PACE Small/Medium Co Value Equity Investments (First Prospectus Summary) | PACE Small/Medium Co Value Equity Investments

PACE Small/Medium Co Value 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 105 of the prospectus and in "Reduced sales charges, additional
purchase, exchange and redemption information and other services" on page 202 of
the fund's Statement of Additional Information.

Shareholder fees (fees paid directly from your investment)

Shareholder Fees PACE Small/Medium Co Value Equity 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 Small/Medium Co Value Equity 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%)	0.37%	0.37%	0.46%
Total annual fund operating expenses	1.32%	2.07%	1.16%

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 Small/Medium 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	677	945	1,234	2,053
Class C	310	649	1,114	2,400
Class Y	118	368	638	1,409

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 Small/Medium Co Value Equity Investments Class C	210	649	1,114	2,400

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 72% of
the average value of its portfolio.

Principal strategies

Principal investments

The fund invests primarily in stocks of companies that are believed to be
undervalued or overlooked in the marketplace. These stocks also generally
have price-to-earnings ("P/E") ratios below the market average. 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
small/medium capitalization companies (that is, companies with a total market
capitalization of less than $6.0 billion at the time of purchase). The fund
invests only in stocks that are traded on major exchanges or the
over-the-counter market.

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 stocks of companies
with larger total market capitalizations and other securities, including
securities convertible into stocks. The fund may invest up to 10% 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. Metropolitan West Capital Management,
LLC ("MetWest Capital"), Systematic Financial Management, L.P. ("Systematic")
and Kayne Anderson Rudnick Investment Management LLC ("Kayne Anderson Rudnick")
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.

MetWest Capital directly researches smaller capitalization businesses it views
as "high-quality" and attempts to identify companies selling below intrinsic
value with one or more clear catalysts to realize full value within the
investment time horizon (typically two to four years). MetWest Capital utilizes
a bottom-up, fundamental, research-driven, low-risk style that it believes is
ideally suited to the small cap market segment, along with a long-term focus
that attempts to take advantage of opportunities presented by short-term
anomalies in high-quality stocks.

Systematic employs an investment approach that utilizes (1) quantitative
screening of all companies within the small/mid capitalization universe and (2)
fundamental research, which seeks to gauge investor expectations by focusing on
key revenue and margin assumptions underlying earnings estimates. Systematic's
investment philosophy is predicated on its belief that stock prices reflect the
market's estimates of earnings, and as revisions to those estimates are made by
the market, stock prices will follow suit. By focusing only on companies whose
fundamentals are improving, as confirmed by Systematic's research analysis and
as evidenced by a positive earnings surprise, Systematic's process seeks to
avoid the chances of buying stocks that have experienced significant price
depreciation and, as a result, are mistaken as value stocks. Systematic is
expected to typically invest in 60 to 90 securities, with a market
capitalization range generally consistent with that of the fund's benchmark.

Kayne Anderson Rudnick employs a fundamental, bottom-up, research-driven
investment style and utilizes a disciplined investment process to identify
high-quality companies that possess solid investment-grade balance sheets,
generate positive cash flow, and whose securities can be acquired at attractive
valuations. Kayne Anderson Rudnick's first-hand fundamental research process
involves carefully evaluating a company from a three-tiered perspective
involving qualitative, financial, and valuation analyses. Qualitative analysis
assesses the company's long-term market positioning in terms of market structure
and prospects, business model and strategies, and competitive advantages.
Financial analysis involves an historical examination of the income statement,
cash flow statement, balance sheet, and associated ratios on an absolute and
peer relative basis. Valuation analysis determines the current and potential
value of each company in the investable universe. The portfolio managers
establish price ranges for each security held, these prices are developed in
consideration of expected return and comparative valuation, and they are
actively monitored. Sector weights are also actively evaluated.

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.

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.

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. On October 1, 2005, MetWest Capital
assumed day-to-day management of a portion of the fund's assets. On May 28, 2009,
Systematic assumed responsibility for managing a portion of the fund's assets.
Kayne Anderson Rudnick assumed day-to-day management of a separate portion of the
fund's assets on March 6, 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. 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 Small/Medium Co Value Equity Investments Annual Total Returns of Class C Shares

Total return January 1 - September 30, 2012: 12.11%
Best quarter during calendar years shown--2Q 2009: 27.19%
Worst quarter during calendar years shown--4Q 2008: (27.90)%

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

Average Annual Total Returns PACE Small/Medium Co Value Equity Investments	Label	1 Year	5 Years	10 Years	Inception Date
Class A	Class A Return before taxes	(13.32%)	(1.79%)	3.60%	Nov. 27, 2000
Class C	Class C Return before taxes	(9.87%)	(1.42%)	3.39%	Nov. 27, 2000
Class C After Taxes on Distributions	Class C Return after taxes on distributions	(9.87%)	(1.92%)	2.43%	Nov. 27, 2000
Class C After Taxes on Distributions and Sales	Class C Return after taxes on distributions and sale of fund shares	(6.42%)	(1.31%)	2.76%	Nov. 27, 2000
Class Y	Class Y Return before taxes	(8.10%)	(0.36%)	4.51%	Dec. 20, 2000
Russell 2500 Value Index	Russell 2500 Value Index (Index reflects no deduction for fees, expenses or taxes.)	(3.36%)	(0.58%)	7.16%