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

PACE International Fixed Income Investments

Investment objective

High 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 International 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 International Fixed Income Investments Class P
Management fees		0.65%
Distribution and/or service (12b-1) fees		none
Other expenses (includes administration fee of 0.10%)		0.46%
Total annual fund operating expenses		1.11%
Management fee waiver/expense reimbursements	[1]	0.11%
Total annual fund operating expenses after fee waiver and/or expense reimbursements	[1]	1.00%

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 International Fixed Income Investments Class P	303	949	1,621	3,413

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 40% 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 non-US government bonds (including
bonds issued by supranational organizations and quasi-governmental entities),
US government bonds, and bonds of US or non-US private issuers. While the
fund may invest in US fixed income securities, it expects to invest mainly
in non-US fixed income securities under normal circumstances. The fund invests
primarily in high-grade bonds of governmental and private issuers in developed
countries. These high-grade bonds are rated in one of the three highest rating
categories or are of comparable quality. The fund invests, to a limited extent,
in emerging market bonds and lower rated bonds of governmental and private
issuers, including bonds that are rated below investment grade.

The fund invests in bonds of varying maturities, but normally limits its
portfolio "duration" to between four and eight 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's investments may include mortgage- and asset-backed securities. 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 currency
forward agreements. These derivatives may be used for risk management purposes,
such as hedging the fund's currency exposure, or otherwise managing the risk
profile of the fund. In addition, these derivative instruments may be used to
enhance returns; in place of direct investments; or to obtain or adjust exposure
to certain markets.

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.

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. Rogge Global Partners plc ("Rogge
Global Partners") currently serves as the fund's investment advisor. Rogge
Global Partners seeks to invest in bonds of financially healthy entities because
it believes that these investments produce the highest bond and currency returns
over time. In deciding which bonds to buy for the fund, Rogge Global Partners
uses a top-down analysis to find value across countries and to forecast interest
and currency-exchange rates over a one-year horizon in those countries, and an
optimization model to help determine country, currency and duration positions
for the fund. Rogge Global Partners generally sells securities (1) that no
longer meet these selection criteria; (2) when it identifies more attractive
investment opportunities; or (3) to adjust the average duration of the fund
assets it manages.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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 between October 10, 2000 and August 22, 2007, when
Rogge Global Partners and another investment advisor each was responsible
for managing a separate portion of the fund's assets. In addition, prior
to December 1, 2005, the fund had been following a strategy of investing
in both US and non-US fixed income investments, but effective as of that
date, the fund modified its strategy to focus more on non-US fixed income
investment opportunities. 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 International Fixed Income Investments Annual Total Returns of Class P shares

Total return January 1 - September 30, 2012: 5.98%
Best quarter during calendar years shown--3Q 2010: 11.45%
Worst quarter during calendar years shown--3Q 2008: (7.33)%

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

Average Annual Total Returns PACE International Fixed Income Investments	Label	1 Year	5 Years	10 Years	Inception Date
Class P	Class P Return before taxes	0.80%	3.79%	4.79%	Aug. 24, 1995
Class P After Taxes on Distributions	Class P Return after taxes on distributions	(1.72%)	1.73%	2.85%	Aug. 24, 1995
Class P After Taxes on Distributions and Sales	Class P Return after taxes on distributions and sale of fund shares	0.54%	2.04%	2.99%	Aug. 24, 1995
Barclays Global Aggregate ex US Index	Barclays Global Aggregate ex US Index (Index reflects no deduction for fees, expenses or taxes.)	4.36%	6.42%	8.29%

[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 (1) waive its management fees through November 30, 2013 to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to Rogge Global Partners plc, the fund's investment advisor; and (2) 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 1.00%. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses (pursuant to item (2)) 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.