PACE Municipal Fixed Income Investments (Prospectus Summary) | PACE Municipal Fixed Income Investments

PACE Municipal Fixed Income Investments

Investment objective

High current income exempt from federal income tax.

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 Municipal 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 Municipal Fixed Income Investments Class P
Management fees		0.44%
Distribution and/or service (12b-1) fees		none
Other expenses (includes administration fee of 0.10%)		0.28%
Total annual fund operating expenses		0.72%
Management fee waiver/expense reimbursements	[1]	0.07%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	0.65%

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 Municipal Fixed Income Investments Class P	268	838	1,433	3,046

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 32% 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 municipal fixed
income investments, the income from which is exempt from regular federal income
taxes. The fund invests principally in investment grade municipal bonds of
varying maturities. Normally, the fund limits its investments in municipal bonds
that are subject to the federal alternative minimum tax ("AMT") so that not more
than 25% of its interest income will be subject to the AMT, and invests in these
bonds when its investment advisor believes that they offer attractive yields
relative to similar municipal bonds that are not subject to the AMT.

The fund normally limits its portfolio "duration" to between three and seven
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 invest up to 50% of its total assets in municipal bonds that are
secured by revenues from public housing authorities and state and local housing
finance authorities, including bonds that are secured or backed by the US
Treasury or other US government guaranteed securities. 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 limits its investments in municipal bonds with the lowest investment
grade rating (or unrated bonds of equivalent quality) to 15% of its total assets
at the time the bonds are purchased.

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. Standish Mellon Asset Management
Company LLC ("Standish") currently serves as the fund's investment advisor. In
deciding which securities to buy for the fund, Standish seeks to identify
undervalued sectors or geographical regions of the municipal market or
undervalued individual securities, by using credit research and valuation
analysis and monitoring the relationship of the municipal yield curve to the
treasury yield curve. Standish also uses credit quality assessments from its
in-house analysts to identify potential rating changes, undervalued issues and
macro trends with regard to market sectors and geographical regions. Standish
may make modest duration adjustments based on economic analyses and interest
rate forecasts. Standish generally sells securities (1) if it identifies more
attractive investment opportunities within its investment criteria; (2) with
weakening credit profiles; or (3) to adjust the average duration of the
fund's portfolio.

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.

Municipal securities risk: Municipal securities are subject to interest rate and
credit risks. The ability of a municipal issuer to make payments and the value
of municipal securities can be affected by uncertainties in the municipal
securities market. Such uncertainties could cause increased volatility in the
municipal securities market and could negatively impact the fund's net asset
value and/or the distributions paid by the fund. Municipalities continue to
experience difficulties in the current economic and political environment.

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.

Related securities concentration risk: Because the fund may invest more than 25%
of its total assets in municipal bonds that are issued to finance similar
projects, changes that affect one type of municipal bond may have a significant
impact on the value of the fund.

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.

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.

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.

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. 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 Municipal Fixed Income Investments Annual Total Returns of Class P Shares

Total return January 1 - September 30, 2012: 3.93%
Best quarter during calendar years shown--3Q 2009: 6.13%
Worst quarter during calendar years shown--4Q 2010: (3.13)%

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

Average Annual Total Returns PACE Municipal Fixed Income Investments	Label	1 Year	5 Years	10 Years	Inception Date
Class P	Class P Return before taxes	7.61%	3.02%	2.25%	Aug. 24, 1995
Class P After Taxes on Distributions	Class P Return after taxes on distributions	7.61%	3.02%	2.25%	Aug. 24, 1995
Class P After Taxes on Distributions and Sales	Class P Return after taxes on distributions and sale of fund shares	6.09%	3.07%	2.40%	Aug. 24, 1995
Barclays US Municipal 3-15 Year Blend Index	Barclays US Municipal 3-15 Year Blend Index (Index reflects no deduction for fees, expenses or taxes.)	9.63%	5.74%	5.35%

[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 0.65%. 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.