PACE Global Real Estate Securities Investments (Second 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.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees	PACE Global Real Estate Securities 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 Global Real Estate Securities Investments Class P
Management fees		0.70%
Distribution and/or service (12b-1) fees		none
Other expenses (includes administration fee of 0.10%)		0.95%
Total annual fund operating expenses		1.65%
Management fee waiver/expense reimbursements	[1]	0.45%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	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. 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 (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 Global Real Estate Securities Investments Class P	323	1,076	1,850	3,877

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 66%
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

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. CBRE Clarion 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. 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.

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.

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 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.

PACE Global Real Estate Securities Investments Annual Total Returns of Class P Shares (2008 was Class P's first full calendar year of operations)

Total return January 1 - September 30, 2012: 20.43%            
Best quarter during calendar years shown--2Q 2009: 25.93%        
Worst quarter during calendar years shown--4Q 2008: (33.20)%

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

Average Annual Total Returns PACE Global Real Estate Securities Investments	Label	1 Year	Since Inception	Inception Date
Class P	Class P Return before taxes	(8.03%)	(10.41%)	Jan. 22, 2007
Class P After Taxes on Distributions	Class P Return after taxes on distributions	(8.94%)	(11.93%)	Jan. 22, 2007
Class P After Taxes on Distributions and Sales	Class P Return after taxes on distributions and sale of fund shares	(5.23%)	(9.30%)	Jan. 22, 2007
FTSE EPRA/NAREIT Developed Index	FTSE EPRA/NAREIT Developed Index (Index reflects no deduction for fees, expenses or taxes.)	(5.82%)	(5.91%)

[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 through November 30, 2013 (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 1.20%. 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 this expense cap. 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] Except that the expenses reflect the effects of the fund's fee waiver/expense reimbursement agreement for the first year only.