager of managers" structure. UBS Global Asset Management<br />(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of<br />investment advisory services, has the ultimate authority, subject to oversight<br />by the fund's board, to oversee the fund's investment advisor(s) and recom-mend <br />their hiring, termination and replacement. Pacific Investment Management<br />Company LLC ("PIMCO") currently serves as the fund's investment advisor. PIMCO<br />seeks to invest the fund's assets in those areas of the bond market that it<br />considers undervalued, based on such factors as quality, sector, coupon and<br />maturity. PIMCO establishes duration targets for the fund's portfolio based on<br />its expectations for changes in interest rates and then positions the fund to<br />take advantage of yield curve shifts. PIMCO decides to buy or sell specific<br />bonds based on an analysis of their values relative to other similar bonds.<br />PIMCO monitors the prepayment experience of the fund's mortgage-backed bonds <br />and will also buy and sell securities to adjust the fund's average portfolio<br />duration, credit quality, yield curve, sector and prepayment exposure, as<br />appropriate.</tt> PACE Strategic Fixed Income Investments 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) 1.62 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. PACE Strategic Fixed Income Investments Annual Total Returns of Class P Shares The bar chart does not reflect the maximum annual PACE Select Advisors Program fee; if it did, the total returns shown would be lower. Performance 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: 8.00% <br />Best quarter during calendar years shown--3Q 2009: 8.81%<br />Worst quarter during calendar years shown--3Q 2008: (3.38)%</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 deposit of a bank and is not<br />insured 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 />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 <br />lower 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 />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 />Foreign investing risk: The value of the fund's investments in foreign<br />securities may fall due to adverse political, social and economic developments<br />abroad and due to decreases in foreign currency values relative to the US dollar. <br />Investments in foreign government bonds involve special risks because the fund <br />may have limited legal recourse in the event of default. Also, foreign securities <br />are sometimes less liquid and more difficult to sell and to value than securities <br />of US issuers. These risks are greater for investments in emerging market issuers. <br />In addition, investments in emerging market issuers may decline in value because <br />of unfavorable foreign government actions, greater risks of political instability <br />or the absence of accurate information about emerging market issuers.<br /> <br />Leverage risk associated with financial instruments: The use of financial<br />instruments to increase potential returns, including derivatives used for<br />investment (non-hedging) purposes, may cause the fund to be more volatile <br />than if it had not been leveraged. The use of l