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PACE International Fixed Income Investments (Second Prospectus Summary) | PACE International Fixed Income Investments
PACE International Fixed Income Investments
Investment objective 
High total return.
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.
Shareholder fees (fees paid directly from your investment)
Shareholder Fees
PACE International Fixed Income Investments
Class P
Maximum front-end sales charge (load) imposed on purchases (as a % of the offering price) none
Maximum deferred sales charge (load) (as a % of the offering price) none
Redemption fee (as a % of the amount redeemed within 90 days of purchase, if applicable) 1.00%
Maximum annual account fee for PACE Select Advisors Program (as a % of average value of shares held on the last calendar day of the previous quarter) 2.00%
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
PACE International Fixed Income Investments
Class P
Management fees 0.65%
Distribution and/or service (12b-1) fees none
Other expenses (includes administration fee of 0.10%) 0.46%
Total annual fund operating expenses 1.11%
Management fee waiver/expense reimbursements [1] 0.11%
Total annual fund operating expenses after fee waiver and/or expense reimbursements [1] 1.00%
[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 (1) waive its management fees through November 28, 2012 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 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 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.
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. 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 (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
PACE International Fixed Income Investments Class P
 303 949 1,621 3,413
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 66%

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 non-US government bonds (including

bonds issued by supranational organizations and quasi-governmental entities), US

government bonds, and bonds of US or non-US private issuers. While the fund may

invest in US fixed income securities, it expects to invest mainly in non-US

fixed income securities under normal circumstances. The fund invests primarily

in high-grade bonds of governmental and private issuers in developed

countries. These high-grade bonds are rated in one of the three highest rating

categories or are of comparable quality. The fund invests, to a limited extent,

in lower rated bonds of governmental and private issuers, including bonds that

are rated below investment grade and emerging market securities.



The fund invests in bonds of varying maturities, but normally limits its

portfolio "duration" to between four and eight 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's investments may include mortgage- and asset-backed securities. The

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

derivatives as part of its investment strategy or to help manage portfolio

risks. This includes investing in credit default swaps and inflation-linked

swaps as part of managing the fund's assets.



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.



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. Rogge Global Partners plc ("Rogge Global Partners") currently

serves as the fund's investment advisor. Rogge Global Partners seeks to invest

in bonds of financially healthy entities because it believes that these

investments produce the highest bond and currency returns over time. In deciding

which bonds to buy for the fund, Rogge Global Partners uses a top-down analysis

to find value across countries and to forecast interest and currency-exchange

rates over a one-year horizon in those countries, and an optimization model to

help determine country, currency and duration positions for the fund. Rogge

Global Partners generally sells securities (1) that no longer meet these

selection criteria; (2) when it identifies more attractive investment

opportunities; or (3) to adjust the average duration of the fund assets it

manages.
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.



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 market 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.



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.



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.



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.



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.



Illiquidity risk: The risk that investments cannot be readily sold at the

desired time or price, and the fund may have to accept a lower price or may not

be able to sell the security at all. An inability to sell securities can

adversely affect the fund's value or prevent the fund from taking advantage of

other investment opportunities.



Foreign custody risk: The fund may hold foreign securities and cash with foreign

banks, agents and securities depositories. Such foreign banks or securities

depositories may be subject to limited regulatory oversight. The laws of certain

countries also may limit the fund's ability to recover its assets if a foreign

bank or depository enters into bankruptcy.



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

analyses employed by the investment advisor may not produce the desired results.
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 maximum annual PACE Select Advisors Program fee; 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 between October 10, 2000 and August 22,

2007, when Rogge Global Partners and another investment advisor each was

responsible for managing a separate portion of the fund's assets. Prior to

October 10, 2000, Rogge Global Partners was responsible for managing all 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.
PACE International Fixed Income Investments Annual Total Returns of Class P Shares
Bar Chart 
Total return January 1 - September 30, 2011: 3.62%

Best quarter during calendar years shown-3rd Q 2010: 11.45%

Worst quarter during calendar years shown-3rd Q 2008: (7.33)%
Average annual total returns (for the periods ended December 31, 2010)
Average Annual Total Returns PACE International 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, Inception Date
Class P
 Class P Return before taxes 3.08% 4.33% 4.37% Aug. 24, 1995
Class P After Taxes on Distributions
 Class P Return after taxes on distributions 2.12% 2.57% 2.63% Aug. 24, 1995
Class P After Taxes on Distributions and Sales
 Class P Return after taxes on distributions and sale of fund shares 1.99% 2.66% 2.72% Aug. 24, 1995
Barclays Capital Global Aggregate ex Us Index
 Barclays Capital Global Aggregate ex US Index (Index reflects no deduction for fees, expenses or taxes.) 4.95% 7.19% 7.42%  
[1] Except that the expenses reflect the effects of the fund's fee waiver/expense reimbursement agreement for the first year only.