PACE International Emerging Markets Equity Investments (First Prospectus Summary) | PACE International Emerging Markets Equity Investments

PACE International Emerging Markets Equity Investments

Investment objective

Capital appreciation.

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 International Emerging Markets 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 International Emerging Markets Equity Investments	Class A	Class B	Class C	Class Y
Management fees	1.00%	1.00%	1.00%	1.00%
Distribution and/or service (12b-1) fees	0.25%	1.00%	1.00%	none
Other expenses (includes administration fee of 0.10%)	0.59%	0.64%	0.58%	0.61%
Total annual fund operating expenses	1.84%	2.64%	2.58%	1.61%

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:

Expense Example PACE International Emerging Markets 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	727	1,097	1,491	2,590
Class B	767	1,120	1,600	2,602	[1]
Class C	361	802	1,370	2,915
Class Y	164	508	876	1,911

Expense Example, No Redemption PACE International Emerging Markets 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	267	820	1,400	2,602	[1]
Class C	261	802	1,370	2,915

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 111%

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 equity securities

that are tied economically to emerging market countries, which may include

equity securities issued by companies domiciled in emerging market countries.

The fund generally defines emerging market countries as countries that are not

included in the MSCI World Index of major world economies. However, countries

included in this index may be considered emerging markets based on current

political and economic factors. The fund may not always diversify its

investments on a geographic basis among emerging market countries.



The fund may from time to time invest a significant portion of its assets in the

stocks of companies in various economic sectors, such as financials or

technology. The fund may invest, to a limited extent, in (1) bonds, including up

to 10% of its total assets in bonds that are below investment grade, which are

commonly known as "junk bonds," and (2) securities of other investment companies

that invest in emerging markets. 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.



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. Mondrian Investment Partners Limited ("Mondrian"), William Blair &

Company, L.L.C. ("William Blair"), Delaware Management Company ("Delaware") 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.



Mondrian conducts research on a global basis in an effort to identify securities

that have the potential for capital appreciation over a market cycle, using (1)

a value-oriented dividend discount methodology toward individual securities and

(2) market analysis that attempts to identify value across country boundaries.

This approach focuses on future anticipated dividends and their current

discounted worth, and then compares the values of different possible

investments. Currency returns can be an integral component of an investment's

total return, and Mondrian uses a purchasing power parity approach to assess the

value of individual currencies. Purchasing power parity attempts to identify the

amount of goods and services that a dollar will buy in the US and compares that

to the amount of a foreign currency required to buy the same amount of goods and

services in another country.



William Blair invests in a portfolio of mid cap and large cap equity securities

issued by companies in emerging markets worldwide, according to a quality growth

philosophy. William Blair's primary focus is on identifying such companies whose

growth characteristics (rate and durability) are underestimated by the market

and supported by quality management and strong competitive positioning. After

screening the universe of emerging country issuers for certain quality, growth

and liquidity characteristics to create a prospective list of investible

securities, William Blair undertakes detailed fundamental analysis of these

companies, focusing attention on areas where short- to intermediate-term

earnings trends and overall operating performance are improving or are strong.

Key considerations are the sustainability of a company's competitive advantage

relative to peers, its industry and market conditions, a sound financial

structure and high reinvestment rates that combine to create favorable

conditions for prospective growth. William Blair normally invests on a

relatively concentrated basis, with the number of holdings ranging between 50-80

securities. To a lesser extent, William Blair also takes into account country

selection and industry sector allocation. Normally, William Blair's investments

will be allocated among at least six different countries, and no more than 50%

of its segment of the fund may be invested in securities of issuers in any one

country at any given time. William Blair may obtain exposure to emerging markets

equity securities through limited investments in investment company securities,

such as exchange-traded funds ("ETFs").



Delaware selects growth-oriented and value-oriented investments, based on its

assessment of how an investment's market price compares to its intrinsic value.

Strong management and sustainable business franchise are also key

considerations. When selecting growth-oriented securities, Delaware typically

seeks companies with high growth caused by long-term economic factors, which may

include demographics, economic deregulation, and technological developments.

When selecting value-oriented securities, Delaware typically seeks companies

with lower valuations caused by cyclical economic factors or temporary changes

in business operations. In order to compare the value of different stocks,

Delaware estimates the current value of the anticipated future income stream of

a stock and considers whether its future income stream is expected to increase

faster than, slower than, or in line with the level of inflation. For investments

in emerging countries, there may be less information available for Delaware to

use in making this analysis than is available for investments in more developed

countries. Currency analysis is also an important part of Delaware's intrinsic

valuation exercise.



Pzena follows a disciplined investment process to implement its value

philosophy. Applying intensive fundamental research, Pzena looks for companies

where, in its opinion: (1) the current market price is low compared to the

company's normalized earnings power; (2) current earnings are below historic

norms; (3) the reasons behind the earnings shortfall are temporary; (4)

management has a viable strategy to generate earnings recovery; and/or (5) there

is meaningful downside protection in case the earnings recovery does not

materialize. Pzena typically invests prior to the emergence of an identifiable

earnings catalyst, while a company's near-term earnings lack clarity and its

share price is undervalued, because waiting for the catalyst to emerge before

making the investment can result in missing the initial stock price

appreciation. Pzena thus seeks to capture this initial stock price appreciation,

which Pzena believes will generally provide adequate compensation for its longer

holding period (on average three years).

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.



Sector risk: Because the fund may invest a significant portion of its assets in

the stocks of companies in particular economic sectors, economic changes

adversely affecting such a sector may have more of an impact on the fund's

performance than another fund having a broader range of investments.



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.



Foreign currency risk: The value of non-US dollar denominated securities held by

the fund may be affected by changes in exchange rates or control regulations. If

a local currency gains against the US dollar, the value of the holding increases

in US dollar terms. In addition, the fund may be exposed to losses if its other

foreign currency positions (e.g., options, forward commitments) move against it.



Geographic concentration risk: To the extent the fund invests a significant

portion of its assets in one geographic area, it will be more susceptible to

factors adversely affecting that area.



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. In addition, many types of swaps and

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.



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.



Investment company risk: Investments in open- or closed-end investment companies

involve certain risks. The shares of other investment companies are subject to

the management fees and other expenses of those companies, and the purchase of

shares of some investment companies requires the payment of sales loads and (in

the case of closed-end investment companies) sometimes substantial premiums

above the value of such companies' portfolio securities.



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.



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 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. Mondrian assumed

day-to-day management of a portion of the fund's assets on September 28, 2004.

Delaware and Pzena each assumed day-to-day management of a separate portion of

the fund's assets on November 4, 2010. William Blair assumed day-to-day

management of a separate portion of the fund's assets on March 23, 2011. 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 International Emerging Markets Equity Investments Annual Total Returns of Class C Shares

Total return January 1 - September 30, 2011: (22.85)%

Best quarter during calendar years shown-2Q 2009: 31.37%

Worst quarter during calendar years shown-4Q 2008: (28.45)%

Average Annual Total Returns PACE International Emerging Markets 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	11.44%	9.26%	11.30%		[1]	Dec. 11, 2000
Class B	Class B Return before taxes	12.05%	9.38%	11.36%		[1]	Dec. 22, 2000
Class C	Class C Return before taxes	16.13%	9.68%	11.08%		[1]	Dec. 01, 2000
Class C After Taxes on Distributions	Class C Return after taxes on distributions	16.45%	7.54%	10.01%		[1]	Dec. 01, 2000
Class C After Taxes on Distributions and Sales	Class C Return after taxes on distributions and sale of fund shares	10.81%	7.84%	9.65%		[1]	Dec. 01, 2000
Class Y	Class Y Return before taxes	18.13%	10.91%		11.57%	[1]	Feb. 09, 2001
MSCI Emerging Markets Index	MSCI Emerging Markets Index (Index reflects no deduction for fees, expenses or taxes.)	19.20%	13.11%	16.23%	15.25%	[1],[2]

[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 MSCI Emerging Markets Index for the life of Class Y shares.