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

PACE Municipal Fixed Income Investments

Investment objective

High current income exempt from federal income tax.

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 Municipal 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 Municipal Fixed Income Investments		Class A	Class B	Class C	Class Y
Management fees		0.44%	0.44%	0.44%	0.44%
Distribution and/or service (12b-1) fees		0.25%	1.00%	0.75%	none
Other expenses (includes administration fee of 0.10%)		0.25%	0.31%	0.26%	0.30%
Total annual fund operating expenses		0.94%	1.75%	1.45%	0.74%
Management fee waiver/expense reimbursements	[1]	0.01%	0.07%	0.02%	0.06%
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 Municipal 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	735	946	1,552
Class B	671	844	1,142	1,645	[1]
Class C	221	457	790	1,734
Class Y	69	231	406	913

Expense Example, No Redemption PACE Municipal 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	544	942	1,645	[1]
Class C	146	457	790	1,734

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 34%

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 municipal fixed

income investments, the income from which is exempt from regular federal income

taxes. The fund invests principally in investment grade municipal bonds of

varying maturities. Normally, the fund limits its investments in municipal bonds

that are subject to the federal alternative minimum tax (AMT) so that not more

than 25% of its interest income will be subject to the AMT, and invests in these

bonds when its investment advisor believes that they offer attractive yields

relative to similar municipal bonds that are not subject to the AMT.



The fund normally limits its portfolio "duration" to between three and seven

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 invest up to 50% of its total assets in municipal bonds that are

secured by revenues from public housing authorities and state and local housing

finance authorities, including bonds that are secured or backed by the US

Treasury or other US government guaranteed securities. 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 limits its investments in municipal bonds with the lowest investment

grade rating (or unrated bonds of equivalent quality) to 15% of its total assets

at the time the bonds are purchased.



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. Standish Mellon Asset Management Company LLC ("Standish")

currently serves as the fund's investment advisor. In deciding which securities

to buy for the fund, Standish seeks to identify undervalued sectors or

geographical regions of the municipal market or undervalued individual

securities, by using credit research and valuation analysis and monitoring the

relationship of the municipal yield curve to the treasury yield curve. Standish

also uses credit quality assessments from its in-house analysts to identify

potential rating changes, undervalued issues and macro trends with regard to

market sectors and geographical regions. Standish may make modest duration

adjustments based on economic analyses and interest rate forecasts. Standish

generally sells securities (1) if it identifies more attractive investment

opportunities within its investment criteria; (2) with weakening credit

profiles; or (3) to adjust the average duration of the fund's portfolio.

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.



Municipal securities risk: Municipal securities are subject to interest rate and

credit risks. The ability of a municipal issuer to make payments and the value

of municipal securities can be affected by uncertainties in the municipal

securities market. Such uncertainties could cause increased volatility in the

municipal securities market and could negatively impact the fund's net asset

value and/or the distributions paid by the fund. Municipalities continue to

experience difficulties in the current economic and political environment.



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.



Related securities concentration risk: Because the fund may invest more than 25%

of its total assets in municipal bonds that are issued to finance similar

projects, changes that affect one type of municipal bond may have a significant

impact on the value of the fund.



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.



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.



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.



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 Municipal Fixed Income Investments Annual Total Returns of Class C Shares

Total return January 1 - September 30, 2011: 6.57%

Best quarter during calendar years shown-3Q 2009: 5.93%

Worst quarter during calendar years shown-4Q 2010: (3.31)%

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

Average Annual Total Returns PACE Municipal 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	(2.17%)	2.62%		3.03%	[1]	Jan. 23, 2001
Class B	Class B Return before taxes	(3.28%)	2.43%		3.04%	[1]	Feb. 23, 2001
Class C	Class C Return before taxes	1.21%	3.04%	3.06%		[1]	Dec. 04, 2000
Class C After Taxes on Distributions	Class C Return after taxes on distributions	1.21%	3.04%	3.06%		[1]	Dec. 04, 2000
Class C After Taxes on Distributions and Sales	Class C Return after taxes on distributions and sale of fund shares	1.68%	3.00%	3.04%		[1]	Dec. 04, 2000
Class Y	Class Y Return before taxes	2.80%	3.83%		3.77%	[1]	Feb. 23, 2001
Barclays Capital US Municipal 3-15 Year Blend Index	Barclays Capital US Municipal 3-15 Year Blend Index (Index reflects no deduction for fees, expenses or taxes.)	3.13%	4.67%	4.93%		[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 Municipal 3-15 Year Blend Index for the life of the following classes were: Class A-4.81%; Class B-4.85%; Class Y-4.85%.

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