PACE Global Real Estate Securities Investments (First Prospectus Summary) | PACE Global Real Estate Securities Investments

PACE Global Real Estate Securities 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. 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 Global Real Estate Securities Investments (USD $)	Class A	Class C	Class Y
Maximum front-end sales charge (load) imposed on purchases (as a % of the offering price)	5.50%	none	none
Maximum deferred sales charge (load) (as a % of the lesser of the offering price or the redemption price)	none	1.00%	none
Redemption fee (as a % of the amount redeemed within 90 days of purchase, if applicable)	1.00%	1.00%	1.00%
Exchange fee	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 Global Real Estate Securities Investments		Class A	Class C	Class Y
Management fees		0.70%	0.70%	0.70%
Distribution and/or service (12b-1) fees		0.25%	1.00%	none
Other expenses (includes administration fee of 0.10%)		0.73%	0.75%	0.64%
Total annual fund operating expenses		1.68%	2.45%	1.34%
Management fee waiver/expense reimbursements	[1]	0.23%	0.25%	0.14%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	1.45%	2.20%	1.20%

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 Global Real Estate Securities 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	689	1,029	1,392	2,410
Class C	323	740	1,283	2,767
Class Y	122	411	721	1,600

Expense Example, No Redemption (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
PACE Global Real Estate Securities Investments Class C	223	740	1,283	2,767

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 51%

of the average value of its portfolio.

Principal strategies

Principal investments



The fund seeks to achieve its objective by investing primarily in real estate

investment trusts ("REITs") and other real-estate related securities. Under

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

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

companies in the real estate industry, which may include common shares,

preferred shares, initial public offerings (IPOs) and units of beneficial

interest in real estate companies (inclusive of REITs). The fund invests in such

securities of companies with varying market capitalizations.



The fund will consider real estate securities to be those securities issued by

companies principally engaged in the real estate industry, defined to mean those

companies which (1) derive at least 50% of their revenues from the ownership,

operation, development, construction, financing, management or sale of

commercial, industrial or residential real estate and similar activities, or (2)

invest at least 50% of their assets in such real estate.



The fund may invest in the securities of issuers located in a number of

different countries throughout the world. Under normal market circumstances, the

fund will maintain exposure to real estate related securities of issuers in the

US and in at least three countries outside the US. The amount invested outside

the US may vary, and at any given time, the fund may have a significant exposure

to non-US securities depending upon an investment advisor's investment

decisions.



The fund may engage in "short-selling," where the fund 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 that it can return it to the lender. Short selling provides

opportunities to increase the fund's total returns, but also entails significant

potential 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. CBRE Clarion Securities, LLC (formerly, ING Clarion Real Estate

Securities, LLC) ("CBRE Clarion") and Brookfield Investment Management Inc.

("Brookfield") 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.



CBRE Clarion uses a multi-step investment process for constructing the

investment portfolio, combining top-down region and sector allocation with

bottom-up individual stock selection. First, CBRE Clarion selects property

sectors and geographic regions in which to invest and determines the degree of

representation of such sectors and regions, through a systematic evaluation of

public and private real estate market trends and conditions. Second, CBRE

Clarion uses a proprietary valuation process in an effort to identify

investments with superior current income and growth potential relative to their

peers, which includes the analysis of several factors within three broad

groupings: (1) value and property; (2) capital structure; and (3) management and

strategy.



Brookfield intends to achieve total returns by investing in a diversified

portfolio of global securities of companies primarily in the real estate

industry, including REITs, real estate operating companies and companies whose

values are significantly affected by their real estate holdings. Brookfield

utilizes a fundamental, bottom-up, value-based stock selection methodology,

taking into account short-term considerations (such as temporary market

mispricing) and long-term considerations (such as values of assets and cash

flows).

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:



Real estate industry risk: An investment in the fund is subject to certain risks

associated with the direct ownership of real estate and with the real estate

industry in general, including possible declines in the value of real estate;

risks related to general and local economic conditions; possible lack of

availability of mortgage financing; variations in rental income, neighborhood

values or the appeal of property to tenants; interest rates; overbuilding;

extended vacancies of properties; increases in competition, property taxes and

operating expenses; and changes in zoning laws. The values of securities of

companies in the real estate industry, which is sensitive to economic downturns,

may go through cycles of relative under-performance and out-performance in

comparison to equity securities markets in general.



Real estate investment trust risk: The performance of equity and mortgage REITs

depends on how well each REIT manages its properties. Equity REITs, which invest

directly in real estate properties and property developers, may be affected by

any changes in the value of the underlying property owned by the trusts.

Mortgage REITs, which specialize in lending money to developers of properties,

may be affected by the quality of any credit extended.



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.



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.



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.



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

short sales strategies. When selling a security short, an 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.



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.



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.



Non-diversification risk: The fund is a non-diversified investment company,

which means that the fund may invest more of its assets in a smaller number of

issuers than a diversified investment company. As a non-diversified fund, the

fund's share price may be more volatile and the fund has a greater potential to

realize losses upon the occurrence of adverse events affecting a particular

issuer.



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 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.



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 for the period prior to November 17, 2009, which is the

date on which CBRE Clarion and Brookfield each assumed day-to-day management of

a separate portion of the fund's assets. Prior to that, another investment

advisor was responsible for managing the fund's assets. 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.

PACE Global Real Estate Securities Investments Annual Total Returns of Class C Shares (2007 was Class C’s first full calendar year of operations)

Total return January 1 - September 30, 2011: (14.01)%

Best quarter during calendar years shown-2Q 2009: 25.64%

Worst quarter during calendar years shown-4Q 2008: (33.27)%

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

Average Annual Total Returns PACE Global Real Estate Securities Investments	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception		Average Annual Returns, Inception Date
Class A	Class A Return before taxes	9.69%	(9.45%)		Dec. 18, 2006
Class C	Class C Return before taxes	14.22%	(8.90%)		Dec. 18, 2006
Class C After Taxes on Distributions	Class C Return after taxes on distributions	11.78%	(10.28%)		Dec. 18, 2006
Class C After Taxes on Distributions and Sales	Class C Return after taxes on distributions and sale of fund shares	9.18%	(8.14%)		Dec. 18, 2006
Class Y	Class Y Return before taxes	16.43%	23.60%		Dec. 26, 2008
FTSE EPRA/NAREIT Developed Index	FTSE EPRA/NAREIT Developed Index (Index reflects no deduction for fees, expenses or taxes.)	20.40%		[1]

[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 1.45% for Class A, 2.20% for Class C and 1.20% 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] Average annual total returns for the FTSE EPRA/NAREIT Developed Index for the life of each class were as follows: Class A-(4.54)%; Class C-(4.54)%; Class Y-29.74%.

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