PACE Intermediate Fixed Income Investments (Second Prospectus Summary) | PACE Intermediate Fixed Income Investments

PACE Intermediate Fixed Income Investments

Investment objective

Current income, consistent with reasonable stability of principal.

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 Intermediate Fixed Income 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 Intermediate Fixed Income Investments Class P
Management fees		0.43%
Distribution and/or service (12b-1) fees		none
Other expenses (includes administration fee of 0.10%)		0.31%
Total annual fund operating expenses		0.74%
Management fee waiver/expense reimbursements	[1]	0.06%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	0.68%

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 Intermediate Fixed Income Investments Class P	271	845	1,444	3,066

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 398% of the average value of its portfolio.

Principal strategies

Principal investments

Under normal circumstances, the fund invests at least 80% of its net assets
(plus the amount of any borrowing for investment purposes) in fixed income
securities. Such investments may include US government and foreign government
bonds (including bonds issued by supranational and quasi-governmental entities
and mortgage-backed securities) and corporate bonds (including mortgage- and
asset-backed securities of private issuers, Eurodollar certificates of deposit,
Eurodollar bonds and Yankee bonds). There are different types of US government
securities, including those issued or guaranteed by the US government, its
agencies and its instrumentalities, and they have different types of government
support. Some are supported by the full faith and credit of the US, while others
are supported by (1) the ability of the issuer to borrow from the US Treasury;
(2) the credit of the issuing agency, instrumentality or government-sponsored
entity; (3) pools of assets, such as mortgages; or (4) the US government in
some other way.

The fund may invest in bonds that are investment grade at the time of purchase.
The fund may also invest, in the aggregate, up to 20% of its total assets
(measured at the time of purchase) in (1) bonds that are below investment grade
at the time of purchase (or unrated bonds of equivalent quality) (i.e., "junk
bonds"), (2) non-US dollar denominated securities, and (3) fixed income
securities of issuers located in emerging markets. The fund may also invest in
preferred stocks.

The fund invests in bonds of varying maturities, but normally maintains a
dollar-weighted average maturity of approximately three to ten years. It normally
limits its overall portfolio "duration" to within +/- 30% of the duration of the
Barclays US Intermediate Government/Credit Index. During the five year period
ended July 31, 2012, this index's duration ranged between 3.54 and 3.89 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 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 options (on
swap agreements), futures (on securities or interest rate futures) and swap
agreements (specifically, interest rate swaps). These derivatives may be used
for risk management purposes, such as managing the risk profile of the fund. In
addition, the derivative instruments listed above may be used to enhance returns
or in place of direct investments. Interest rate futures, swaps and swaptions
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. BlackRock Financial Management, Inc.
("BlackRock") currently serves as the fund's investment advisor. BlackRock decides
to buy specific bonds for the fund based on its credit analysis and review.
BlackRock seeks to add value by controlling portfolio duration within a narrow
band relative to the Barclays US Intermediate Government/Credit Index. BlackRock
uses an analytical process that involves evaluating macroeconomics trends, technical
market factors, yield curve exposure and market volatility.

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:

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.

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.

Prepayment risk: The fund's mortgage- and asset-backed securities may be prepaid
more rapidly than expected, especially when interest rates are falling, and the
fund may have to reinvest those prepayments at lower interest rates. When
interest rates are rising, slower prepayments may extend the duration of the
securities and may reduce their value.

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.

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 markets 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.

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.

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.

US Government securities risk: There are different types of US government
securities with different levels of credit risk, including the risk of default,
depending on the nature of the particular government support for that security.
For example, a US government-sponsored entity, such as Federal National Mortgage
Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie
Mac"), although chartered or sponsored by an Act of Congress, may issue
securities that are neither insured nor guaranteed by the US Treasury and are
therefore riskier than those that are.

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.

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.

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.

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 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 July 29, 2002, which is the date on
which BlackRock assumed day-to-day management of the fund's assets.
Prior to that date, 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 Intermediate Fixed Income Investments Annual Total Returns of Class P Shares

Total return January 1 - September 30, 2012: 3.66%
Best quarter during calendar years shown--3Q 2009: 3.91%
Worst quarter during calendar years shown--3Q 2008: (3.69)%

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

Average Annual Total Returns PACE Intermediate Fixed Income Investments	Label	1 Year	5 Years	10 Years	Inception Date
Class P	Class P Return before taxes	2.52%	2.99%	1.67%	Aug. 24, 1995
Class P After Taxes on Distributions	Class P Return after taxes on distributions	1.63%	1.69%	0.35%	Aug. 24, 1995
Class P After Taxes on Distributions and Sales	Class P Return after taxes on distributions and sale of fund shares	1.63%	1.79%	0.63%	Aug. 24, 1995
Barclays US Intermediate Government/Credit Index	Barclays US Intermediate Government/Credit Index (Index reflects no deduction for fees, expenses or taxes.)	5.80%	5.88%	5.20%

[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 0.68%. 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.