PACE Large Co Value Equity Investments (First Prospectus Summary) | PACE Large Co Value Equity Investments

PACE Large Co Value Equity Investments

Investment objective

Capital appreciation and dividend 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 $50,000 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 Large Co Value Equity 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)	5.50%	none	none	none
Maximum deferred sales charge (load) (as a % of the lesser of the offering price or the redemption price)	none	5.00%	1.00%	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 Large Co Value Equity Investments		Class A	Class B	Class C	Class Y
Management fees		0.65%	0.65%	0.65%	0.65%
Distribution and/or service (12b-1) fees		0.25%	1.00%	1.00%	none
Other expenses (includes administration fee of 0.10%)		0.27%	0.69%	0.31%	0.29%
Total annual fund operating expenses		1.17%	2.34%	1.96%	0.94%
Management fee waiver/expense reimbursements	[1]		0.32%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	1.17%	2.02%	1.96%	0.94%

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 Large Co Value Equity 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	663	901	1,158	1,892
Class B	705	1,000	1,421	2,086	[1]
Class C	299	615	1,057	2,285
Class Y	96	300	520	1,155

Expense Example, No Redemption PACE Large Co Value Equity 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	205	700	1,221	2,086	[1]
Class C	199	615	1,057	2,285

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 49%

of the average value of its portfolio.

Principal strategies

Principal investments



The fund invests primarily in stocks of US companies that are believed to be

undervalued. Under normal circumstances, the fund invests at least 80% of its

net assets (plus the amount of any borrowing for investment purposes) in equity

securities issued by large capitalization companies (that is, companies with a

total market capitalization of $3.0 billion or greater at the time of purchase).

The fund seeks income primarily from dividend paying stocks.



The fund may invest, to a lesser extent, in other securities, such as securities

convertible into stocks, initial public offerings (IPOs) and stocks of companies

with smaller total market capitalizations. The fund may invest up to 20% of its

total assets in non-US securities, which may trade either within or outside the

US.



Management process



The fund's manager, UBS Global Asset Management (Americas) Inc. ("UBS Global

AM"), selects investment advisors for the fund, subject to approval of the

fund's board. Institutional Capital LLC ("ICAP"), Westwood Management Corp.

("Westwood") and Pzena Investment Management, LLC ("Pzena") currently serve as

the fund's investment advisors. The relative value of each investment advisor's

share of the fund's assets may change over time.



ICAP's investment process involves the use of its proprietary valuation model to

identify large capitalization companies that it believes offer the best relative

values, and ICAP seeks to avoid companies that are exhibiting excessive

deterioration in earnings trends. ICAP focuses on what it believes are the key

investment variables (catalysts) that could potentially impact the security's

market value. These catalysts are primarily company specific, such as a new

product, restructuring or change in management, but occasionally the catalyst

can be thematic (e.g., dependent on macroeconomic or industry trends). After a

review of stock recommendations, ICAP's portfolio management team determines

whether to add the stock to the portfolio or to monitor it for future purchase.

ICAP continuously monitors each security and evaluates whether to eliminate it

when its price target is achieved, the catalyst becomes inoperative or another

stock offers a greater opportunity.



Westwood's strategy utilizes a value style of investing in which it chooses

common stocks that it believes are currently undervalued in the market. Other

key metrics for evaluating the risk/return profile of an investment include an

improving return on equity, a declining debt/equity ratio and, in the case of

common equities, positive earnings surprises without a corresponding increase in

Wall Street estimates. Westwood has disciplines in place that serve as sell

signals, such as a security reaching a predetermined price target or a change to

a company's fundamentals that negatively impacts the original investment thesis.



Pzena's strategy follows a disciplined investment process to implement its value

philosophy, by focusing exclusively on companies that are underperforming their

historically demonstrated earnings power. Pzena applies intensive fundamental

research to these companies in an effort to determine whether such

underperformance is temporary or permanent. Pzena looks for companies where: (1)

the current valuation is low compared to the company's normalized earnings

power; (2) current earnings are below historic norms; (3) the problems are

temporary; (4) management has a viable strategy to generate earnings recovery;

and (5) there is meaningful downside protection in case the earnings recovery

does not materialize.

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:



Equity risk: Stocks and other equity securities, and securities convertible into

stocks, generally fluctuate in value more than bonds. The fund could lose all of

its investment in a company's stock.



Limited capitalization risk: The risk that securities of smaller capitalization

companies tend to be more volatile and less liquid than securities of larger

capitalization companies. This can have a disproportionate effect on the market

price of smaller capitalization companies and affect the fund's ability to

purchase or sell these securities. In general, smaller capitalization companies

are more vulnerable than larger companies to adverse business or economic

developments and they may have more limited resources.



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.



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.



Initial public offerings risk: The purchase of shares issued in IPOs may expose

the fund to the risks associated with issuers that have no operating history as

public companies, as well as to the risks associated with the sectors of the

market in which the issuer operates. The market for IPO shares may be volatile,

and share prices of newly-public companies may fluctuate significantly over a

short period of time.



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

analyses employed by an 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. This may

be particularly true given that other investment advisors were responsible for

managing portions of the fund's assets during previous periods. ICAP and

Westwood each assumed day-to-day management of a separate portion of the fund's

assets on July 1, 2000. Pzena assumed day-to-day management of another portion

of the fund's assets on May 27, 2008. 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 Large Co Value Equity Investments Annual Total Returns of Class C Shares

Total return January 1 - September 30, 2011: (14.28)%

Best quarter during calendar years shown-2Q 2009: 18.27%

Worst quarter during calendar years shown-4Q 2008: (22.79)%

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

Average Annual Total Returns PACE Large Co Value Equity 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	8.79%	0.48%	2.56%		[1]	Nov. 27, 2000
Class B	Class B Return before taxes	9.10%	0.45%	2.65%		[1]	Nov. 27, 2000
Class C	Class C Return before taxes	13.12%	0.83%	2.35%		[1]	Nov. 27, 2000
Class C After Taxes on Distributions	Class C Return after taxes on distributions	13.12%	(0.06%)	1.85%		[1]	Nov. 27, 2000
Class C After Taxes on Distributions and Sales	Class C Return after taxes on distributions and sale of fund shares	8.53%	0.62%	1.98%		[1]	Nov. 27, 2000
Class Y	Class Y Return before taxes	15.32%	1.98%		3.79%	[1]	Jan. 19, 2001
Russell 1000 Value Index	Russell 1000 Value Index (Index reflects no deduction for fees, expenses or taxes.)	15.51%	1.28%	3.26%	3.56%	[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 1.27% for Class A, 2.02% for Class B, 2.02% for Class C and 1.02% 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 return for the Russell 1000 Value Index for the life of Class Y shares.

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