PACE Intermediate Fixed Income Investments (First Prospectus Summary) | PACE Intermediate Fixed Income Investments

PACE Intermediate Fixed Income Investments

Investment objective

Current income, consistent with reasonable stability of principal.

Fees and expenses of the fund

These tables describe the fees and expenses that you may pay if you buy and hold

shares of the fund. You may qualify for sales charge discounts on purchases of

Class A shares if you or your family invest, or agree to invest in the future,

at least $100,000 in the UBS family of funds. More information about these and

other discounts and waivers, as well as eligibility requirements for each share

class, is available from your financial advisor and in "Managing your fund

account" on page 103 of the prospectus and in "Reduced sales charges, additional

purchase, exchange and redemption information and other services" on page 214 of

the fund's Statement of Additional Information.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees PACE Intermediate Fixed Income Investments (USD $)	Class A	Class B	Class C	Class Y
Maximum front-end sales charge (load) imposed on purchases (as a % of the offering price)	4.50%	none	none	none
Maximum deferred sales charge (load) (as a % of the lesser of the offering price or the redemption price)	none	5.00%	0.75%	none
Redemption fee (as a % of the amount redeemed within 90 days of purchase, if applicable)	1.00%	1.00%	1.00%	1.00%
Exchange fee	none	none	none	none

Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses PACE Intermediate Fixed Income Investments		Class A	Class B	Class C	Class Y
Management fees		0.43%	0.43%	0.43%	0.43%
Distribution and/or service (12b-1) fees		0.25%	1.00%	0.75%	none
Other expenses (includes administration fee of 0.10%)		0.31%	0.38%	0.31%	0.40%
Total annual fund operating expenses		0.99%	1.81%	1.49%	0.83%
Management fee waiver/expense reimbursements	[1]	0.06%	0.13%	0.06%	0.15%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	0.93%	1.68%	1.43%	0.68%

Example

This example is intended to help you compare the cost of investing in the fund

with the cost of investing in other mutual funds. The example assumes that you

invest $10,000 in the fund for the time periods indicated and then redeem all of

your shares at the end of those periods unless otherwise stated. The example

also assumes that your investment has a 5% return each year and that the fund's

operating expenses remain the same.



Although your actual costs may be higher or lower, based on these assumptions

your costs would be:

^[1]

Expense Example PACE Intermediate Fixed Income Investments (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Class A	541	745	967	1,603
Class B	671	857	1,168	1,702	[1]
Class C	221	465	808	1,774
Class Y	69	250	446	1,011

Expense Example, No Redemption PACE Intermediate Fixed Income Investments (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years	Expense Example, No Redemption, 5 Years	Expense Example, No Redemption, 10 Years
Class B	171	557	968	1,702	[1]
Class C	146	465	808	1,774

Portfolio turnover

The fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate may

indicate higher transaction costs and may result in higher taxes when fund

shares are held in a taxable account. These costs, which are not reflected in

annual fund operating expenses or in the example, affect the fund's performance.

During the most recent fiscal year, the fund's portfolio turnover rate was 664%

of the average value of its portfolio.

Principal strategies

Principal investments



Under normal circumstances, the fund invests at least 80% of its net assets

(plus the amount of any borrowing for investment purposes) in fixed income

securities. Such investments may include US government and foreign government

bonds (including bonds issued by supranational and quasi-governmental entities

and mortgage-backed securities) and corporate bonds (including mortgage- and

asset-backed securities of private issuers, Eurodollar certificates of deposit,

Eurodollar bonds and Yankee bonds). There are different types of US government

securities, including those issued or guaranteed by the US government, its

agencies and its instrumentalities, and they have different types of government

support. Some are supported by the full faith and credit of the US, while others

are supported by (1) the ability of the issuer to borrow from the US Treasury;

(2) the credit of the issuing agency, instrumentality or government-sponsored

entity; (3) pools of assets, such as mortgages; or (4) the US government in some

other way.



The fund may invest in bonds that are investment grade at the time of purchase.

The fund may also invest, in the aggregate, up to 20% of its total assets

(measured at the time of purchase) in (1) bonds that are below investment grade

at the time of purchase (or unrated bonds of equivalent quality) (i.e., "junk

bonds"), (2) non-US dollar denominated securities, and (3) fixed income

securities of issuers located in emerging markets. The fund may also invest in

preferred stocks.



The fund invests in bonds of varying maturities, but normally maintains a

dollar-weighted average maturity of approximately three to ten years. It

normally limits its overall portfolio "duration" to within +/- 30% of the

duration of the Barclays Capital US Intermediate Government/Credit Index. Over

the past five years, this index's duration has ranged between 3.58 and 4.02

years. Duration is a measure of the fund's exposure to interest rate risk-a

longer duration means that changes in market interest rates are likely to have a

larger effect on the value of the fund's portfolio.



The fund may use forward currency contracts, options, futures, swaps and other

derivatives as part of its investment strategy (e.g., to obtain certain types of

investment exposure) or to help manage portfolio risks (e.g., to hedge currency

risk and manage the fund's duration and yield curve exposure).



Management process



UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), the fund's

manager, selects investment advisors for the fund, subject to approval of the

fund's board. BlackRock Financial Management, Inc. ("BlackRock") currently

serves as the fund's investment advisor. BlackRock decides to buy specific bonds

for the fund based on its credit analysis and review. BlackRock seeks to add

value by controlling portfolio duration within a narrow band relative to the

Barclays Capital US Intermediate Government/Credit Index. BlackRock uses an

analytical process that involves evaluating macroeconomics trends, technical

market factors, yield curve exposure and market volatility.

Principal risks

All investments carry a certain amount of risk and the fund cannot guarantee

that it will achieve its investment objective. 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. The principal risks presented by an investment in the fund

are:



Interest rate risk: An increase in prevailing interest rates typically causes

the value of fixed income securities to fall. Changes in interest rates will

likely affect the value of longer-duration fixed income securities more than

shorter-duration securities and higher quality securities more than lower

quality securities. When interest rates are falling, some fixed income

securities provide that the issuer may repay them earlier than the maturity

date, and if this occurs the fund may have to reinvest these repayments at lower

interest rates.



Credit risk: The risk that the fund could lose money if the issuer or guarantor

of a fixed income security, or the counterparty to or guarantor of a derivative

contract, is unable or unwilling to meet its financial obligations. This risk is

likely greater for lower quality investments than for investments that are

higher quality.



Prepayment risk: The fund's mortgage- and asset-backed securities may be prepaid

more rapidly than expected, especially when interest rates are falling, and the

fund may have to reinvest those prepayments at lower interest rates. When

interest rates are rising, slower prepayments may extend the duration of the

securities and may reduce their value.



Non-diversification risk: 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.



Foreign investing risk: The value of the fund's investments in foreign

securities may fall due to adverse political, social and economic developments

abroad and due to decreases in foreign currency values relative to the US

dollar. Investments in foreign government bonds involve special risks because

the fund may have limited legal recourse in the event of default. Also, foreign

securities are sometimes less liquid and more difficult to sell and to value

than securities of US issuers. These risks are greater for investments in

emerging market issuers. In addition, investments in emerging markets issuers

may decline in value because of unfavorable foreign government actions, greater

risks of political instability or the absence of accurate information about

emerging market issuers.



Derivatives risk: The value of "derivatives"-so-called because their value

"derives" from the value of an underlying asset, reference rate or index-may

rise or fall more rapidly than other investments. When using derivatives for

non-hedging purposes, it is possible for the fund to lose more than the amount

it invested in the derivative. The risks of investing in derivative instruments

also include market and management risks. Derivatives relating to fixed income

markets are especially susceptible to interest rate risk and credit risk. In

addition, many types of swaps and other non-exchange traded derivatives may be

subject to liquidity risk, credit risk and mispricing or valuation complexity.

These derivatives risks are different from, and may be greater than, the risks

associated with investing directly in securities and other instruments.



Market risk: The risk that the market value of the fund's investments may

fluctuate, sometimes rapidly or unpredictably, as the stock and bond markets

fluctuate. Market risk may affect a single issuer, industry, or sector of the

economy, or it may affect the market as a whole.



US Government securities risk: There are different types of US government

securities with different levels of credit risk, including the risk of default,

depending on the nature of the particular government support for that security.

For example, a US government-sponsored entity, such as Federal National Mortgage

Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie

Mac"), although chartered or sponsored by an Act of Congress, may issue

securities that are neither insured nor guaranteed by the US Treasury and are

therefore riskier than those that are.



Portfolio turnover risk: The fund may engage in frequent trading, which can

result in high portfolio turnover. A high portfolio turnover rate involves

greater expenses to the fund, including transaction costs, and is likely to

generate more taxable short term gains for shareholders, which may have an

adverse impact on performance.



Management risk: The risk that the investment strategies, techniques and risk

analyses employed by the investment advisor may not produce the desired results.



High yield securities ("junk bonds") risk: Lower-rated securities (the issuers

of which are typically in poor financial health) are subject to higher risks

than investment grade securities. For example, lower-rated securities may be (1)

subject to a greater risk of loss of principal and non-payment of interest

(including default by the issuer); (2) subject to greater price volatility; and

(3) less liquid than investment grade securities. The prices of such securities

may be more vulnerable to bad economic news, or even the expectation of bad

news, than higher rated fixed income securities.

Performance

Risk/return bar chart and table



The performance information that follows shows the fund's performance

information in a bar chart and an average annual total returns table. 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. The information provides some

indication of the risks of investing in the fund by showing changes in the

fund's performance from year to year and by showing how the fund's average

annual total returns compare with those of a broad measure of market

performance. The fund's past performance (before and after taxes) is not

necessarily an indication of how the fund will perform in the future. This may

be particularly true for the period prior to July 29, 2002, which is the date

on which BlackRock assumed day-to-day management of the fund's assets. Prior to

that date, another investment advisor was responsible for managing the fund's

assets. Updated performance for the fund is available at

http://globalam-us.ubs.com/corpweb/performance.do.



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. Actual after-tax returns depend on an investor's tax situation and may

differ from those shown. In addition, the after-tax returns shown are not

relevant to investors who hold fund shares through tax-deferred arrangements,

such as 401(k) plans or individual retirement accounts. After-tax returns for

other classes will vary from the Class C shares' after-tax returns shown. 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.

PACE Intermediate Fixed Income Investments Annual Total Returns of Class C Shares

Total return January 1 - September 30, 2011: 2.59%

Best quarter during calendar years shown-3Q 2009: 3.63%

Worst quarter during calendar years shown-3Q 2008: (3.87)%

Average annual total returns (for the periods ended December 31, 2010)

Average Annual Total Returns PACE Intermediate Fixed Income Investments	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
Class A	Class A Return before taxes	0.42%	3.73%		3.12%	[1]	Jan. 31, 2001
Class B	Class B Return before taxes	(0.61%)	3.54%	3.26%		[1]	Dec. 14, 2000
Class C	Class C Return before taxes	3.90%	4.14%	3.21%		[1]	Dec. 01, 2000
Class C After Taxes on Distributions	Class C Return after taxes on distributions	3.17%	3.01%	2.00%		[1]	Dec. 01, 2000
Class C After Taxes on Distributions and Sales	Class C Return after taxes on distributions and sale of fund shares	2.53%	2.87%	2.01%		[1]	Dec. 01, 2000
Class Y	Class Y Return before taxes	5.45%	4.95%		3.87%	[1]	Feb. 02, 2001
Barclays Capital US Intermediate Government/Credit Index	Barclays Capital US Intermediate Government/Credit Index (Index reflects no deduction for fees, expenses or taxes.)	5.89%	5.53%	5.51%		[1],[2]

[1] 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 28, 2012 (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, 1.68% for Class B, 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.

[1] Reflects conversion to Class A shares after a maximum of 6 years.

[1] Reflects conversion to Class A shares after a maximum of 6 years.

[1] Life of class returns shown only for those share classes with less than ten calendar years of performance.

[2] Average annual total returns for the Barclays Capital US Intermediate Government/Credit Index for the life of the following classes were: Class A-5.39%; Class Y-5.39%.

[1] Except that the expenses reflect the effects of the fund's fee waiver/expense reimbursement agreement for the first year only.