PACE Government Securities Fixed Income Investments (First Prospectus Summary) | PACE Government Securities Fixed Income Investments

PACE Government Securities Fixed Income Investments

Investment objective

Current income.

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 Government Securities 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 Government Securities Fixed Income Investments		Class A	Class B	Class C	Class Y
Management fees		0.52%	0.52%	0.52%	0.52%
Distribution and/or service (12b-1) fees		0.25%	1.00%	0.75%	none
Other expenses (includes administration fee of 0.10%)		0.29%	0.31%	0.31%	0.36%
Total annual fund operating expenses		1.06%	1.83%	1.58%	0.88%
Management fee waiver/expense reimbursements	[1]	0.04%	0.06%	0.06%	0.11%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	1.02%	1.77%	1.52%	0.77%

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 Government Securities 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	549	768	1,005	1,682
Class B	680	870	1,185	1,756	[1]
Class C	230	493	855	1,873
Class Y	79	270	477	1,074

Expense Example, No Redemption PACE Government Securities 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	180	570	985	1,756	[1]
Class C	155	493	855	1,873

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

1,105% of the average value of its portfolio.

Principal strategies

Principal investments



The fund invests in US government bonds and other bonds of varying maturities,

but normally limits its portfolio "duration" to within two years (plus or minus)

of the effective duration of the fund's benchmark index, Barclays Capital US

Mortgage-Backed Securities Index, which as of November 21, 2011 was 3.3 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.



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

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

income securities. There are different types of 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 also invest in investment grade bonds of non-government issuers,

including those backed by mortgages or other assets. These bonds generally have

one of the two highest credit ratings, although the fund may invest to a limited

extent in bonds with the third highest credit rating (or unrated bonds of

equivalent quality).



The fund may invest in "to be announced" or "TBA" securities which are

mortgage-backed securities that usually are traded on a forward commitment basis

with an approximate principal amount and no defined maturity date, issued or

guaranteed by US government agencies and instrumentalities. The fund may also

invest in when-issued or delayed delivery bonds to increase its return, giving

rise to a form of leverage. The fund may use options, futures, swaps and other

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

risks.



The fund may engage in "short-selling" with respect to securities issued by the

US Treasury and certain TBA securities coupon trades. For example, the fund may

hold or purchase TBA securities with one coupon and short sell TBA securities

with another coupon. Although the price movements of the short and long

positions of the transaction are, in general, correlated due to the two

securities having comparable credit quality and liquidity level, there may be

variances between the price movements of different coupon instruments,

potentially permitting the fund to add to its return.



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. Pacific Investment Management Company LLC ("PIMCO") currently

serves as the fund's investment advisor. PIMCO establishes duration targets for

the fund's portfolio based on its expectations for changes in interest rates and

then positions the fund to take advantage of yield curve shifts. PIMCO decides

to buy or sell specific bonds based on an analysis of their values relative to

other similar bonds. PIMCO monitors the prepayment experience of the fund's

mortgage-backed securities and will also buy and sell securities to adjust the

fund's average portfolio duration, credit quality, yield curve and sector and

prepayment exposure, as appropriate.

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:



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.



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.



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.



Leverage risk associated with financial instruments: The use of financial

instruments to increase potential returns, including derivatives used for

investment (non-hedging) purposes, may cause the fund to be more volatile than

if it had not been leveraged. The use of leverage may also accelerate the

velocity of losses and can result in losses to the fund that exceed the amount

originally invested.



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.



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.



Short sales risk: There are certain unique risks associated with the use of

short sales strategies. When selling a security short, the investment advisor

will sell a security it does not own at the then-current market price and then

borrow the security to deliver to the buyer. The fund is then obligated to buy

the security on a later date so it can return the security to the lender. Short

sales therefore involve the risk that the fund will incur a loss by subsequently

buying a security at a higher price than the price at which the fund previously

sold the security short. This would occur if the securities lender required the

fund to deliver the securities the fund had borrowed at the commencement of the

short sale and the fund was unable to either purchase the security at a

favorable price or to borrow the security from another securities lender. If

this occurs at a time when other short sellers of the security also want to

close out their positions, a "short squeeze" can occur. A short squeeze occurs

when demand is greater than supply for the security sold short. Moreover,

because a fund's loss on a short sale arises from increases in the value of the

security sold short, such loss, like the price of the security sold short, is

theoretically unlimited. By contrast, a fund's loss on a long position arises

from decreases in the value of the security and therefore is limited by the fact

that a security's value cannot drop below zero. It is possible that the fund's

securities held long will decline in value at the same time that the value of

the securities sold short increases, thereby increasing the potential for loss.



Arbitrage trading risk: The underlying relationships between securities in which

the fund takes arbitrage investment positions may change in an adverse manner,

causing the fund to realize losses.



Swap agreement risk: The fund may enter into credit, total return, equity,

interest rate, index, currency and variance swap agreements. Swap agreements can

be less liquid and more difficult to value than other investments. Because its

cash flows are based in part on changes in the value of the reference asset, a

total return swap's market value will vary with changes in that reference asset.

In addition, the fund may experience delays in payment or loss of income if the

counterparty fails to perform under the contract.



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.



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.



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.

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. 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 Government Securities Fixed Income Investments Annual Total Returns of Class C Shares

Total return January 1 - September 30, 2011: 4.36%

Best quarter during calendar years shown-3Q 2001: 4.24%

Worst quarter during calendar years shown-2Q 2004: (1.32)%

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

Average Annual Total Returns PACE Government Securities 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	2.12%	5.07%		4.81%	[1]	Jan. 31, 2001
Class B	Class B Return before taxes	1.15%	4.93%	5.02%		[1]	Dec. 18, 2000
Class C	Class C Return before taxes	5.67%	5.51%	4.97%		[1]	Dec. 04, 2000
Class C After Taxes on Distributions	Class C Return after taxes on distributions	3.42%	3.72%	3.38%		[1]	Dec. 04, 2000
Class C After Taxes on Distributions and Sales	Class C Return after taxes on distributions and sale of fund shares	3.69%	3.68%	3.32%		[1]	Dec. 04, 2000
Class Y	Class Y Return before taxes	7.22%	6.34%		5.62%	[1]	Dec. 04, 2000
Barclays Capital US Mortgage-Backed Securities Index	Barclays Capital US Mortgage-Backed Securities Index (Index reflects no deduction for fees, expenses or taxes.)	5.37%	6.34%	5.89%		[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 (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 Pacific Investment Management Company LLC, 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 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 1.02% for Class A, 1.77% for Class B, 1.52% for Class C and 0.77% 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.

[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 Mortgage-Backed Securities Index for the life of the following classes were: Class A-5.77%; Class Y-5.79%.

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