PACE Large Co Growth Equity Investments (Second Prospectus Summary) | PACE Large Co Growth Equity Investments

PACE Large Co Growth 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.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees	PACE Large Co Growth Equity Investments Class P
Maximum front-end sales charge (load) imposed on purchases (as a % of the offering price)	none
Maximum deferred sales charge (load) (as a % of the offering price)	none
Redemption fee (as a % of the amount redeemed within 90 days of purchase, if applicable)	1.00%
Maximum annual account fee for PACE Select Advisors Program (as a % of average value of shares held on the last calendar day of the previous quarter)	2.00%

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 Growth Equity Investments Class P
Management fees	0.68%
Distribution and/or service (12b-1) fees	none
Other expenses (includes administration fee of 0.10%)	0.28%
Total annual fund operating expenses	0.96%

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. 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 (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
PACE Large Co Growth Equity Investments Class P	299	915	1,557	3,280

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 54%
of the average value of its portfolio.

Principal strategies

Principal investments

The fund invests primarily in stocks of companies that are believed to have
substantial potential for capital growth. 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). Dividend income is an incidental
consideration in the investment advisors' selection of stocks for the fund.

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 healthcare or
technology. The fund may also invest, to a lesser extent, in other securities
such as securities convertible into stocks, fixed income securities, 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 employs a "manager of managers" structure. UBS Global Asset Management
(Americas) Inc. ("UBS Global AM"), the fund's manager and primary provider of
investment advisory services, has the ultimate authority, subject to oversight
by the fund's board, to oversee the fund's investment advisor(s) and recommend
their hiring, termination and replacement. Delaware Management Company ("Delaware"),
Roxbury Capital Management, LLC ("Roxbury") and J.P. Morgan Investment Management,
Inc. ("J.P. Morgan") 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.

Delaware invests primarily in common stocks of large capitalization growth-oriented
companies that Delaware believes have long-term capital appreciation potential and
are expected to grow faster than the US economy. It uses a bottom-up approach,
seeking companies that have large-end market potential, dominant business models
and strong free cash flow generation that are attractively priced compared to
the intrinsic value of the securities. Delaware tends to hold a relatively
focused portfolio with a limited number of stocks.

Roxbury's strategy employs a bottom-up approach to stock selection, seeking high
quality growth companies whose stocks are trading at discounts to fair value.
Roxbury looks for companies with sustainable competitive advantages and
opportunities to grow and reinvest capital at higher rates than their cost of
capital, as well as companies with management teams with a proven ability to
maximize shareholder value. Roxbury evaluates companies as private entities to
determine their intrinsic worth and uses scenario analysis to determine a
"margin of safety," or discount to intrinsic value, as a means of protecting
capital. Roxbury typically sells a stock if (1) the market price exceeds
Roxbury's estimate of intrinsic value; (2) the company's fundamentals fall short
of Roxbury's investment thesis; or (3) when there are more attractive investment
alternatives. Roxbury may invest in a limited number of stocks that it believes
have attractive risk-reward profiles, and this may also result in significant
weights in a sector.

J.P. Morgan invests primarily in a focused portfolio of equity securities of
large capitalization companies. Although J.P. Morgan will invest primarily in
equity securities of U.S. companies, it may invest in foreign securities,
including depositary receipts. In selecting investments, J.P. Morgan utilizes a
combination of qualitative analysis and quantitative metrics in order to seek to
achieve target returns which are higher than those of the fund's benchmark while
attempting to maintain a moderate risk profile. J.P. Morgan employs a process
that combines research, valuation and stock selection to identify companies that
have a history of above-average growth or which it believes will achieve
above-average growth in the future, and looks for companies with leading
competitive positions, predictable and durable business models and management
that can achieve sus-tained growth. J.P. Morgan may sell a security: due to a
change in the company's fundamentals or a change in the original reason for purchase
of an investment; if it no longer considers the security to be reasonably valued;
or if it identifies a stock that it believes offers a better investment opportunity.

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.

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. Moreover, changing market,
economic and political conditions in one country or geographic region could
adversely impact market, economic and political conditions in other countries or
regions.

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.
  
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.

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 maximum annual PACE Select Advisors Program fee; 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. Delaware assumed
responsibility for managing a separate portion of the fund's assets on December 5,
2007. Roxbury assumed responsibility for managing a separate portion of the fund's
assets on May 25, 2010. J.P. Morgan assumed day-to-day management of a separate
portion of the fund's assets on October 5, 2012. 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.

PACE Large Co Growth Equity Investments Annual Total Returns of Class P Shares

Total return January 1 - September 30, 2012: 16.07%            
Best quarter during calendar years shown--3Q 2009: 15.04%        
Worst quarter during calendar years shown--4Q 2008: (21.35)%

Average annual total returns (for the periods ended December 31, 2011)

Average Annual Total Returns PACE Large Co Growth Equity Investments	Label	1 Year	5 Years	10 Years	Inception Date
Class P	Class P Return before taxes	(2.98%)	(1.12%)	(0.35%)	Aug. 24, 1995
Class P After Taxes on Distributions	Class P Return after taxes on distributions	(3.02%)	(1.24%)	(0.42%)	Aug. 24, 1995
Class P After Taxes on Distributions and Sales	Class P Return after taxes on distributions and sale of fund shares	(1.89%)	(0.94%)	(0.30%)	Aug. 24, 1995
Russell 1000 Growth Index	Russell 1000 Growth Index (Index reflects no deduction for fees, expenses or taxes.)	2.64%	2.50%	2.60%