UBS PACE^SM Select Advisors Trust

51 West 52nd Street
New York, New York 10019-6114

April 2, 2008

Dear shareholder:

The enclosed proxy statement asks you to vote on the following important matters concerning each investment portfolio (a "Fund") offered by UBS PACE Select Advisors Trust (the "Trust"). The Funds are asking their shareholders to consider several different proposals at this time. In summary, the proposals are:

•  The approval of changes to the Investment Management and Administration Agreement between UBS Global Asset Management (Americas) Inc. ("UBS Global AM") and the Trust, on behalf of each Fund;

•  The approval of changes to each Fund's fundamental investment policies;

•  Allowing the Board of Trustees ("Board" or "Trustees") to amend a Fund's investment objective(s) without shareholder approval; and

•  The approval of amendments to the Trust's Charter.

A special meeting (the "Meeting") of the Funds' shareholders will be held on May 15, 2008, to consider these matters, and to transact any other business that may be properly considered at the Meeting. The enclosed proxy statement contains detailed information about the proposals, and we recommend that you read it carefully. We have also attached a "Questions and answers" section that we hope will assist you in evaluating the proposals.

Your vote is very important to us, no matter how large or small your holdings. Please review the enclosed materials and vote your shares. If we do not hear from you after a reasonable time, you may receive a call from our proxy solicitor, Computershare Fund Services, reminding you to vote. If you have any questions regarding the enclosed proxy statement, please call the proxy solicitor at 1-877-225 6862 if you are dialing within the US; if you are dialing outside of the US you should call the following number, collect, instead: 1-781-575 3369. If you wish to vote by phone or the Internet, please follow the instructions on the enclosed proxy card(s).

UBS PACE Select Advisors Trust

Thank you for your attention to this matter and for your continuing investment in the Funds.

Sincerely,

Kai R. Sotorp
President
UBS PACE Select Advisors Trust

A proxy card(s) covering each of your Fund(s) is/are enclosed along with the proxy statement.

Please vote your shares today.

You may vote by:

•  Mail: sign and return the enclosed proxy card(s) in the postage prepaid envelope provided.

•  Telephone: please have the proxy card(s) available and call the number on the enclosed card(s) and follow the instructions.

•  Internet: you also may vote over the Internet by following the instructions on the enclosed proxy card(s).

The Board recommends that you vote "FOR" each proposal.

UBS PACE Select Advisors Trust

Questions and answers

Q:  What is the purpose of this proxy solicitation?

A:  This proxy solicitation is to ask you to vote on important matters concerning the Funds, including:

•  Changes to the current Investment Management and Administration Agreement ("Current Management Agreement") between UBS Global AM and the Trust, on behalf of each Fund;

•  Changes to the Funds' fundamental investment policies, including the reclassification of certain fundamental policies as non-fundamental;

•  Allowing the Board to amend a Fund's investment objective(s) without shareholder approval; and

•  Changes to the Trust's Charter

Proposal 1: Changes to the Current Management Agreement

Q:  What are the proposed changes to the Current Management Agreement?

A:  Shareholders are being asked to approve a reallocation of fees as well as changes to modernize the terms of the Current Management Agreement.

Changes to the Funds' current fee structure—The Board has reviewed the Funds' current administrative and investment management fee structure under the Current Management Agreement and has approved, subject to shareholder approval:

•  A decrease of 10 basis points (0.10%) in the administrative fees paid by each Fund; and

•  A corresponding increase of 10 basis points (less for certain Funds) in the Funds' investment management fees as explained in more detail in the proxy statement.

The decrease in the administration fee and corresponding increase in the management fee are intended to better reflect the expected cost trends of these two types of services. Particularly for those Funds that are sub-advised, the increasingly sophisticated investment strategies and techniques used by their sub-advisors, and the more complex oversight this requires by UBS Global AM, places increasing cost pressures on the investment management fee. The reallocation of financial resources from administration to investment management services is expected to assist UBS Global AM in attracting, overseeing and retaining quality sub-advisors.

Changes intended to clarify and modernize the Current Management Agreement—The Board has also approved, subject to shareholder approval, changes to the provisions of the Current Management Agreement, which are intended to clarify and modernize the terms of the current agreement.

Vote to approve these changes—The shareholders of each Fund must approve the new Investment Management and Administration Agreement (the "New Management Agreement") in order for it to

i.

UBS PACE Select Advisors Trust

become effective for that Fund. If sufficient votes are not obtained for a given Fund, that Fund would remain subject to the Current Management Agreement.

Q:  Would these changes to the management and administration fees affect my investment in a Fund?

A:  No, your investment in a Fund would not change.

Q:  Would the services provided by UBS Global AM to the Funds change if shareholders approve the changes to the Current Management Agreement?

A:  If the New Management Agreement is approved, there would be no change in the services provided by UBS Global AM to the Funds.

Proposal 2: Changes to the Funds' fundamental investment policies

Q:  What are shareholders being asked to approve and why?

A:  The Board is recommending that several of the Funds' fundamental policies be amended and that certain others be reclassified as non-fundamental, which means that they can be modified or eliminated without incurring the cost of obtaining prior shareholder approval.

Some of the Funds' current fundamental investment policies can be traced back to federal or state securities law requirements that were in effect when the original group of Funds were launched. Since then, many of these regulations have been relaxed and in some cases eliminated. However, the Funds' policies have not been changed and in some cases may unnecessarily limit the investment strategies available to UBS Global AM and the Funds' sub-advisors.

Changes are also being requested for other fundamental policies so that there would be uniformity across the PACE Fund family. Even minor variations in standards across all of the Funds can lead to operating inefficiencies and may increase the costs of compliance monitoring.

Proposal 3: Giving authority to the Funds' Board to amend a Fund's investment objective(s) without shareholder approval

Q:  What are shareholders being asked to approve and why?

A:  All mutual funds are required to have an investment objective(s) which is stated in their prospectuses. However, mutual funds have the option of designating their investment objective(s) as "non-fundamental," which allows a fund's board of directors to modify it, or "fundamental," which requires shareholder approval to change it. Currently, the investment objective(s) for all of the PACE Funds are designated as "fundamental" and thus require shareholder approval to change.

The Funds believe that this change is in the best interest of shareholders because it would allow for greater flexibility and would enable the Board to act quickly in response to market conditions without the cost, uncertainty and delay of calling another meeting of the shareholders. If the change is approved, any change to a Fund's investment objective(s) would be properly disclosed to shareholders.

ii.

UBS PACE Select Advisors Trust

Proposal 4: Changes to the Trust's Charter

Q:  What are the proposed amendments to the current Trust Charter?

A:  The Board has reviewed the current Trust Charter (the "Existing Trust Charter") and has approved, subject to shareholder approval, an amended and restated Trust Charter ("Proposed Charter"). A charter is the basic organizational and governance document; it sets forth certain key rights and responsibilities and sets the groundwork for the operations of a trust.

The Proposed Charter incorporates amendments ("Charter Amendments") that are generally designed to provide more flexibility to the Board in governing the Funds. The Charter Amendments also remove the requirement for a shareholder vote on certain matters where the vote isn't required under current law, and contain changes to protect the Trust, the Trustees and the Funds against potentially costly and unfounded lawsuits.

The Board believes that it is in the best interests of shareholders to modernize the Existing Charter. These changes should make the administration of the Funds more efficient and provide more flexibility with respect to the operation of the Trust and the Funds, within the limits of the applicable law. Additionally, this increased flexibility may allow the Board to react more quickly to changes in market conditions.

These changes are contingent upon the approval by the shareholders of each Fund. The Proposed Charter will not go into effect if it is not approved by all Funds.

Q:  Would the changes to the Trust Charter affect the normal operations of the Funds?

A:  These changes are not expected to impact the day-to-day operations of the Funds, only to modernize and simplify overall Fund governance, and to permit the Board increased flexibility to react more quickly to changes in competitive and regulatory conditions.

GENERAL QUESTIONS

Q:  What are the Board's recommendations?

A:  The Board recommends that all shareholders vote "FOR" each proposal discussed above.

Q:  How can I vote?

A:  You can vote in any one of four ways:

•  Through the Internet by following the instructions on the enclosed proxy card(s);

•  By telephone by calling the number on the enclosed proxy card(s);

•  By mail, with the enclosed proxy card(s); or

•  In person at the Meeting.

iii.

UBS PACE Select Advisors Trust

We encourage you to vote over the Internet or by telephone, following the instructions that appear on your proxy card(s). These voting methods will save money. Whichever method you choose, please take the time to read the proxy statement before you vote.

Q:  I plan to vote by mail. How should I sign my proxy card(s)?

A:  Please see the instructions at the end of the Notice of Special Meeting of Shareholders, which is attached on the next page.

Q:  I plan to vote by telephone. How does telephone voting work?

A:  To vote by telephone, please have the proxy card(s) available and call the number on the enclosed proxy card(s), and follow the instructions. After you provide your voting instructions, those instructions will be read back to you, and you must confirm your voting instructions before ending the call.

Q:  I plan to vote through the Internet. How does Internet voting work?

A:  To vote through the Internet, please follow the instructions on the enclosed proxy card(s). Then, follow the instructions on the screen, using your proxy card(s) as a guide.

Q:  Who should I call with questions?

A:  If you have any additional questions about the proxy statement or the upcoming Meeting, please call Computershare Fund Services ("Computershare") toll free at 1-877-225 6862 (from within the United States). If you are calling from outside the United States, please call 1-781-575 3369, collect, instead.

Q:  Why am I receiving proxy information for Funds that I do not own?

A:  Since shareholders of all of the Funds are being asked to approve similar proposals, the details of which vary among Funds, most of the information that must be included in a proxy statement for your Fund needs to be included in a proxy statement for the other Funds, as well. In order to save money and to promote efficiency, one proxy statement has been prepared for all of the Funds. This may also save you time if you own shares of more than one Fund, as most shareholders do. Explanatory tables have been included in certain sections to help you easily find the information that specifically relates to your Fund(s).

Q:  What is the relationship between the proxy solicitor, Computershare, and the Trust?

A:  The proxy solicitor is an independent firm that specializes in proxy mailings and solicitations. It may contact shareholders on behalf of the Funds, but will not use personal information about shareholders for any purposes not connected with the Meeting. The proxy solicitor has no affiliation to UBS Global AM, the Board or the Funds.

THE ATTACHED PROXY STATEMENT CONTAINS MORE DETAILED INFORMATION ABOUT THE PROPOSALS, AND THE ABOVE DISCUSSION IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE MORE DETAILED DISCUSSION CONTAINED IN THE PROXY STATEMENT. PLEASE READ IT CAREFULLY.

iv.

UBS PACE^SM Select Advisors Trust

UBS PACE Money Market Investments
UBS PACE Government Securities Fixed Income Investments
UBS PACE Intermediate Fixed Income Investments
UBS PACE Strategic Fixed Income Investments
UBS PACE Municipal Fixed Income Investments
UBS PACE Global Fixed Income Investments
UBS PACE High Yield Investments
UBS PACE Large Co Value Equity Investments
UBS PACE Large Co Growth Equity Investments
UBS PACE Small/Medium Co Value Equity Investments
UBS PACE Small/Medium Co Growth Equity Investments
UBS PACE International Equity Investments
UBS PACE International Emerging Markets Equity Investments
UBS PACE Global Real Estate Securities Investments
UBS PACE Alternative Strategies Investments

51 West 52nd Street
New York, NY 10019-6114

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
to be held on May 15, 2008

TO THE SHAREHOLDERS:

A special meeting ("Meeting") of the holders of shares of beneficial interest ("Shareholders") of each of the 15 investment portfolios listed above (each, a "Fund" and collectively, the "Funds") of UBS PACE Select Advisors Trust (the "Trust") will be held at 51 West 52nd Street, on the 16th Floor of the CBS Building, New York, New York 10019-6114, at 10:00 a.m. (Eastern time) on May 15, 2008, for the following purposes:

Matters to be voted upon by Shareholders:

Proposal 1:

To approve changes to the Investment Management and Administration Agreement between UBS Global Asset Management (Americas) Inc. and the Trust on behalf of each of the Funds.

Proposal 2:

To approve changes to the Funds' fundamental investment policies.

Proposal 3:

To allow the Board to amend a Fund's investment objective(s) without Shareholder approval.

Proposal 4:

To approve changes to the Trust Instrument (also referred to as "Charter").

UBS PACE Select Advisors Trust

Proposal 5:

To transact such other business as may properly come before the Meeting or any adjournment thereof (e.g., adjourning the Meeting).

You are entitled to vote at the Meeting, and at any postponement or adjournments thereof, with respect to each Fund in which you owned shares at the close of business on March 14, 2008. Please execute and return promptly in the enclosed envelope the accompanying proxy card(s), which is being solicited by the Board of Trustees (the "Board"), or vote your shares by telephone or the Internet. Returning your proxy promptly is important to ensure a quorum at the Meeting and to save the expense of further proxy solicitation, including mailings. You may revoke your proxy at any time before it is exercised by (i) the subsequent submission of a revised proxy, (ii) giving a written notice of revocation to the Trust, or (iii) voting in person at the Meeting.

This notice and related proxy material are first being mailed to Shareholders of the Trust on or about April 4, 2008.

By Order of the Board,

Mark F. Kemper
Vice President and Secretary

April 2, 2008
51 West 52nd Street
New York, New York 10019-6114

YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARES YOU OWN.

To secure the largest possible representation at the Meeting, please mark your proxy card(s), sign it, and return it in the postage paid envelope provided (unless you are voting by telephone or via the Internet). If you sign, date and return the proxy card(s) but give no voting instructions, your shares will be voted "FOR" all of the proposals indicated on the card(s). If you prefer, you may instead vote by telephone or via the Internet. To vote in this manner you should refer to the directions below.

To vote via the Internet, please follow the instructions on the enclosed proxy card(s).

To vote by telephone, please call the number on the enclosed proxy card(s) and follow the instructions.

You may revoke your proxy at any time at or before the Meeting.

UBS PACE Select Advisors Trust

Instructions for signing proxy card(s)

The following general guidelines for signing proxy cards may be of assistance to you and will help avoid the time and expense involved in validating your vote if you fail to sign your proxy card(s) properly.

1.  Individual accounts: Sign your name exactly as it appears in the registration on the proxy card(s).

2.  Joint accounts: Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card(s).

3.  All other accounts: The capacity of the individual signing the proxy card(s) should be indicated unless it is reflected in the form of registration. For example:

(This page has been left blank intentionally)

UBS PACE^SM Select Advisors Trust

UBS PACE Money Market Investments
UBS PACE Government Securities Fixed Income Investments
UBS PACE Intermediate Fixed Income Investments
UBS PACE Strategic Fixed Income Investments
UBS PACE Municipal Fixed Income Investments
UBS PACE Global Fixed Income Investments
UBS PACE High Yield Investments
UBS PACE Large Co Value Equity Investments
UBS PACE Large Co Growth Equity Investments
UBS PACE Small/Medium Co Value Equity Investments
UBS PACE Small/Medium Co Growth Equity Investments
UBS PACE International Equity Investments
UBS PACE International Emerging Markets Equity Investments
UBS PACE Global Real Estate Securities Investments
UBS PACE Alternative Strategies Investments

51 West 52nd Street
New York, New York 10019-6114

PROXY STATEMENT
Special Meeting of Shareholders to be held on May 15, 2008

This proxy statement ("Proxy Statement") is being furnished to holders of shares of beneficial interest ("Shareholders") of the above-listed funds (each, a "Fund" and collectively, the "Funds") in connection with the solicitation by the Board of Trustees ("Board" or "Trustees") of proxies to be used at a special meeting of Shareholders to be held at 10:00 a.m. (Eastern time) on May 15, 2008, at 51 West 52nd Street, on the 16th Floor of the CBS Building, New York, New York 10019-6114, or at any postponement, adjournment or adjournments thereof ("Meeting"). This Proxy Statement will first be mailed to Shareholders on or about April 4, 2008.

UBS PACE Select Advisors Trust (the "Trust") is an investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), and is organized as a Delaware statutory trust. The Trust consists of fifteen (15) Funds. A listing of the shorthand names that are used in this Proxy Statement to refer to each Fund is set forth in Exhibit A.

The Meeting is being held to consider and vote on the following matters, as indicated below and described more fully herein:

Proposal 1:

To approve changes to the Investment Management and Administration Agreement ("Current Agreement") between UBS Global Asset Management (Americas) Inc. ("UBS Global AM") and the Trust on behalf of each of the Funds.

Proposal 2:

To approve changes to the Funds' fundamental investment policies.

UBS PACE Select Advisors Trust

Proposal 3:

To allow the Board to amend a Fund's investment objective(s) without Shareholder approval.

Proposal 4:

To approve changes to the Trust Instrument.

Proposal 5:

To transact such other business as may properly come before the Meeting (e.g., adjourning the Meeting).

The table below details each proposal to be presented at the Meeting and the Funds whose Shareholders are solicited with respect to each proposal.

2

UBS PACE Select Advisors Trust

Table of Contents

3

UBS PACE Select Advisors Trust

4

UBS PACE Select Advisors Trust

Voting information

Shareholders of record at the close of business on March 14, 2008 (the "Record Date") are entitled to notice of, and to vote at, the Meeting. The number of shares of each class of each Fund that were issued and outstanding as of the Record Date is set forth in Exhibit B.

Quorum

The presence, in person or by proxy, of one-third of each Fund's outstanding shares entitled to vote on the Record Date shall be a quorum for the transaction of business at the Meeting by that Fund.

Required vote for adoption of the Proposals

Proposal 1 (to approve amendments to the Current Agreement), Proposal 2 (to approve changes to a Fund's fundamental investment policies), and Proposal 3 (to allow the Board to amend a Fund's investment objective(s) without Shareholder approval), require the affirmative vote of a "majority of the outstanding voting securities" of that Fund. Proposal 4 (to approve amendments to the Funds' Trust Instrument) requires the affirmative vote of a majority of each Fund's shares voted.

Under the 1940 Act, and as used in this Proxy Statement, the vote of a "majority of the outstanding voting securities" means, with respect to each Fund, the affirmative vote of the lesser of (a) 67% or more of the shares present at the Meeting or represented by proxy if the holders of 50% of the outstanding shares are present or represented by proxy or (b) more than 50% of the outstanding voting shares.

For Proposal 1, the effectiveness of the amended Investment Management and Administration Agreement with UBS Global AM ("Amended Agreement") for each Fund is contingent upon the approval of such agreement by the Shareholders of that Fund. The Amended Agreement will go into effect for a Fund, if approved by Shareholders of that Fund, even if it has not been approved by other Funds (however, Shareholders should note that the effectiveness of an Amended Agreement applicable to a Fund could be postponed for a limited period of time until it has been approved for other Funds by Shareholders of those other Funds). Proposals 2 and 3 also apply to each Fund separately. As such, the effectiveness of Proposals 2 and 3 for a Fund does not depend on the approval of such proposals by any other Funds. However, for Proposal 4, the effectiveness of the proposed Amended and Restated Trust Instrument ("Proposed Trust Instrument") is contingent upon the approval of such Proposed Trust Instrument by the Shareholders of each Fund. As such, the Proposed Trust Instrument would not go into effect if it is not approved by all Funds. Each Fund's Shareholders will vote separately with respect to each proposal submitted for their consideration.

Each whole share outstanding shall be entitled to one vote, and each fractional share shall be entitled to a proportionate fractional vote, as to any matter on which it is entitled to vote.

In the event that a quorum with respect to a proposal is not present with respect to a given Fund at the Meeting, or if a quorum is present at the Meeting but sufficient votes to approve a proposal are not received, the persons named as proxies may propose one or more adjournments of the Meeting with respect to that Fund to permit further solicitation of proxies. Any adjournment will require the affirmative vote of a majority of shares voted, whether in person or by proxy. The persons named as proxies will vote those proxies that are marked "FOR" any proposal in favor of the adjournment, and will vote those proxies marked "AGAINST" any proposal against such adjournment. A Shareholder vote may be taken on one or more of the proposals in this Proxy Statement prior to any such adjournment if sufficient votes have been received and it is otherwise appropriate.

5

UBS PACE Select Advisors Trust

Broker non-votes are shares held in street name for which the broker indicates that instructions have not been received from the beneficial owners or other persons entitled to vote, and the broker does not have discretionary voting authority. Abstentions and broker non-votes, if any, will be counted as shares present for purposes of determining whether a quorum is present, but will not be voted for or against any adjournment or proposal. Accordingly, abstentions and broker non-votes will have the effect of a negative vote on Proposals 1, 2 and 3, and no effect on Proposal 4.

The individuals named as proxies on the enclosed proxy card(s) will vote in accordance with your direction as indicated thereon, if your proxy card(s) is received properly executed by you or by your duly appointed agent or attorney-in-fact. You may also vote through the Internet or by telephone by following the instructions on the enclosed proxy card(s). We encourage you to vote over the Internet or by telephone, using the voting control number that appears on your proxy card(s). If you sign, date and return the proxy card(s) without voting instructions, your shares will be voted FOR the proposals and FOR any other business that may properly arise at the Meeting (e.g., adjourning the Meeting).

Any person giving a proxy has the power to revoke it at any time prior to its exercise by executing a superseding proxy or by submitting a written notice of revocation to the Trust's secretary (the "Secretary"). To be effective, such revocation must be received by the Secretary prior to the Meeting. In addition, although mere attendance at the Meeting would not revoke a proxy, a Shareholder present at the Meeting may withdraw his or her proxy by voting in person.

A listing of the owners of more than 5% of each class of shares of each Fund as of March 14, 2008, is set forth in Exhibit C to this Proxy Statement. To the knowledge of the Trust, the executive officers and the Board, as a group, owned less than 1% of the outstanding shares of each Fund as of March 14, 2008.

Copies of the Trust's most recent annual report, including financial statements for each Fund, have previously been mailed to Shareholders. Shareholders may request additional copies of a Fund's annual report and the most recent semiannual report succeeding the annual report, without charge, by writing the Fund c/o UBS Global Asset Management (Americas) Inc. at 51 West 52nd Street, New York, New York 10019-6114, or by calling toll free 1-800-647 1568.

6

UBS PACE Select Advisors Trust

Proposal 1. Changes to the Investment Management and Administration Agreement

Overview and related information

On February 13, 2008, the Board, including those Trustees who are not "interested persons" of the Trust as that term is defined in the 1940 Act ("Independent Trustees"), approved management's recommendation, and recommends that Shareholders of each Fund approve, the Amended Agreement in the form attached in Exhibit D to this Proxy Statement (the form of Amended Agreement attached in Exhibit D is marked to show differences against the Current Agreement). Fees paid under the Current Agreement are divided into two separate component pieces, namely an administrative fee and an investment management fee. The Amended Agreement modifies the fee structure paid by the Funds by (1) reducing the administrative fee and (2) increasing the investment management fee by an amount no greater than the corresponding decrease in the administrative fee. For many Funds, UBS Global AM has also agreed to an overall decrease in the contractual fees, either through direct fee rate decreases or through the introduction of additional fee breakpoints; these fee rate changes would become effective if the Amended Agreement is approved by Shareholders. However, these fee rate changes may not be immediately noticeable as some Funds are subject to annual expense limitation arrangements. In addition to the change relating to the fee structure for each Fund, it is proposed that certain other changes to the Current Agreement be made in order to modernize the agreement.

Consequences of approval of the change in fee structure

Under the Current Agreement, each Fund pays UBS Global AM for the services UBS Global AM provides as the Fund's investment manager and administrator. The overall fee paid by each Fund to UBS Global AM is based on two components: an administrative fee, which currently is 0.20% for each Fund ("Administrative Fee"), and an investment management fee ("Investment Management Fee"), which varies among the Funds. The Administrative and Investment Management Fees are each computed daily and paid monthly by the Funds.

The Board has reviewed the Funds' current fee structure and has approved a decrease of 10 basis points (0.10%) in the Administrative Fee so that the Administrative Fee paid by each Fund would decrease from 20 basis points (0.20%) to 10 basis points (0.10%). The Board also approved, subject to Shareholder approval, an increase in the Investment Management Fees for each Fund based on varying amounts. The result of the change in the fee structure would not increase the total fees payable to UBS Global AM by each Fund, and, in the case of some Funds, there would be a decrease in the contractual fees payable to UBS Global AM. Accordingly, the change in the fee structure would not increase the total operating expenses of the Funds. (Some Funds may experience a minor temporary increase in total Fund operating expenses as a result of costs attendant to the Meeting; more information about such costs is provided below).

The decrease in the Administrative Fee and the related increase in the Investment Management Fee are designed to move part of the fee for the provision of certain administrative services to the Investment Management Fee. At its annual contract renewal meeting on July 17-18, 2007, the Board began discussing with UBS Global AM the relationship between the Administrative Fees paid under the Current Agreement and the total fees paid under such agreement, noting the historical reasons for the current fee structure, including provisions contained in a regulatory grant of exemption received by the Trust. The Board discussed with UBS Global AM the relative level of the Administrative Fee component versus administrative fees paid by other funds with similar structures. Following these discussions, the Board and UBS Global AM agreed to consider changes to the structure of the Funds' fees, which are reflected in the Amended Agreement.

7

UBS PACE Select Advisors Trust

In addition, UBS Global AM believes that the increasingly sophisticated investment strategies and techniques used by many of the Funds' present and potential future sub-advisors, and the correspondingly more complex oversight of the sub-advisors by UBS Global AM, places increasing cost pressures on the investment management portion of the fee, and the reallocation of financial resources from administrative to investment management services may assist UBS Global AM in attracting and retaining high quality sub-advisors.

Please see Exhibit E for additional information on Proposal 1 for each Fund, including detailed information about the fees and expenses that would be paid under the Current and Amended Agreements.

Other proposed amendments to the Current Agreement

In addition to the change relating to the fee structure for each Fund, it is also proposed that the Current Agreement be revised to clarify certain provisions and to specifically recognize the right of the Board and UBS Global AM to make certain non-material changes to the agreement without Shareholder approval. The changes to the Amended Agreement are discussed in detail below.

Terms common to the Current and the Amended Agreements

The Current and the Amended Agreements are very similar in most respects. Under each agreement, subject to the supervision of the Board, UBS Global AM must provide a continuous investment program for PACE Money Market, including investment research and management, and must determine from time to time what securities and other investments will be purchased, retained or sold by PACE Money Market. UBS Global AM is responsible for placing purchase and sell orders for investments and for other related transactions. UBS Global AM must also provide services in accordance with PACE Money Market's investment objective(s), policies and restrictions. UBS Global AM must maintain all books and records required to be maintained by UBS Global AM pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions on behalf of PACE Money Market, and must furnish the Board with such periodic and special reports as the Board reasonably may request.

For the other Funds, UBS Global AM provides investment management evaluation services principally by performing reviews of prospective sub-advisors for each Fund and supervising and monitoring performance of the sub-advisors thereafter. UBS Global AM is responsible for informing the sub-advisors of the investment objective(s), policies and restrictions of the Fund(s) for which the sub-advisor is responsible. In addition, UBS Global AM (not the Funds) pays each sub-advisor a fee for its services from the compensation UBS Global AM receives pursuant to UBS Global AM's agreement with the Trust.

Under both agreements, UBS Global AM must administer the affairs of the Trust and each Fund subject to the supervision of the Board. For example, UBS Global AM must: provide the Trust and each Fund with corporate, administrative and clerical personnel and services as are reasonably deemed necessary or advisable by the Board; arrange, but not pay, for the periodic updating, filing and dissemination of the Trust's Registration Statement, proxy material, tax returns and required reports; provide the Trust and each Fund with, or obtain for it, adequate office space and all necessary office equipment and services; and provide the Board, on a regular basis, with economic and investment analyses and reports. During the terms of each agreement, each Fund bears all expenses not specifically assumed by UBS Global AM incurred in its operations and the offering of its shares.

Each agreement provides that UBS Global AM is not liable for any error of judgment or mistake of law or for any loss suffered by the Funds, the Trust, or its Shareholders in connection with matters to which the agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under the

8

UBS PACE Select Advisors Trust

agreement. As to any Fund, each agreement becomes effective only if it has been first been approved (i) by a vote of a majority of those Trustees of the Trust who are not parties to the agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of that Fund's outstanding voting securities. Each agreement remains effective for successive annual periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by vote of a majority of those Trustees of the Trust who are not parties to the agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or, with respect to any given Fund, by vote of a majority of the outstanding voting securities of the Fund. With respect to any Fund, each agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the outstanding voting securities of the Fund on sixty days' written notice to UBS Global AM and may be terminated by UBS Global AM at any time, without the payment of any penalty, on sixty days' written notice to the Trust. Each agreement automatically terminates in the event of its assignment.

Comparison of Current and Amended Agreements

The Current Agreement was made as of April 1, 2006, and amended as of August 1, 2006, between the Trust and UBS Global AM. It was further extended to an additional, newly organized Fund as of November 30, 2006. In connection with an internal reorganization involving UBS Global AM and UBS Global Asset Management (US) Inc. ("UBS Global AM (US)"), the Board approved the transfer of the previous Investment Management and Administration Agreement with UBS Global AM (US) ("Previous Agreement") to UBS Global AM, effective April 1, 2006. This previous transfer between sister companies did not require Shareholder approval. The Previous Agreement was made as of June 15, 1995, and amended as of August 1, 2004. The August 2004 and August 2006 amendments primarily revised fee breakpoints to lower the contractual aggregate fees payable by certain Funds. The Previous or Current Agreements were approved by each Fund's initial Shareholder as listed in Exhibit A.

As previously mentioned, Exhibit E contains detailed information about the fees and expenses payable by each Fund under the Current Agreement and the fees and expenses payable under the Amended Agreement. In addition, the discussion below provides explanations about material differences to certain provisions between the Current and the Amended Agreements. Each of the provisions discussed below is marked to show changes from the Current Agreement. A discussion of the changes follows each provision.

The discussion of the material changes to the Current Agreement below is qualified in its entirety by the provisions of the Amended Agreement, a form of which is provided as Exhibit D.

I.  Duties as investment manager for PACE Money Market.

2.  Duties as Investment Manager for UBS PACE Money Market Investments.

(a)  Subject to the supervision of the Trust's Board of Trustees ("Board"), UBS Global Americas and consistent with UBS PACE Money Market Investments' investment objective, policies, and restrictions as provided in the Trust's currently effective registration statement and any amendments or supplements thereto ("Registration Statement"), UBS Global AM will provide a continuous investment program for UBS PACE Money Market Investments, including investment research and management. UBS Global AmericasAM will determine from time to time what securities and other investments will be purchased, retained or sold by UBS PACE Money Market Investments. UBS Global AmericasAM will be responsible for placing purchase and sell orders for investments and for other related transactions. UBS Global Americas will provide services under this Agreement in accordance with UBS PACE Money Market Investments' investment objective,

9

UBS PACE Select Advisors Trust

policies and restrictions as stated in the Trust's Registration Statement as it applies to UBS PACE Money Market Investments.

(b)  UBS Global AmericasAM agrees that in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution. on behalf of UBS PACE Money Market Investments. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasAM or any affiliated person thereof, except in accordance with the federal securities laws and, the rules and regulations thereunder. UBS Global Americas, or the terms of any exemptive order. To the extent permitted by laws and regulations, and subject to applicable procedures adopted by the Board, UBS Global AM may aggregate sales and purchase orders of the assets of the [Fund]* with similar orders being made simultaneously for other accounts advised by UBS Global AmericasAM or its affiliates. Whenever UBS Global AmericasAM simultaneously places orders to purchase or sell the same security on behalf of UBS PACE Money Market Investments and one or more other accounts advised by UBS Global AmericasAM, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. and consistent with UBS Global AM's fiduciary obligations to the [Fund]. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for UBS PACE Money Market Investments.

...

(e)  In accordance with procedures adopted by the Board, as amended from time to time, UBS Global AmericasAM is responsible for assisting in the valuation (including fair valuation, if necessary) of all portfolio securities and will attempt to arrange for the provision of a price(s) from a party(ies) independent of UBS Global AmericasAM for each portfolio security for which the custodian does not obtain prices in the ordinary course of business from an automated pricing service.

Discussion of changes to duties as investment manager for PACE Money Market. The changes to Section 2(a) are intended to clarify the provision by indicating more prominently that management of the Fund is conducted in compliance with the Fund's disclosures. The changes to Section 2(b) are intended to update the language of this section and clearly state that the brokerage activities are conducted in accordance with applicable law and the investment manager's fiduciary duties. The changes to Section 2(e) are intended to clarify that UBS Global AM's valuation assistance is not limited to fair valuation.

II.  Duties as investment manager to other PACE Funds; appointment of sub-advisors.

3.  Duties as Investment Manager to other PACE [Funds]; Appointment of [Sub-Advisors].

(a)  Subject to the supervision and direction of the Board, [UBS Global AM] will provide to the Trust investment management evaluation services principally by performing initial reviews of prospective [sub-advisors] for each [Fund] other than UBS PACE Money Market Investments and supervising and monitoring performance of the [sub-advisors] thereafter. [UBS Global AM] agrees to report to the Trust results of its evaluation, supervision and monitoring functions and to keep

*  The Current and Amended Agreements define certain terms differently than this Proxy Statement. To make the terms used in the agreement consistent with the language used in this Proxy Statement,"Portfolio" has been replaced with "Fund," and "Sub-Adviser" has been replaced with "sub-advisor." Each substituted term is in brackets.

10

UBS PACE Select Advisors Trust

certain books and records of the Trust in connection therewith. [UBS Global AM] further agrees to communicate performance expectations and evaluations to the [sub-advisors], and to recommend to the Trust whether agreements with [sub-advisors] should be renewed, modified or terminated.

(a)  The Trust and UBS Global AM operate in accordance with the terms and conditions of a Securities and Exchange Commission exemptive order, which permits UBS Global AM, with the approval of the Trust's Board of Trustees, including the Independent Trustees, to retain [sub-advisors] for a [Fund] without receiving the approval of [Fund] shareholders. UBS Global AM will provide general management and administrative services to the Trust, and, if applicable, subject to review and approval by the Board, will: (a) set the [Funds'] overall investment strategies; (b) evaluate, select and recommend [sub-advisors] to manage all or a part of the [Fund's] assets; (c) allocate and, when UBS Global AM believes appropriate, reallocate the [Funds'] assets among [sub-advisors]; (d) monitor and evaluate the investment performance of [sub-advisors]; and (e) implement or approve procedures reasonably designed to ensure that the [sub-advisors] comply with the relevant [Fund's] investment objectives, policies and restrictions. UBS Global AM will also periodically make recommendations to the Board as to whether the contract with one or more [sub-advisors] should be renewed, modified, or terminated, and will periodically report to the Board regarding the results of its evaluation and monitoring functions.

(b)  UBS Global AmericasAM is responsible for informing the [sub-advisors]each [sub-advisor] of the investment objective(s), policies and restrictions of the [Fund(s)] for which the [sub-advisor] is responsible, for informing or ascertaining that it is aware of other legal and regulatory responsibilities applicable to the [sub-advisor] with respect to the [Fund(s)] for which the [sub-advisor] is responsible, and for monitoring the [sub-advisors'] discharge of their duties; but UBS Global AmericasAM is not responsible for the specific actions (or inactions) of a [sub-advisor] in the performance of the duties assigned to it. Consistent with the investment objective(s), policies and restrictions as provided in the Registration Statement (or such more restrictive guidelines as approved by UBS Global AM), and applicable law, each [sub-advisor] is authorized to buy, sell, lend and otherwise trade in any stocks, bonds, and other securities, commodities or investments on behalf of the applicable [Fund].

(c)  With respect to each [Fund] other than UBS PACE Money Market Investments, UBS Global AmericasAM shall enter into an agreement ("Sub-Advisory Agreement") with a [sub-advisor] in substantially the form attached hereto as Exhibit Iapproved by the Board for each [sub-advisor].

...

(e)  UBS Global AM, directly or through a [sub-advisor], will maintain all books and records required to be maintained by UBS Global AM pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions on behalf of the [Funds], and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, UBS Global AM hereby agrees that all records which it maintains for the Trust and the [Funds] are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained and preserved by Rule 31a-1 and Rule 31a-2 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust.

11

UBS PACE Select Advisors Trust

Discussion of changes to duties as investment manager to other PACE Funds; appointment of sub-advisors. The changes are intended to: (1) further conform the duties of UBS Global AM as stated in this agreement with the duties of the Funds' investment manager as stated in the exemptive order that is used by the Trust and UBS Global AM to retain investment sub-advisors without Shareholder approval (see Release No. IC-24823 (Jan. 11, 2001) (notice) and Release No. IC-24850 (Feb. 6, 2001) (order))¹; (2) prominently state that sub-advisors are authorized to engage in investment transactions on behalf of a Fund; and (3) clarify the recordkeeping obligations of UBS Global AM and the sub-advisors and make the language consistent with Section 2(c).

III.  Duties as administrator.

4.  Duties as Administrator. UBS Global AmericasAM will administer the affairs of the Trust and each [Fund] subject to the supervision of the Board and the following understandings:

...

(f)  With respect to any or all series of the Trust, including the [Funds], UBS Global AM may enter into one or more contracts (each a "Sub-administration Contract") with sub-administrators in which UBS Global AM delegates to such sub-administrators any or all of its administrative duties specified in this Agreement, provided that the Sub-administration Contract meets any applicable requirements of the 1940 Act and rules thereunder and the sub-administrator agrees to look exclusively to UBS Global AM for payment under the Sub-administration Contract.

(g)  UBS Global AM has adopted compliance policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940, as amended, and the rules thereunder, has provided the Trust with a copy of such compliance policies and procedures (and will provide the Trust with any material amendments thereto) and agrees to assist the Trust in complying with the Trust's compliance program adopted pursuant to Rule 38a-1 under the 1940 Act, to the extent applicable.

Discussion of duties as administrator. The changes are intended to expressly recognize that UBS Global AM may hire a sub-administrator and explicitly state UBS Global AM's role in assisting with the Trust's compliance obligations pursuant to Rule 38a-1 under the 1940 Act.

IV.  Expenses.

7.  Expenses.

...

(b)  Expenses borne by each [Fund] will include but will not be limited to the following (or each [Fund's] proportionate share of the following): (i) the cost (including brokerage commissions, applicable taxes, and, with respect to short sales, any interest expense or any other cost) of

1  Prior to relying upon the February 6, 2001 exemptive order permitting the Trust and UBS Global AM to retain sub-advisors without Shareholder approval, the Trust and UBS Global AM (or its predecessor) relied upon a previous exemptive order which also permitted the retention of sub-advisors without Shareholder approval. See Release No. IC-21590 (Dec. 11, 1995) (notice) and Release No. IC-21666 (Jan. 11, 1996) (order).

12

UBS PACE Select Advisors Trust

securities purchased or sold by the [Fund] and any losses incurred in connection therewith; (ii) fees payable to and expenses incurred on behalf of the [Fund] by [UBS Global AM] under this Agreement; (iii) expenses of organizing the Trust and each [Fund], including the organizational and other expenses incurred in connection with the initial offering of any new share classes of a [Fund] or the initial offering of a new [Fund]; (iv) filing fees and expenses relating to the registrations and qualification of the [Fund's] shares and the Trust under federal and/or state securities laws and maintaining such registration and qualifications; (v) fees and salaries payable to the Trust's Trustees and officers who are not interested persons of the Trust by reason of affiliation with UBS Global AM or any of UBS Global AM's affiliates; (vi) all expenses incurred in connection with the Trustees' services, including travel expenses; (vii) taxes (including any income or franchise taxes) and governmental fees; (viii) costs of any liability, uncollectible items of deposit and other insurance and fidelity bonds; (ix) any costs, expenses or losses arising out of a liability of or claim for damages or other relief asserted against the Trust or the [Fund] for violation of any law; (x) legal, accounting and auditing expenses, including legal fees of special counsel for those Trustees of the Trust who are not interested persons of the Trust by reason of affiliation with UBS Global AM or any of UBS Global AM's affiliates; (xi) charges of custodians, transfer agents and other agents; (xii) costs of preparing share certificates; (xiii) expenses of setting in type and printing prospectuses and supplements thereto, statement of additional information and supplements thereto, reports and proxy materials for existing shareholders and costs of mailing such materials to existing shareholders; (xiv) any extraordinary expenses (including fees and disbursements of counsel, costs of actions, suits or proceedings to which the Trust is a party and the expenses the Trust may incur as a result of its legal obligation to provide indemnification to its officers, Trustees, agents and shareholders) incurred by the Trust or the [Fund]; (xv) fees, voluntary assessments and other expenses incurred in connection with membership in investment company organizations; (xvi) cost of mailing and tabulating proxies and costs of meetings of shareholders, the Board and any committees thereof; (xvii) the cost of investment company literature and other publications provided by the Trust to its Trustees and officers; and (xviii) costs of mailing, stationery and communications equipment.

Discussion of changes to expenses. The changes are intended to explicitly state that the Trust is responsible for short sale transaction expenses and expenses related to the initial public offering of a new class of shares or Fund. (In accordance with the terms of the Trust Instrument, the charges relating to a new Fund would be assessed against that Fund and not be borne by the Shareholders of other Funds.) The changes also assign to the Trust fees of Trustees who may be interested persons for reasons other than an affiliation with UBS Global AM or one of its affiliates. Currently, one Trustee is so described and his Trustee fees have been paid by UBS Global AM since he became an interested person. If the Amended Agreement is approved by Shareholders, the cost of this Trustee's fees would be shifted from UBS Global AM to the Trust. In case the Amended Agreement is not approved by certain Funds, the pro rated cost of this Trustee's fee would be shared by the Funds that adopted the Amended Agreement and UBS Global AM for the Funds that did not approve the Amended Agreement.

V.  Compensation.

8.  Compensation.

(a)  For the administrative services provided to each [Fund], the [Fund] will pay to UBS Global AmericasAM a fee, computed daily and paid monthly, at an annual rate of 0.20 0.10% of each [Fund's] average daily net assets.

13

UBS PACE Select Advisors Trust

Discussion of changes to compensation. This change was made to reflect the new fee for administrative services. Certain other changes will be made to the fees for investment advisory services; these fees are listed in Schedule I of the Form of Amended Agreement in Exhibit D and further explained in Exhibit E.

VI.  Amendment of this agreement.

12.  Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement as to any given [Fund] shall be effective until approved by vote of a majority of such [Fund's] outstanding voting securities.Provisions of this Agreement may be amended subject to the provisions of the 1940 Act, as modified or interpreted by an applicable order of the SEC or any regulation adopted by the SEC, or interpretative release or no-action letter of the Commission or its staff. Accordingly, approval of an amendment by shareholders would be necessary only to the extent required by the 1940 Act as so modified or interpreted.

Discussion of changes to amendment provision of the agreement. The new provision was added to provide greater flexibility to amend the Agreement without Shareholder approval provided that such approval is not required by law under the 1940 Act, as interpreted by the SEC and its staff. The 1940 Act provides significant protection to fund shareholders by generally requiring that material changes to investment advisory agreements be subject to the approval of shareholders. In certain circumstances, however, pursuant to guidance from the SEC and its staff, mutual funds may make changes to investment advisory agreements when such changes are not deemed material and are not expected to change the quality of the investment advisory services provided. These changes remain subject to the approval of a fund's board, which provides protection to fund shareholders. The Amended Agreement is drafted to clarify the ability of the Trust with respect to a Fund to make these changes without Shareholder approval. This avoids the Trust having to seek Shareholder approval for certain changes, which may result in saving significant Fund expenses. Under very limited circumstances, and pursuant to SEC guidance, the Trust also may be able to terminate the Amended Agreement and replace it with a newer agreement without Shareholder approval.

Investment management services provided by UBS Global AM would remain the same

The services to be provided by UBS Global AM to the Funds under the Amended Agreement would be identical to those services that are currently provided under the Current Agreement. As noted above, with the exception of PACE Money Market, UBS Global AM selects sub-advisors for the Funds, subject to approval of the Board, reviews the performance of those sub-advisors and pays those sub-advisors. The Fund has received an exemptive order from the SEC to permit the Board to select and replace sub-advisors and to amend the sub-advisory agreements between UBS Global AM and the sub-advisors without obtaining Shareholder approval. The sub-advisors to each Fund and the investment objective(s), strategies, and risks of each Fund would not change solely as a result of approving the Amended Agreement. UBS Global AM, however, will need to execute new agreements with each sub-advisor if the Amended Agreement becomes effective, as the existing sub-advisory agreements automatically terminate upon the termination of the Current Agreement. For your convenience, attached as Exhibit F is a list of the Funds' current sub-advisors.

Information regarding UBS Global AM, UBS Global AM (US) and UBS AG

UBS Global AM serves as investment manager and administrator to the Funds. UBS Global AM (US) is the principal underwriter for each Fund. Pursuant to an agreement with UBS Global AM (US), UBS Financial Services Inc. serves as a dealer for the Funds' shares.

14

UBS PACE Select Advisors Trust

The principal business offices and addresses of UBS Global AM and UBS Global AM (US) are One North Wacker Drive, Chicago, IL 60606 and 51 West 52nd Street, New York, New York 10019-6114. UBS Global AM and UBS Global AM (US) are indirect wholly-owned subsidiaries of UBS AG. UBS AG is an internationally diversified organization with headquarters in Zurich and Basel, Switzerland. UBS AG operates in many areas of the financial services industry. The principal business addresses of UBS AG are Bahnhofstrasse 45, Zurich, Switzerland and Aeschenvorstadt 1, Basel, Switzerland.

UBS Global AM currently serves as investment manager, advisor or sub-advisor for a number of other investment companies. Exhibit G to this Proxy Statement sets forth certain information regarding each SEC registered investment company portfolio managed, advised or sub-advised by UBS Global AM with investment objective(s) similar to those of the Funds.

Information regarding the principal executive officers and directors of UBS Global AM is set forth in Exhibit I, and each officer of the Trust who is an officer of UBS Global AM is set forth in Exhibit J.

Special considerations relating to PACE Large Co Value

Under the Current Agreement, the Investment Management Fee for PACE Large Co Value is 0.60% of the Fund's average daily net assets. However, PACE Large Co Value and UBS Global AM have entered into a fee waiver agreement pursuant to which UBS Global AM has agreed to reduce its Investment Management Fee based on the Fund's average daily net assets to the following rate: $0 to $250 million—0.60%; in excess of $250 million up to $500 million—0.57%; in excess of $500 million up to $1 billion—0.53%; and over $1 billion—0.50% ("Fee Waiver Agreement"). The rates set forth in the Fee Waiver Agreement were based on the terms of a settlement between certain of the Fund's Shareholders and UBS Global Asset Management (US) Inc., the Fund's prior investment manager and administrator ("Settlement"). PACE Large Co Value's prospectuses currently state that the waiver is permanent, and it is the view of UBS Global AM that the fee waiver will remain in place so long as the Current Agreement remains in place. Pursuant to the terms of the Fee Waiver Agreement, a majority of the Board, including the Independent Trustees, or a majority of the outstanding voting securities of the Fund may terminate the agreement. It is the view of UBS Global AM that the Settlement does not bar termination of the Current Agreement and the associated Fee Waiver Agreement and that, upon Shareholder consent to the proposed Amended Agreement, the fee waiver would be eliminated.

Under the proposal for PACE Large Co Value, the Board, including the Independent Trustees, has approved the termination of the Fee Waiver Agreement, if the Fund's Shareholders approve the Amended Agreement. Under the Amended Agreement, the Administrative Fee will be reduced by ten basis points (0.10%) and the Fund's Investment Management Fee will increase by ten basis points (0.10%) to the following rate (based on the Fund's average daily net assets): $0 to $250 million—0.70%; in excess of $250 million up to $500 million—0.67%; in excess of $500 million up to $1 billion—0.63%; and over $1 billion—0.60%. Accordingly, the proposal is not expected to result in a change to the Fund's total fees paid under the Current Agreement after giving effect to fee waivers. Nevertheless, Shareholder approval of the Amended Agreement would have the effect of superseding the terms of the Settlement with respect to the advisory fee for PACE Large Co Value and would therefore effectively terminate the Fee Waiver Agreement. PACE Large Co Value's prospectuses are being supplemented to reflect this proposal and will be amended accordingly upon Shareholder approval of the proposal.

Special considerations relating to Shareholders who hold shares in ERISA Accounts

The Department of Labor ("DOL") has granted the Trust an exemptive order ("DOL Order") with respect to purchases or redemptions of Class P shares of the Funds held by employee benefit plans, individual

15

UBS PACE Select Advisors Trust

retirement accounts or retirement plans for self-employed individuals ("ERISA Accounts"). Pursuant to the DOL Order, which is attached in Appendix A of the Funds' Class P prospectus, ERISA Accounts that invest in Class P shares of the Funds are required to receive an offset by such amount as is necessary to ensure that UBS Global AM retains no more than 0.20% of the Investment Management Fee from each Fund (with the exception of PACE Money Market) on investment assets attributable to ERISA Accounts ("Fee Offset"). Under the Fee Offset, UBS Financial Services Inc. reduces a portion of the account fee charged to ERISA Accounts by a portion of a Fund's Investment Management Fee in excess of the sub-advisory fee(s) paid to the Fund's unaffiliated sub-advisor(s) by using a reduction factor for Shareholders who hold shares in an ERISA Account.

If Proposal 1 is approved by Shareholders, UBS Global AM may experience a greater net decrease in its revenues with respect to the Funds as a result of the Fee Offset for ERISA Accounts. Shareholders who hold shares in ERISA Accounts will receive the benefit of the Fee Offset as well as the additional benefit of a lower Administrative Fee, which is not subject to the Fee Offset under the DOL Order. UBS Global AM reserves the right in the future to seek to amend the DOL Order to exclude from the Fee Offset the proposed increases to the Investment Management Fee under the Amended Agreement. Even if such relief were granted by the DOL, Shareholders who hold shares in ERISA Accounts would still not experience an increase in the total fees paid to UBS Global AM under the Amended Agreement as compared to those paid under the Current Agreement.

Basis for the Board's approval of the Amended Agreement

At meetings of the Board on November 14, 2007 and February 13, 2008, the Trustees, including the Independent Trustees, considered the proposed Amended Agreement and the other proposals in this Proxy Statement with respect to each Fund. After its initial review on November 14, 2007, the Board requested and received from UBS Global AM additional materials to assist it in its considerations. In its consideration of the approval of the Amended Agreement, the Board considered the following factors:

Nature, extent and quality of the services to be provided under the Amended Agreement. The Board considered the nature, extent and quality of management services proposed to be provided to the Funds under the Amended Agreement. The Board took note that UBS Global AM had advised the Board that there is not expected to be any diminution in the nature, extent and quality of services provided to the Funds and their Shareholders under the Amended Agreement. The Board's evaluation of the services expected to be provided by UBS Global AM took into account the Board's knowledge and familiarity gained as Board members of funds in the UBS New York Fund complex, including the scope and quality of UBS Global AM's investment management and other capabilities and the quality of its administrative and other services. The Board recognized that it received information at regular meetings throughout the year regarding the services rendered by UBS Global AM concerning the management of each Fund's affairs and UBS Global AM's role in coordinating providers of other services to the Funds, including the oversight of sub-advisory services. The Board also considered, based on its knowledge of UBS Global AM and its affiliates, the financial resources available to UBS Global AM and its parent organization, UBS AG, and that UBS Global AM is an experienced asset management firm.

The Board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Funds under the Amended Agreement.

Management fees and expenses. For each Fund, the Board received information from UBS Global AM showing the impact of the proposed changes to the Fund's Investment Management and Administrative Fees. The data received by the Board included an analysis by UBS Global AM of the proposed changes

16

UBS PACE Select Advisors Trust

utilizing certain data based upon a format that the Board had received from Lipper, Inc. for its July 2007 annual contract renewal meeting. The Board expressed concern that for certain Funds the expenses associated with the proxy solicitation would cause the Funds' expenses to exceed their current expense caps. As a result, UBS Global AM proposed that it would pay the amount by which the actual costs of the proxy solicitation exceeded any Fund's expense cap. Management also agreed to institute additional contractual fee reductions for certain of the Funds as part of the Amended Agreement if it is approved, as shown in Exhibit E. Management also discussed the rationale for the change in the Investment Management Fee and Administrative Fee levels, noting that over time the advisory resources and staff needed to be provided to the Funds have increased substantially, while standard Administrative Fees charged for comparable fund complexes have been reduced. Management also noted that, for each Fund other than PACE Money Market, the increase in the Investment Management Fees would make it more feasible for UBS Global AM, when and if it considered it appropriate to do so, to hire sub-advisors who charged higher fees than are paid to the Funds' current sub-advisors, or increase sub-advisory fees if and as necessary. Management also noted that although the amounts of the Investment Management and Administrative Fees were changing for each Fund, the aggregate amounts of these fees were not expected to be substantially different than the current aggregates, except that certain contractual aggregate rates would actually decrease. Management also noted that, for most of the fixed income Funds, the recent voluntary annual fee waivers/expense caps approved by the Board had caused expenses for those Funds to be reduced. While UBS Global AM had a history of proposing voluntary annual fee waivers/expense caps for some Funds to enhance their competitiveness and in connection with annual contract renewal discussions with the Board, such fee waivers/expense caps expired each year unless renewed. Management noted that the Amended Agreement would incorporate certain fee concessions in the form of changes to breakpoints (and/or reductions in aggregate fee levels) for certain Funds into the contractual fee structure, and to that extent, UBS Global AM was effectively relinquishing its ability to charge the full contractual fees under the Current Agreement in the future, if the Amended Agreement is approved by Shareholders. The Board determined that the Investment Management Fees to be paid by the Funds represent reasonable compensation to UBS Global AM in light of the services provided and the fees paid by similar funds and such other matters as the Board considered relevant in the exercise of its reasonable judgment. The Board did not consider institutional account fees for accounts of similar investment types to those of the Funds in its review, as it had recently reviewed those at its July 2007 meeting.

Fund performance. The Board noted that it received information throughout the year at periodic intervals with respect to each Fund's performance, and had engaged in an extensive review of Fund performance at its July 2007 meeting. Given that the services to be provided under the Amended Agreement in comparison with the Current Agreement would not be changing and that the portfolio managers of the Funds and the sub-advisors of the Funds were not proposed to be changed specifically in connection with the approval of the Amended Agreement, the Board did not specifically consider Fund performance in its consideration of the Amended Agreement.

Profitability of UBS Global AM. Profitability of UBS Global AM and its affiliates in providing services to each Fund was not a factor considered by the Board. The Board noted that it expects to receive cost, expense and profitability information prior to the end of the initial term of the Amended Agreement and, thus, be in a position to evaluate at that time whether any adjustments in Fund fees would be appropriate in connection with a renewal of the Amended Agreement. The Board also recognized that it had reviewed the profitability of UBS Global AM and its affiliates at its July 2007 meeting. Management also explained that, as noted under "Special Considerations relating to Shareholders who hold shares in ERISA Accounts," pursuant to the DOL Order, the Fee Offset for Class P shares may cause a greater net decrease in UBS Global AM's

17

UBS PACE Select Advisors Trust

revenue if the Amended Agreement is approved, as the increase in the Investment Management Fee might be partially offset by the Fee Offset.

Economies of scale. The Board considered whether any changes in the economies of scale realized (or potentially realized) by UBS Global AM and any benefits the Funds may incur from such economies of scale were proposed to be changed if the Amended Agreement was approved. The Board recognized that there would be some changes in the breakpoint structures for certain Funds with respect to Investment Management Fees; however, it was not expected that any economies of scale from which the Funds currently benefited would change in any significant manner although some Funds may experience additional savings if assets grow. The Board also recognized that for PACE Large Co Value, although approval of the Amended Agreement would cause the termination of the fee waiver agreement, thus eliminating the Fund's breakpoints, new breakpoints would be instituted, and management anticipated that there would be no change in the Fund's total fees, after giving effect to the fee waiver agreement.

Other benefits to UBS Global AM. The Board considered other benefits received by UBS Global AM and its affiliates as a result of its relationship with the Funds. The Board noted that any such benefits were not proposed to change in connection with approval of the Amended Agreement and that at its July 2007 meeting it had determined that the profits and other ancillary benefits that UBS Global AM and its affiliates received were considered reasonable.

In light of all of the foregoing, at its meeting on February 13, 2008, the Board approved the Amended Agreement for each Fund, subject to shareholder approval.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Amended Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process. The Board discussed the proposed Amended Agreement in a private session with their independent legal counsel at which no representatives of UBS Global AM were present.

Except as discussed above, the Board has not taken any action with respect to the Current Agreement since the beginning of the Funds' last fiscal year.

THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE CHANGES TO THE FUNDS' INVESTMENT MANAGEMENT AND ADMINISTRATION AGREEMENT.

If approved, the Amended Agreement would become effective with respect to a given Fund as soon as reasonably practicable thereafter as determined by the Trust's officers (e.g., after new related sub-advisory agreements are fully executed and ready to become effective upon the Amended Agreement's entrance into force; at the beginning of a subsequent month).

18

UBS PACE Select Advisors Trust

Proposal 2. Changes to fundamental investment policies

Modification of the Funds' fundamental investment policies

Introduction. The following section details the proposed changes to the Funds' fundamental investment policies. First, existing policies are presented. Then, any proposed replacement policies are put forth (in bold), followed by a discussion of the proposed modifications.

Proposal 2.A—Borrowing—For all Funds

Current fundamental investment policy: The Funds' current fundamental investment policy regarding borrowing reads:

A fund will not issue senior securities (including borrowing money from banks and other entities and through reverse repurchase agreements and mortgage dollar rolls) in excess of 33 1/3% of its total assets (including the amount of senior securities issued, but reduced by any liabilities and indebtedness not constituting senior securities), except that a fund may borrow up to an additional 5% of its total assets (not including the amount borrowed) for extraordinary or emergency purposes.

Proposed new fundamental investment policy: If the proposed amendment is approved by Shareholders, each Fund's fundamental investment policy regarding borrowing would read:

Each fund may borrow money to the extent permitted under the 1940 Act, as amended, as may be interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility.

Discussion of proposed modification

Unless further restricted, all investment companies are limited in the amount they may borrow by the 1940 Act. Currently, the 1940 Act permits a Fund to borrow from banks in an amount up to 33 1/3% of the Fund's assets, including the amount borrowed. The 1940 Act also permits a Fund to issue a note evidencing a temporary loan (i.e., one that is scheduled to be repaid within 60 days), as long as it does not exceed 5% of the Fund's total assets. The proposed fundamental investment policy would permit the Funds to borrow to the full extent permitted by the 1940 Act although, even if permitted by law, borrowing would occur only if consistent with a Fund's disclosure in its prospectus and statement of additional information. Therefore, no further Board or Shareholder action would be needed to conform the borrowing policy to future changes in the 1940 Act, and interpretations thereof that provide greater flexibility of investment, that govern borrowing by mutual funds.

Proposal 2.B—Senior securities—For all Funds

Current fundamental investment policy: The Funds' current fundamental investment policy regarding borrowing and senior securities is combined in one sentence. As part of the proposed changes, the two elements would be separated, and a new fundamental investment policy regarding senior securities would be adopted. As noted above, the current fundamental investment policy reads:

A fund will not issue senior securities (including borrowing money from banks and other entities and through reverse repurchase agreements and mortgage dollar rolls) in excess of 33 1/3% of its total assets (including the amount of senior securities issued, but reduced by any liabilities and indebtedness

19

UBS PACE Select Advisors Trust

not constituting senior securities), except that a fund may borrow up to an additional 5% of its total assets (not including the amount borrowed) for extraordinary or emergency purposes.

Proposed new fundamental investment policy: If the proposed amendment is approved by Shareholders, each Fund's fundamental investment policy regarding issuing senior securities would read:

Each fund may issue senior securities to the extent permitted under the 1940 Act, as may be interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility.

Discussion of proposed modification

The 1940 Act prohibits mutual funds from issuing senior securities, except for borrowings where certain conditions are met. In addition, the SEC has interpreted the 1940 Act to provide that certain types of transactions entered into by a mutual fund, including reverse repurchase agreements, short sales, and when-issued and delayed delivery transactions, forward and futures contracts and certain other transactions involving derivatives, may be considered forms of indebtedness and, therefore, senior securities unless certain collateral or asset coverage requirements are met. In addition, the scope of these requirements, including the particular investments that are subject to these requirements, and the amount of asset coverage that is required for a particular transaction or investment, has been subject to changing SEC interpretations from time to time.

Under the Funds' current fundamental investment policy, each Fund is generally prohibited from issuing senior securities. Thus, the proposed amended fundamental investment policy on issuing senior securities, which refers to the requirement of the 1940 Act, does not substantively alter this fundamental investment policy. In all cases, the Funds will continue to be subject to the 1940 Act limitation on issuing senior securities. However, the proposed modification would clarify that a Fund is not issuing senior securities when it is acting in a manner consistent with SEC interpretations that may have the result of providing additional flexibility of investment. In addition, although not part of its fundamental investment policy, a Fund would be able to engage in such activities only if its other investment policies and strategies so permitted at that time.

Proposal 2.C—Real Estate—For all Funds

Current fundamental investment policy: The Funds' current fundamental investment policy regarding real estate reads:

A fund will not purchase or sell real estate or real estate limited partnership interests, except that it may purchase and sell mortgage related securities and securities of companies that deal in real estate or interests therein.

Proposed new fundamental investment policy: If the proposed amendment is approved by Shareholders, each Fund's fundamental investment policy regarding investments in real estate would read:

A fund will not purchase or sell real estate or real estate limited partnership interests, except that it may purchase and sell securities that are collateralized by or otherwise related to interests in real estate and securities of companies that deal in real estate or interests therein. (New language underlined).

20

UBS PACE Select Advisors Trust

Discussion of proposed modification

The proposed change would not substantively change each Fund's general policy on buying or selling real estate. The change is intended to clarify that, consistent with its investment policies, a Fund may purchase certain securities that are backed by, or otherwise related to, mortgages or real estate. (Unlike fundamental investment policies, a Fund's other investment policies and strategies may be changed by the Board without Shareholder approval.) Since the Funds are asking Shareholders to approve changes to other fundamental investment policies, the opportunity is being used to update the wording of this fundamental investment policy as well.

Proposal 2.D—Commodities—For all Funds

Current fundamental investment policy: The Funds' current fundamental investment policy regarding commodities reads:

A fund will not purchase or sell commodities or commodity contracts (except currencies, forward currency contracts, futures contracts and options and other similar contracts).

Proposed new fundamental investment policy: If the proposed amendment is approved by Shareholders, each Fund's fundamental investment policy regarding investments in commodities would read:

Each fund may not purchase or sell physical commodities unless acquired as a result of owning securities or other instruments, but the fund may purchase, sell or enter into financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments, to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as may be interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility.

Discussion of proposed modification

The current fundamental investment policy regarding commodities prohibits the Funds from investing in commodities or commodity contracts, but excepts certain financial instruments, such as currencies, forward currency contracts, futures contracts and options and other similar contracts, which under some interpretations may be deemed commodities. The proposed policy does not limit the Funds' purchase or sale of derivatives to those that have a value tied to the value of a financial index, financial instrument or other asset and, like the current policy, allows investments for both hedging and non-hedging purposes. These derivatives include, for example, options, futures contracts and options on futures contracts. Other types of financial instruments, such as forward commitments and swaps, might also be deemed to be commodity contracts permissible under either the current or proposed policy. Such strategies are generally accepted under modern portfolio management theory and are regularly used by many mutual funds and other institutional investors. The proposed policy, like the current policy, also permits each Fund to enter into foreign currency transactions in accordance with its investment objective(s) and strategies.

While several of the Funds may already invest in derivatives, the proposed fundamental investment policy permits an expansion of the types of derivatives in which those Funds may invest, if such investments are otherwise in accordance with the Fund's investment objective(s) and strategies. To the extent a Fund invests in derivative instruments, it may be exposed to additional risks and transaction costs. The Funds will continue to be subject to the 1940 Act regulations and their current investment policies. (Unlike fundamental investment policies, a Fund's other investment policies and strategies may be changed by the Board without Shareholder approval.)

21

UBS PACE Select Advisors Trust

Proposal 2.E—Making loans—For all Funds

Current fundamental investment policy: The Funds' current fundamental investment policy regarding making loans reads:

A fund will not lend any funds or other assets, except through purchasing debt obligations, lending portfolio securities and entering into repurchase agreements consistent with the fund's investment objective and policies.

The following interpretation applies to, but is not part of, this fundamental restriction: the Funds' investments in master notes and similar instruments will not be considered to be the making of a loan.

Proposed new fundamental investment policy: If the proposed amendment is approved by Shareholders, each Fund's fundamental investment policy regarding making loans would read:

Each fund may make loans, to the extent permitted under the 1940 Act, as may be interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility.

Discussion of proposed modification

The proposed change permits the Funds to engage in all forms of lending, including securities lending, to the extent permitted by the 1940 Act and by then-current SEC policy. Even if permitted by law, lending would occur only if consistent with a Fund's then-current disclosure in its prospectus and statement of additional information.

The staff of the SEC currently limits loans of a Fund's securities to one-third of the Fund's total assets available for lending. Should the SEC staff modify the requirements governing a mutual fund's loan of its securities in the future, under the proposed fundamental investment policy, each Fund would be able to take advantage of that increased flexibility without requiring further Shareholder action.

Proposal 2.F—Concentration of investments—For all Funds

Current fundamental investment policies: The Funds' current fundamental investment policies regarding concentration of investments read:

(a)  A fund, other than UBS PACE Municipal Fixed Income Investments and UBS PACE Global Real Estate Securities Investments, will invest no more than 25% of the value of its total assets in securities of issuers in any one industry, the term industry being deemed to include the government of a particular country other than the United States. This limitation is not applicable to a fund's investments in US Government securities.

(b)  UBS PACE Global Real Estate Securities Investments will invest more than 25% of its assets in real estate related securities.

  The following interpretation applies to, but is not a part of, this fundamental restriction: Except as noted above, a fund will not purchase any security if, as a result of that purchase, 25% or more of the fund's total assets would be invested in securities of issuers having their principal

22

UBS PACE Select Advisors Trust

business activities in the same industry, except that this limitation does not apply to securities issued or guaranteed by the US Government, its agencies and instrumentalities or to municipal securities. In addition, (a) US banking (including US finance subsidiaries of non-US banks) and non-US banking will be considered to be different industries; and (b) asset-backed securities will be grouped in industries based upon their underlying assets and not treated as constituting a single, separate industry. This restriction is also interpreted with respect to UBS PACE Money Market Investments so as not to apply to that fund's investments in certificates of deposit and bankers' acceptances of domestic branches of US banks.

Proposed new fundamental investment policy: If the proposed amendment is approved by Shareholders, each Fund's fundamental investment policy regarding concentration of investments would read:

Each fund, other than UBS PACE Municipal Fixed Income Investments and UBS PACE Global Real Estate Securities Investments, will not "concentrate" its investments in a particular industry, except as permitted under the 1940 Act, as interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility.

The following interpretation applies to, but is not a part of, this fundamental limitation: Except as noted above, a fund will not purchase any security if, as a result of that purchase, 25% or more of the fund's total assets would be invested in securities of issuers having their principal business activities in the same industry, except that this limitation does not apply to securities issued or guaranteed by the US Government, its agencies and instrumentalities or to municipal securities. In addition, (a) US banking (including US finance subsidiaries of non-US banks) and non-US banking will be considered to be different industries; and (b) asset-backed securities will be grouped in industries based upon their underlying assets and not treated as constituting a single, separate industry. This limitation is also interpreted with respect to UBS PACE Money Market Investments so as not to apply to that fund's investments in certificates of deposit and bankers' acceptances of domestic branches of US banks.

UBS PACE Global Real Estate Securities Investment will concentrate in real estate related securities.

UBS PACE Municipal Fixed Income Investments will concentrate in municipal fixed income securities, the income from which is exempt from regular federal income tax.

Discussion of proposed modification

Each Fund currently has, and will continue to have, a fundamental investment policy that specifies whether the Fund may concentrate its investments in any one industry. While the 1940 Act does not define what constitutes "concentration" in an industry, the SEC staff has taken the position that investment of more than 25% of a Fund's total assets in one or more issuers conducting their principal business activities in the same industry (excluding the U.S. Government, its agencies or instrumentalities) normally constitutes concentration. In the case of money market funds, the SEC staff has taken the view that such funds may have the freedom to concentrate investments in certain bank obligations without being deemed to be "concentrated." The proposed change also allows the Funds the flexibility to take advantage of future changes in the definition of "concentration" under the 1940 Act without seeking Shareholder approval. The Trust, with respect to a Fund, may define "industry" based on standard definitions.

23

UBS PACE Select Advisors Trust

Proposal 2.G—Diversification—For all Funds

Current fundamental investment policies: The Funds' current fundamental investment policies regarding diversification read:

(a)  A fund, other than UBS PACE Intermediate Fixed Income Investments, UBS PACE Global Fixed Income Investments, UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments, may not purchase securities (other than US government securities) of any issuer if, as a result of the purchase, more than 5% of the value of the fund's total assets would be invested in such issuer, except that up to 25% of the value of the fund's total assets may be invested without regard to this 5% limitation.

  The following interpretation applies to, but is not a part of, this fundamental limitation: mortgage- and asset-backed securities will not be considered to have been issued by the same issuer by reason of the securities having the same sponsor, and mortgage- and asset-backed securities issued by a finance or other special purpose subsidiary that are not guaranteed by the parent company will be considered to be issued by a separate issuer from the parent company.

(b)  A fund will not purchase more than 10% of the outstanding voting securities of any one issuer, except that this limitation is not applicable to the fund's investments in US government securities and up to 25% of the fund's assets may be invested without regard to these limitations.

Proposed new fundamental investment policy: If the proposed amendment is approved by Shareholders, each Fund's sub-classification as a diversified or non-diversified Fund would read:

Each fund, except UBS PACE Intermediate Fixed Income Investments, UBS PACE Global Fixed Income Investments, UBS PACE Global Real Estate Securities Investments, and UBS PACE Alternative Strategies Investments, shall be a "diversified company" as that term is defined in the 1940 Act, as interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility.

UBS PACE Intermediate Fixed Income Investments, UBS PACE Global Fixed Income Investments, UBS PACE Global Real Estate Securities Investments, and UBS PACE Alternative Strategies Investments shall be "non-diversified companies" as that term is defined in the 1940 Act, as interpreted, modified or applied by government or regulatory authorities having jurisdiction, from time to time, to provide greater flexibility.

The following interpretation applies to, but is not a part of, this fundamental limitation: mortgage- and asset-backed securities will not be considered to have been issued by the same issuer by reason of the securities having the same sponsor, and mortgage- and asset-backed securities issued by a finance or other special purpose subsidiary that are not guaranteed by the parent company will be considered to be issued by a separate issuer from the parent company.

Discussion of proposed modification

Section 5(b) of the 1940 Act requires each series of an investment company to state whether it is "diversified" or "non-diversified," as those terms are defined in the 1940 Act. The term "diversified"

24

UBS PACE Select Advisors Trust

generally is used in the 1940 Act as follows: a diversified mutual fund may not, with respect to 75% of its total assets, (1) invest more than 5% of its total assets in the securities of one issuer, or (2) hold more than 10% of the outstanding voting securities of such issuer ("75% test"). Under the 1940 Act, a "non-diversified" mutual fund generally is any mutual fund that is not considered diversified and is not, therefore, constrained by the 75% test. No change is being proposed to any Fund's designation as a diversified or non-diversified Fund. Instead, the proposed change would modify the Funds' fundamental investment policies regarding each Fund's sub-classification under the 1940 Act to rely on the definitions of the terms "diversified" and "non-diversified" in the 1940 Act rather than stating percentage limitations expressed under current law (or even more restrictive percentage limitations). Thus, this investment policy will apply the requirements of the 1940 Act, as they may be amended or interpreted from time to time, to provide greater flexibility of investment to each Fund without the Board or Shareholders taking further action.

Reclassification of certain other fundamental investment policies of the Funds as non-fundamental

Proposal 2.H—Pledging, mortgaging and hypothecating fund assets—For all Funds

Current fundamental investment policy: The Funds' current fundamental investment policy regarding pledging, mortgaging and hypothecating reads:

A fund will not pledge, hypothecate, mortgage, or otherwise encumber its assets, except to secure permitted borrowings or in connection with its use of forward contracts, futures contracts, options, swaps, caps, collars and floors.

It is proposed that the fundamental investment policy on pledging, mortgaging and hypothecating a Fund's assets be reclassified as non-fundamental.

Reasons for the reclassification of the investment policy

The policy on pledging, mortgaging and hypothecating a portfolio's assets was based on the requirements formerly imposed by certain state "blue sky" regulators as a condition to registration. As a result of the National Securities Markets Improvement Act of 1996 ("NSMIA"), this fundamental investment policy is no longer required and may be eliminated from the Funds' fundamental investment policies. The Funds' current limits on pledging may unnecessarily limit each Fund's ability to borrow money to meet redemption requests or for temporary or emergency purposes. This conflict arises because banks may require borrowers such as the Funds to pledge assets in order to collateralize the amount borrowed. The Funds' current borrowing limits would remain consistent with limits prescribed under the 1940 Act, as more fully described in Proposal 2.A, above. By classifying this policy as non-fundamental, the proposal would grant the Board the authority to modify the policy if circumstances so warrant in the future.

Proposal 2.I—Margin activities—For all Funds

Current fundamental investment policy: The Funds' current fundamental investment policy regarding margin activities reads:

A fund will not purchase securities on margin, except that a fund may obtain any short-term credits necessary for the clearance of purchases and sales of securities. For purposes of this restriction, the deposit or payment of initial or variation margin in connection with futures contracts or options on futures contracts will not be deemed to be a purchase of securities on margin.

25

UBS PACE Select Advisors Trust

It is proposed that the fundamental investment policy on margin activities be reclassified as non-fundamental.

Reasons for the reclassification of the investment policy

The fundamental investment policy on margin activities also was based on the requirements formerly imposed by certain state "blue sky" regulators as a condition to registration. As a result of NSMIA, this fundamental investment policy is no longer required and may be eliminated from the Funds' fundamental investment policies. By classifying this policy as non-fundamental, the proposal would grant the Board the authority to modify the policy if circumstances so warrant in the future.

Proposal 2.J—Short selling—For all Funds except PACE Global Real Estate and PACE Alternative Strategies

Current fundamental investment policy: The Funds' current fundamental investment policy regarding short selling reads:

Each fund, other than UBS PACE Global Real Estate Securities Investments and UBS PACE Alternative Strategies Investments, will not make short sales of securities or maintain a short position, unless at all times when a short position is open it owns an equal amount of the securities or securities convertible into or exchangeable for, without payment of any further consideration, securities of the same issue as, and equal in amount to, the securities sold short ("short sales against the box"), and unless not more than 10% of the fund's net assets (taken at market value) is held as collateral for such sales at any one time.

It is proposed that the fundamental investment policy on short selling a Fund's assets be reclassified as non-fundamental.

Reasons for the reclassification of the investment policy

The fundamental investment policy on selling securities short also was based on the requirements formerly imposed by certain state "blue sky" regulators as a condition to registration. As a result of NSMIA, this investment policy is no longer required and may be eliminated from the Funds' fundamental investment policies. By classifying this policy as non-fundamental, the proposal would grant the Board the authority to modify the policy if circumstances so warrant in the future.

THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" EACH OF THE CHANGES IN THE FUNDS' FUNDAMENTAL INVESTMENT POLICIES.

26

UBS PACE Select Advisors Trust

Proposal 3. Changes to allow the Board to amend a Fund's investment objective(s) without Shareholder approval

Overview and related information

A mutual fund is required under the 1940 Act to disclose its investment objective(s) in its registration statement. The investment objective(s) is the overall goal of a fund, and may explain the mutual fund's overall principal investment strategies, including particular types of securities in which the mutual fund principally invests or will invest. The 1940 Act does not require shareholder approval to change a mutual fund's investment objective(s), unless the mutual fund has designated the investment objective(s) as an investment policy that may be changed only with Shareholder approval. If a mutual fund's investment objective(s) may be changed without Shareholder approval, the fund is required to disclose in its prospectus that the investment objective(s) may be changed without Shareholder approval.

Each Fund currently has an investment policy that its investment objective(s) may not be changed without Shareholder approval. Therefore, these investment policies require a Fund to solicit votes from its Shareholders if the Board determines that such change to the investment objective(s) is in the best interests of the Fund and its Shareholders. Seeking Shareholder approval may be costly to the Fund. As previously stated, the 1940 Act does not require Shareholder approval for a Fund to amend its investment objective(s).

Proposed changes to investment policies

On February 13, 2008, the Board, including the Independent Trustees, approved, and recommends that Shareholders of each Fund approve, an amendment to each Fund's investment policies that would enable a Fund, with approval of the Board, including the Independent Trustees, to amend its investment objective(s) without Shareholder approval.

The proposed change would permit the Board to amend a Fund's investment objective(s) without Shareholder approval when the Board believes that the change is in the best interests of Shareholders, without the cost and delay of calling a meeting of the Shareholders. The Board believes that this change would allow for greater flexibility and would enable the Board to act quickly in response to market conditions. The proposed change would also allow the Board to modify a Fund's investment objective(s) in order to facilitate certain Fund reorganizations, such as a merger between Funds. Any change to a Fund's investment objective(s) would be disclosed to Shareholders as required under the 1940 Act or as required or interpreted by the SEC staff in the interests of Shareholders. If Shareholders approve this Proposal, the Funds also would disclose in the Funds' prospectuses that the investment objective(s) may be amended without a vote of the Shareholders.

THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE PROPOSED CHANGE TO ALLOW THE BOARD TO AMEND A FUND'S INVESTMENT OBJECTIVE(S) WITHOUT SHAREHOLDER APPROVAL.

27

UBS PACE Select Advisors Trust

Proposal 4. Amendments to the Trust Instrument

Overview

Mutual funds like the Funds are subject to comprehensive federal laws and regulations. In particular, the 1940 Act contains a number of specific shareholder protections. The 1940 Act mandates that a registered investment company, such as the Trust, with an affiliated principal underwriter have a board of trustees that includes a majority of members who are not "interested persons" of the fund (i.e., independent trustees) to oversee the interests of the investment company and its shareholders. The Trust is also subject to Delaware law because the Trust was organized as a Delaware statutory trust. Under Delaware law, a statutory trust generally operates under a charter or organizational document, usually called a trust instrument, which sets forth various provisions relating primarily to the authority of the trust to conduct business and to the governance of the trust. The Trust currently operates under a trust instrument ("Existing Trust Instrument"), which is applicable to all of the Funds. (Each of the Funds was organized as a series of the Trust.)

On February 13, 2008, the Board, including the Independent Trustees, approved, subject to Shareholder approval, the Proposed Trust Instrument. The Proposed Trust Instrument incorporates amendments ("Instrument Amendments") generally designed to provide more flexibility to the Board in governing the Trust and the Funds. The Instrument Amendments also remove the requirement for a Shareholder vote on certain matters that do not require Shareholder approval under the 1940 Act. Lastly, the Instrument Amendments contain changes to protect the Trust, the Trustees and the Funds against frivolous lawsuits.

The form of Proposed Trust Instrument, incorporating all of the Instrument Amendments approved by the Board, is attached hereto as Exhibit H. A summary of some of the more important differences between the Existing Trust Instrument and the Proposed Trust Instrument is set forth below. The summary is qualified in its entirety by reference to the form of Proposed Trust Instrument attached as Exhibit H, which the Shareholders should carefully review and consider.

Summary of the Instrument Amendments

Voting power. The 1940 Act provides significant protection to mutual fund shareholders. Among other things, the 1940 Act requires a vote by mutual fund shareholders on various matters that Congress has determined might have a material effect on shareholders and their investments. For example, shareholder consent is required under the 1940 Act to approve new investment advisory agreements in most cases, an increase in an advisory fee, adoption of (or an increase in) a distribution fee under Rule 12b-1 under the 1940 Act, changes to fundamental investment policies, the election of directors or trustees under certain circumstances, and certain mergers or reorganizations of funds. The Instrument Amendments (Article VI, Section 1) provide for Shareholder voting only: (i) for the election and removal of Trustees to the extent and as provided in the Trust Instrument; (ii) as required by law (which includes the 1940 Act); and (iii) as the Trustees may consider and determine necessary or desirable. The Instrument Amendments otherwise permit actions by the Board without seeking the consent of Shareholders to the extent consistent with the 1940 Act. The Existing Trust Instrument requires approval of Shareholders in circumstances that may not require Shareholder approval under applicable law, which may result in the inability to adapt quickly to a changing environment and may generate undue cost or uncertainty.

The Instrument Amendments permit the Board to act more quickly in response to competitive or regulatory conditions without the cost, uncertainty and delay of a meeting of the Shareholders when the Board believes that the action is in the best interests of Shareholders. Shareholder consent will remain required as provided under the 1940 Act.

28

UBS PACE Select Advisors Trust

Dollar voting. The Instrument Amendments (Article VI, Sections 1, 2 and 3) provide for dollar-weighted voting, where each Shareholder of the Trust or a Fund is entitled to one vote for each dollar of net asset value of the Fund represented by the Shareholder's shares of the Fund, on each matter on which that Shareholder is entitled to vote (except in limited circumstances provided for in the Trust Instrument). The Existing Trust Instrument provides that each share of a Fund is entitled to one vote on each matter on which shares of that Fund are entitled to vote. Under the Proposed Trust Instrument, Shareholders vote proportionate to the value of their interest in the Trust. The Trust is composed of multiple Funds or series. Because each Fund can have a different share price from other Funds, currently Shareholders of a Fund with lower-priced shares may have more voting power than Shareholders of a Fund with higher-priced shares. For example, if a Fund's shares are selling for $10 per share, a $1,000 investment will purchase 100 shares. If another Fund in the Trust has shares selling for $50 a share, that same $1,000 investment will purchase only 20 shares of that Fund. Therefore, under the Existing Trust Instrument, in situations where Shareholders of the Trust vote together, a Shareholder of the first Fund has five times the vote of a Shareholder in the second Fund, even though the economic interest of each Shareholder is the same. For this reason, the Board believes that the change to dollar-weighted voting, which would assure that a Shareholder's voting power matches the Shareholder's economic interest in the Trust, is appropriate. This means that Shareholders with larger economic investments will have more votes than Shareholders with smaller economic investments, which may not be the case currently when Shareholders of several Funds vote together.

"Trust-wide" voting. The Instrument Amendments (Article VI, Section 1) provide for Shareholder voting in the aggregate (i.e., all Funds and/or classes of the Funds vote together in the aggregate) except (i) when required by the 1940 Act or (ii) when the Trustees have determined that the matter affects only the interests of Shareholders of one or more Funds or share classes, or as deemed appropriate in their discretion. The Existing Trust Instrument provides for Shareholder voting on a fund-by-fund basis except when required by the 1940 Act and when the Trustees have determined that the matter to be voted upon affects only the interests of one or more classes of shares of a Fund, in which case only the Shareholders of such class or classes of that Fund are entitled to vote on the matter. The Instrument Amendments prevent an individual Fund from having veto power with regard to a matter that impacts all of the Funds equally, which could result in the inability to obtain votes for measures that would be beneficial to most Shareholders. The 1940 Act provides for shareholder voting on a fund-by-fund basis when an individual fund is "affected by the matter" to be voted upon; a fund is deemed to be affected by a matter unless the interests of each fund in the matter are substantially identical, or the matter does not affect any interest of that fund. Accordingly, shareholder voting would still be conducted on a fund-by-fund basis for numerous types of proposals when it is required by law (for example, for an investment advisory agreement).

Designation and liability of expert trustees. For the avoidance of doubt, the Instrument Amendments (Article X, Section 2) clarify that the standard of care or liability imposed upon the Chairman of the Board, a member or chairman of a committee of the Board, an expert on any topic or in any area (including an audit committee financial expert), the lead independent Trustee or a Trustee who has special skills or any other special appointment, designation or identification shall be the same as that imposed on a Trustee in the absence of such designations, appointments, expertise or identifications and that such a designation will not affect that Trustee's rights or entitlement to indemnification. The Existing Trust Instrument does not contain this clarification, although the clarification is thought to be consistent with current law and interpretations.

Reorganization of the Trust or the Funds. The Instrument Amendments (Article X, Section 4) would provide that the Board may reorganize or combine the Trust or any of the Funds without Shareholder approval, where approval of the Shareholders is not otherwise required by law. Current interpretations of the

29

UBS PACE Select Advisors Trust

1940 Act generally require reorganizations or fund combinations involving affiliated funds to be approved by the shareholders of the fund being acquired where certain conditions are not satisfied. In effect, both the Existing Trust Instrument and the Proposed Trust Instrument require Shareholder approval for reorganizations or combinations of the Trust or any of the Funds when required under the 1940 Act. However, the Existing Trust Instrument also codifies specific findings that the Trustees must make before a reorganization can be made without Shareholder approval. The Instrument Amendments do not continue to require these specific findings under the Proposed Trust Instrument. The Trustees would, as they do currently, approve a reorganization (with or without Shareholder approval) only after they have made certain determinations about the best interests of the reorganized Funds and their Shareholders, in the exercise of their fiduciary duties and as required by the 1940 Act.

Amendment of the Trust Instrument. Under the Existing Trust Instrument, Shareholders have the right to vote on the following types of amendments to the Trust Instrument: (1) any amendment affecting the voting powers granted to them, (2) any amendment to the amendment provisions, (3) any amendment required by law or by the Trust's registration statement to be submitted to them, or (4) any amendment submitted to the Shareholders by the Trustees in their discretion. The Instrument Amendments (Article X, Section 8) eliminate these requirements. As a consequence, the Trustees generally could amend the Proposed Trust Instrument without Shareholder approval. However, there would remain circumstances where the Proposed Trust Instrument could not be amended without Shareholder approval. For example, Article X, Section 8 of the Existing Trust Instrument provides that any amendment to Article IX which would have the effect of reducing the indemnification and other rights provided thereby to Trustees, officers, employees, and agents of the Trust or to Shareholders or former Shareholders, and any repeal or amendment of such provision shall each require the affirmative vote of the holders of two-thirds of the outstanding shares of the Trust entitled to vote thereon. This provision would remain unchanged. Also, applicable law could require that certain changes be approved by Shareholders.

By generally allowing future amendments of the Proposed Trust Instrument without Shareholder approval, the Instrument Amendments give the Board the authority to react more quickly to future contingencies. The Board also could determine at any time to submit a future amendment to the Trust Instrument for a vote of the Shareholders, even though not required by law or by the Trust Instrument itself.

Derivative actions. The Instrument Amendments (Article X, Section 10) provide a detailed process for the bringing of derivative actions by Shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a Fund or its Shareholders as a result of spurious Shareholder demands and derivative actions. Of course, UBS Global AM also would benefit by avoiding the distraction and expense caused by meritless claims. The Instrument Amendments provide that prior to bringing a derivative action on behalf of a Fund, a demand by three unrelated Shareholders of that Fund must first be made on the Trust's Board. These provisions detail various information, certifications, undertakings and acknowledgements that must be included in the demand. Following receipt of the demand, the Board has a period of 90 days, which may be extended by an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand determines that maintaining the suit would not be in the best interests of the Fund, the Board is required to reject the demand, and the complaining Shareholders may not proceed with a derivative action on behalf of that Fund unless the Shareholders are able to sustain the burden of proof to a court that the decision of the Board not to pursue the requested action was not a good faith exercise of its business judgment on behalf of the Fund. These provisions further provide that Shareholders owning interests representing in the aggregate at least 5% of the voting power of the affected

30

UBS PACE Select Advisors Trust

Fund must join in bringing the derivative action. If a demand is rejected, the complaining Shareholders will be responsible for the costs and expenses (including attorneys' fees) incurred by the Fund in connection with the consideration of the demand, if a court determines that the demand was made without reasonable cause or for an improper purpose. If a derivative action is brought in violation of the Trust Instrument, the Shareholders bringing the action may be responsible for the Fund's costs, including attorneys' fees.

These provisions of the Proposed Trust Instrument are intended to save the time and expense of attending to a suit that the Board in its judgment does not believe would be in the best interests of a Fund or the Trust, as the case may be. This change is intended to discourage suits brought in the name of the Trust or a Fund by Shareholders for frivolous reasons.

Board determination

The Trust's Board has approved the Proposed Trust Instrument and recommends that Shareholders vote to approve the Proposed Trust Instrument also. The Board believes that it is in the best interests of Shareholders to permit the modernization of the Existing Trust Instrument. It is anticipated that the overall effect of the changes in the Proposed Trust Instrument would be to make the administration of the Trust and the Funds more efficient and provide more flexibility for the operation of the Trust and the Funds, within the limits of applicable law. This increased flexibility may allow the Board to react more quickly to changes in market conditions or the regulatory environment. Adoption of the Proposed Trust Instrument will not remove any of the protections provided to Shareholders of mutual funds under federal law or alter in any way the Board's existing fiduciary obligations under both federal and state law to act with due care and in the best interests of the Funds. Before utilizing any new flexibility that the Proposed Trust Instrument may afford, the Boards must first consider Shareholders' interests and then act in accordance with those interests. A Fund's current investments and investment policies will not change by virtue of the adoption of the Proposed Trust Instrument.

The effectiveness of the Proposed Trust Instrument is contingent upon the approval by the Shareholders of each Fund. The Proposed Trust Instrument will not go into effect if it is only approved by some Funds but not all Funds. If approved by Shareholders, the Proposed Trust Instrument would become effective as soon as reasonably practicable thereafter as determined by the Trust's officers (e.g., shortly after all Trustee signatures were obtained on the new document).

THE BOARD, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE PROPOSED TRUST INSTRUMENT.

31

UBS PACE Select Advisors Trust

Additional information

The solicitation of proxies will be made primarily by mail. The Trust has also retained an outside firm that specializes in proxy solicitation to assist with the proxy solicitation process, the collection of the proxies, and with any necessary follow-up. All costs of solicitation, including (a) printing and mailing of this Proxy Statement and accompanying material, (b) the reimbursement of brokerage firms and others for their expenses in forwarding solicitation material to the beneficial owners of each Fund's shares, and (c) payment to Computershare Fund Services for its services as proxy solicitor (which is anticipated to amount to approximately $1 million), including solicitations to submit proxies by telephone, will be borne by the Funds, except to the extent that such costs would cause the Funds' expense ratios to exceed the expense limitations to which they are currently subject ("expense caps"). The expenses relating to the proxy solicitation paid by the Funds will be allocated among the Funds based on a combination of their relative net assets and/or number of shareholder accounts or, in the case of legal fees, may be allocated equally among the Funds. Although such additional expenses may have been originally outside the Funds' current expense caps, UBS Global AM has agreed to absorb such costs in excess of the current expense cap ratios, which apply on a fund-by-fund/class-by-class basis as detailed in Exhibit E. UBS Global AM has also agreed to forego the recoupment of any such reimbursed expenses to which it might otherwise have been entitled under the existing expense cap agreements as a result of paying these solicitation expenses. Consequently, it is possible that the cost of solicitation may cause certain Funds' operating expenses to increase for a period of time, possibly up to the level of their applicable expense caps, with UBS Global AM absorbing the excess costs.

Beneficial ownership of shares

A list of those persons who, to the knowledge of the Trust, owned beneficially 5% or more of the shares of any class of any Fund as of the Record Date is set forth in Exhibit C.

Shareholder proposals

As a general matter, the Trust does not hold regular annual or other meetings of Shareholders. Any Shareholder who wishes to submit proposals to be considered at a special meeting of the Trust's Shareholders should send the proposals to the Secretary of UBS PACE Select Advisors Trust care of UBS Global Asset Management (Americas) Inc., 51 West 52nd Street, New York, New York 10019-6114, so as to be received a reasonable time before the proxy solicitation for that meeting is made.

Shareholder proposals that are submitted in a timely manner will not necessarily be included in the Trust's or a Fund's proxy materials. Inclusion of such proposals is subject to limitations under the federal securities laws.

32

UBS PACE Select Advisors Trust

Other business

Management knows of no business to be presented at the Meeting other than the matters set forth in this Proxy Statement, but should any other matter requiring a vote of Shareholders arise, the proxies will vote thereon according to their best judgment in the interest of the Trust or relevant Fund, as applicable.

By Order of the Board,

Mark F. Kemper
Vice President and Secretary

April 2, 2008

It is important that you execute and return your proxy (or vote by telephone or through the Internet) promptly.

33

UBS PACE Select Advisors Trust

EXHIBIT INDEX

34

UBS PACE Select Advisors Trust

Exhibit A

List of shorthand names of Funds as used in this Proxy Statement and date of Shareholder approval of Previous or Current Investment Management and Administration Agreement

A-1

UBS PACE Select Advisors Trust

Exhibit B

Shares outstanding as of Record Date

B-1

UBS PACE Select Advisors Trust

Exhibit B

B-2

UBS PACE Select Advisors Trust

Exhibit C

Beneficial ownership of greater than 5% of the Funds' shares as of Record Date

C-1

UBS PACE Select Advisors Trust

Exhibit C

C-2

UBS PACE Select Advisors Trust

Exhibit C

C-3

UBS PACE Select Advisors Trust

Exhibit C

*  The beneficial owners listed may be contacted c/o UBS Global Asset Management (US) Inc., Compliance Department, 51 West 52nd Street, New York, NY 10019-6114.

C-4

UBS PACE Select Advisors Trust

Exhibit D

Form of Amended Agreement

INVESTMENT MANAGEMENT AND ADMINISTRATION AGREEMENT

THIS AGREEMENT is made as of April 1, 2006 and amended as of August 1, 2006 [ ], 2008 between UBS PACE SELECT ADVISORS TRUST, a Delaware statutory trust ("Trust"), and UBS GLOBAL ASSET MANAGEMENT (AMERICAS) INC. ("UBS Global AmericasAM"), a Delaware corporation registered as an investment adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company, and intends to offeroffers for public sale distinct series of shares of beneficial interest as listed on Schedule I to this Agreement (each a "Portfolio"); and

WHEREAS, the Trust desires to retain UBS Global AmericasAM as investment manager and administrator to furnish certain administrative, investment advisory and management services to the Trust and each Portfolio as now exists and as hereafter may be established, and UBS Global AmericasAM is willing to furnish such services; and

WHEREAS, the Trust desires and intends to have one or more investment advisers ("Sub-Advisers") provide investment advisory and portfolio management services with respect to the Portfolios other than any Portfolios managedadvised by UBS Global AmericasAM;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, it is agreed between the parties hereto as follows:

1.  Appointment. The Trust hereby appoints UBS Global AmericasAM as investment manager and administrator of the Trust and each Portfolio for the period and on the terms set forth in this Agreement. UBS Global AmericasAM accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

2.  Duties as Investment Manager for UBS PACE Money Market Investments.

(a)  Subject to the supervision of the Trust's Board of Trustees ("Board"), UBS Global Americas and consistent with UBS PACE Money Market Investments' investment objective, policies, and restrictions as provided in the Trust's currently effective registration statement and any amendments or supplements thereto ("Registration Statement"), UBS Global AM will provide a continuous investment program for UBS PACE Money Market Investments, including investment research and management. UBS Global AmericasAM will determine from time to time what securities and other investments will be purchased, retained or sold by UBS PACE Money Market Investments. UBS Global AmericasAM will be responsible for placing purchase and sell orders for investments and for other related transactions. UBS Global Americas will provide services under this Agreement in accordance with UBS PACE Money Market Investments' investment objective, policies and restrictions as stated in the Trust's Registration Statement as it applies to UBS PACE Money Market Investments.

(b)  UBS Global AmericasAM agrees that in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution. on behalf of UBS PACE Money Market

D-1

UBS PACE Select Advisors Trust

Exhibit D

Investments. In no instance will portfolio securities be purchased from or sold to UBS Global AmericasAM or any affiliated person thereof, except in accordance with the federal securities laws and the rules and regulations thereunder UBS Global Americas, or the terms of any exemptive order. To the extent permitted by laws and regulations, UBS Global AM may aggregate sales and purchase orders of the assets of the Portfolio with similar orders being made simultaneously for other accounts advised by UBS Global AmericasAM or its affiliates. Whenever UBS Global AmericasAM simultaneously places orders to purchase or sell the same security on behalf of UBS PACE Money Market Investments and one or more other accounts advised by UBS Global AmericasAM, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. and consistent with UBS Global AM's fiduciary obligations to the Portfolio. The Trust recognizes that in some cases this procedure may adversely affect the results obtained for UBS PACE Money Market Investments.

(c)  UBS Global AmericasAM will maintain all books and records required to be maintained by UBS Global AmericasAM pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions on behalf of UBS PACE Money Market Investments, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, UBS Global AmericasAM hereby agrees that all records which it maintains for the Trust and UBS PACE Money Market Investments are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained and preserved by Rule 31a-1 and Rule 31a-2 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust.

(d)  At such times as shall be reasonably requested by the Board, UBS Global AmericasAM will provide the Board with economic and investment analyses and reports as well as quarterly reports setting forth the performance of UBS PACE Money Market Investments and make available to the Board any economic, statistical and investment services normally available to institutional or other customers of UBS Global AmericasAM.

(e)  In accordance with procedures adopted by the Board, as amended from time to time, UBS Global AmericasAM is responsible for assisting in the valuation (including fair valuation, if necessary) of all portfolio securities and will attempt to arrange for the provision of a price(s) from a party(ies) independent of UBS Global AmericasAM for each portfolio security for which the custodian does not obtain prices in the ordinary course of business from an automated pricing service.

3.  Duties as Investment Manager to other PACE Portfolios; appointment of Sub-Advisers.

(a)  Subject to the supervision and direction of the Board, UBS Global Americas will provide to the Trust investment management evaluation services principally by performing initial reviews of prospective Sub-Advisers for each Portfolio other than UBS PACE Money Market Investments and supervising and monitoring performance of the Sub-Advisers thereafter. UBS Global Americas agrees to report to the Trust results of its evaluation, supervision and monitoring functions and to keep certain books and records of the Trust in connection therewith. UBS Global Americas further agrees to communicate performance expectations and evaluations to the Sub-Advisers, and to recommend to the Trust whether agreements with Sub-Advisers should be renewed, modified or

D-2

UBS PACE Select Advisors Trust

Exhibit D

terminated.The Trust and UBS Global AM operate in accordance with the terms and conditions of a Securities and Exchange Commission exemptive order, which permits UBS Global AM, with the approval of the Trust's Board of Trustees, including the Independent Trustees, to retain Sub-Advisers for a Portfolio without receiving the approval of Portfolio shareholders. UBS Global AM will provide general management and administrative services to the Trust, and, if applicable, subject to review and approval by the Board, will: (a) set the Portfolios' overall investment strategies; (b) evaluate, select and recommend Sub-Advisers to manage all or a part of the Portfolio's assets; (c) allocate and, when UBS Global AM believes appropriate, reallocate the Portfolios' assets among Sub-Advisers; (d) monitor and evaluate the investment performance of Sub-Advisers; and (e) implement or approve procedures reasonably designed to ensure that the Sub-Advisers comply with the relevant Portfolio's investment objectives, policies and restrictions. UBS Global AM will also periodically make recommendations to the Board as to whether the contract with one or more Sub-Advisers should be renewed, modified, or terminated, and will periodically report to the Board regarding the results of its evaluation and monitoring functions.

(b)  UBS Global AmericasAM is responsible for informing theeach Sub-AdvisersAdviser of the investment objective(s), policies and restrictions of the Portfolio(s) for which the Sub-Adviser is responsible, for informing or ascertaining that it is aware of other legal and regulatory responsibilities applicable to the Sub-Adviser with respect to the Portfolio(s) for which the Sub-Adviser is responsible, and for monitoring the Sub-Advisers' discharge of their duties; but UBS Global AmericasAM is not responsible for the specific actions (or inactions) of a Sub-Adviser in the performance of the duties assigned to it. Consistent with the investment objective(s), policies and restrictions as provided in the Registration Statement (or such more restrictive guidelines as approved by UBS Global AM), and applicable law, each Sub-Adviser is authorized to buy, sell, lend and otherwise trade in any stocks, bonds, and other securities, commodities or investments on behalf of the applicable Portfolio.

(c)  With respect to each Portfolio other than UBS PACE Money Market Investments, UBS Global AmericasAM shall enter into an agreement ("Sub-Advisory Agreement") with a Sub-Adviser in substantially the form attached hereto as Exhibit Iapproved by the Board for each Sub-Adviser.

(d)  UBS Global AmericasAM shall be responsible for the fees payable to and shall pay the Sub-Adviser of each Portfolio the fee as specified in the Sub-Advisory Agreement relating thereto.

(e)  UBS Global AM, directly or through a Sub-Adviser, will maintain all books and records required to be maintained by UBS Global AM pursuant to the 1940 Act and the rules and regulations promulgated thereunder with respect to transactions on behalf of the Portfolios, and will furnish the Board with such periodic and special reports as the Board reasonably may request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, UBS Global AM hereby agrees that all records which it maintains for the Trust and the Portfolios are the property of the Trust, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records which it maintains for the Trust and which are required to be maintained and preserved by Rule 31a-1 and Rule 31a-2 under the 1940 Act, and further agrees to surrender promptly to the Trust any records which it maintains for the Trust upon request by the Trust.

D-3

UBS PACE Select Advisors Trust

Exhibit D

4.  Duties as Administrator. UBS Global AmericasAM will administer the affairs of the Trust and each Portfolio subject to the supervision of the Board and the following understandings:

(a)  UBS Global AmericasAM will supervise all aspects of the operations of the Trust and each Portfolio, including oversight of transfer agency, custodial and accounting services, except as hereinafter set forth; provided, however, that nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and each Portfolio.

(b)  UBS Global AmericasAM shall provide the Trust and each Portfolio with such corporate, administrative and clerical personnel (including officers of the Trust) and services as are reasonably deemed necessary or advisable by the Board, including the maintenance of certain books and records of the Trust and each Portfolio.

(c)  UBS Global AmericasAM will arrange, but not pay, for the periodic updating, filing and dissemination (as applicable) of the Trust's Registration Statement, proxy material, tax returns and required reports to each Portfolio's shareholders and the Securities and Exchange Commission and other appropriate federal or state regulatory authorities.

(d)  UBS Global AmericasAM will provide the Trust and each Portfolio with, or obtain for it, adequate office space and all necessary office equipment and services, including telephone service, heat, utilities, stationery supplies and similar items.

(e)  UBS Global AmericasAM will provide the Board, on a regular basis, with economic and investment analyses and reports and make available to the Board upon request any economic, statistical and investment services normally available to institutional or other customers of UBS Global AmericasAM.

(f)  With respect to any or all series of the Trust, including the Portfolios, UBS Global AM may enter into one or more contracts (each a "Sub-administration Contract") with sub-administrators in which UBS Global AM delegates to such sub-administrators any or all of its administrative duties specified in this Agreement, provided that the Sub-administration Contract meets any applicable requirements of the 1940 Act and rules thereunder and the sub-administrator agrees to look exclusively to UBS Global AM for payment under the Sub-administration Contract.

(g)  UBS Global AM has adopted compliance policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940, as amended, and the rules thereunder, has provided the Trust with a copy of such compliance policies and procedures (and will provide the Trust with any material amendments thereto) and agrees to assist the Trust in complying with the Trust's compliance program adopted pursuant to Rule 38a-1 under the 1940 Act, to the extent applicable.

5.  Further duties. In all matters relating to the performance of this Agreement, UBS Global AmericasAM will act in conformity with the Trust's Trust Instrument, By-Laws and the currently effective registration statement under the 1940 Act and any amendments or supplements thereto ("Registration Statement") and with the instructions and directions of the Board, and will comply with the requirements of the 1940 Act, the Advisers Act, and the rules under each, Subchapter M of the

D-4

UBS PACE Select Advisors Trust

Exhibit D

Internal Revenue Code as applicable to regulated investment companies, and all other applicable federal and state laws and regulations.

6.  Services not exclusive. The services furnished by UBS Global AmericasAM hereunder are not to be deemed exclusive, and UBS Global AmericasAM shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of UBS Global AmericasAM who may also be a Trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

7.  Expenses.

(a)  During the term of this Agreement, each Portfolio will bear all expenses not specifically assumed by UBS Global AmericasAM incurred in its operations and the offering of its shares.

(b)  Expenses borne by each Portfolio will include but will not be limited to the following (or each Portfolio's proportionate share of the following): (i) the cost (including brokerage commissions, applicable taxes, and, with respect to short sales, any interest expense or any other cost) of securities purchased or sold by the Portfolio and any losses incurred in connection therewith; (ii) fees payable to and expenses incurred on behalf of the Portfolio by UBS Global AmericasAM under this Agreement; (iii) expenses of organizing the Trust and each Portfolio, including the organizational and other expenses incurred in connection with the initial offering of any new share classes of a Portfolio or the initial offering of a new Portfolio; (iv) filing fees and expenses relating to the registrations and qualification of the Portfolio's shares and the Trust under federal and/or state securities laws and maintaining such registration and qualifications; (v) fees and salaries payable to the Trust's Trustees and officers who are not interested persons of the Trust by reason of affiliation with UBS Global AM or any of UBS Global AM's affiliates; (vi) all expenses incurred in connection with the Trustees' services, including travel expenses; (vii) taxes (including any income or franchise taxes) and governmental fees; (viii) costs of any liability, uncollectible items of deposit and other insurance and fidelity bonds; (ix) any costs, expenses or losses arising out of a liability of or claim for damages or other relief asserted against the Trust or the Portfolio for violation of any law; (x) legal, accounting and auditing expenses, including legal fees of special counsel for those Trustees of the Trust who are not interested persons of the Trust by reason of affiliation with UBS Global AM or any of UBS Global AM's affiliates; (xi) charges of custodians, transfer agents and other agents; (xii) costs of preparing share certificates; (xiii) expenses of setting in type and printing prospectuses and supplements thereto, statement of additional information and supplements thereto, reports and proxy materials for existing shareholders and costs of mailing such materials to existing shareholders; (xiv) any extraordinary expenses (including fees and disbursements of counsel, costs of actions, suits or proceedings to which the Trust is a party and the expenses the Trust may incur as a result of its legal obligation to provide indemnification to its officers, Trustees, agents and shareholders) incurred by the Trust or the Portfolio; (xv) fees, voluntary assessments and other expenses incurred in connection with membership in investment company organizations; (xvi) cost of mailing and tabulating proxies and costs of meetings of shareholders, the Board and any committees thereof; (xvii) the cost of investment company literature and other publications provided by the Trust to its Trustees and officers; and (xviii) costs of mailing, stationery and communications equipment.

D-5

UBS PACE Select Advisors Trust

Exhibit D

(c)  The Trust or the Portfolio may pay directly any expenses incurred by it in its normal operations; and, if any such payment is consented to by UBS Global AmericasAM and acknowledged as otherwise payable by UBS Global AmericasAM pursuant to this Agreement, the Portfolio may reduce the fee payable to UBS Global AmericasAM pursuant to Paragraph 8 thereof by such amount. To the extent that such deductions exceed the fee payable to UBS Global AmericasAM on any monthly payment date, such excess shall be carried forward and deducted in the same manner from the fee payable on succeeding monthly payment dates.

(d)  UBS Global AmericasAM will assume the cost of any compensation for services provided to the Trust received by the officers of the Trust and by those Trustees who are interested persons of the Trustby reason of affiliation with UBS Global AM.

(e)  The payment or assumption by UBS Global AmericasAM of any expenses of the Trust or a Portfolio that UBS Global AmericasAM is not required by this Agreement to pay or assume shall not obligate UBS Global AmericasAM to pay or assume the same or any similar expense of the Trust or a Portfolio on any subsequent occasion.

8.  Compensation.

(a)  For the administrative services provided to each Portfolio, the Portfolio will pay to UBS Global AmericasAM a fee, computed daily and paid monthly, at an annual rate of 0.200.10% of each Portfolio's average daily net assets.

(b)  For investment management services provided pursuant to this Agreement, each Portfolio of the Trust shall pay to UBS Global AmericasAM a fee, computed daily and paid monthly on the first business day of the next succeeding calendar month, at the annual percentage rate of each such Portfolio's average daily net assets as set forth in Schedule I to this Agreement.

(c)  For the services provided and the expenses assumed pursuant to this Agreement with respect to any Portfolio hereafter established, such Portfolio will pay to UBS Global AmericasAM from the assets of the Portfolio a fee in the amount to be agreed upon in a written fee agreement ("Fee Agreement") executed by the Trust on behalf of the Portfolio and by UBS Global Americas.AM. All such Fee Agreements shall provide that they are subject to all terms and conditions of this Agreement.

(d)  The fee shall be computed daily and paid monthly to UBS Global AmericasAM on the first business day of the next succeeding calendar month.

(e)  If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective day to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination occurs.

9.  Limitation of Liability of UBS Global AMERICASAM. UBS Global AmericasAM, its officers, directors, employees and delegates, including any Sub-Adviser or the Trust, shall not be liable for any error of judgment or mistake of law or for any loss suffered by any Portfolio, the Trust or any of its shareholders, in connection with the matters to which this Agreement relates, except a loss resulting

D-6

UBS PACE Select Advisors Trust

Exhibit D

from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it or on the part of its officers, directors, employees or delegates of their obligations and duties under this Agreement. Any person, even though also an officer, director, employee, or agent of UBS Global AmericasAM who may be or become an officer, Trustee, employee or agent of the Trust shall be deemed, when rendering services to any Portfolio or the Trust or acting with respect to any business of such Portfolio or the Trust, to be rendering such service to or acting solely for the Portfolio or the Trust and not as an officer, director, employee, or agent or one under the control or direction of UBS Global AmericasAM even though paid by it.

10.  Limitation of Liability of the Trustees and Shareholders of the Trust. The Trustees of the Trust and the shareholders of any Portfolio shall not be liable for any obligations of any Portfolio or the Trust under this Agreement, and UBS Global AmericasAM agrees that, in asserting any rights or claims under this Agreement, it shall look only to the assets and property of the Trust in settlement of such right or claim, and not to such Trustees or shareholders.

11.  Duration and Termination.

(a)  As to any Portfolio, this Agreement shall become effective on [ ], 2008 April 1, 2006, or upon the date the Portfolio commences investment operations provided that, with respect to any Portfolio, this Agreement shall not take effect unless it has first been approved (i) by a vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of that Portfolio's outstanding voting securities.

(b)  Unless sooner terminated as provided herein, this Agreement shall continue automatically for successive annual periods of twelve months each, provided that such continuance is specifically approved at least annually (i) by vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by the Board or, with respect to any given Portfolio, by vote of a majority of the outstanding voting securities of such Portfolio.

(c)  Notwithstanding the foregoing, with respect to any Portfolio this Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the outstanding voting securities of the Portfolio on sixty days' written notice to UBS Global AmericasAM and may be terminated by UBS Global AmericasAM at any time, without the payment of any penalty, on sixty days' written notice to the Trust. Termination of this Agreement with respect to any given Portfolio shall in no way affect the continued validity of this Agreement or performance thereunder with respect to any other Portfolio. This Agreement will automatically terminate in the event of its assignment.

12.  Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement as to any given Portfolio shall be effective until approved by vote of a majority of such Portfolio's outstanding voting securities.Provisions of this Agreement may be amended subject to the provisions of the 1940 Act, as modified or interpreted by an applicable order of the SEC or any regulation adopted by the SEC, or interpretative release or no-action letter of the Commission or its

D-7

UBS PACE Select Advisors Trust

Exhibit D

staff. Accordingly, approval of an amendment by shareholders would be necessary only to the extent required by the 1940 Act as so modified or interpreted.

13.  Governing Law. This Agreement shall be construed in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof. To the extent that the applicable laws of the State of Delaware conflict with the applicable provisions of the 1940 Act, the latter shall control.

14.  Miscellaneous. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "national securities exchange," "net assets," "prospectus," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the Securities and Exchange Commission by any rule, regulation or order. Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

IN WITNESS WHEREOF; the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

D-8

UBS PACE Select Advisors Trust

Exhibit D

Schedule I

D-9

UBS PACE Select Advisors Trust

Exhibit D

D-10

UBS PACE Select Advisors Trust

Exhibit D

INVESTMENT MANAGEMENT AND ADMINISTRATION FEE AGREEMENT FOR UBS PACE REAL ESTATE SECURITIES INVESTMENTS

Agreement made as of November 30, 2006 between UBS PACE Select Advisors Trust, a Delaware statutory trust ("Trust"), on behalf of UBS PACE Real Estate Securities Investments ("Portfolio"), a series of shares of beneficial interest of the Trust, and UBS Global Asset Management (Americas) Inc. ("UBS Global AM"), a Delaware corporation registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

WHEREAS, the Trust has appointed UBS Global AM as investment manager and administrator for each series of shares of beneficial interest of the Trust as now exists and as hereafter may be established, pursuant to an Investment Management and Administration Agreement dated as of April 1, 2006, and amended as of August 1, 2006 between the Trust and UBS Global AM ("Management Agreement"); and

WHEREAS, the Portfolio has been established as a new series of shares of the Trust;

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

1.  For the administrative services provided to the Portfolio, the Portfolio will pay to UBS Global AM a fee, computed daily and paid monthly, at an annual rate of 0.20% of the Portfolio's average daily net assets.

2.  For the investment management services provided to the Portfolio, the Portfolio shall pay to UBS Global AM a fee, computed daily and paid monthly on the first business day of the next succeeding calendar month, at the annual percentage rate of such Portfolio's average daily net assets as set forth below:

3.  The fee shall be computed daily and paid monthly to UBS Global AM on the first business day of the next succeeding calendar month.

4.  If this Fee Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective day to the end of the month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion which such period bears to the full month in which such effectiveness or termination occurs.

5.  This Fee Agreement shall be subject to all terms and conditions of the Management Agreement.

6.  This Fee Agreement shall become effective upon the date written above, provided that it shall not take effect unless it has first been approved (i) by a vote of a majority of the Trustees of the Trust who are

D-11

UBS PACE Select Advisors Trust

Exhibit D

not parties to this Fee Agreement or the Management Agreement or interested persons of any such persons at a meeting called for the purpose of such approval and (ii) by vote of a majority of the Portfolio's outstanding voting securities.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized officers as of the day and year first written above.

D-12

UBS PACE Select Advisors Trust

Exhibit E

Additional information on Proposal 1 for each Fund

Table of contents

E-1

UBS PACE Select Advisors Trust

Exhibit E

PACE Government

Overview

Below are the current and proposed total contractual fees (Investment Management and Administrative Fees. Fee waivers and/or expense reimbursements may have reduced the Fund's expenses as noted further below.):

Total:

Broken out by component parts:

Below are the current and proposed Investment Management Fees:

Below are the current and proposed Administrative Fees:

Hypothetical examples

Comparative expenses and fees table for the fiscal year ended July 31, 2007

The following tables illustrate the current fees and expenses of the Fund and the pro forma proposed fees and expenses at asset levels as of July 31, 2007 that reflect the fee arrangements under the Amended Agreement, and examples of each. Expenses for each class of shares of the Fund are based on the operating expenses incurred for the fiscal year ended July 31, 2007. Pro forma proposed fees and examples reflect estimated fees and expenses of the Fund after giving effect to the Amended Agreement as of July 31, 2007. Pro forma numbers are estimated in good faith and are hypothetical.

E-2

UBS PACE Select Advisors Trust

Exhibit E

PACE Government

Shareholder transaction expenses (fees paid directly from your investment when you buy or sell fund shares):

E-3

UBS PACE Select Advisors Trust

Exhibit E

PACE Government

Annual fund operating expenses (expenses that are deducted from fund assets)

*  Securities dealers or other financial institutions, including UBS Financial Services Inc., may charge a fee to process a purchase or redemption of shares. UBS Financial Services Inc. currently charges a fee of $5.25.

**  Purchases of $1 million or more of fund shares that were not subject to a front-end sales charge are subject to a 1% contingent deferred sales charge, if sold within one year of the purchase date.

***  Includes an administrative fee of 0.20% paid by the fund to UBS Global AM.

&  Includes an administrative fee of 0.10% paid by the fund to UBS Global AM.

†  Effective August 1, 2007, the fund and UBS Global AM have entered into a written fee waiver agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to PIMCO. The fund and UBS Global AM have also entered into an additional written fee waiver/expense

E-4

UBS PACE Select Advisors Trust

Exhibit E

PACE Government

reimbursement agreement pursuant to which UBS Global AM is contractually obligated to waive its management fees and/or reimburse the fund so that the ordinary total operating expenses of each class through November 30, 2008 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed 1.07% for Class A, 1.82% for Class B, 1.57% for Class C, 0.82% for Class Y, and 0.82% for Class P. The fund has agreed to repay UBS Global AM for any waived fees/reimbursed expenses under the preceding sentence 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.

††  If the Amended Agreement is approved by shareholders, the fund and UBS Global AM have agreed to enter into a written fee waiver agreement pursuant to which UBS Global AM will be contractually obligated to waive its management fees to the extent necessary to reflect the lower sub-advisory fee paid by UBS Global AM to PIMCO. The fund and UBS Global AM have also agreed to enter into an additional written fee waiver/expense reimbursement agreement pursuant to which UBS Global AM will be contractually obligated to waive its management fees and/or reimburse the fund so that the fund's ordinary total operating expenses through November 30, 2008 (excluding dividend expense, borrowing costs and interest expense, if any) would not exceed 1.07% for Class A, 1.82% for Class B, 1.57% for Class C, 0.82% for Class Y, and 0.82% for Class P. The fund will agree to repay UBS Global AM for any waived fees/reimbursed expenses under the preceding sentence 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 (excluding costs related to this proxy solicitation as noted in this Proxy Statement, which are not subject to recoupment).

Example: The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell 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 at their current levels shown in the table above, except for the period when the fund's expenses may be lower due to its fee waiver/expense reimbursement agreement with UBS Global AM.* Although your actual costs may be higher or lower, based on these assumptions your costs would be: