0001104659-12-085753.txt : 20121221 0001104659-12-085753.hdr.sgml : 20121221 20121221105527 ACCESSION NUMBER: 0001104659-12-085753 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121221 DATE AS OF CHANGE: 20121221 EFFECTIVENESS DATE: 20121221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACE SELECT ADVISORS TRUST CENTRAL INDEX KEY: 0000930007 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-87254 FILM NUMBER: 121279807 BUSINESS ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: 12TH FLOOR 1285 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-821-3000 MAIL ADDRESS: STREET 1: C/O UBS GLOBAL ASSET MANAGEMENT (AMERICA STREET 2: 12TH FLOOR 1285 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: UBS PACE SELECT ADVISORS TRUST DATE OF NAME CHANGE: 20020716 FORMER COMPANY: FORMER CONFORMED NAME: PAINEWEBBER PACE SELECT ADVISORS TRUST DATE OF NAME CHANGE: 19980212 FORMER COMPANY: FORMER CONFORMED NAME: MANAGED ACCOUNTS SERVICES PORTFOLIO TRUST DATE OF NAME CHANGE: 19941212 0000930007 S000002697 PACE Intermediate Fixed Income Investments C000007354 Class P PCIFX C000007355 Class A PIFAX C000007357 Class C PIICX C000007358 Class Y PIFYX 0000930007 S000002698 PACE Strategic Fixed Income Investments C000007359 Class P PCSIX 0000930007 S000002699 PACE Municipal Fixed Income Investments C000007364 Class P PCMNX 0000930007 S000002700 PACE International Fixed Income Investments C000007369 Class P PCGLX C000007370 CLASS A PWFAX C000007372 CLASS C PWFCX C000007373 CLASS Y PWFYX 0000930007 S000002971 PACE Large Co Value Equity Investments C000008144 Class P PCLVX 0000930007 S000002976 PACE International Emerging Markets Equity Investments C000008169 Class P PCEMX C000008170 CLASS A PWEAX C000008172 CLASS C PWECX C000008173 CLASS Y PWEYX 0000930007 S000006015 PACE High Yield Investments C000016533 Class A PHIAX C000016535 Class C PHYCX C000016536 Class Y PHDYX C000016537 Class P PHYPX 497 1 a12-22068_11497.htm 497

 

1775 I Street, N.W.

Washington, DC 20006-2401

+1 202 261 3300 Main

+1 202 261 3333 Fax

www.dechert.com

 

 

JOHN M. THORNTON

 

john.thornton@dechert.com

+1 202 261 3377 Direct

+1 202 261 3077 Fax

 

December 21, 2012

 

VIA EDGAR

 

Filing Desk

Securities and Exchange Commission

Office of Filings and Information Services

Branch of Registrations and Examinations

Mail Stop 0-25

100 F Street, NE

Washington, DC 20549

 

Re:

PACE Select Advisors Trust (“Registrant”)

 

File Nos. 33-87254 and 811-8764

 

Post-Effective Amendment No. 35 to the Registration Statement on Form N-1A (“Amendment”)

 

Ladies and Gentlemen:

 

Pursuant to Rule 497(c) under the Securities Act of 1933, as amended, we hereby submit for filing exhibits containing interactive data format risk/return summary information for the Registrant’s Prospectuses, each dated November 28, 2012.  The purpose of this filing is to submit the XBRL information incorporating certain changes to such Prospectuses relating to certain series of the Registrant that were made after the Amendment became effective on November 28, 2012.

 

No fees are required in connection with this filing.  If you have any questions or comments, please contact the undersigned at 202.261.3377 or Eric Sanders, Associate General Counsel, UBS Global Asset Management (Americas) Inc., at 212.882.5546.

 

Very truly yours,

 

 

 

/s/ John M. Thornton

 

 

 

John M. Thornton

 

 

 EX-101.INS 2 ck0000930007-20120731.xml XBRL INSTANCE DOCUMENT Other 2012-07-31 0000930007 2012-12-03 PACE SELECT ADVISORS TRUST false 2012-12-03 2012-11-28 <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. <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 <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 Index. <br />This index ordinarily has a duration of between 4 and 5 years. Duration is a <br />measure of the fund's exposure to interest rate risk--a longer duration means <br />that changes in market interest rates are likely to have a larger effect on <br />the value of the fund's portfolio. The fund has no average targeted portfolio <br />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%<br />Best quarter during calendar years shown--2Q 2009: 20.77%<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 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 />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 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 />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 not<br />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. <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. Updated performance for <br />the fund is available at http://globalamus.ubs.com/corpweb/performance.do.<br />&#xA0;&#xA0;<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 shares <br />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: 0.0000 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. <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 professionally <br />managed, diversified portfolio of fixed income securities rated below investment <br />grade. Under normal circumstances, the fund invests at least 80% of its net assets <br />(plus the amount of any borrowing for investment purposes) in high yield fixed <br />income securities that are rated below investment grade or considered to be of <br />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 <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 /> <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 />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 />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 <br />them.<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 advisor <br />did not anticipate, or if the security structures encountered unexpected <br />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. <br />The bar chart does not reflect the sales charges of the fund's Class <br />A 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 />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_S000002976Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002976Member 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 discounted <br />worth, and then compares the values of different possible investments. Currency <br />returns can be an integral component of an investment's total return, and Mondrian <br />uses a purchasing power parity approach to assess the value of individual currencies. <br />Purchasing power parity attempts to identify the amount of goods and services that <br />a dollar will buy in the US and compares that to the amount of a foreign currency <br />required to buy the same amount of goods and services 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, <br />is well-suited to capture these inefficiencies and provide an opportunity to<br />outperform the market. Lee Munder's stock selection model groups factors used <br />to 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 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 <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<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 />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 <br />is 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 />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 />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<br /> companies are more vulnerable than larger companies to adverse business or<br />economic 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 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 <br />bar chart does not reflect the sales charges of the fund's Class C shares; <br />if it did, the total returns shown would be lower. The information provides <br />some indication of the risks of investing in the fund by showing changes in <br />the fund's performance from year to year and by showing how the fund's <br />average 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_S000002976Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002976Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> You may lose money by investing in the fund. 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_S000002976Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002976Member 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 2000-12-01 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 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), <br />US government bonds, and bonds of US or non-US private issuers. While the <br />fund may invest in US fixed income securities, it expects to invest mainly <br />in non-US fixed income securities under normal circumstances. The fund invests<br />primarily in high-grade bonds of governmental and private issuers in developed<br />countries. These high-grade bonds are rated in one of the three highest rating<br />categories or are of comparable quality. The fund invests, to a limited extent,<br />in emerging market bonds and lower rated bonds of governmental and private<br />issuers, 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 <br />lower interest rates.<br /> <br />Foreign investing risk: The value of the fund's investments in foreign securities <br />may fall due to adverse political, social and economic developments abroad and <br />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 />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, which <br />means that the fund may invest more of its assets in a smaller number of issuers <br />than a diversified investment company. As a non-diversified fund, the fund's share <br />price may be more volatile and the fund has a greater potential to realize losses <br />upon the occurrence of adverse events affecting a particular 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 />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 desired <br />time or price, and the fund may have to accept a lower price or may not be able <br />to sell the security at all. An inability to sell securities can adversely affect <br />the fund's value or prevent the fund from taking advantage of other investment <br />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 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. 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 />&#xA0;&#xA0;<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 <br />buy and hold 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 securities <br />provide that the issuer may repay them earlier than the maturity date, and if <br />this occurs the fund may have to reinvest these repayments at lower interest <br />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, <br />the fund's overall returns may be reduced if the hedged investment experiences <br />a favorable price movement. 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 />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 />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 <br />of 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 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 <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 2000-12-01 PWFYX 0.0000 0 Class Y Return before taxes 102 342 -0.0011 1342 -0.0100 601 0.0276 0.0046 0.0065 2013-11-30 0.0594 0.0000 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 0 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: 0.0215 0.1359 0.0075 0.0615 0.0169 0.0175 0.0478 2000-12-01 0.0532 0.0075 PWFAX 0.0450 0 Class A Return before taxes 568 829 -0.0006 1910 -0.0100 1110 -0.0195 0.0037 0.0065 2013-11-30 0.0468 0.0025 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 <br />not reflected in annual fund operating expenses or in the example, affect the <br />fund's performance. During the most recent fiscal year, the fund's portfolio <br />turnover rate was 32% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002699Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002699Member 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. 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 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<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; (2) with <br />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 or<br />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 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 />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. 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 <br />and hold shares of the fund.</tt> <div style="display:none">~ http://www.ubs.com/role/OperatingExpensesData_S000002699Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002699Member 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_S000002699Member 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 162% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002698Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002698Member 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 Company <br />LLC ("PIMCO") currently serves as the fund's investment advisor. PIMCO seeks to <br />invest the fund's assets in those areas of the bond market that it considers <br />undervalued, based on such factors as quality, sector, coupon and maturity. <br />PIMCO establishes duration targets for the fund's portfolio based on its <br />expectations for changes in interest rates and then positions the fund to take <br />advantage of yield curve shifts. PIMCO decides to buy or sell specific bonds <br />based on an analysis of their values relative to other similar bonds. PIMCO <br />monitors the prepayment experience of the fund's mortgage-backed bonds and<br />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 lower<br />interest rates.<br /> <br />Prepayment risk: The fund's mortgage- and asset-backed securities may be prepaid<br />more rapidly than expected, especially when interest rates are falling, and the<br />fund may have to reinvest those prepayments at lower interest rates. When<br />interest rates are rising, slower prepayments may extend the duration of the<br />securities and may reduce their value.<br /> <br />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 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 />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 />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 desired <br />time or price, and the fund may have to accept a lower price or may not be able <br />to sell the security at all. An inability to sell securities can adversely affect <br />the fund's value or prevent the fund from taking advantage of other investment <br />opportunities.<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 />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 />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 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. 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_S000002698Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002698Member 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_S000002698Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays US Government/Credit Index (Index reflects no deduction for fees, expenses or taxes.) 0.0874 0.0655 0.0585 Class P Return after taxes on distributions and sale of fund shares 0.0514 0.0447 0.0316 1995-08-24 Class P Return after taxes on distributions 0.0565 0.0444 0.0306 1995-08-24 PCSIX 0.1011 Worst quarter during calendar years shown-3Q 2008: Best quarter during calendar years shown-3Q 2009: 0.00 2012-09-30 Class P Return before taxes 284 2009-09-30 873 0.0200 -0.0338 0.0493 -0.0001 0.1102 3147 -0.0100 1488 0.0791 0.0881 0.0758 0.0032 0.0173 0.0050 2013-11-30 2008-09-30 0.1510 0.0685 0.0243 Total return January 1 - September 30, 2012: 0.0975 0.0575 0.00 0.0506 0.0081 0.0082 0.0380 1995-08-24 0.0800 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 398% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002697Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002697Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Current income, consistent with reasonable stability of principal.</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 US government and foreign government<br />bonds (including bonds issued by supranational and quasi-governmental entities<br />and mortgage-backed securities) and corporate bonds (including mortgage- and<br />asset-backed securities of private issuers, Eurodollar certificates of deposit,<br />Eurodollar bonds and Yankee bonds). There are different types of US government<br />securities, including those issued or guaranteed by the US government, its <br />agencies and its instrumentalities, and they have different types of government <br />support. Some are supported by the full faith and credit of the US, while others <br />are supported by (1) the ability of the issuer to borrow from the US Treasury; <br />(2) the credit of the issuing agency, instrumentality or government-sponsored <br />entity; (3) pools of assets, such as mortgages; or (4) the US government in <br />some other way.<br /> <br />The fund may invest in bonds that are investment grade at the time of purchase.<br />The fund may also invest, in the aggregate, up to 20% of its total assets<br />(measured at the time of purchase) in (1) bonds that are below investment grade<br />at the time of purchase (or unrated bonds of equivalent quality) (i.e., "junk<br />bonds"), (2) non-US dollar denominated securities, and (3) fixed income<br />securities of issuers located in emerging markets. The fund may also invest in<br />preferred stocks.<br /> <br />The fund invests in bonds of varying maturities, but normally maintains a<br />dollar-weighted average maturity of approximately three to ten years. It normally <br />limits its overall portfolio "duration" to within +/- 30% of the duration of the <br />Barclays US Intermediate Government/Credit Index. During the five year period <br />ended July 31, 2012, this index's duration ranged between 3.54 and 3.89 years. <br />Duration is a measure of the fund's exposure to interest rate risk--a longer <br />duration means that changes in market interest rates are likely to have a larger <br />effect on the value of the fund's portfolio.<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 options (on<br />swap agreements), futures (on securities or interest rate futures) and swap<br />agreements (specifically, interest rate swaps). These derivatives may be used<br />for risk management purposes, such as managing the risk profile of the fund. In<br />addition, the derivative instruments listed above may be used to enhance returns<br />or in place of direct investments. Interest rate futures, swaps and swaptions<br />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. BlackRock Financial Management, Inc.<br />("BlackRock") currently serves as the fund's investment advisor. BlackRock decides <br />to buy specific bonds for the fund based on its credit analysis and review. <br />BlackRock seeks to add value by controlling portfolio duration within a narrow <br />band relative to the Barclays US Intermediate Government/Credit Index. BlackRock <br />uses an analytical process that involves evaluating macroeconomics trends, technical<br />market factors, yield curve exposure and market volatility.</tt> PACE Intermediate 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) 3.98 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 Intermediate 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: 3.66% <br />Best quarter during calendar years shown--3Q 2009: 3.91% <br />Worst quarter during calendar years shown--3Q 2008: (3.69)%</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 />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 />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 />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 />Foreign investing risk: The value of the fund's investments in foreign securities <br />may fall due to adverse political, social and economic developments abroad and <br />due to decreases in foreign currency values relative to the US dollar. Investments <br />in foreign government bonds involve special risks because the fund may have limited <br />legal recourse in the event of default. Also, foreign securities are sometimes less <br />liquid and more difficult to sell and to value than securities of US issuers. These <br />risks are greater for investments in emerging market issuers. In addition, <br />investments in emerging markets issuers may decline in value because of unfavorable <br />foreign government actions, greater risks of political instability or the absence <br />of accurate information about emerging market issuers.<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 />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 />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 />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 />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 />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 prior to July 29, 2002, which is the date on<br />which BlackRock assumed day-to-day management of the fund's assets. <br />Prior to that date, another investment advisor was responsible for <br />managing the fund's assets. Updated performance for the fund is <br />available at http://globalam-us.ubs.com/corpweb/performance.do.<br />&#xA0;&#xA0;<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_S000002697Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002697Member2 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_S000002697Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays US Intermediate Government/Credit Index (Index reflects no deduction for fees, expenses or taxes.) 0.0580 0.0588 0.0520 Class P Return after taxes on distributions and sale of fund shares 0.0163 0.0179 0.0063 1995-08-24 Class P Return after taxes on distributions 0.0163 0.0169 0.0035 1995-08-24 PCIFX -0.0002 Worst quarter during calendar years shown-3Q 2008: Best quarter during calendar years shown-3Q 2009: 0.00 2012-09-30 Class P Return before taxes 271 2009-09-30 845 0.0200 -0.0369 0.0275 -0.0006 0.0544 3066 -0.0100 1444 0.0743 0.0391 0.0252 0.0031 -0.0129 0.0043 2013-11-30 2008-09-30 0.0950 0.0299 0.0133 Total return January 1 - September 30, 2012: 0.0459 0.0402 0.00 0.0167 0.0068 0.0074 0.0395 1995-08-24 0.0366 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 398% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.ubs.com/role/ExpenseExample_S000002697Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/BarChartData_S000002697Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Current income, consistent with reasonable stability of principal.</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 />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 US government and foreign government<br />bonds (including bonds issued by supranational and quasi-governmental entities<br />and mortgage-backed securities) and corporate bonds (including mortgage- and<br />asset-backed securities of private issuers, Eurodollar certificates of deposit,<br />Eurodollar bonds and Yankee bonds). There are different types of US government<br />securities, including those issued or guaranteed by the US government, its<br />agencies and its instrumentalities, and they have different types of government<br />support. Some are supported by the full faith and credit of the US, while others<br />are supported by (1) the ability of the issuer to borrow from the US Treasury;<br />(2) the credit of the issuing agency, instrumentality or government-sponsored<br />entity; (3) pools of assets, such as mortgages; or (4) the US government in some<br />other way.<br /> <br />The fund may invest in bonds that are investment grade at the time of purchase.<br />The fund may also invest, in the aggregate, up to 20% of its total assets<br />(measured at the time of purchase) in (1) bonds that are below investment grade<br />at the time of purchase (or unrated bonds of equivalent quality) (i.e., "junk<br />bonds"), (2) non-US dollar denominated securities, and (3) fixed income<br />securities of issuers located in emerging markets. The fund may also invest in<br />preferred stocks.<br /> <br />The fund invests in bonds of varying maturities, but normally maintains a<br />dollar-weighted average maturity of approximately three to ten years. It <br />normally limits its overall portfolio "duration" to within +/- 30% of the <br />duration of the Barclays US Intermediate Government/Credit Index. During <br />the five year period ended July 31, 2012, this index's duration ranged <br />between 3.54 and 3.89 years. Duration is a measure of the fund's exposure <br />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 <br />fund's portfolio.<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 options (on<br />swap agreements), futures (on securities or interest rate futures) and swap<br />agreements (specifically, interest rate swaps). These derivatives may be used<br />for risk management purposes, such as managing the risk profile of the fund. In<br />addition, the derivative instruments listed above may be used to enhance returns<br />or in place of direct investments. Interest rate futures, swaps and swaptions<br />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. BlackRock Financial Management, Inc.<br />("BlackRock") currently serves as the fund's investment advisor. BlackRock<br />decides to buy specific bonds for the fund based on its credit analysis and<br />review. BlackRock seeks to add value by controlling portfolio duration within a<br />narrow band relative to the Barclays US Intermediate Government/Credit Index.<br />BlackRock uses an analytical process that involves evaluating macroeconomics<br />trends, technical market factors, yield curve exposure and market volatility.</tt> PACE Intermediate 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) 3.98 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 Intermediate 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: 2.99%<br />Best quarter during calendar years shown--3Q 2009: 3.63%<br />Worst quarter during calendar years shown--3Q 2008: (3.87)%</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 />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 />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 />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 />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 markets 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 />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 <br />be subject to liquidity risk, counterparty risk, credit risk and mispricing <br />or valuation complexity. These derivatives risks are different from, and may <br />be greater than, the risks associated with investing directly in securities <br />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 />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 />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 />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 />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 />&#xA0;&#xA0;<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 prior to July 29, 2002, which is the date on which <br />BlackRock assumed day-to-day management of the fund's assets. Prior to <br />that date, another investment advisor was responsible for managing the <br />fund's assets. 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. 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_S000002697Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/PerformanceTableData_S000002697Member1 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_S000002697Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.ubs.com/role/ShareholderFeesData_S000002697Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays US Intermediate Government/Credit Index (Index reflects no deduction for fees, expenses or taxes.) 0.0580 0.0588 0.0520 Class C Return after taxes on distributions and sale of fund shares 0.0203 0.0307 0.0188 2000-12-01 Class C Return after taxes on distributions 0.0250 0.0327 0.0189 2000-12-01 PIFYX 0.0000 0 Class Y Return before taxes 69 261 -0.0020 1066 -0.0100 468 0.0459 0.0045 0.0043 2013-11-30 0.0508 0.0000 0.0372 0.0068 0.0088 2001-02-02 0.0000 PIICX -0.0074 Worst quarter during calendar years shown-3Q 2008: Best quarter 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ck0000930007:SummaryS000006015-2Memberck0000930007:S000006015Memberrr:AfterTaxesOnDistributionsAndSalesMemberck0000930007:C000016537Member 2012-11-28 2012-11-28 0000930007 ck0000930007:SummaryS000006015-2Memberck0000930007:S000006015Memberck0000930007:RRINDEX00007Member 2012-11-28 2012-11-28 0000930007 ck0000930007:SummaryS000006015-2Memberck0000930007:S000006015Member 2012-11-28 2012-11-28 0000930007 2012-11-28 2012-11-28 pure iso4217:USD The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses of each class through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 0.93% for Class A, 1.43% for Class C and 0.68% for Class Y. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed these expense caps. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. Except that the expenses reflect the effects of the fund's fee waiver/expense reimbursement agreement for the first year only. The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 0.68%. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed this expense cap. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 0.81%. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed this expense cap. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 0.65%. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed this expense cap. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to (1) waive its management fees through November 30, 2013 to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to Rogge Global Partners plc, the fund's investment advisor; and (2) waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses of each class through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.25% for Class A, 1.75% for Class C and 1.00% for Class Y. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses (pursuant to item (2)) to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed these expense caps. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to (1) waive its management fees through November 30, 2013 to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to Rogge Global Partners plc, the fund's investment advisor; and (2) waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.00%. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses (pursuant to item (2)) to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed this expense cap. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses of each class through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.28% for Class A, 1.78% for Class C and 1.03% for Class Y. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed these expense caps. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. The fund and UBS Global Asset Management (Americas) Inc. ("UBS Global AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse expenses so that the fund's ordinary total operating expenses through November 30, 2013 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.03%. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the fund's expenses in any of those three years to exceed this expense cap. The fee waiver/expense reimbursement agreement may be terminated by the fund's board at any time and also will terminate automatically upon the expiration or termination of the fund's advisory contract with UBS Global AM. Upon termination of the agreement, however, UBS Global AM's three year recoupment rights will survive. Average annual total returns for the BofA Merrill Lynch Global High Yield Index (hedged in USD) for the life of each class were as follows: Class A--7.85%; Class C--22.60%; Class Y--25.57%. 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