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UBS PACE(SM) Money Market Investments
Supplement to the Prospectus dated November 28, 2005

April 7, 2006

Dear Investor:

The purpose of this supplement is to provide you with information regarding the
transfer of the investment management and administration contract (the
"Management and Administration Contract") between UBS PACE Select Advisors Trust
on behalf of UBS PACE Money Market Investments (the "Fund"), and UBS Global
Asset Management (US) Inc. ("UBS Global AM (US)"), the Fund's prior investment
advisor, to UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), a
sister company of UBS Global AM (US).

In connection with an internal reorganization involving UBS Global AM and UBS
Global AM (US), the Fund's Board of Trustees approved the transfer of the
Management and Administration Contract from UBS Global AM (US) to UBS Global AM
effective April 1, 2006. All of the personnel of UBS Global AM (US) who
previously provided investment advisory services to the Fund continue to provide
investment advisory services to the Fund as employees of UBS Global AM. UBS
Global AM has the same contractual rights and responsibilities under the
Management and Administration Contract as those previously held by UBS Global AM
(US). UBS Global AM and UBS Global AM (US) are both indirect wholly owned
subsidiaries of UBS AG.

UBS Global AM (US) continues to serve as the Fund's principal underwriter.

As a result of the transfer of the Management and Administration Contract, the
prospectus is hereby revised as follows:

ALL REFERENCES IN THE PROSPECTUS TO "UBS GLOBAL ASSET MANAGEMENT (US) INC." OR
"UBS GLOBAL AM," IN ITS CAPACITY AS THE INVESTMENT ADVISOR AND ADMINISTRATOR OF
THE FUND, SHALL BE DEEMED TO REFER TO "UBS GLOBAL ASSET MANAGEMENT (AMERICAS)
INC." REFERENCES TO "UBS GLOBAL ASSET MANAGEMENT (US) INC." OR "UBS GLOBAL AM,"
IN ITS CAPACITY AS THE PRINCIPAL UNDERWRITER OF THE FUND, CONTINUE TO REFER TO
"UBS GLOBAL ASSET MANAGEMENT (US) INC."

Additionally, please note the following specific changes:

THE FIRST SENTENCE OF THE LAST PARAGRAPH UNDER THE SECTION CAPTIONED "PRINCIPAL
INVESTMENT STRATEGIES" (PAGE 3 OF THE PROSPECTUS) IS REPLACED IN ITS ENTIRETY
WITH THE FOLLOWING:

          UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), the
fund's manager and investment advisor, selects money market instruments for the
fund based on its assessment of relative values and changes in market and
economic conditions.

THE FIRST PARAGRAPH UNDER THE SECTION CAPTIONED "INVESTMENT ADVISOR" ON PAGE 10
OF THE PROSPECTUS IS REPLACED IN ITS ENTIRETY WITH THE FOLLOWING:

          UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), a
          Delaware corporation with offices at One North Wacker Drive, Chicago,
          IL 60606 and 51 West 52nd Street, New York, NY 10019-6114, is an
          investment advisor registered with the US Securities and Exchange
          Commission. As of December 31, 2005, UBS Global AM had approximately
          $72.5 billion in assets under management. UBS Global AM is an
          indirect, wholly owned subsidiary of UBS AG ("UBS") and a member of
          the UBS Global Asset Management Division, which had approximately
          $581.5 billion in assets under management worldwide as of December 31,
          2005. UBS is an internationally diversified organization headquartered
          in Zurich and Basel, Switzerland, with operations in many areas of the
          financial services industry.

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