PACE High Yield Investments (Second Prospectus Summary) | PACE High Yield Investments

PACE High Yield Investments

Investment objective

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 High Yield 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 High Yield Investments Class P
Management fees		0.70%
Distribution and/or service (12b-1) fees		none
Other expenses (includes administration fee of 0.10%)		0.45%
Total annual fund operating expenses		1.15%
Management fee waiver/expense reimbursements	[1]	0.05%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	1.10%

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 High Yield Investments Class P	313	967	1,645	3,454

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 36%

of the average value of its portfolio.

Principal strategies

Principal investments



The fund seeks to achieve its objective by investing primarily in a

professionally managed, diversified portfolio of fixed income securities rated

below investment grade. Under normal circumstances, the fund invests at least

80% of its net assets (plus the amount of any borrowing for investment purposes)

in high yield fixed income securities that are rated below investment grade or

considered to be of comparable quality (commonly referred to as "junk bonds").



These investments will include fixed income securities that are (1) rated below

investment grade (lower than a Baa rating by Moody's Investors Service, Inc.

("Moody's") or lower than a BBB rating by Standard and Poor's, a division of The

McGraw Hill Companies Inc. ("S&P")); (2) comparably rated by another nationally

recognized statistical rating organization (collectively, with Moody's and S&P,

"Rating Agencies"); or (3) unrated, but deemed by the fund's investment advisor

to be of comparable quality to fixed income securities rated below Baa, BBB or a

comparable rating by a Rating Agency.



The fund may invest up to 10% of its total assets in US and/or non-US senior

secured bank loans (each of which may be denominated in foreign currencies),

which may be in the form of loan participations and assignments. The fund may

invest in a number of different countries throughout the world, including the

US. The fund may (but is not required to) use interest rate futures contracts

(specifically, those for which US Treasury securities are the underlying assets)

in managing its exposure to changes in interest rates.



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. MacKay Shields LLC ("MacKay Shields") currently serves as the

fund's investment advisor. MacKay Shields attempts to deliver attractive risk

adjusted returns by avoiding most of the unusually large losses in the high

yield market, even if it means giving up much of the large potential gains.

MacKay Shields believes that there is a very small subset of bonds that delivers

outsized gains in the market. Due to the limited upside inherent in most bonds,

over time, outsized gains are expected to be smaller than unusually large

losses. By attempting to limit the fund's participation in the extremes of the

market, MacKay Shields strives to add value over a market cycle and with lower

volatility through a rigorous process that attempts to screen out what it

believes to be the riskiest issuers in the market. MacKay Shields anticipates

that under normal circumstances the fund's average duration will be within +/-

25% of that of the BofA Merrill Lynch Global High Yield Index. This index

ordinarily has a duration of between 4 and 5 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 has no average targeted portfolio maturity.

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:



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.



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.



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.



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.



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.



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.



Valuation risk: During periods of reduced market liquidity or in the absence of

readily available market quotations, the ability of the fund to value the fund's

securities becomes more difficult and the judgment of the fund's manager and

investment advisor may play a greater role in the valuation of the securities

due to reduced availability of reliable objective pricing data.



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

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



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. These

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

associated with investing directly in securities and other instruments.



Loan investments risk: In addition to those risks typically associated with

investments in debt securities, investments in bank loans are subject to the

risk that the collateral securing a loan may not provide sufficient protection

to the fund. With respect to participations in loans, the fund's contractual

relationship is typically with the lender (rather than the borrower).

Consequently, the fund may have limited rights of enforcement against the

borrower and assumes the credit risk of both the lender and the borrower.

Investments in bank loans may be relatively illiquid, which could adversely

affect the value of these investments and the fund's ability to dispose of them.

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. Updated

performance for the fund is available at

http://globalamus.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 High Yield Investments Annual Total Returns of Class P Shares (2007 was Class P’s first full calendar year of operations)

Total return January 1 - September 30, 2011: (4.75)%

Best quarter during calendar years shown-2nd Q 2009: 20.77%

Worst quarter during calendar years shown-4th Q 2008: (12.52)%

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

Average Annual Total Returns PACE High Yield Investments	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Class P	Class P Return before taxes	12.99%	7.18%	Apr. 10, 2006
Class P After Taxes on Distributions	Class P Return after taxes on distributions	9.99%	4.35%	Apr. 10, 2006
Class P After Taxes on Distributions and Sales	Class P Return after taxes on distributions and sale of fund shares	8.46%	4.40%	Apr. 10, 2006
BofA Merrill Lynch Global High Yield Index (hedged in USD)	BofA Merrill Lynch Global High Yield Index (hedged in USD) (Index reflects no deduction for fees, expenses or taxes.)	15.39%	8.95%

[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 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 1.10%. 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.

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