PACE High Yield Investments (First Prospectus Summary) | PACE High Yield Investments

PACE High Yield 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 $100,000 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 High Yield Investments (USD $)	Class A	Class C	Class Y
Maximum front-end sales charge (load) imposed on purchases (as a % of the offering price)	4.50%	none	none
Maximum deferred sales charge (load) (as a % of the lesser of the offering price or the redemption price)	none	0.75%	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 High Yield Investments		Class A	Class C	Class Y
Management fees		0.70%	0.70%	0.70%
Distribution and/or service (12b-1) fees		0.25%	0.75%	none
Other expenses (includes administration fee of 0.10%)		0.37%	0.32%	0.33%
Total annual fund operating expenses		1.32%	1.77%	1.03%
Management fee waiver/expenses reimbursements	[1]	0.04%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	1.28%	1.77%	1.03%

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 High Yield 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	575	846	1,137	1,965
Class C	255	557	959	2,084
Class Y	105	328	569	1,259

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 High Yield Investments Class C	180	557	959	2,084

Portfolio turnover

The fund pays transaction costs, such as commissions or dealer spreads, 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 20% of the average value of its portfolio.

Principal strategies

Principal investments

The fund seeks to achieve its objective by investing primarily in a professionally
managed, diversified portfolio of fixed income securities rated below investment
grade. Under normal circumstances, the fund invests at least 80% of its net assets
(plus the amount of any borrowing for investment purposes) in high yield fixed
income securities that are rated below investment grade or considered to be of
comparable quality (commonly referred to as "junk bonds").

These investments will include fixed income securities that are (1) rated below
investment grade (lower than a Baa rating by Moody's Investors Service, Inc.
("Moody's") or lower than a BBB rating by Standard and Poor's, a division of The
McGraw Hill Companies Inc. ("S&P")); (2) comparably rated by another nationally
recognized statistical rating organization (collectively, with Moody's and S&P,
"Rating Agencies"); or (3) unrated, but deemed by the fund's investment advisor
to be of comparable quality to fixed income securities rated below Baa, BBB or a
comparable rating by a Rating Agency.

The fund may invest up to 10% of its total assets in US and/or non-US senior
secured bank loans (each of which may be denominated in foreign currencies),
which may be in the form of loan participations and assignments. The fund may
invest in a number of different countries throughout the world, including the
US.

The fund may, but is not required to, use exchange-traded or over-the-counter
derivative instruments for risk management purposes or to attempt to increase
total returns. The derivatives in which the fund may invest include futures
(specifically, interest rate futures), currency forward agreements, swap
agreements (specifically, credit default swaps) and structured notes. These
derivatives may be used for risk management purposes, such as hedging the fund's
security, index, currency, interest rate or other exposure, or otherwise
managing the risk profile of the fund. In addition, the derivative instruments
listed above may be used in place of direct investments. Interest rate futures
may also be used to adjust the fund's portfolio duration.

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. MacKay Shields LLC ("MacKay Shields")
currently serves as the fund's investment advisor. MacKay Shields attempts to
deliver attractive risk adjusted returns by avoiding most of the unusually large
losses in the high yield market, even if it means giving up much of the large
potential gains. MacKay Shields believes that there is a very small subset of
bonds that delivers outsized gains in the market. Due to the limited upside
inherent in most bonds, over time, outsized gains are expected to be smaller
than unusually large losses. By attempting to limit the fund's participation in
the extremes of the market, MacKay Shields strives to add value over a market
cycle and with lower volatility through a rigorous process that attempts to
screen out what it believes to be the riskiest issuers in the market. MacKay
Shields anticipates that under normal circumstances the fund's average duration
will be within +/- 25% of that of the BofA Merrill Lynch Global High Yield
Index. This index ordinarily has a duration of between 4 and 5 years. Duration
is a measure of the fund's exposure to interest rate risk-a longer duration
means that changes in market interest rates are likely to have a larger effect
on the value of the fund's portfolio. The fund has no average targeted portfolio
maturity.

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:

High yield securities ("junk bonds") risk: Lower-rated securities (the issuers
of which are typically in poor financial health) are subject to higher risks
than investment grade securities. For example, lower-rated securities may be (1)
subject to a greater risk of loss of principal and non-payment of interest
(including default by the issuer); (2) subject to greater price volatility; and
(3) less liquid than investment grade securities. The prices of such securities
may be more vulnerable to bad economic news, or even the expectation of bad
news, than higher rated fixed income securities.

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.

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.

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.

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.

Valuation risk: During periods of reduced market liquidity or in the absence of
readily available market quotations, the ability of the fund to value the fund's
securities becomes more difficult and the judgment of the fund's manager and
investment advisor may play a greater role in the valuation of the securities
due to reduced availability of reliable objective pricing data.

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. When using derivatives for hedging purposes, the
fund's overall returns may be reduced if the hedged investment experiences a
favorable price movement. The risks of investing in derivative instruments also
include market and management risks. Derivatives relating to fixed income
markets are especially susceptible to interest rate risk and credit risk. In
addition, many types of swaps and other non-exchange traded derivatives may be
subject to liquidity risk, counterparty 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.

Swap agreement risk: The fund may enter into various types of swap agreements.
Swap agreements can be less liquid and more difficult to value than other
investments. Because its cash flows are based in part on changes in the value of
the reference asset, a total return swap's market value will vary with changes
in that reference asset. In addition, the fund may experience delays in payment
or loss of income if the counterparty fails to perform under the contract.

Loan investments risk: In addition to those risks typically associated with
investments in debt securities, investments in bank loans are subject to the
risk that the collateral securing a loan may not provide sufficient protection
to the fund. With respect to participations in loans, the fund's contractual
relationship is typically with the lender (rather than the borrower).
Consequently, the fund may have limited rights of enforcement against the
borrower and assumes the credit risk of both the lender and the borrower.
Investments in bank loans may be relatively illiquid, which could adversely
affect the value of these investments and the fund's ability to dispose of
them.

Structured security risk: The fund may purchase securities representing interests
in underlying assets, but structured to provide certain advantages not inherent
in those assets (e.g., enhanced liquidity and yields linked to short-term interest
rates). If those securities behaved in a way that the fund's investment advisor
did not anticipate, or if the security structures encountered unexpected
difficulties, the fund could suffer a loss.

Management risk: The risk that the investment strategies, techniques and risk
analyses employed by the 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
A 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. 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
A shares' after-tax returns shown.

PACE High Yield Investments Annual Total Returns of Class A Shares (2007 was Class A's first full calendar year of operations)

Total return January 1 - September 30, 2012: 13.28%
Best quarter during calendar years shown--2Q 2009: 20.87%
Worst quarter during calendar years shown--4Q 2008: (12.47)%

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

Average Annual Total Returns PACE High Yield Investments	Label	1 Year	5 Years	Since Inception		Inception Date
Class A	Class A Return before taxes	(4.67%)	6.26%	6.53%		May 01, 2006
Class A After Taxes on Distributions	Class A Return after taxes on distributions	(7.17%)	3.44%	3.78%		May 01, 2006
Class A After Taxes on Distributions and Sales	Class A Return after taxes on distributions and sale of fund shares	(2.75%)	3.67%	3.94%		May 01, 2006
Class C	Class C Return before taxes	(1.25%)		17.99%		Jan. 21, 2009
Class Y	Class Y Return before taxes	0.08%		22.07%		Dec. 26, 2008
BofA Merrill Lynch Global High Yield Index (hedged in USD)	BofA Merrill Lynch Global High Yield Index (hedged in USD) (Index reflects no deduction for fees, expenses or taxes.)	3.18%	7.28%		[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 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 1.28% for Class A, 1.78% for Class C and 1.03% 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 BofA Merrill Lynch Global High Yield Index (hedged in USD) for the life of each class were as follows: Class A--7.85%; Class C--22.60%; Class Y--25.57%.

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