UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-08764
PACE® Select Advisors Trust
(Exact name of registrant as specified in charter)
1285 Avenue of the Americas, New York, New York					10019-6028
(Address of principal executive offices)					(Zip code)
Mark F. Kemper, Esq. UBS Asset Management 1285 Avenue of the Americas New York, NY 10019-6028
(Name and address of agent for service)
Copy to: Stephen H. Bier, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036-6797
Registrant’s telephone number, including area code:				212-821 3000
Date of fiscal year end:	July 31
Date of reporting period:		July 31, 2018

Item 1.  Reports to Stockholders.

PACE^® Select Advisors Trust

Annual Report | July 31, 2018

Table of contents	Page
Introduction		3
Portfolio Advisor's and Subadvisors' commentaries and Portfolios of investments
PACE® Government Money Market Investments		5
PACE® Mortgage-Backed Securities Fixed Income Investments		10
PACE® Intermediate Fixed Income Investments		31
PACE® Strategic Fixed Income Investments		62
PACE® Municipal Fixed Income Investments		101
PACE® Global Fixed Income Investments		112
PACE® High Yield Investments		128
PACE® Large Co Value Equity Investments		157
PACE® Large Co Growth Equity Investments		171
PACE® Small/Medium Co Value Equity Investments		179
PACE® Small/Medium Co Growth Equity Investments		188
PACE® International Equity Investments		197
PACE® International Emerging Markets Equity Investments		212
PACE® Global Real Estate Securities Investments		222
PACE® Alternative Strategies Investments		230
Understanding your Portfolio's expenses		275
Statement of assets and liabilities		280
Statement of operations		288
Statement of changes in net assets		292
Statement of cash flows		298
Financial highlights		301
Notes to financial statements		330
Report of independent registered public accounting firm		382
Tax information		383
General information		384
Board approvals of investment management and administration agreement and subadvisory agreements		385
Supplemental information, trustees and officers		396

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Introduction

September 19, 2018

Dear PACE Shareholder,

We are pleased to provide you with the annual report for the PACE portfolios (the "Portfolios"), comprising the PACE Select Advisors Trust. This report includes summaries of the performance of each Portfolio, as well as commentaries from the investment advisor and subadvisors regarding the events that affected Portfolio performance during the 12 months ended July 31, 2018 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) Inc.

The global economic expansion accelerates

The lengthy US economic expansion continued during the reporting period. Looking back, the US Commerce Department reported that gross domestic product ("GDP") grew at a revised 2.8% seasonally adjusted annualized rate during the third quarter of 2017. GDP growth then moderated to a revised 2.3% and 2.2% during the fourth quarter of 2017 and the first quarter of 2018, respectively. Finally, second quarter 2018 GDP grew at a 4.2% rate based on the US Commerce Department's second estimate.¹ This represented the strongest pace since the third quarter of 2014.

As expected, the US Federal Reserve Board (the "Fed") continued to raise interest rates during the reporting period. Specifically, the Fed raised rates in December 2017, March 2018 and June 2018. With its last rate hike, the federal funds rate² moved to a range between 1.75% and 2.00%. In addition, starting in October 2017, the Fed began reducing its balance sheet. For the remainder of 2018, the Fed currently anticipates making two additional 0.25% rate hikes, while continuing to pare its balance sheet.

From a global perspective, in its July 2018 World Economic Outlook Update, the International Monetary Fund ("IMF") said, "Global growth is projected to reach 3.9 percent in 2018 and 2019...but...the balance of risks has shifted further to the downside, including in the short term. The recently announced and anticipated tariff increases by the United States and retaliatory measures by trading partners have increased the likelihood of escalating and sustained trade actions. These could derail the recovery and depress medium-term growth prospects." From a regional perspective, the IMF projects 2018 growth in the eurozone will be 2.2%, compared to 2.4% in 2017. Japan's economy is expected to expand 1.0% in 2018, versus 1.7% in 2017. Elsewhere, the IMF projects that growth in emerging market countries will increase to 4.9% in 2018, versus 4.7% in 2017.

Global equities: The US leads the way

The global equity market generated positive results during the reporting period. US equities posted positive returns during 10 of the 12 months of the period. Supporting the market were corporate profits that often exceeded expectations and the December 2017 signing of a tax reform bill. All told, the US stock market, as measured by the S&P 500 Index,³ gained 16.24% for the 12 months ended July 31, 2018. International equities produced more muted gains, as growth rates in a number of countries moderated, global trade war concerns increased and, later in the period, the US dollar strengthened. International developed equities, as measured by the MSCI EAFE Index (net),⁴

¹  Based on the Commerce Department's initial estimate announced on January 26, 2018, after the reporting period had ended.

²  The federal funds rate or the "fed funds rate," is the rate US banks charge one another for funds they borrow on an overnight basis.

³  The S&P 500 Index is an unmanaged, weighted index composed of 500 widely held common stocks varying in composition and is not available for direct investment. Investors should note that indices do not reflect the deduction of fees and expenses.

⁴  The MSCI EAFE Index (net) is an index of stocks designed to measure the investment returns of developed economies outside of North America. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

3

rose 6.40% during the reporting period, while emerging markets equities, as measured by the MSCI Emerging Markets Index (net),⁵ gained 4.36%.

The fixed income market produces weak results

The global fixed income market posted weak results during the reporting period. In the US, short-term Treasury yields moved sharply higher in concert with the Fed's interest rate hikes. Longer-term Treasury yields also rose, albeit to a lesser extent. For the fiscal year as a whole, the yield on the US 10-year Treasury rose from 2.30% to 2.96% (bond yields and prices move in the opposite direction). The overall US bond market, as measured by the Bloomberg Barclays U.S. Aggregate Index,⁶ returned -0.80% for the 12 months ended July 31, 2018. Returns of riskier fixed income securities were mixed. High yield bonds, as measured by the ICE BofAML US High Yield Cash Pay Constrained Index,⁷ gained 2.47% during the reporting period. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁸ returned -1.09%.

Sincerely,

Mark E. Carver
President, PACE Select Advisors Trust
Managing Director, UBS Asset Management (Americas) Inc.

This report is intended to assist investors in understanding how the Portfolios performed during the 12-month period ended July 31, 2018. The views expressed in the Advisor's and Subadvisors' comments sections are as of the end of the reporting period, reflect performance results gross of fees and expenses, and are those of the investment advisor (with respect to PACE Government Money Market Investments only) and subadvisors. Subadvisors' comments on Portfolios that have more than one subadvisor are reflective of their portion of the Portfolio only. The views and opinions in this report were current as of [date]. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the investment advisor and subadvisors reserve the right to change their views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of a Portfolio's future investment intent.

⁵  The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁶  The Bloomberg Barclays US Aggregate Index is an unmanaged broad based index designed to measure the US dollar-denominated, investment-grade, taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset-backed and commercial mortgage-backed sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁷  The ICE BofAML US High Yield Cash Pay Constrained Index is an unmanaged index of publicly placed, non-convertible, coupon-bearing US dollar denominated, below investment grade corporate debt with a term to maturity of at least one year. The index is market capitalization weighted, so that larger bond issuers have a greater effect on the index's return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index. Investors should note that indices do not reflect the deduction of fees and expenses.

⁸  The J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) is an unmanaged index which is designed to track total returns for US dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans and Eurobonds. Investors should note that indices do not reflect the deduction of fees and expenses.

4

PACE Government Money Market Investments

Performance (unaudited)

The seven-day current yield for the Portfolio as of July 31, 2018 was 1.36% (after fee waivers/expense reimbursements).¹ For more information on the Portfolio's performance, refer to "Yields and characteristics at a glance" on page 6. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. For a detailed commentary on the market environment in general during the period, please refer to page 3.

Advisor's comments (unaudited)

The Fed continued to normalize monetary policy during the reporting period. For example, the Fed raised rates in December 2017, March 2018 and June 2018. With its last rate hike, the federal funds rate moved to a range between 1.75% and 2.00%. In addition, the Fed began reducing its balance sheet in October 2017. For the remainder of 2018, the Fed currently expects to make two additional 0.25% rate hikes, while continuing to pare its balance sheet. While the yields on a wide range of short-term investments moved higher over the period, yields still remain low by historical comparison. As a result, the Portfolio's yield remained low during the reporting period.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the 12-month review period. When the reporting period began, the Portfolio had a WAM of 40 days. This was decreased to 22 days at the end of the reporting period.

A number of adjustments were made to the Portfolio's sector and issuer positioning during the 12-month period. We increased the Portfolio's exposure to US government and agency obligations and reduced its allocation to repurchase agreements. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.)

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

PACE Select Advisors Trust – PACE Government Money Market Investments

Investment Advisor:

UBS Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

The Portfolio is a money market mutual fund and seeks to maintain a stable price of $1.00 per share, although it may be possible to lose money by investing in this Portfolio. The Portfolio invests in a diversified portfolio of high-quality money market instruments of governmental issuers. Security selection is based on the assessment of relative values and changes in market and economic conditions.

5

PACE Government Money Market Investments

Yields and characteristics at a glance—July 31, 2018 (unaudited)

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	1.36	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	1.37
Seven-day current yield before fee waivers and/or expense reimbursements1	1.35
Seven-day effective yield before fee waivers and/or expense reimbursements1	1.35
Weighted average maturity2	22 days
Portfolio composition3
US government and agency obligations	80.6	%
Repurchase agreements	21.8
Other assets less liabilities	(2.4	)
Total	100.0	%

You could lose money by investing in PACE Government Money Market Investments. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, the portfolio cannot guarantee it will do so. An investment in PACE Government Money Market Investments is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. PACE Government Money Market Investments' sponsor has no legal obligation to provide financial support to PACE Government Money Market Investments, and you should not expect that the portfolio's sponsor will provide financial support to PACE Government Money Market Investments at any time.

Not FDIC insured. May lose value. No bank guarantee.

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Portfolio's net assets as of the date indicated. The Portfolio is actively managed and its composition will vary over time.

6

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government and agency obligations—80.57%
Federal Farm Credit Bank 1 mo. USD LIBOR - 0.085%, 1.987%, due 08/30/181		$1,000,000		$999,958
Federal Home Loan Bank 1.850%, due 08/01/182		2,000,000		2,000,000
1.850%, due 08/03/182		1,000,000		999,897
1.850%, due 08/07/182		3,000,000		2,999,075
1.860%, due 08/14/182		2,000,000		1,998,657
1.879%, due 08/08/182		2,000,000		1,999,269
1.890%, due 08/06/182		4,000,000		3,998,950
1.890%, due 08/08/182		2,000,000		1,999,265
1.890%, due 08/28/182		1,000,000		998,583
1.893%, due 08/22/182		3,000,000		2,996,687
1.895%, due 08/07/182		1,000,000		999,684
1.895%, due 08/10/182		2,000,000		1,999,053
1.895%, due 08/24/182		3,000,000		2,996,368
1.899%, due 08/01/182		2,000,000		2,000,000
1.900%, due 08/08/182		2,000,000		1,999,261
1.900%, due 08/15/182		2,000,000		1,998,522
1.900%, due 08/20/182		1,000,000		998,997
1.910%, due 08/15/182		1,000,000		999,257
1.910%, due 08/24/182		1,000,000		998,780
1.910%, due 08/30/182		5,000,000		4,992,307
1.915%, due 08/16/182		1,000,000		999,202
1.915%, due 08/17/182		2,000,000		1,998,298
1.915%, due 09/13/182		3,000,000		2,993,138
1.915%, due 09/14/182		3,000,000		2,992,978
1.917%, due 08/31/182		3,000,000		2,995,208
1.918%, due 08/15/182		1,000,000		999,254
1.918%, due 09/26/182		2,000,000		1,994,033
1.919%, due 08/29/182		2,000,000		1,997,015
1.929%, due 09/19/182		1,000,000		997,374
1.930%, due 09/07/182		2,000,000		1,996,033
1.950%, due 10/04/182		1,000,000		996,533
1.984%, due 10/26/182		1,000,000		995,261
1.989%, due 10/24/182		4,000,000		3,981,436
1.995%, due 10/17/182		2,000,000		1,991,466
2.008%, due 10/31/182		2,000,000		1,989,848
2.060%, due 12/11/182		3,000,000		2,977,340
1 mo. USD LIBOR - 0.070%, 1.994%, due 08/25/181		1,000,000		1,000,232
1 mo. USD LIBOR - 0.070%, 2.002%, due 08/28/181		1,300,000		1,300,000
1 mo. USD LIBOR - 0.080%, 1.993%, due 08/17/181		1,250,000		1,250,000
1 mo. USD LIBOR - 0.080%, 2.002%, due 08/19/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.080%, 2.020%, due 08/04/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.085%, 2.005%, due 08/03/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.090%, 1.996%, due 08/06/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.095%, 1.986%, due 08/21/181		1,200,000		1,200,000
1 mo. USD LIBOR - 0.100%, 1.979%, due 08/18/181		1,000,000		1,000,000

	Face amount		Value
US government and agency obligations—(continued)
1 mo. USD LIBOR - 0.100%, 1.981%, due 08/21/181	$	2,000,000	$	2,000,000
1 mo. USD LIBOR - 0.105%, 1.965%, due 08/26/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.105%, 1.976%, due 08/22/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.105%, 1.981%, due 08/19/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.110%, 1.963%, due 08/17/181		1,500,000		1,500,000
1 mo. USD LIBOR - 0.115%, 1.954%, due 08/24/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.115%, 1.949%, due 08/24/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.115%, 1.964%, due 08/18/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.115%, 1.967%, due 08/19/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.115%, 1.975%, due 08/03/181		1,000,000		1,000,044
1 mo. USD LIBOR - 0.115%, 1.985%, due 08/04/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.120%, 1.952%, due 08/28/181		1,000,000		999,999
1 mo. USD LIBOR - 0.125%, 1.956%, due 08/21/181		3,000,000		3,000,129
1 mo. USD LIBOR - 0.125%, 1.947%, due 08/16/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.125%, 1.952%, due 08/27/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.125%, 1.961%, due 08/20/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.130%, 1.956%, due 08/10/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%, 1.942%, due 08/16/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.130%, 1.943%, due 08/17/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%, 1.951%, due 08/22/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.130%, 1.952%, due 08/01/181		4,000,000		4,000,000
1 mo. USD LIBOR - 0.130%, 1.967%, due 08/08/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.135%, 1.932%, due 08/12/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.135%, 1.937%, due 08/16/181		3,000,000		2,999,999
1 mo. USD LIBOR - 0.135%, 1.937%, due 08/28/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.135%, 1.937%, due 08/28/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.135%, 1.965%, due 08/05/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.140%, 1.927%, due 08/12/181		1,000,000		1,000,000

7

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government and agency obligations—(concluded)
1 mo. USD LIBOR - 0.140%, 1.924%, due 08/25/181	$	2,000,000	$	2,000,000
1 mo. USD LIBOR - 0.140%, 1.932%, due 08/16/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.140%, 1.960%, due 08/05/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.145%, 1.927%, due 08/29/181		2,000,000		2,000,000
1 mo. USD LIBOR - 0.145%, 1.927%, due 08/15/181		1,000,000		1,000,000
1 mo. USD LIBOR - 0.150%, 1.922%, due 08/16/181		3,000,000		3,000,000
1 mo. USD LIBOR - 0.155%, 1.912%, due 08/12/181		1,000,000		1,000,000
3 mo. USD LIBOR - 0.210%, 2.125%, due 10/26/181		2,000,000		1,999,848
3 mo. USD LIBOR - 0.340%, 1.991%, due 10/10/181		2,000,000		2,000,000
3 mo. USD LIBOR - 0.340%, 2.002%, due 10/24/181		1,000,000		1,000,000
3 mo. USD LIBOR - 0.160%, 2.170%, due 08/24/181		1,000,000		1,001,287
US Treasury Bill 1.809%, due 08/09/182		3,000,000		2,998,816
US Treasury Note 3 mo. Treasury money market yield + 0.170%, 2.180%, due 08/01/181		1,000,000		1,000,020
Total US government and agency obligations (cost—$152,117,361)				152,117,361

	Face amount		Value
Repurchase agreements—21.82%
Repurchase agreement dated 07/31/18 with Fixed Income Clearing Corp., 0.350% due 08/01/18, collateralized by $210,000 US Treasury Note, 2.000% due 04/30/24; (value—$201,091); proceeds: $195,002	$	195,000	$	195,000
Repurchase agreement dated 07/31/18 with Goldman Sachs & Co., 1.890% due 08/01/18, collateralized by $3,548,000 Federal National Mortgage Association obligations, 6.625% to 7.250% due 05/15/30 to 11/15/30, $4,645,900 US Treasury Inflation Index Bond, 2.500% due 01/15/29 and $45,270,404 US Treasury Bond STRIPs, zero coupon due 02/15/23 to 02/15/42; (value—$41,820,012); proceeds: $41,002,153		41,000,000		41,000,000
Total repurchase agreements (cost—$41,195,000)				41,195,000
Total investments (cost—$193,312,361 which approximates cost for federal income tax purposes)—102.39%				193,312,361
Liabilities in excess of other assets—(2.39)%				(4,518,375	)
Net assets—100.00%			$	188,793,986

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

8

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	152,117,361	$	—	$	152,117,361
Repurchase agreements		—		41,195,000		—		41,195,000
Total	$	—	$	193,312,361	$	—	$	193,312,361

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

¹  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

²  Rate shown is the discount rate at the date of purchase unless otherwise noted.

See accompanying notes to financial statements.
9

PACE Mortgage-Backed Securities Fixed Income Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned -0.87% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Mortgage-Backed Securities Index (the "benchmark") returned -0.41%, and the Lipper US Mortgage Funds category posted a median return of -0.66%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 12. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments (unaudited)²

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed its benchmark during the reporting period. Overall, US interest rate strategies were negative for performance. A modest overweight to US duration detracted from performance as US Treasury yields generally rose. (Duration measures a portfolio's sensitivity to interest rate changes.) Additionally, yield curve positioning, including an overweight to short-term yields detracted from performance as they rose the most during the period.

Relative value positioning within the agency mortgage-backed security (MBS) sector added to returns. An overweight to Freddie Mac and Fannie Mae securities contributed to results as these segments outperformed the broader mortgage market. Additionally, an overall underweight to Ginnie Mae bonds was relatively beneficial as this segment lagged the broader mortgage market. Conversely, security selection within 30-year Fannie Mae mortgages detracted from performance. Exposure to mortgage credit, including select non-agency and commercial mortgages, contributed to returns.

Overall, derivative usage was positive during the period as the Portfolio was short long-term US swap rates and they underperformed Treasury rates. The Portfolio used interest rate swaps and constant maturity swaps to adjust interest rate and yield curve exposures, as well as to substitute for physical securities. The Portfolio benefited from the income generated from selling mortgage pool options as a way to manage interest rate and volatility risk within the sector. Additionally, options on swaps were primarily used to manage interest rate exposure and volatility. The purchase of options on swaps detracted from performance due to premium payments made. Total return swaps, used to replicate broad exposure to interest only agency mortgages while limiting idiosyncratic risk of owning individual bonds, was neutral for performance.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Mortgage-Backed Securities Fixed
Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA and Fred Lee, CFA

PIMCO: Daniel Hyman and Michael Cudzil

Objective:

Current income

Investment process:

The subadvisor utilizes a strategy that involves buying or

selling specific bonds based on an analysis of their values

relative to other similar bonds.

10

PACE Mortgage-Backed Securities Fixed Income Investments

Special considerations

The Portfolio may be appropriate for long-term investors seeking current income who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The yield and value of the Portfolio change every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

11

PACE Mortgage-Backed Securities Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.12	)%		1.89	%		3.37	%
Class C2		(1.59	)		1.40			2.85
Class Y3		(0.87	)		2.16			3.63
Class P4		(0.87	)		2.14			3.63
After deducting maximum sales charge
Class A1		(4.83	)		1.11			2.97
Class C2		(2.31	)		1.40			2.85
Bloomberg Barclays US Mortgage-Backed Securities Index5		(0.41	)		2.25			3.54
Lipper US Mortgage Funds median		(0.66	)		2.03			3.58

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.53	)%		1.85	%		3.33	%
Class C2		(1.10	)		1.33			2.81
Class Y3		(0.35	)		2.11			3.58
Class P4		(0.35	)		2.09			3.59
After deducting maximum sales charge
Class A1		(4.26	)		1.08			2.94
Class C2		(1.83	)		1.33			2.81

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, were as follows: Class A—1.08% and 0.97%; Class C—1.58% and 1.47%; Class Y—0.99% and 0.72%; and Class P—0.92% and 0.72%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.97%; Class C—1.47%; Class Y—0.72%; and Class P—0.72%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.50% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Bloomberg Barclays US Mortgage-Backed Securities Index is an unmanaged index which primarily covers the mortgage-backed passthrough securities issued by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA), Freddie Mac (formally known as Federal Home Loan Mortgage Corporation or FHLMC), and Fannie Mae (formally known as Federal National Mortgage Association or FNMA). Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

12

PACE Mortgage-Backed Securities Fixed Income Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Mortgage-Backed Securities Fixed Income Investments Class P shares versus the Bloomberg Barclays US Mortgage-Backed Securities Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Mortgage-Backed Securities Fixed Income Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Mortgage-Backed Securities Fixed Income Investments

13

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio statistics—July 31, 2018 (unaudited)

Characteristics
Weighted average duration		4.43 yrs.
Weighted average maturity		6.05 yrs.
Average coupon		2.99	%
Top ten holdings (long holdings)1	Percentage of net assets
FNMA TBA, 3.500%		15.9	%
FHLMC TBA, 3.500%		8.8
GNMA II TBA, 4.000%		8.1
FNMA TBA, 3.000%		7.0
GNMA II TBA, 3.500%		5.0
GNMA II TBA, 3.000%		4.5
FHLMC TBA, 4.000%		3.2
FHLMC TBA, 3.000%		3.1
FNMA TBA, 5.000%		3.0
FNMA TBA, 2.500%		2.9
Total		61.5	%
Asset allocation1	Percentage of net assets
US government agency mortgage pass-through certificates		127.8	%
Asset-backed securities		18.5
Collateralized mortgage obligations		17.2
US government obligations		5.5
Commercial mortgage-backed securities		0.5
Short-term investment		0.5
Stripped mortgage-backed securities		0.5
Options, swaptions, and swaps		0.1
Investments sold short		(9.7	)
Cash equivalents and other assets less liabilities		(60.9	)
Total		100.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

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PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government obligations—5.51%
US Treasury Notes 1.750%, due 05/31/22	$	2,930,000	$	2,817,378
2.250%, due 11/15/251		1,800,000		1,719,773
2.250%, due 02/15/27		9,675,000		9,165,551
2.375%, due 01/31/23		1,100,000		1,078,730
2.375%, due 05/15/27		2,500,000		2,389,160
2.750%, due 05/31/23		3,000,000		2,987,813
2.750%, due 02/28/251		1,500,000		1,485,293
Total US government obligations (cost—$22,459,637)				21,643,698
Government national mortgage association certificates—35.46%
GNMA 3.000%, due 11/15/421		103,576		101,456
3.000%, due 02/15/431		603,160		592,845
3.000%, due 05/15/431		1,489,075		1,461,412
3.000%, due 06/15/431		466,286		457,157
3.000%, due 07/15/431		118,206		115,545
3.000%, due 01/15/451		433,411		426,040
3.000%, due 02/15/451		48,066		47,093
3.000%, due 07/15/451		669,478		655,870
3.000%, due 08/15/451		50,458		49,295
3.000%, due 10/15/451		1,000,883		979,467
3.000%, due 12/15/45		602,136		588,261
3.500%, due 11/15/421		714,505		716,722
3.500%, due 03/15/45		301,979		302,302
3.500%, due 04/15/45		824,784		825,814
4.000%, due 12/15/41		1,384,274		1,422,095
4.000%, due 01/15/47		180,484		185,135
4.000%, due 02/15/47		980,519		1,005,776
4.000%, due 04/15/47		1,025,548		1,051,981
4.500%, due 09/15/39		734,859		776,346
4.500%, due 06/15/40		336,646		355,669
4.500%, due 12/15/45		19,260		20,018
4.500%, due 07/15/46		8,367		8,694
4.500%, due 08/15/46		12,875		13,377
4.500%, due 09/15/46		496,005		515,464
4.500%, due 10/15/46		713,348		741,152
4.500%, due 01/15/47		917,428		953,568
5.000%, due 12/15/34		158,311		165,508
5.000%, due 04/15/38		155,553		165,450
5.000%, due 08/15/39		229,595		239,752
5.000%, due 12/15/39		11,241		11,815
5.000%, due 05/15/40		309,243		325,019
5.000%, due 09/15/40		6,036		6,301
5.000%, due 05/15/41		37,038		38,652
5.500%, due 08/15/35		25,590		27,783
5.500%, due 02/15/38		2,603		2,818
5.500%, due 04/15/38		230,309		248,917
5.500%, due 05/15/38		239,880		257,613
5.500%, due 06/15/38		132,129		141,846
5.500%, due 10/15/38		659,560		713,344
5.500%, due 11/15/38		40,901		43,953
5.500%, due 12/15/38		7,732		8,373
5.500%, due 03/15/39		32,714		35,064
5.500%, due 05/15/39		60,221		64,547

	Face amount		Value
Government national mortgage association certificates—(continued)
5.500%, due 09/15/39	$	315,696	$	339,031
5.500%, due 01/15/40		4,876		5,236
5.500%, due 03/15/40		361,340		390,937
6.500%, due 02/15/29		651		716
6.500%, due 01/15/36		11,007		12,090
6.500%, due 09/15/36		192,714		214,307
6.500%, due 02/15/37		10,961		12,040
6.500%, due 04/15/37		7,183		7,889
6.500%, due 01/15/38		9,073		9,966
6.500%, due 06/15/38		27,650		30,371
6.500%, due 07/15/38		21,393		23,858
6.500%, due 11/15/38		6,202		7,080
7.500%, due 08/15/21		641		642
8.000%, due 02/15/23		291		305
8.250%, due 04/15/19		390		390
10.500%, due 02/15/19		2,552		2,557
10.500%, due 07/15/19		1,350		1,353
10.500%, due 07/15/20		883		886
10.500%, due 08/15/20		5,811		5,829
GNMA I 3.000%, due 12/15/45		71,380		69,794
4.500%, due 12/15/45		16,376		17,045
GNMA II 2.500%, due 04/20/47		954,336		901,305
3.000%, due 09/20/47		5,205,834		5,078,733
3.500%, due 04/20/45		12,878		12,916
3.500%, due 11/20/45		818,017		820,608
3.500%, due 04/20/46		932,260		935,188
3.500%, due 05/20/46		1,935,402		1,962,668
3.500%, due 04/20/47		634,305		636,293
3.500%, due 07/20/47		1,294,334		1,299,983
3.500%, due 08/20/47		528,015		530,631
3.500%, due 09/20/47		217,630		218,607
3.500%, due 11/20/47		746,245		749,384
3.500%, due 12/20/47		145,703		146,421
3.500%, due 01/20/48		848,219		851,091
3.500%, due 02/20/48		2,681,057		2,687,434
3.750%, due 05/20/30		659,654		669,981
4.000%, due 12/20/40		740,515		751,191
4.000%, due 07/20/41		50,683		51,845
4.000%, due 03/20/48		492,845		505,893
4.000%, due 04/20/48		244,810		251,494
4.000%, due 05/20/48		119,875		123,451
4.000%, due 06/20/48		132,131		135,614
4.500%, due 10/20/44		507,251		524,627
4.500%, due 02/20/45		404,726		418,654
4.500%, due 08/20/45		312,233		328,517
4.500%, due 02/20/46		347,959		360,043
5.000%, due 12/20/33		250,667		268,182
5.000%, due 01/20/34		127,578		136,444
5.000%, due 02/20/38		168,217		179,484
5.000%, due 04/20/38		186,170		199,072
5.000%, due 08/20/41		23,237		24,791
5.000%, due 12/20/42		35,506		37,789
5.000%, due 08/20/43		2,904,614		3,091,356
6.000%, due 10/20/38		6,004		6,237

15

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Government national mortgage association certificates—(continued)
6.500%, due 09/20/32	$	2,863	$	3,047
6.500%, due 11/20/38		11,127		11,447
6.500%, due 12/20/38		16,296		16,750
7.000%, due 03/20/28		43,931		44,364
9.000%, due 04/20/25		6,226		6,777
9.000%, due 12/20/26		2,852		2,952
9.000%, due 01/20/27		9,007		9,126
9.000%, due 09/20/30		1,054		1,056
9.000%, due 10/20/30		3,429		3,530
9.000%, due 11/20/30		4,516		4,558
GNMA II ARM 1 year CMT + 1.500%, 2.625%, due 06/20/222		26,176		26,676
1 year CMT + 1.500%, 2.625%, due 04/20/242		49,171		49,413
1 year CMT + 1.500%, 2.625%, due 05/20/252		4,694		4,814
1 year CMT + 1.500%, 2.625%, due 04/20/262		80,548		81,782
1 year CMT + 1.500%, 2.625%, due 06/20/262		35,242		36,093
1 year CMT + 1.500%, 2.625%, due 04/20/272		21,051		21,688
1 year CMT + 1.500%, 2.625%, due 04/20/302		14,080		14,563
1 year CMT + 1.500%, 2.625%, due 05/20/302		333,733		345,102
1 year CMT + 1.500%, 2.750%, due 09/20/212		36,192		36,899
1 year CMT + 1.500%, 2.750%, due 08/20/252		12,263		12,567
1 year CMT + 1.500%, 2.750%, due 09/20/252		16,134		16,536
1 year CMT + 1.500%, 2.750%, due 08/20/262		19,323		19,846
1 year CMT + 1.500%, 2.750%, due 09/20/262		3,019		3,101
1 year CMT + 1.500%, 2.750%, due 07/20/272		7,134		7,342
1 year CMT + 1.500%, 2.750%, due 08/20/272		19,660		19,936
1 year CMT + 1.500%, 2.750%, due 07/20/302		77,340		79,795
1 year CMT + 1.500%, 2.750%, due 08/20/302		75,701		78,149
1 year CMT + 1.500%, 3.000%, due 05/20/252		28,711		29,492
1 year CMT + 1.500%, 3.000%, due 06/20/252		12,263		12,483
1 year CMT + 1.500%, 3.125%, due 11/20/212		4,883		4,865
1 year CMT + 1.500%, 3.125%, due 10/20/302		12,204		12,478
1 year CMT + 1.500%, 3.375%, due 01/20/232		22,572		22,936

	Face amount		Value
Government national mortgage association certificates—(concluded)
1 year CMT + 1.500%, 3.375%, due 03/20/232	$	10,093	$	10,232
1 year CMT + 1.500%, 3.375%, due 01/20/242		30,262		30,432
1 year CMT + 1.500%, 3.375%, due 01/20/252		4,005		4,096
1 year CMT + 1.500%, 3.375%, due 02/20/252		7,137		7,218
1 year CMT + 1.500%, 3.375%, due 03/20/262		9,906		10,083
1 year CMT + 1.500%, 3.375%, due 01/20/272		67,611		67,347
1 year CMT + 1.500%, 3.375%, due 02/20/272		6,107		6,156
1 year CMT + 1.500%, 3.375%, due 01/20/282		9,521		9,800
1 year CMT + 1.500%, 3.375%, due 02/20/282		6,128		6,157
1 year CMT + 1.500%, 3.500%, due 03/20/252		19,288		19,250
3.500%, due 07/20/47		4,178,131		4,205,122
3.500%, due 01/20/48		2,486,667		2,497,827
1 year CMT + 1.500%, 4.000%, due 06/20/192		1,726		1,718
4.000%, due 04/20/48		754,470		776,281
GNMA TBA 4.000%		4,000,000		4,088,594
4.500%		2,000,000		2,076,686
GNMA II TBA 3.000%		18,000,000		17,544,375
3.500%		19,500,000		19,530,469
4.000%		31,200,000		31,891,030
4.500%		9,000,000		9,344,736
5.000%		3,000,000		3,144,727
Total government national mortgage association certificates (cost—$140,253,299)				139,226,057
Federal home loan mortgage corporation certificates—29.65%
FHLMC 2.500%, due 01/01/31		337,446		326,408
2.500%, due 11/01/31		75,957		73,520
2.500%, due 07/01/32		196,949		190,629
2.500%, due 08/01/32		940,226		910,059
2.500%, due 09/01/32		1,182,184		1,144,244
2.500%, due 11/01/32		1,031,536		998,407
2.500%, due 12/01/32		1,049,503		1,015,793
2.500%, due 01/01/33		260,258		251,895
3.000%, due 01/01/33		3,343,993		3,310,858
3.000%, due 04/01/43		308,805		299,951
3.000%, due 05/01/43		235,319		228,585
3.000%, due 12/01/44		278,749		270,764
3.000%, due 04/01/45		1,573,175		1,523,073
3.000%, due 08/01/46		491,443		470,047
3.000%, due 12/01/46		8,222,201		7,932,247
3.000%, due 01/01/47		751,417		724,263

16

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Federal home loan mortgage corporation certificates—(continued)
3.000%, due 10/01/47	$	297,944	$	287,150
3.000%, due 02/01/48		12,676,007		12,217,089
3.000%, due 04/01/48		7,719,818		7,439,925
3.000%, due 06/01/48		399,186		384,738
3.500%, due 09/01/32		556,754		562,393
3.500%, due 08/01/48		1,000,000		991,055
4.000%, due 01/01/37		353,422		360,060
4.000%, due 07/01/43		257,343		263,684
4.000%, due 08/01/44		3,426,616		3,516,879
4.500%, due 10/01/33		49,836		50,741
4.500%, due 09/01/34		943,128		950,301
4.500%, due 01/01/36		24,611		25,254
4.500%, due 05/01/37		8,976		9,211
4.500%, due 05/01/38		35,708		36,022
5.000%, due 10/01/25		51,678		54,461
5.000%, due 11/01/27		7,937		8,364
5.000%, due 07/01/33		10,328		10,316
5.000%, due 09/01/33		232,002		248,539
5.000%, due 06/01/34		10,320		10,954
5.000%, due 04/01/35		34,524		36,383
5.000%, due 05/01/35		103,638		110,381
5.000%, due 07/01/35		905,834		963,912
5.000%, due 08/01/35		30,567		32,564
5.000%, due 10/01/35		25,523		27,182
5.000%, due 12/01/35		879		938
5.000%, due 07/01/38		294,342		313,260
5.000%, due 11/01/38		235,941		251,260
5.000%, due 06/01/39		59,033		62,901
5.000%, due 03/01/40		7,076		7,541
5.000%, due 07/01/40		324,053		344,641
5.000%, due 09/01/40		165,210		175,372
5.000%, due 11/01/40		281,161		298,904
5.000%, due 02/01/41		466,505		495,714
5.000%, due 03/01/41		34,062		36,306
5.000%, due 04/01/41		86,276		91,658
5.000%, due 05/01/41		181,646		192,987
5.000%, due 07/01/41		43,201		45,780
5.000%, due 08/01/44		83,307		89,037
5.500%, due 06/01/281		1,478		1,574
5.500%, due 02/01/321		1,868		2,019
5.500%, due 12/01/321		3,819		4,130
5.500%, due 02/01/331		45,756		48,753
5.500%, due 05/01/331		800		865
5.500%, due 06/01/331		214,676		232,126
5.500%, due 12/01/331		51,185		55,035
5.500%, due 12/01/341		45,949		49,743
5.500%, due 06/01/351		749,662		811,291
5.500%, due 07/01/351		5,524		5,882
5.500%, due 10/01/351		190,117		203,919
5.500%, due 12/01/351		114,051		123,289
5.500%, due 06/01/361		426,935		462,206
5.500%, due 07/01/361		22,513		22,801
5.500%, due 12/01/361		665,725		717,586
5.500%, due 03/01/37		80,350		86,526
5.500%, due 07/01/37		63,296		65,454
5.500%, due 10/01/37		3,741		4,021
5.500%, due 04/01/38		132,634		143,152

	Face amount		Value
Federal home loan mortgage corporation certificates—(concluded)
5.500%, due 05/01/38	$	13,116	$	14,065
5.500%, due 12/01/38		2,667		2,870
5.500%, due 01/01/39		59,467		64,053
5.500%, due 09/01/39		185,528		200,950
5.500%, due 02/01/40		8,330		8,952
5.500%, due 03/01/40		7,634		8,158
5.500%, due 05/01/40		112,404		121,051
5.500%, due 03/01/41		120,338		129,623
6.000%, due 11/01/37		1,044,203		1,141,741
7.000%, due 08/01/25		181		193
11.000%, due 06/01/19		47		47
11.000%, due 09/01/20		36		36
FHLMC ARM 1 year CMT + 2.137%, 3.427%, due 01/01/282		12,392		12,660
1 year CMT + 2.250%, 3.486%, due 09/01/342		1,055,620		1,117,720
12 mo. USD LIBOR + 1.766%, 3.515%, due 11/01/362		348,732		365,859
1 year CMT + 2.180%, 3.590%, due 04/01/292		49,177		50,113
12 mo. USD LIBOR + 1.864%, 3.637%, due 11/01/412		2,288,746		2,394,923
1 year CMT + 2.299%, 3.669%, due 10/01/232		15,766		16,101
1 year CMT + 2.438%, 3.751%, due 10/01/272		122,478		128,162
1 year CMT + 2.218%, 3.804%, due 07/01/242		65,503		66,408
1 year CMT + 2.131%, 3.808%, due 11/01/272		58,370		59,109
12 mo. USD LIBOR + 1.781%, 3.853%, due 10/01/392		1,837,677		1,929,255
1 year CMT + 2.625%, 3.875%, due 01/01/302		24,434		24,496
1 year CMT + 2.257%, 3.924%, due 11/01/292		180,094		187,316
1 year CMT + 2.415%, 3.965%, due 01/01/292		114,223		119,535
1 year CMT + 2.282%, 3.967%, due 06/01/282		148,259		154,182
1 year CMT + 2.363%, 3.983%, due 12/01/292		21,997		22,724
1 year CMT + 2.415%, 3.987%, due 11/01/252		99,176		103,901
1 year CMT + 2.459%, 3.994%, due 10/01/272		108,654		113,367
1 year CMT + 2.282%, 4.104%, due 07/01/282		75,424		78,085
FHLMC TBA 3.500%		35,000,000		34,635,840
4.000%		12,500,000		12,672,332
4.500%		5,000,000		5,185,058
5.000%		1,500,000		1,580,801
Total federal home loan mortgage corporation certificates (cost—$117,445,000)				116,424,658

17

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Federal housing administration certificates—0.02%
FHA GMAC 7.400%, due 02/01/213,7	$	6,040	$	6,048
FHA Reilly 6.896%, due 07/01/203,7		56,516		56,559
Total federal housing administration certificates (cost—$62,602)				62,607
Federal national mortgage association certificates—62.75%
FNMA 2.000%, due 05/01/28		201,389		192,735
2.000%, due 09/01/31		235,149		221,834
2.000%, due 11/01/31		576,167		543,628
2.000%, due 01/01/32		131,756		124,298
2.348%, due 09/01/19		420,008		415,903
2.500%, due 06/01/28		259,727		253,326
2.500%, due 07/01/28		1,931,674		1,883,960
2.500%, due 08/01/28		642,228		626,336
2.500%, due 09/01/30		40,998		39,870
2.500%, due 11/01/30		62,723		60,995
2.500%, due 04/01/47		249,999		233,168
2.610%, due 05/01/19		5,000,000		4,985,538
12 mo. USD LIBOR + 1.790%, 2.717%, due 02/01/422		556,396		586,032
3.000%, due 05/01/28		248,095		247,314
3.000%, due 02/01/30		439,012		437,494
3.000%, due 04/01/30		126,618		125,908
3.000%, due 05/01/30		128,998		128,273
3.000%, due 08/01/30		222,608		221,358
3.000%, due 10/01/30		40,555		40,327
3.000%, due 11/01/30		293,896		291,707
3.000%, due 12/01/30		359,159		356,273
3.000%, due 04/01/31		2,686,532		2,671,462
3.000%, due 06/01/32		293,848		291,341
3.000%, due 10/01/42		608,968		592,551
3.000%, due 01/01/43		2,338,324		2,273,829
3.000%, due 04/01/43		922,267		896,453
3.000%, due 05/01/43		965,592		938,561
3.000%, due 06/01/43		133,654		129,917
3.000%, due 09/01/43		1,199,662		1,166,211
3.000%, due 11/01/46		99,999		96,531
3.000%, due 12/01/46		7,519,489		7,265,071
3.440%, due 02/01/32		2,486,908		2,431,472
3.500%, due 11/01/25		450,831		455,592
3.500%, due 08/01/29		90,233		91,381
3.500%, due 12/01/41		1,191,225		1,190,964
3.500%, due 03/01/42		519,073		518,695
3.500%, due 04/01/42		61,560		61,185
3.500%, due 12/01/42		1,900,650		1,899,266
3.500%, due 03/01/43		1,069,600		1,067,471
3.500%, due 05/01/43		4,404,071		4,407,667
3.500%, due 07/01/43		381,154		380,053
3.500%, due 06/01/45		4,915,130		4,885,683
3.500%, due 08/01/45		103,299		102,681
3.500%, due 09/01/46		1,811,144		1,805,856
3.500%, due 08/01/47		606,682		602,309
3.500%, due 09/01/47		799,532		795,088

	Face amount		Value
Federal national mortgage association certificates—(continued)
3.500%, due 11/01/47	$	1,136,907	$	1,128,210
3.500%, due 12/01/47		1,028,799		1,021,436
3.500%, due 02/01/48		2,424,369		2,405,678
3.500%, due 03/01/48		2,074,325		2,058,034
3.570%, due 07/01/28		8,773,000		8,771,198
3.600%, due 08/01/23		793,306		810,954
1 year CMT + 2.040%, 3.670%, due 09/01/412		660,125		689,459
1 year CMT + 2.280%, 3.763%, due 05/01/352		207,894		219,969
1 year CMT + 2.220%, 3.775%, due 10/01/372		2,807,457		2,961,415
12 mo. USD LIBOR + 1.731%, 3.844%, due 05/01/382		1,754,475		1,842,560
1 year CMT + 2.238%, 3.945%, due 01/01/362		571,480		602,635
4.000%, due 07/01/251		14,952		15,319
4.000%, due 08/01/251		40,646		41,646
4.000%, due 09/01/251		36,538		37,438
4.000%, due 10/01/251		19,312		19,778
4.000%, due 11/01/251		126,963		130,080
4.000%, due 01/01/261		327,816		336,005
4.000%, due 02/01/261		823,238		843,576
4.000%, due 03/01/261		764,297		783,075
4.000%, due 04/01/261		1,721,886		1,765,027
4.000%, due 08/01/321		9,608		9,870
4.000%, due 06/01/331		172,065		176,787
4.000%, due 07/01/331		360,057		368,406
4.000%, due 07/01/341		1,044,403		1,073,076
4.000%, due 07/01/381		3,487,712		3,579,920
4.000%, due 05/01/391		153,128		156,682
4.000%, due 09/01/391		348,398		356,477
4.000%, due 09/01/401		3,438,631		3,518,991
4.000%, due 12/01/401		4,554,945		4,672,375
4.000%, due 04/01/411		1,046,424		1,072,296
4.000%, due 11/01/411		750,644		771,017
4.000%, due 12/01/411		1,036,711		1,064,845
4.000%, due 07/01/42		3,862,140		3,970,446
4.000%, due 07/01/42		487,046		495,502
4.000%, due 09/01/42		6,108,908		6,272,734
4.000%, due 10/01/42		4,648,134		4,774,256
4.000%, due 07/01/43		486,654		496,147
4.000%, due 12/01/44		56,150		57,139
4.000%, due 06/01/45		37,310		37,956
4.000%, due 08/01/45		2,744,765		2,790,566
4.000%, due 03/01/47		156,597		159,162
4.000%, due 09/01/47		393,151		399,590
4.000%, due 10/01/47		2,189,430		2,225,753
4.000%, due 12/01/47		219,471		223,066
4.000%, due 01/01/48		1,939,467		1,971,619
4.500%, due 05/01/191		360		363
4.500%, due 09/01/191		15,575		15,694
4.500%, due 08/01/201		3,577		3,604
4.500%, due 01/01/211		24,697		24,886
4.500%, due 05/01/211		24,853		25,043
4.500%, due 03/01/231		5,994		6,194
4.500%, due 06/01/291		32,680		33,913

18

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Federal national mortgage association certificates—(continued)
4.500%, due 06/01/351	$	16,643	$	16,750
4.500%, due 01/01/391		1,860		1,930
4.500%, due 03/01/391		11,654		12,210
4.500%, due 06/01/391		77,405		81,095
4.500%, due 07/01/391		2,917		3,027
4.500%, due 08/01/391		127,865		132,758
4.500%, due 10/01/391		5,563		5,828
4.500%, due 12/01/391		445,913		467,517
4.500%, due 01/01/401		4,242		4,456
4.500%, due 02/01/401		4,674		4,903
4.500%, due 03/01/401		82,681		86,658
4.500%, due 08/01/401		75,951		79,602
4.500%, due 11/01/401		410,861		430,939
4.500%, due 07/01/411		509,920		534,478
4.500%, due 08/01/411		901,548		945,555
4.500%, due 09/01/411		35,327		36,866
4.500%, due 01/01/421		2,451,772		2,569,376
4.500%, due 08/01/421		4,674		4,893
4.500%, due 09/01/431		353,147		371,139
4.500%, due 11/01/431		79,483		83,314
4.500%, due 07/01/441		354,316		371,220
4.500%, due 12/01/441		2,170		2,260
5.000%, due 03/01/23		2,300		2,392
5.000%, due 05/01/23		64,949		67,333
5.000%, due 03/01/25		18,104		19,135
5.000%, due 03/01/33		19,282		19,450
5.000%, due 05/01/37		9,341		9,623
5.000%, due 09/01/37		28,740		30,039
5.000%, due 06/01/38		48,802		51,021
5.500%, due 06/01/231		425,952		454,820
5.500%, due 10/01/241		6,784		7,244
5.500%, due 11/01/251		9,027		9,639
5.500%, due 07/01/271		103,548		110,566
5.500%, due 11/01/321		84,661		90,994
5.500%, due 12/01/331		1,271		1,370
5.500%, due 04/01/341		30,663		33,053
5.500%, due 01/01/351		123,693		132,076
5.500%, due 04/01/361		85,532		91,329
5.500%, due 05/01/371		207,424		225,379
5.500%, due 07/01/37		115,992		125,878
5.500%, due 06/01/38		171,253		184,490
5.500%, due 06/01/39		999,804		1,084,988
5.500%, due 11/01/39		398,851		433,380
5.500%, due 07/01/40		520,901		560,038
5.500%, due 02/01/42		290,057		312,904
6.000%, due 12/01/18		214		232
6.000%, due 07/01/19		415		450
6.000%, due 11/01/21		31,326		31,877
6.000%, due 01/01/23		118,604		121,133
6.000%, due 03/01/23		126,647		131,145
6.000%, due 09/01/25		768,309		833,185
6.000%, due 11/01/26		22,770		24,693
6.000%, due 02/01/32		74,102		80,383
6.000%, due 12/01/32		13,818		15,110
6.000%, due 02/01/33		28,834		31,372
6.000%, due 09/01/34		138,246		151,042
6.000%, due 05/01/35		65,307		70,921

	Face amount		Value
Federal national mortgage association certificates—(concluded)
6.000%, due 06/01/35	$	17,856	$	19,490
6.000%, due 07/01/35		46,154		50,143
6.000%, due 09/01/35		1,685		1,841
6.000%, due 01/01/36		32,960		36,069
6.000%, due 06/01/36		233		252
6.000%, due 09/01/36		42,057		46,019
6.000%, due 10/01/36		16,733		18,259
6.000%, due 12/01/36		138,752		151,362
6.000%, due 03/01/37		15,699		17,159
6.000%, due 10/01/37		57,051		59,947
6.000%, due 11/01/38		406,603		446,619
6.000%, due 05/01/39		50,615		55,598
6.000%, due 11/01/40		559,587		614,678
6.500%, due 07/01/19		2,305		2,525
6.500%, due 10/01/36		431,839		473,143
6.500%, due 02/01/37		3,472		3,804
6.500%, due 07/01/37		32,367		35,462
6.500%, due 08/01/37		42,531		46,599
6.500%, due 09/01/37		57,366		63,275
6.500%, due 12/01/37		144,069		157,849
6.500%, due 08/01/38		1,167		1,278
6.500%, due 05/01/40		1,216,250		1,386,535
7.500%, due 11/01/26		14,527		14,603
8.000%, due 11/01/26		6,669		6,740
9.000%, due 02/01/26		9,494		9,594
FNMA ARM 12 mo. MTA + 1.200%, 2.757%, due 03/01/442		194,283		196,843
6 mo. USD LIBOR + 1.105%, 2.980%, due 10/01/262		74,989		75,586
1 year CMT + 2.095%, 3.337%, due 09/01/262		16,153		16,185
1 year CMT + 2.082%, 3.405%, due 02/01/262		26,928		26,930
1 year CMT + 2.250%, 3.500%, due 02/01/302		3,577		3,586
1 year CMT + 2.100%, 3.777%, due 05/01/302		30,439		31,405
1 year CMT + 2.507%, 3.858%, due 12/01/272		17,405		17,926
1 year CMT + 2.325%, 4.124%, due 03/01/252		41,850		42,683
FNMA TBA 2.500%		12,000,000		11,434,014
3.000%		28,100,000		27,488,261
3.500%		62,500,000		62,073,706
4.000%		1,500,000		1,535,713
5.000%		11,000,000		11,601,133
Total federal national mortgage association certificates (cost—$249,870,571)				246,379,706
Collateralized mortgage obligations—17.17%
ARM Trust, Series 2005-8, Class 3A21 4.010%, due 11/25/354		708,701		604,203

19

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Collateralized mortgage obligations—(continued)
BCAP LLC 2010-RR1 Trust, Series 2010-RR1, Class 1A4 3.660%, due 03/26/374,5	$	155,859	$	135,459
BCAP LLC 2011-RR10 Trust, Series 2011-RR10, Class 3A5 3.962%, due 06/26/354,5		100,234		98,531
BCAP LLC 2011-RR11 Trust, Series 2011-R11, Class 8A5 2.284%, due 07/26/364,5		172,497		164,567
BCAP LLC 2013-RR1 Trust, Series 2013-RR1, Class 3A4 6.000%, due 10/26/374,5		381,255		350,494
BCAP LLC 2013-RR5 Trust, Series 2013-RR5, Class 5A1 12 mo. MTA + 0.840%, 2.397%, due 11/26/462,5		206,331		205,625
Bear Stearns ARM Trust, Series 2002-011, Class 1A2 3.635%, due 02/25/334		4,236		3,918
Series 2004-002, Class 12A2 3.559%, due 05/25/344		48,139		48,335
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1 5.750%, due 10/25/336		612,625		631,163
Series 2004-AC3, Class A2 6.000%, due 06/25/346		872,303		879,721
Chevy Chase Mortgage Funding Corp., Series 2004-1, Class A1 1 mo. USD LIBOR + 0.280%, 2.344%, due 01/25/352,5		91,242		89,354
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1 4.013%, due 05/19/334		4,323		4,460
Series 2017-15, Class 2A2 6.500%, due 09/25/37		35,785		27,542
Civic Mortgage LLC, Series 2018-1, Class A1 3.892%, due 06/25/225,6		602,316		602,518
CSMC Trust, Series 2013-MH1, Class A 4.790%, due 05/27/533,4,5		1,038,733		1,026,116
FHLMC REMIC, Series 0023, Class KZ 6.500%, due 11/25/23		13,855		14,592
Series 0159, Class H 4.500%, due 09/15/21		1,946		1,958
Series 1003, Class H 1 mo. USD LIBOR + 0.750%, 2.822%, due 10/15/202		3,860		3,886
Series 1349, Class PS 7.500%, due 08/15/22		536		564
Series 1502, Class PX 7.000%, due 04/15/23		96,773		102,238
Series 1534, Class Z 5.000%, due 06/15/23		40,552		41,251
Series 1573, Class PZ 7.000%, due 09/15/23		12,489		13,264
Series 1658, Class GZ 7.000%, due 01/15/24		6,010		6,402

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 1694, Class Z 6.500%, due 03/15/24	$	67,985	$	72,338
Series 1775, Class Z 8.500%, due 03/15/25		2,158		2,404
Series 2018-28, Class CA 3.000%, due 05/25/48		2,006,686		1,916,568
Series 2400, Class FQ 1 mo. USD LIBOR + 0.500%, 2.572%, due 01/15/322		145,113		145,672
Series 2411, Class FJ 1 mo. USD LIBOR + 0.350%, 2.422%, due 12/15/292		16,973		16,997
Series 2614, Class WO, PO 0.000%, due 05/15/33		1,031,937		905,289
Series 3096, Class FL 1 mo. USD LIBOR + 0.400%, 2.472%, due 01/15/362		157,550		158,021
Series 3114, Class PF 1 mo. USD LIBOR + 0.400%, 2.472%, due 02/15/362		800,540		804,333
Series 3153, Class UF 1 mo. USD LIBOR + 0.430%, 2.502%, due 05/15/362		208,790		209,722
Series 3339, Class LI, IO 1 mo. USD LIBOR + 6.480%, 4.408%, due 07/15/372		828,111		114,919
Series 3442, Class MT 1 mo. USD LIBOR, 2.072%, due 07/15/342		85,198		83,343
Series 3598, Class JI, IO 1.041%, due 10/15/374		55,510		2,131
Series 3621, Class WI, IO 1.195%, due 05/15/374		98,200		4,699
Series 3635, Class IB, IO 0.927%, due 10/15/374		187,868		7,165
Series 3667, Class FW 1 mo. USD LIBOR + 0.550%, 2.622%, due 02/15/382		80,713		81,140
Series 3671, Class FQ 1 mo. USD LIBOR + 0.850%, 2.922%, due 12/15/362		1,290,147		1,304,986
Series 3684, Class JI, IO 1.401%, due 11/15/364		476,631		27,729
Series 3864, Class NT 1 mo. USD LIBOR + 60.050%, 5.500%, due 03/15/392		645,069		676,286
Series 4037, Class PI, IO 3.000%, due 04/15/27		3,073,969		224,418
Series 4131, Class AI, IO 2.500%, due 10/15/22		1,366,402		50,137
Series 4136, Class EZ 3.000%, due 11/15/42		1,224,036		1,146,539
Series 4156, Class SA, IO 1 mo. USD LIBOR + 6.020%, 4.128%, due 01/15/332		2,143,765		269,197
Series 4165, Class TI, IO 3.000%, due 12/15/42		2,041,188		194,909

20

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 4182, Class YI, IO 2.500%, due 03/15/28	$	4,867,748	$	374,348
Series 4255, Class SN 1 mo. USD LIBOR + 12.267%, 6.688%, due 05/15/352		342,985		352,639
Series 4263, Class SD 1 mo. USD LIBOR + 12.267%, 6.742%, due 11/15/432		387,679		416,690
Series 4265, Class ES 1 mo. USD LIBOR + 13.760%, 7.065%, due 11/15/432		828,981		867,362
Series 4324, Class IO, IO 1.619%, due 08/15/364		272,915		9,982
Series 4338, Class SB, IO 1.357%, due 10/15/414		286,071		11,790
Series 4367, Class GS, IO 1.350%, due 03/15/374		169,421		8,579
Series 4394, Class WI, IO 1.379%, due 08/15/414		153,710		7,657
Series 4438, Class WI, IO 1.315%, due 11/15/384		498,341		25,907
Series 4457, Class DI, IO 4.000%, due 08/15/24		1,077,290		90,342
Series 4463, Class IO, IO 1.527%, due 02/15/384		358,211		18,366
Series 4544, Class IP, IO 4.000%, due 01/15/46		3,937,164		845,233
Trust 2513, Class AS, IO 1 mo. USD LIBOR + 8.000%, 5.928%, due 02/15/322		350,615		67,166
Trust 3609, Class LI, IO 4.500%, due 12/15/24		222,594		4,384
Trust 3838, Class LI, IO 4.500%, due 04/15/22		182,482		7,320
Trust 3962, Class KS, IO 1.478%, due 06/15/384		315,983		16,850
Trust 4076, Class SW, IO 1 mo. USD LIBOR + 6.050%, 3.978%, due 07/15/422		2,521,663		425,889
Trust 4100, Class HI, IO 3.000%, due 08/15/27		557,954		47,692
Trust 4182, Class QI, IO 3.000%, due 02/15/33		212,475		20,325
Trust 4479, Class NI, IO 4.500%, due 11/15/19		122,435		1,590
FHLMC STRIPs, Series 303, Class C19, IO 3.500%, due 01/15/43		1,271,981		247,351
Series 330, Class F4 1 mo. USD LIBOR + 0.350%, 2.332%, due 10/15/372		705,678		704,971
Series 345, Class C13, IO 3.500%, due 08/15/45		2,322,179		459,908
FNMA REMIC, Series 386, Class 14, IO 6.500%, due 04/25/38		83,544		17,152

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 413, Class 111, IO 4.000%, due 07/25/424	$	1,397,988	$	289,169
Series 419, Class C3, IO 3.000%, due 11/25/43		249,043		48,864
Trust 1992-129, Class L 6.000%, due 07/25/22		1,478		1,532
Trust 1992-158, Class ZZ 7.750%, due 08/25/22		2,400		2,566
Trust 1993-037, Class PX 7.000%, due 03/25/23		71,397		74,957
Trust 1997-022, Class F 2.069%, due 03/25/274		52,443		52,210
Trust 2002-060, Class F1 1 mo. USD LIBOR + 0.400%, 2.464%, due 06/25/322		59,412		59,342
Trust 2003-070, Class SH 1 mo. USD LIBOR + 14.000%, 9.873%, due 07/25/232		68,428		75,801
Trust 2007-067, Class FB 1 mo. USD LIBOR + 0.320%, 2.384%, due 07/25/372		346,448		346,186
Trust 2009-033, Class FB 1 mo. USD LIBOR + 0.820%, 2.884%, due 03/25/372		831,998		851,000
Trust 2010-141, Class FA 1 mo. USD LIBOR + 0.500%, 2.564%, due 12/25/402		450,561		454,810
Trust 2010-76, Class SA, IO 1 mo. USD LIBOR + 6.500%, 4.436%, due 07/25/402		1,560,380		221,941
Trust 2011-86, Class DI, IO 3.500%, due 09/25/21		129,168		5,244
Trust 2012-090, Class FB 1 mo. USD LIBOR + 0.440%, 2.504%, due 08/25/422		205,816		204,847
Trust 2012-111, Class HS 1 mo. USD LIBOR + 3.667%, 1.947%, due 10/25/422		232,074		164,951
Trust 2012-122, Class LI, IO 4.500%, due 07/25/41		1,118,829		160,442
Trust 2012-128, Class FK
1 mo. USD LIBOR + 0.350%, 2.414%, due 11/25/422		401,567		402,667
Trust 2012-32, Class AI, IO 3.000%, due 04/25/22		214,487		8,596
Trust 2012-77, Class IO, IO 1.378%, due 07/25/524		425,293		18,095
Trust 2013-028, Class YS, IO
1 mo. USD LIBOR + 6.150%, 4.086%, due 07/25/422		1,528,425		180,558
Trust 2013-030, Class GI, IO 3.000%, due 01/25/43		2,669,791		389,658
Trust 2013-030, Class JI, IO 3.000%, due 04/25/43		988,814		118,304
Trust 2013-034, Class PS, IO
1 mo. USD LIBOR + 6.150%, 4.086%, due 08/25/422		856,091		108,079

21

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2013-044, Class ZG 3.500%, due 03/25/42	$	681,178	$	667,934
Trust 2013-045, Class IK, IO 3.000%, due 02/25/43		1,733,963		250,741
Trust 2013-116, Class IY, IO 3.000%, due 09/25/43		542,644		64,825
Trust 2014-42, Class SA, IO 1.342%, due 07/25/444		457,444		20,676
Trust 2014-43, Class BS, IO 1.323%, due 07/25/444		752,174		35,129
Trust 2014-45, Class SA, IO 1.629%, due 08/25/444		490,332		22,657
Trust 2014-47, Class BI, IO 1.487%, due 08/25/544		727,109		36,516
Trust 2014-92, Class SB, IO 1.414%, due 01/25/454		524,224		20,257
Trust 2015-073, Class ES 1 mo. USD LIBOR + 9.333%, 4.452%, due 10/25/452		488,006		379,730
Trust 2015-10, Class SA, IO 1.373%, due 03/25/454		430,494		18,941
Trust 2015-19, Class AI, IO 1.374%, due 04/25/554		705,727		33,215
Trust 2015-30, Class IO, IO 5.500%, due 05/25/45		403,738		89,837
Trust 2015-47, Class GI, IO 4.000%, due 06/25/44		301,710		51,751
Trust 2015-50, Class SB, IO 1.504%, due 07/25/454		2,434,599		128,369
Trust 2015-58, Class AI, IO 1.534%, due 08/25/554		450,262		23,216
Trust 2015-64, Class KS, IO 1.467%, due 09/25/454		567,327		29,301
Trust 2016-14, Class IO, IO 3.000%, due 03/25/46		1,507,106		234,541
Trust 2016-17, Class CS, IO 1.266%, due 04/25/464		339,100		13,867
Trust 2016-20, Class EI, IO 3.000%, due 04/25/46		537,972		79,071
Trust 2016-52, Class PI, IO 3.000%, due 04/25/46		1,683,493		245,234
Trust 2016-57, Class SN, IO 1 mo. USD LIBOR + 6.050%, 3.986%, due 06/25/462		3,700,519		535,386
Trust 2016-63, Class YI, IO 3.500%, due 04/25/46		1,143,878		146,633
Trust 2016-64, Class IA, IO 3.000%, due 05/25/46		1,143,164		167,943
Trust 2016-76, Class CS, IO 1.243%, due 10/25/464		148,090		5,863
Trust 2016-M11, Class AL 2.944%, due 07/25/39		4,012,879		3,855,808
Trust G92-040, Class ZC 7.000%, due 07/25/22		5,998		6,258
Trust G94-006, Class PJ 8.000%, due 05/17/24		9,622		10,335

	Face amount		Value
Collateralized mortgage obligations—(continued)
FREMF Multifamily Aggregation Risk Transfer Trust
1 mo. USD LIBOR + 0.320%, 2.389%, due 02/25/202	$	4,800,000	$	4,810,476
GMAC Mortgage Loan Trust, Series 2004-AR1, Class 12A 4.242%, due 06/25/344		13,325		13,491
GNMA REMIC, Trust 2000-035, Class F
1 mo. USD LIBOR + 0.550%, 2.622%, due 12/16/252		79,943		80,545
Trust 2007-018, Class CO, PO 0.000%, due 03/20/35		29,876		24,437
Trust 2010-H01, Class FA 1 mo. USD LIBOR + 0.820%, 2.923%, due 01/20/602		3,011,277		3,037,327
Trust 2012-140, Class JI, IO 3.500%, due 01/20/41		1,379,914		174,951
Trust 2013-23, Class IP, IO 3.500%, due 08/20/42		1,554,450		278,082
Trust 2013-77, Class GI, IO 3.000%, due 02/20/43		3,608,121		517,381
Trust 2013-H19, Class DF 1 mo. USD LIBOR + 0.650%, 2.655%, due 05/20/632		1,333,966		1,341,127
Trust 2013-H20, Class FB 1 mo. USD LIBOR + 1.000%, 3.005%, due 08/20/632		2,302,004		2,333,944
Trust 2013-H23, Class TA 1 mo. USD LIBOR + 0.720%, 2.725%, due 09/20/632		949,246		957,273
Trust 2014-158, Class IA, IO 3.500%, due 10/20/29		1,213,714		132,349
Trust 2014-188, Class CI, IO 4.000%, due 05/20/44		313,536		53,202
Trust 2015-126, Class GS 1 mo. USD LIBOR + 9.333%, 4.452%, due 09/20/452		323,052		262,045
Trust 2015-127, Class AS, IO 0.742%, due 06/20/434		684,886		16,459
Trust 2015-165, Class IB, IO 3.500%, due 11/20/42		631,903		93,337
Trust 2015-166, Class SA, IO 0.343%, due 06/20/424		821,443		20,049
Trust 2015-180, Class SA, IO 0.293%, due 06/20/424		893,601		18,191
Trust 2015-42, Class AI, IO 3.000%, due 05/20/39		606,979		54,187
Trust 2015-H27, Class FA 1 mo. USD LIBOR + 0.750%, 2.755%, due 09/20/652		2,616,141		2,648,664
Trust 2015-H29, Class FA 1 mo. USD LIBOR + 0.700%, 2.705%, due 10/20/652		719,707		721,535
Trust 2015-H29, Class FJ 1 mo. USD LIBOR + 0.680%, 2.685%, due 11/20/652		2,219,211		2,240,802

22

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2015-H30, Class FA 1 mo. USD LIBOR + 0.680%, 2.685%, due 08/20/612	$	577,945	$	579,197
Trust 2015-H30, Class FB 1 mo. USD LIBOR + 0.680%, 2.685%, due 03/20/622		110,089		110,289
Trust 2016-118, Class IE, IO 3.500%, due 09/20/46		88,472		15,894
Trust 2016-138, Class WI, IO 0.528%, due 08/20/454		601,010		15,305
Trust 2016-180, Class WI, IO 0.422%, due 09/20/454		1,244,600		31,863
Trust 2016-84, Class KS, IO 1 mo. USD LIBOR + 6.080%, 3.994%, due 11/20/452		2,868,230		479,399
Trust 2016-H04, Class FG 1 mo. USD LIBOR + 0.700%, 2.705%, due 12/20/612		1,131,268		1,134,052
Trust 2016-H14, Class FA 1 mo. USD LIBOR + 0.800%, 2.805%, due 06/20/662		645,372		655,329
Trust 2017-15, Class WI, IO 0.416%, due 11/20/454		619,237		16,884
Trust 2017-57, Class WI, IO 0.193%, due 12/20/454		349,779		6,915
GS Mortgage Securities Corp. II, Series 2015-GC30, Class A3 3.119%, due 05/10/50		5,000,000		4,849,380
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1 1 mo. USD LIBOR + 0.330%, 2.394%, due 12/25/342		5,414		5,094
Indymac Index Mortgage Loan Trust, Series 2005-AR2, Class 2A1A 1 mo. USD LIBOR + 0.640%, 2.704%, due 02/25/352		511,328		502,859
JPMorgan Alternative Loan Trust, Series 2008-R4, Class 2A1 1 mo. USD LIBOR + 0.500%, 2.603%, due 06/27/372,5		1,237,673		1,107,758
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2 3.786%, due 12/25/344		246,983		248,292
Series 2004-A, Class A1 1 mo. USD LIBOR + 0.460%, 2.524%, due 04/25/292		55,150		54,384
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1 1 mo. USD LIBOR + 0.320%, 2.384%, due 01/25/352		46,872		46,044
Series 2005-6AR, Class 1A1 1 mo. USD LIBOR + 0.280%, 2.344%, due 11/25/352		37,757		37,904
Morgan Stanley Re-REMIC Trust, Series 2010-R4, Class 4B 1 mo. USD LIBOR + 0.230%, 3.126%, due 02/26/372,5		250,702		217,068

	Face amount		Value
Collateralized mortgage obligations—(concluded)
Series 2013-R10, Class 3A 1 mo. USD LIBOR + 0.310%, 2.401%, due 01/26/512,5	$	333,992	$	330,623
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A
1 year CMT + 0.500%, 2.920%, due 05/25/422,5		3,735,134		3,473,674
NCUA Guaranteed Notes Trust, Series 2010-R1, Class 1A
1 mo. USD LIBOR + 0.450%, 2.537%, due 10/07/202		1,395,995		1,400,548
Series 2010-R2, Class 2A 1 mo. USD LIBOR + 0.470%, 1.002%, due 11/05/202		641,732		644,511
Series 2011-R2, Class 1A 1 mo. USD LIBOR + 0.400%, 2.425%, due 02/06/202		270,216		270,680
RBSSP Resecuritization Trust Certificate, Series 2009-6, Class 18A1
1 mo. USD LIBOR + 0.500%, 2.570%, due 12/26/362,5		50,718		50,650
Sequoia Mortgage Trust, Series 5, Class A 1 mo. USD LIBOR + 0.700%, 2.782%, due 10/19/262		82,985		83,442
Structured ARM Loan, Series 2007-4, Class 1A2 1 mo. USD LIBOR + 0.220%, 2.284%, due 05/25/372		229,217		227,825
Structured Asset Mortgage Investments, Inc., Series 2006-AR3, Class 11A1
1 mo. USD LIBOR + 0.210%, 2.274%, due 04/25/362		790,858		726,813
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3 3.478%, due 04/25/454		94,195		94,787
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR9, Class 2A 3.391%, due 09/25/334		240,240		243,281
Total collateralized mortgage obligations (cost—$68,246,028)				67,429,047
Asset-backed securities—18.46%
Allegro CLO I Ltd., Series 2013-1A, Class A1R 3 mo. USD LIBOR + 1.220%, 3.559%, due 01/30/262,5		1,051,065		1,051,776
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-R9, Class M2 1 mo. USD LIBOR + 0.975%, 3.039%, due 10/25/342		469,807		472,378
Series 2005-R1, Class M4 1 mo. USD LIBOR + 1.110%, 3.174%, due 03/25/352		200,000		198,426
Series 2005-R11, Class M1 1 mo. USD LIBOR + 0.450%, 2.514%, due 01/25/362		400,000		399,653

23

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Asset-backed securities—(continued)
Amortizing Residential Collateral Trust, Series 2004-1, Class A5 1 mo. USD LIBOR + 1.000%, 3.064%, due 10/25/342	$	204,353	$	204,919
Atrium X, Series 10A, Class AR 3 mo. USD LIBOR + 0.950%, 3.289%, due 07/16/252,5		2,140,959		2,141,027
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1 1 mo. USD LIBOR + 1.200%, 3.264%, due 08/25/342		7,063,138		6,892,076
Series 2006-2, Class M1 1 mo. USD LIBOR + 0.420%, 2.484%, due 07/25/362		19,502		19,505
Cent CLO 19 Ltd., Series 2013-19A, Class A1A 3 mo. USD LIBOR + 1.330%, 3.669%, due 10/29/252,5		422,197		422,490
Chase Funding Trust, Series 2002-3, Class 2A1 1 mo. USD LIBOR + 0.640%, 2.704%, due 08/25/322		160,300		157,091
Series 2002-4, Class 2A1 1 mo. USD LIBOR + 0.740%, 2.804%, due 10/25/322		10,904		10,819
CIFC Funding 2015-V Ltd., Series 2015-5A, Class A1R 3 mo. USD LIBOR + 0.860%, 3.195%, due 10/25/272,5		900,000		896,878
CIT Mortgage Loan Trust, Series 2007-1, Class 1A 1 mo. USD LIBOR + 1.350%, 3.414%, due 10/25/372,5		1,358,524		1,369,482
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4 1 mo. USD LIBOR + 0.500%, 2.564%, due 07/25/342		80,086		75,234
Series 2004-4, Class M1 1 mo. USD LIBOR + 0.720%, 2.784%, due 07/25/342		163,479		164,296
Series 2004-6, Class M1 1 mo. USD LIBOR + 0.900%, 2.964%, due 10/25/342		182,700		180,358
CSMC, Series 2017-1 4.500%, due 03/25/214		279,346		280,874
Dryden XXV Senior Loan Fund, Series 2012-25A, Class ARR 3 mo. USD LIBOR + 0.900%, 3.239%, due 10/15/272,5		3,200,000		3,194,691
EMC Mortgage Loan Trust, Series 2003-A, Class A2 1 mo. USD LIBOR + 1.500%, 3.564%, due 08/25/402,5		93,249		91,812
Equifirst Loan Securitization Trust, Series 2007-1, Class A1 1 mo. USD LIBOR + 0.170%, 2.234%, due 04/25/372,5		2,433,352		2,324,753

	Face amount		Value
Asset-backed securities—(continued)
FBR Securitization Trust, Series 2005-5, Class AV24 1 mo. USD LIBOR + 0.740%, 2.804%, due 11/25/352	$	32,022	$	32,007
Figueroa CLO Ltd., Series 2014-1A, Class AR 3 mo. USD LIBOR + 0.900%, 3.239%, due 01/15/272,3,5		500,000		500,000
First Franklin Mortgage Loan Trust, Series 2005-FFH1, Class M1 1 mo. USD LIBOR + 0.450%, 2.514%, due 06/25/362		102,581		102,897
Flagship VII Ltd., Series 2013-7A, Class A1R 3 mo. USD LIBOR + 1.120%, 3.468%, due 01/20/262,5		306,953		306,979
Flatiron CLO Ltd., Series 2013-1A, Class A1R 3 mo. USD LIBOR + 1.160%, 3.496%, due 01/17/262,5		2,528,673		2,530,062
FNMA DUS Securities 3.780%, due 08/01/287,8		3,350,000		3,405,484
Fremont Home Loan Trust, Series 2004-A, Class M1 1 mo. USD LIBOR + 0.825%, 2.889%, due 01/25/342		541,740		536,463
Gallatin CLO VIII Ltd., Series 2017-1A, Class A 3 mo. USD LIBOR + 1.050%, 3.389%, due 07/15/272,5		2,075,000		2,072,537
Green Tree Financial Corp., Series 1998-2, Class A5 6.240%, due 12/01/28		6,449		6,581
Halcyon Loan Advisors Funding Ltd., Series 2015-1A, Class AR 3 mo. USD LIBOR + 0.920%, 3.268%, due 04/20/272,5		5,200,000		5,196,542
JP Morgan Mortgage Acquisition Corp., Series 2005-FRE1, Class A2F3 3.365%, due 10/25/356		107,002		107,378
Series 2006-FRE1, Class A1 1 mo. USD LIBOR + 0.230%, 2.294%, due 05/25/352		24,531		24,527
Series 2006-FRE2, Class A1 1 mo. USD LIBOR + 0.180%, 2.244%, due 02/25/362		35,135		35,120
JP Morgan Mortgage Acquisition Trust, Series 2006-ACC1, Class A1 1 mo. USD LIBOR + 0.160%, 2.224%, due 05/25/362		78,451		78,364
Series 2006-ACC1, Class M1 1 mo. USD LIBOR + 0.270%, 2.334%, due 05/25/362		300,000		293,707
Series 2006-CH1, Class A5 1 mo. USD LIBOR + 0.230%, 2.294%, due 07/25/362		63,481		63,377

24

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Asset-backed securities—(continued)
Series 2007-CH2, Class AV1 1 mo. USD LIBOR + 0.160%, 2.224%, due 01/25/372	$	117,230	$	117,113
KVK CLO Ltd., Series 2013-1A, Class AR 3 mo. USD LIBOR + 0.900%, 3.248%, due 01/15/282,5		2,900,000		2,894,948
Series 2013-2A, Class AR 3 mo. USD LIBOR + 1.150%, 3.489%, due 01/15/262,5		344,928		345,105
Madison Park Funding XII Ltd., Series 2014-12A, Class AR 3 mo. USD LIBOR + 1.260%, 3.608%, due 07/20/262,5		4,000,000		4,002,804
Merrill Lynch Mortgage Investors Trust, Series 2006-FF1, Class M3 1 mo. USD LIBOR + 0.310%, 2.374%, due 08/25/362		300,000		299,622
Morgan Stanley ABS Capital I, Inc., Series 2005-WMC6, Class M3 1 mo. USD LIBOR + 0.765%, 2.829%, due 07/25/352		250,307		251,440
Morgan Stanley Home Equity Loan Trust, Series 2005-1, Class M4 1 mo. USD LIBOR + 1.050%, 3.114%, due 12/25/342		400,000		400,676
NYMT Residential, Series 2016-RP1, Class A 4.000%, due 03/25/215,6		189,669		190,160
Oak Hill Credit Partners X Ltd., Series 2014-10A, Class AR 3 mo. USD LIBOR + 1.130%, 3.478%, due 07/20/262,5		1,500,000		1,500,605
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class A1R 3 mo. USD LIBOR + 0.850%, 3.111%, due 07/15/272,5		400,000		398,323
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2 1 mo. USD LIBOR + 0.180%, 2.244%, due 04/25/372		68,951		47,442
Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WHQ3, Class M4 1 mo. USD LIBOR + 0.945%, 3.009%, due 06/25/352		200,000		200,053
RAAC, Series 2005-SP3 Trust, Series 2005-SP3, Class M1 1 mo. USD LIBOR + 0.530%, 2.594%, due 12/25/352		923,543		921,802
RASC, Series 2005-KS11 Trust, Series 2005-KS11, Class M2 1 mo. USD LIBOR + 0.420%, 2.484%, due 12/25/352		400,000		398,498

	Face amount		Value
Asset-backed securities—(continued)
Regatta V Funding Ltd., Series 2014-1A, Class A1AR 3 mo. USD LIBOR + 1.160%, 3.495%, due 10/25/262,5	$	2,730,000	$	2,731,021
Renaissance Home Equity Loan Trust, Series 2003-2, Class A 1 mo. USD LIBOR + 0.880%, 2.944%, due 08/25/332		178,221		173,988
Saxon Asset Securities Trust, Series 2005-3, Class M3 1 mo. USD LIBOR + 0.750%, 2.814%, due 11/25/352		2,100,000		1,979,243
SLM Student Loan Trust, Series 2010-A, Class 2A 1 mo. USD LIBOR + 3.250%, 5.322%, due 05/16/442,5		350,537		357,557
Sound Point CLO IX Ltd., Series 2015-2A, Class AR 3 mo. USD LIBOR + 0.880%, 3.228%, due 07/20/272,5		400,000		399,076
Sound Point CLO VIII Ltd., Series 2015-1A, Class AR 3 mo. USD LIBOR + 0.860%, 3.199%, due 04/15/272,5		1,900,000		1,895,178
Specialty Underwriting & Residential Financing, Series 2003-BC1, Class A 1 mo. USD LIBOR + 0.680%, 2.744%, due 01/25/342		63,563		61,033
Staniford Street CLO Ltd., Series 2014-1A, Class AR 3 mo. USD LIBOR + 1.180%, 3.521%, due 06/15/252,5		362,789		362,907
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1 1 mo. USD LIBOR + 0.135%, 2.199%, due 07/25/362,5		283,977		276,068
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2 1 mo. USD LIBOR + 0.460%, 2.524%, due 09/25/352		1,700,000		1,594,544
Symphony CLO XIV Ltd., Series 2014-14A, Class A1R 3 mo. USD LIBOR + 1.280%, 3.619%, due 07/14/262,5		1,000,000		1,000,786
Symphony CLO XVII Ltd., Series 2016-17A, Class AR 3 mo. USD LIBOR + 0.880%, 3.219%, due 04/15/282,5		500,000		498,890
Telos CLO Ltd., Series 2014-5A, Class A1R 3 mo. USD LIBOR + 0.950%, 3.286%, due 04/17/282,5		3,750,000		3,745,699
Tralee CLO III Ltd., Series 2013-1A, Class AR 3 mo. USD LIBOR + 1.030%, 3.378%, due 10/20/272,5		6,800,000		6,801,809

25

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Asset-backed securities—(concluded)
Venture XX CLO Ltd., Series 2015-21A, Class AR 3 mo. USD LIBOR + 0.880%, 3.219%, due 07/15/272,5		$1,100,000		$1,096,561
VOLT LIX LLC, Series 2017-NPL6, Class A1 3.250%, due 05/25/475,6		208,702		207,672
Series 2017-NPL7, Class A1 3.250%, due 06/25/475,6		1,468,806		1,459,835
WhiteHorse VI Ltd., Series 2012-1A, Class A1R 3 mo. USD LIBOR + 1.200%, 3.563%, due 02/03/252,5		38,884		38,883
Total asset-backed securities (cost—$71,127,847)				72,489,904
Commercial mortgage-backed securities—0.51%
FHLMC Multifamily Structured Pass-Through Certificates, Series KF05, Class A 1 mo. USD LIBOR + 0.350%, 2.440%, due 09/25/212		390,540		390,661
Series KF06, Class A 1 mo. USD LIBOR + 0.330%, 2.420%, due 11/25/212		347,290		347,397
Series KP03, Class A2 1.780%, due 07/25/19		1,266,040		1,255,780
Total commercial mortgage-backed securities (cost—$2,009,071)				1,993,838
Stripped mortgage-backed securities—0.48%
FHLMC Multifamily Structured Pass-Through Certificates, Series K005, Class AX, IO 1.348%, due 11/25/194		21,638,652		335,239
Series K006, Class AX1, IO 0.949%, due 01/25/204		12,318,486		140,664
Series K014, Class X1, IO 1.149%, due 04/25/214		7,086,441		187,948
Series K027, Class X1, IO 0.788%, due 01/25/234		6,582,703		187,180
Series K712, Class X1, IO 1.331%, due 11/25/194		3,826,903		48,446
Series KAIV, Class X1, IO 1.282%, due 06/25/214		4,410,695		120,679
FHLMC REMIC, Series 0013, Class B, IO 7.000%, due 06/25/23		29,879		3,711
Series 2136, Class GD, IO 7.000%, due 03/15/29		2,968		556
Series 2178, Class PI, IO 7.500%, due 08/15/29		16,771		3,673
FNMA Aces, Trust 2013-M5, Class X2, IO 2.189%, due 01/25/224		1,492,700		56,126

	Face amount		Value
Stripped mortgage-backed securities—(concluded)
FNMA REMIC, Series 2014-84, Class AI, IO 1 mo. USD LIBOR + 6.150%, 0.200%, due 02/25/432	$	623,215	$	6,276
GNMA REMIC, Trust 2011-92, Class IX, IO 0.727%, due 11/16/444		197,300		55,249
KGS Alpha SBA, Series 2012, IO 1.037%, due 04/25/384,5,7,8		27,369,714		718,739
Total stripped mortgage-backed securities (cost—$2,106,077)				1,864,486
Commercial paper—0.14%
Arrow Electronics, Inc. 2.750%, due 08/20/18 (cost—$549,202)		550,000		549,202
	Number of shares
Short-term investment—0.47%
Investment companies—0.47%
State Street Institutional U.S. Government Money Market Fund (cost—$1,843,326)		1,843,326		1,843,326

	Number of contracts		Notional amount
Swaptions purchased—0.06%
Put swaptions3—0.06%
3 Month USD LIBOR Interest Rate Swap, strike @ 3.550%, expires 01/31/19 (Counterparty MSCI; receive fixed rate); underlying swap terminates 02/04/29		2,900,000	USD	2,900,000	9,300
3 Month USD LIBOR Interest Rate Swap, strike @ 3.650%, expires 02/04/19 (Counterparty MSCI; receive fixed rate); underlying swap terminates 02/06/29		8,000,000	USD	8,000,000	18,134
3 Month USD LIBOR Interest Rate Swap, strike @ 3.650%, expires 02/13/19 (Counterparty CITI; receive fixed rate); underlying swap terminates 02/15/29		2,000,000	USD	2,000,000	5,038

26

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions3—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.360%, expires 10/22/18 (Counterparty CITI; receive fixed rate); underlying swap terminates 10/24/28		45,000,000	USD	45,000,000	$	88,655
3 Month USD LIBOR Interest Rate Swap, strike @ 3.200%, expires 04/30/19 (Counterparty MSCI; receive fixed rate); underlying swap terminates 05/02/20		78,000,000	USD	78,000,000		69,108
3 Month USD LIBOR Interest Rate Swap, strike @ 3.400%, expires 11/01/18 (Counterparty MSCI; receive fixed rate); underlying swap terminates 11/05/28		8,000,000	USD	8,000,000		15,624
3 Month USD LIBOR Interest Rate Swap, strike @ 3.440%, expires 12/13/18 (Counterparty JPMCB; receive fixed rate); underlying swap terminates 12/17/28		1,500,000	USD	1,500,000		4,600

	Number of contracts		Notional amount			Value
Swaptions purchased—(concluded)
Put swaptions3—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.440%, expires 12/13/18 (Counterparty BNP; receive fixed rate); underlying swap terminates 12/17/28		1,000,000	USD	1,000,000		$	3,067
Total swaptions purchased (cost—$476,308)							213,526
Total investments before investments sold short (cost—$676,448,968)—170.68%							670,120,055
			Face amount
Investments sold short—(9.70)%
FHLMC TBA 5.500%			$	(2,000,000	)		(2,129,509	)
FNMA TBA 4.000%				(19,900,000	)		(20,188,394	)
4.500%				(9,500,000	)		(9,840,509	)
5.500%				(500,000	)		(533,515	)
GNMA TBA 3.000%				(5,000,000	)		(4,878,859	)
3.500%				(500,000	)		(499,980	)
Total investments sold short (proceeds—$38,135,164)							(38,070,766	)
Liabilities in excess of other assets—(60.98)%							(239,432,613	)
Net assets—100.00%						$	392,616,676

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
$	9,920,000		10,000,000	FNMA TBA, 3.500%, strike @ 99.20	CITI	08/06/18	$	25,000	$	(10,472	)	$	14,528
	1,027,500		1,000,000	FNMA TBA, 4.000%, strike @ 102.75	CITI	08/06/18		1,406		—			1,406
	1,528,650		1,500,000	FNMA TBA, 4.000%, strike @ 101.91	CITI	08/06/18		2,461		(454	)		2,007
	1,485,750		1,500,000	FNMA TBA, 3.500%, strike @ 99.05	JPMCB	09/06/18		6,856		(4,753	)		2,103
	1,494,150		1,500,000	FNMA TBA, 3.500%, strike @ 99.61	CITI	09/06/18		3,984		(1,803	)		2,181
	1,525,650		1,500,000	FNMA TBA, 4.000%, strike @ 101.71	CITI	09/06/18		4,453		(2,918	)		1,535
	1,496,550		1,500,000	FNMA TBA, 3.500%, strike @ 99.77	CITI	09/06/18		3,340		(1,311	)		2,029
	999,900		1,000,000	FNMA TBA, 3.500%, strike @ 99.99	CITI	09/06/18		1,953		(563	)		1,390
	997,200		1,000,000	FNMA TBA, 3.500%, strike @ 99.72	CITI	09/06/18		2,383		(974	)		1,409

27

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

Options written—(concluded)

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
$	4,951,500		5,000,000	FNMA TBA, 3.500%, strike @ 99.03	JPMCB	09/06/18	$	26,758	$	(16,224	)	$	10,534
	13,006,500		13,000,000	FNMA TBA, 3.500%, strike @ 100.05	CITI	09/06/18		24,883		(6,361	)		18,522
	500,950		500,000	FNMA TBA, 3.500%, strike @ 100.19	JPMCB	10/04/18		703		(460	)		243
	1,493,850		1,500,000	FNMA TBA, 3.500%, strike @ 99.59	JPMCB	09/06/18		3,691		(1,857	)		1,834
	4,005,600		4,000,000	FNMA TBA, 3.500%, strike @ 100.14	JPMCB	10/04/18		6,719		(3,947	)		2,772
	1,028,400		1,000,000	FNMA TBA, 4.000%, strike @ 102.84	CSI	08/06/18		1,250		—			1,250
	4,989,500		5,000,000	FNMA TBA, 3.500%, strike @ 99.79	CITI	08/06/18		10,547		(290	)		10,257
							$	126,387	$	(52,387	)	$	74,000
				Put options
$	980,500		1,000,000	FNMA TBA, 3.500%, strike @ 98.05	CITI	09/06/18	$	2,383	$	(710	)	$	1,673
	4,918,000		5,000,000	FNMA TBA, 3.500%, strike @ 98.36	JPMCB	10/04/18		10,156		(13,894	)		(3,738	)
	490,950		500,000	FNMA TBA, 3.500%, strike @ 98.19	JPMCB	10/04/18		937		(1,145	)		(208	)
	1,008,400		1,000,000	FNMA TBA, 4.000%, strike @ 100.84	CSI	08/06/18		1,563		(23	)		1,540
	1,007,500		1,000,000	FNMA TBA, 4.000%, strike @ 100.75	CITI	08/06/18		1,797		(11	)		1,786
							$	16,836	$	(15,783	)	$	1,053
							$	143,223	$	(68,170	)	$	75,053

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized depreciation
US Treasury futures sell contracts:
	28	USD	US Treasury Note 10 Year Futures	September 2018	$	(3,331,975	)	$	(3,343,813	)	$	(11,838	)

Interest rate swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
CITI	USD	15,000	08/16/18	Annual	10 Year USD Constant Maturity Swap Rate plus 0.695%	CMM30_FNMA	$	—	$	(313	)	$	(313	)
CITI	USD	15,000	10/23/18	Annual	10 Year USD Constant Maturity Swap Rate plus 0.629%	CMM30_FNMA		—		313			313
GSI	USD	15,000	08/17/18	Annual	10 Year USD Constant Maturity Swap Rate plus 0.695%	CMM30_FNMA		—		(313	)		(313	)
GSI	USD	150,000	10/12/18	Annual	10 Year USD Constant Maturity Swap Rate plus 0.695%	CMM30_FNMA		—		(8,913	)		(8,913	)
JPMCB	USD	15,000	11/19/18	Annual	10 Year USD Constant Maturity Swap Rate plus 0.720%	CMM30_FNMA		—		306			306
							$	—	$	(8,920	)	$	(8,920	)

28

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9			Payments received by the Portfolio9			Value			Unrealized appreciation (depreciation)
USD	11,100	06/30/25	Quarterly		2.400	%	3 Month USD LIBOR			$	427,673		$	427,673
USD	2,500	09/07/27	Quarterly		2.050		3 Month USD LIBOR				188,911			188,911
USD	14,400	06/20/48	Quarterly		2.500		3 Month USD LIBOR				1,717,923			392,038
USD	2,400	06/20/28	Quarterly		2.250		3 Month USD LIBOR				168,373			(2,912	)
USD	2,500	06/18/28	Quarterly		2.720		3 Month USD LIBOR				72,593			72,593
USD	5,200	12/19/25	Semi-Annual		3 Month USD LIBOR			2.750	%		(100,287	)		(28,908	)
USD	3,400	12/20/47	Quarterly		2.750		3 Month USD LIBOR				229,844			361,086
										$	2,705,030		$	1,410,481

Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9			Upfront payments received (made)			Value			Unrealized depreciation
DB	USD	1,361	01/12/38	Monthly	1 Month USD LIBOR		6.500	%	$	4,352		$	(4,674	)	$	(322	)
DB	USD	527	01/12/39	Monthly	1 Month USD LIBOR		5.500			141			(1,439	)		(1,298	)
JPMCB	USD	592	01/12/39	Monthly	1 Month USD LIBOR		6.000			(2,784	)		(9,372	)		(12,156	)
									$	1,709		$	(15,485	)	$	(13,776	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government obligations	$	—	$	21,643,698	$	—	$	21,643,698
Government national mortgage association certificates		—		139,226,057		—		139,226,057
Federal home loan mortgage corporation certificates		—		116,424,658		—		116,424,658
Federal housing administration certificates		—		62,607		—		62,607
Federal national mortgage association certificates		—		246,379,706		—		246,379,706
Collateralized mortgage obligations		—		67,429,047		—		67,429,047
Asset-backed securities		—		69,084,420		3,405,484		72,489,904
Commercial mortgage-backed securities		—		1,993,838		—		1,993,838
Stripped mortgage-backed securities		—		1,145,747		718,739		1,864,486
Commercial paper		—		549,202		—		549,202
Short-term investment		—		1,843,326		—		1,843,326
Swaptions purchased		—		213,526		—		213,526

29

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2018

Fair valuation summary—(concluded)

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Swap agreements	$	—		$	2,805,936		$	—	$	2,805,936
Total	$	—		$	668,801,768		$	4,124,223	$	672,925,991
Liabilities
Investments sold short	$	—		$	(38,070,766	)	$	—	$	(38,070,766	)
Options written		—			(68,170	)		—		(68,170	)
Futures contracts		(11,838	)		—			—		(11,838	)
Swap agreements		—			(125,311	)		—		(125,311	)
Total	$	(11,838	)	$	(38,264,247	)	$	—	$	(38,276,085	)

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs for the year ended July 31, 2018:

	Federal housing administration certificates			Asset-backed securities		Stripped mortgage- backed securities			Total
Beginning balance	$	111,973		$	—	$	933,062		$	1,045,035
Purchases		—			3,405,484		—			3,405,484
Sales/paydown		(49,485	)		—		(315,228	)		(364,713	)
Accrued discounts/(premiums)		(36	)		—		(31,902	)		(31,938	)
Total realized gain/(loss)		(55	)		—		(34,628	)		(34,683	)
Net change in unrealized appreciation/depreciation		210			—		167,435			167,645
Transfers into Level 3		—			—		—			—
Transfers out of Level 3		(62,607	)		—		—			(62,607	)
Ending balance	$	—		$	3,405,484	$	718,739		$	4,124,223

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at July 31, 2018 was $7,912. Transfers out of Level 3 represent the value at the end of the period. At July 31, 2018, securities were transferred from Level 3 to Level 2 as the valuation is based primarily on observable inputs from an established pricing source.

Portfolio footnotes

^†  Amount represents less than 0.005%.

¹  Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

²  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

³  Illiquid investment at period end. Illiquid assets, in the amount of $276,133, represented 0.07% of the Portfolio's net assets at period end.

⁴  Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁵  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $60,874,092, represented 15.50% of the Portfolio's net assets at period end.

⁶  Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

⁷  Significant unobservable inputs were used in the valuation of this security; i.e. a Level 3 security.

⁸  Security is being fair valued by a valuation committee under the direction of the board of trustees.

⁹  Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
30

PACE Intermediate Fixed Income Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned -1.20% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Aggregate Bond Index (the "benchmark") returned -0.80%. Over the same period, the Lipper Core Bond Funds category posted a median return of -0.95%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 33. Please note that the returns shown do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments (unaudited)²

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed its benchmark during the reporting period, driven by a diverse set of factors. The largest contributor to performance was the Portfolio's positioning and selection to securitized assets. Both commercial mortgage-backed security (CMBS) and asset-backed security (ABS) spreads largely tightened over the reporting period (with the exception of the second quarter of 2018, when they marginally widened), benefiting the returns. Within CMBS, the Portfolio reduced its overweight position due to relative value considerations. The Portfolio also continues to maintain a diversified mix of sub-sectors within ABS. On the credit front, the Portfolio's allocation to high yield corporate bonds and security selection within investment grade corporate bonds, specifically within US financials and US industrials, were beneficial for performance. Over the period, the Portfolio moved to an overweight position in investment grade credit as spread widening allowed for attractive entry points. Another contributing factor was active foreign exchange (FX) positioning. On the downside, the Portfolio's yield curve positioning was a notable detractor over the reporting period. Underweight positioning to municipals and issue selection within the agency residential mortgage-backed security space also detracted from performance.

Derivatives were primarily used to adjust the Portfolio's duration and curve exposure, as well as to hedge risk. Interest rate swaps are the most common type of swaps and were useful in adding duration or subtracting it at particular points on the yield curve. Credit default swaps were used to provide protection against a particular issuer or basket of issuers defaulting, or as a way to express a negative or positive view on an issuer's or group of issuers' credit strength. Swaptions were used to hedge convexity, as well to take a view on volatility and interest rates.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Intermediate Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

BlackRock Financial Management, Inc. ("BlackRock")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA and Fred Lee, CFA

BlackRock: Akiva Dickstein and Harrison Segall

Objective:

Current income, consistent with reasonable stability of principal

Investment process:

The subadvisor utilizes a strategy that involves buying specific bonds based on its credit analysis and review.

31

PACE Intermediate Fixed Income Investments

Subadvisor's comments (unaudited) – concluded

Options on futures were most often used to take a view on volatility and/or interest rates. Foreign exchange options were used to give us the right, but not the obligation, to buy or sell a currency at a specified price for a specified period of time. Foreign exchange forwards were typically used to hedge non-US dollar currency risk back to the US dollar, as well as to implement active currency positions. In aggregate, the use of derivatives contributed to performance during this reporting period.

Special considerations

The Portfolio may be appropriate for long-term investors seeking current income and a reasonable stability of principal. Investors should be able to withstand short-term fluctuations in the fixed income markets. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

32

PACE Intermediate Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.43	)%		1.23	%		2.45	%
Class C2		(1.94	)		0.71			1.94
Class Y3		(1.20	)		1.48			2.71
Class P4		(1.20	)		1.48			2.70
After deducting maximum sales charge
Class A1		(5.12	)		0.45			2.06
Class C2		(2.67	)		0.71			1.94
Bloomberg Barclays US Aggregate Bond Index5		(0.80	)		2.25			3.73
Lipper Core Bond Funds median		(0.95	)		2.13			3.87

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.25	)%		1.24	%		2.38	%
Class C2		(1.71	)		0.74			1.87
Class Y3		(0.93	)		1.49			2.65
Class P4		(0.94	)		1.49			2.64
After deducting maximum sales charge
Class A1		(4.96	)		0.48			1.99
Class C2		(2.44	)		0.74			1.87

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.01% and 0.93%; Class C—1.52% and 1.43%; Class Y—0.93% and 0.68%; and Class P—0.82% and 0.68%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.91%; Class C—1.41%; Class Y—0.66%; and Class P—0.66%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.50% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixedrate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

33

PACE Intermediate Fixed Income Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Intermediate Fixed Income Investments Class P shares versus the Bloomberg Barclays US Aggregate Bond Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Intermediate Fixed Income Investments is a professionally managed portfolio while the Indices are not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Intermediate Fixed Income Investments

34

PACE Intermediate Fixed Income Investments

Portfolio statistics—July 31, 2018 (unaudited)

Characteristics
Weighted average duration		5.89 yrs.
Weighted average maturity		7.87 yrs.
Average coupon		4.28	%
Top ten holdings1	Percentage of net assets
FNMA, 3.500% due 12/01/43		4.2	%
US Treasury Notes, 2.875% due 05/15/28		2.0
US Treasury Bonds, 3.000% due 02/15/47		2.0
US Treasury Bonds, 3.625% due 02/15/44		2.0
FNMA, 3.000% due 03/01/47		1.8
US Treasury Notes, 2.500% due 05/31/20		1.8
Natixis, 2.370% due 08/10/18		1.7
FHLMC TBA, 3.000%		1.6
GNMA TBA, 4.000%		1.6
FNMA, 2.500% due 04/01/32		1.5
Total		20.2	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		97.3	%
United Kingdom		3.2
France		2.3
Netherlands		1.7
Canada		0.8
Total		105.3	%
Asset allocation1	Percentage of net assets
Corporate notes		43.1	%
US government agency mortgage pass-through certificates		33.5
US government obligations		12.3
Collateralized mortgage obligations		6.3
Asset-backed securities		6.0
Short-term investment		2.8
Non-US government obligations		1.7
Federal home loan bank certificate		0.2
Options, swaptions, futures, swaps and forward foreign currency contracts		0.2
Investments sold short		(8.3	)
Cash equivalents and other assets less liabilities		2.2
Total		100.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

35

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government obligations—12.30%
US Treasury Bonds 3.000%, due 02/15/471	$	7,284,000	$	7,174,740
3.125%, due 11/15/41		3,015,000		3,044,326
3.125%, due 05/15/48		595,000		600,206
3.625%, due 08/15/43		2,095,000		2,294,107
3.625%, due 02/15/44		6,540,000		7,171,263
4.750%, due 02/15/37		4,280,000		5,341,473
US Treasury Notes 1.750%, due 10/31/18		160,000		159,882
2.000%, due 12/31/21		95,000		92,540
2.125%, due 12/31/21		845,000		826,648
2.500%, due 05/31/20		6,450,000		6,430,600
2.625%, due 06/30/23		150,000		148,482
2.750%, due 05/31/23		2,175,000		2,166,164
2.750%, due 07/31/23		1,440,000		1,433,421
2.750%, due 06/30/25		1,010,000		999,072
2.875%, due 05/15/28		7,495,000		7,441,422
Total US government obligations (cost—$45,715,648)				45,324,346
Federal home loan bank certificate—0.20%
FHLB 4.000%, due 09/01/28 (cost—$679,148)		680,000		716,661
Federal home loan mortgage corporation certificates—6.89%
FHLMC 3.000%, due 09/01/27		62,332		61,744
3.000%, due 07/01/28		33,937		33,617
3.000%, due 10/01/43		524,523		509,831
3.000%, due 10/01/46		2,463,454		2,380,687
3.500%, due 04/01/42		19,908		19,882
3.500%, due 08/01/42		31,811		31,770
3.500%, due 11/01/42		12,188		12,172
3.500%, due 12/01/43		655,782		654,930
3.500%, due 01/01/441		2,894,810		2,891,050
3.500%, due 04/01/44		77,338		77,238
3.500%, due 06/01/44		10,321		10,308
3.500%, due 07/01/46		366,435		365,301
3.500%, due 07/01/47		17,515		17,487
3.500%, due 10/01/47		96,580		96,305
3.500%, due 12/01/47		1,281,195		1,273,828
3.500%, due 01/01/48		408,063		405,381
4.000%, due 09/01/40		47,095		48,206
4.000%, due 07/01/44		42,464		43,423
4.000%, due 07/01/46		49,761		50,741
4.000%, due 08/01/46		27,586		28,130
4.000%, due 09/01/46		3,893		3,954
4.000%, due 10/01/46		8,010		8,136
4.000%, due 01/01/47		1,103,723		1,127,348
4.000%, due 02/01/47		120,505		122,897
4.000%, due 08/01/47		329,515		337,184
5.000%, due 02/01/421		774,631		825,617
5.000%, due 09/01/43		257,100		272,888
6.250%, due 07/15/32		302,000		399,333
6.750%, due 03/15/31		82,000		110,690

	Face amount		Value
Federal home loan mortgage corporation certificates—(concluded)
FHLMC TBA 2.500%	$	2,690,000	$	2,599,093
3.000%		6,114,000		5,928,416
3.500%		431,000		434,467
4.000%		2,329,000		2,364,384
4.500%		1,768,000		1,833,437
Total federal home loan mortgage corporation certificates (cost—$25,547,882)				25,379,875
Federal national mortgage association certificates—17.61%
FNMA 2.000%, due 10/01/311		26,093		24,615
2.000%, due 11/01/311		331,446		312,681
2.000%, due 12/01/311		34,718		32,753
2.000%, due 03/01/321		213,016		200,955
2.500%, due 04/01/321		5,663,436		5,485,880
3.000%, due 10/01/29		57,078		56,881
3.000%, due 09/01/31		53,239		52,826
3.000%, due 09/01/32		100,879		100,429
3.000%, due 11/01/46		603,395		585,951
3.000%, due 03/01/47		6,790,225		6,562,096
3.000%, due 04/01/471		3,015,875		2,910,398
3.500%, due 12/01/29		63,270		64,188
3.500%, due 08/01/30		259,620		262,933
3.500%, due 02/01/32		533,467		539,312
3.500%, due 04/01/32		1,183,009		1,200,467
3.500%, due 05/01/32		864,552		874,012
3.500%, due 04/01/42		4,010		4,007
3.500%, due 12/01/42		7,209		7,204
3.500%, due 05/01/43		10,175		10,149
3.500%, due 07/01/43		66,255		66,172
3.500%, due 11/01/43		14,692		14,681
3.500%, due 12/01/431		15,499,181		15,462,774
3.500%, due 01/01/44		12,342		12,352
3.500%, due 05/01/44		15,147		15,150
3.500%, due 02/01/45		7,886		7,866
3.500%, due 07/01/45		38,558		38,508
3.500%, due 08/01/45		8,193		8,148
3.500%, due 10/01/45		71,063		70,637
3.500%, due 11/01/45		92,773		92,660
3.500%, due 12/01/45		39,463		39,410
3.500%, due 04/01/46		88,879		88,417
3.500%, due 06/01/46		52,387		52,073
3.500%, due 11/01/46		521,272		518,287
3.500%, due 12/01/46		21,966		21,848
3.500%, due 01/01/47		38,295		38,194
3.500%, due 02/01/47		134,003		133,463
3.500%, due 05/01/47		22,912		22,859
3.500%, due 06/01/47		59,294		58,936
3.500%, due 07/01/47		42,826		42,609
3.500%, due 11/01/47		56,555		56,426
3.500%, due 12/01/47		489,622		487,446
3.500%, due 01/01/48		319,718		318,239
4.000%, due 09/01/291		8,754		8,969

36

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Federal national mortgage association certificates—(concluded)
4.000%, due 03/01/311	$	384,759	$	394,445
4.000%, due 01/01/421		775,715		793,864
4.000%, due 02/01/421		3,756,975		3,844,569
4.000%, due 03/01/431		52,689		53,980
4.000%, due 10/01/431		182,002		186,256
4.000%, due 08/01/441		112,281		115,553
4.000%, due 01/01/451		273,710		281,136
4.000%, due 05/01/451		87,321		89,865
4.000%, due 06/01/461		523,394		535,861
4.000%, due 07/01/461		1,651,777		1,687,715
4.000%, due 07/01/46		1,903,049		1,939,805
4.000%, due 11/01/46		38,949		39,930
4.000%, due 12/01/46		316,364		323,979
4.000%, due 01/01/47		348,097		356,597
4.000%, due 03/01/47		352,753		360,506
4.000%, due 05/01/47		80,720		82,106
4.000%, due 07/01/47		235,321		240,096
4.000%, due 08/01/47		145,144		148,134
4.000%, due 12/01/47		106,712		109,467
4.000%, due 02/01/48		576,967		588,301
4.000%, due 03/01/48		327,348		335,913
4.000%, due 04/01/48		1,915,822		1,956,791
4.500%, due 04/01/411		4,117,475		4,315,774
4.500%, due 11/01/451		16,024		16,830
4.500%, due 12/01/451		87,395		91,275
4.500%, due 07/01/461		180,644		189,943
4.500%, due 10/01/471		59,064		62,032
4.500%, due 12/01/471		122,900		128,451
4.500%, due 08/01/48		2,048,000		2,125,264
5.000%, due 09/01/311		455,836		485,204
5.000%, due 01/01/441		101,879		108,458
5.000%, due 03/01/44		230,539		245,924
FNMA TBA 3.000%		1,452,000		1,438,784
3.500%		3,100,000		3,072,327
4.000%		1,150,000		1,171,447
Total federal national mortgage association certificates (cost—$66,806,797)				64,880,443
Government national mortgage association certificates—8.99%
GNMA 3.000%, due 02/15/45		148,813		145,774
3.000%, due 04/20/45		369,357		362,084
3.000%, due 07/20/45		54,345		53,275
3.000%, due 10/20/45		97,538		95,617
3.000%, due 04/20/46		1,980,258		1,941,461
3.000%, due 05/20/46		23,949		23,466
3.000%, due 06/20/46		310,557		303,729
3.000%, due 07/20/46		622,863		609,183
3.000%, due 08/20/46		2,810,867		2,749,132
3.000%, due 09/20/46		1,239,149		1,212,342
3.000%, due 11/20/46		25,517		24,935
3.000%, due 12/20/46		73,221		71,530
3.000%, due 01/20/47		63,152		61,685
3.000%, due 03/20/47		139,546		136,372

	Face amount		Value
Government national mortgage association certificates—(concluded)
3.000%, due 04/20/47	$	80,645	$	78,752
3.000%, due 07/20/47		59,245		57,823
3.500%, due 08/20/42		92,817		93,709
3.500%, due 01/20/431		4,564,145		4,608,004
3.500%, due 04/20/43		93,320		94,217
3.500%, due 05/20/43		93,009		93,903
3.500%, due 05/20/45		536,353		538,533
3.500%, due 03/20/46		1,356,232		1,361,327
3.500%, due 04/20/46		3,380,449		3,392,108
3.500%, due 05/20/46		639,904		642,013
3.500%, due 06/20/46		1,239,967		1,243,670
3.500%, due 07/20/46		242,344		243,031
3.500%, due 09/20/46		45,989		46,112
4.000%, due 04/20/39		5,289		5,453
4.000%, due 04/20/42		110,085		113,534
4.000%, due 08/20/44		923,388		951,131
4.000%, due 02/20/47		150,948		154,428
4.000%, due 06/15/47		27,536		28,337
4.000%, due 09/15/47		41,371		42,573
4.000%, due 10/15/47		173,841		178,888
4.000%, due 11/15/47		31,633		32,553
4.000%, due 12/15/47		96,023		98,818
4.000%, due 01/15/48		208,334		214,407
4.500%, due 07/20/40		11,251		11,847
4.500%, due 08/20/40		11,096		11,684
4.500%, due 09/20/40		17,170		18,056
4.500%, due 10/20/40		19,290		20,314
4.500%, due 06/20/44		561,310		591,929
4.500%, due 03/15/47		36,233		38,240
4.500%, due 04/15/47		87,257		92,124
4.500%, due 05/15/47		31,437		33,200
GNMA TBA 3.000%		1,214,500		1,183,758
4.000%		5,709,500		5,834,901
4.500%		1,845,000		1,915,671
5.000%		1,200,000		1,252,031
Total government national mortgage association certificates (cost—$33,377,117)				33,107,664
Collateralized mortgage obligations—6.26%
BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class AL 1 mo. USD LIBOR + 0.900%, 2.972%, due 11/15/322,3,4		1,150,000		1,151,234
CD Mortgage Trust, Series 2017-CD3, Class A4 3.631%, due 02/10/50		545,000		540,785
Commercial Mortgage Pass-Through Certificates, Series 2006-GG7, Class AM
5.757%, due 07/10/385		69,131		69,144
Series 2013-GAM, Class A2 3.367%, due 02/10/283		1,090,000		1,079,451
Series 2014-CR16, Class A4 4.051%, due 04/10/47		145,000		148,591

37

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Collateralized mortgage obligations—(continued)
Series 2014-PAT, Class A 1 mo. USD LIBOR + 0.800%,
2.897%, due 08/13/272,3	$	915,000	$	915,000
Series 2018-COR3, Class A3 4.228%, due 05/10/51		179,000		183,812
Core Industrial Trust, Series 2015-TEXW, Class A 3.077%, due 02/10/343		1,735,000		1,720,979
CSMC Trust, Series 2017-CALI, Class A 3.431%, due 11/10/323		260,000		257,208
FHLMC Multifamily Structured Pass Through Certificates, Series K075, Class A2 3.650%, due 02/25/285		230,000		232,337
FHLMC Multifamily Structured Pass-Through Certificates, Series K038, Class X1, IO 1.168%, due 03/25/245		2,590,992		138,294
FHLMC REMIC, Trust 2626, Class A 4.000%, due 06/15/33		126,552		129,256
Trust 3990, Class VA 3.500%, due 01/15/25		233,732		234,340
Trust 4213, Class VE 3.500%, due 06/15/26		228,258		229,833
Trust 4248, Class FL 1 mo. USD LIBOR + 0.450%, 2.522%, due 05/15/412		266,863		268,239
Trust 4316, Class XZ 4.500%, due 03/15/44		370,535		391,988
Trust 4323, Class CA 4.000%, due 03/15/40		222,765		226,137
Trust 4325, Class MA 4.000%, due 09/15/39		642,736		653,902
Trust 4328, Class DA 4.000%, due 01/15/36		687,248		697,932
Trust 4336, Class MA 4.000%, due 01/15/40		597,151		607,053
Trust 4443, Class BA 3.500%, due 04/15/41		100,976		100,956
Trust 4447, Class PA 3.000%, due 12/15/44		94,555		92,733
Trust 4606, Class FB 1 mo. USD LIBOR + 0.500%, 2.572%, due 08/15/462		376,807		380,498
FNMA Connecticut Avenue Securities, Series 2016-C04, Class 1M1 1 mo. USD LIBOR + 1.450%, 3.514%, due 01/25/292		200,007		201,480
Series 2016-C05, Class 2M1 1 mo. USD LIBOR + 1.350%, 3.414%, due 01/25/292		132,215		132,740
Series 2016-C06, Class 1M1 1 mo. USD LIBOR + 1.300%, 3.364%, due 04/25/292		145,255		146,427
FNMA REMIC, Trust 2011-8, Class ZA 4.000%, due 02/25/41		2,239,648		2,270,891

	Face amount		Value
Collateralized mortgage obligations—(continued)
Trust 2013-112, Class HQ 4.000%, due 11/25/43	$	73,103	$	74,384
Trust 2014-12, Class GV 3.500%, due 03/25/27		141,681		141,079
Trust 2014-48, Class AB 4.000%, due 10/25/40		168,459		171,069
Trust 2015-20, Class EV 3.500%, due 07/25/26		259,699		260,893
Trust 2015-58, Class JP 2.500%, due 03/25/37		140,018		138,444
Trust 2015-62, Class VA 4.000%, due 10/25/26		77,217		79,648
Trust 2016-48, Class UF 1 mo. USD LIBOR + 0.400%, 2.464%, due 08/25/462		650,022		654,271
Trust 2016-62, Class FC 1 mo. USD LIBOR + 0.500%, 2.564%, due 09/25/462		297,615		299,958
Trust 2016-74, Class GF 1 mo. USD LIBOR + 0.500%, 2.564%, due 10/25/462		380,017		383,223
FREMF Mortgage Trust, Series 2013-K712, Class B 3.360%, due 05/25/453,5		110,000		110,102
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX 3.382%, due 12/15/343,5		1,025,000		1,019,099
GNMA, Trust 2014-131, Class BW 2.847%, due 05/20/415		76,876		79,493
Trust 2015-3, Class ZD 4.000%, due 01/20/45		661,253		681,880
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A
1 mo. USD LIBOR + 0.700%, 2.772%, due 01/15/332,3		320,000		319,796
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class A5 3.914%, due 01/15/49		800,000		810,517
JP Morgan Mortgage Trust, Series 2017-1, Class A4 3.500%, due 01/25/473,5		825,435		818,832
Series 2017-2, Class A6 3.000%, due 05/25/473,5		605,042		595,856
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class D 5.446%, due 09/12/425		591,631		602,940
Morgan Stanley Capital I Trust, Series 2015-MS1, Class A4 3.779%, due 05/15/485		520,000		522,931
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1 3.750%, due 11/25/563,5		144,024		143,930
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B 4.144%, due 01/05/433,5		515,000		495,343

38

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Collateralized mortgage obligations—(concluded)
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3 3.000%, due 10/25/313,5	$	313,578	$	305,079
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A
1 mo. USD LIBOR + 0.750%, 2.847%, due 11/11/342,3		86,558		86,503
Velocity Commercial Capital Loan Trust, Series 2016-2, Class AFX 2.997%, due 10/25/465		105,365		104,889
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AM 6.009%, due 02/15/515		124,099		127,392
Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A5 4.212%, due 05/15/51		445,000		455,454
WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A3FL 1 mo. USD LIBOR + 0.950%, 3.023%, due 03/15/442,3		358,679		360,047
Total collateralized mortgage obligations (cost—$23,718,195)				23,044,292
Asset-backed securities—6.03%
ALM VIII Ltd., Series 2013-8A, Class A1R
3 mo. USD LIBOR + 1.490%, 3.829%, due 10/15/282,3		510,000		510,615
American Homes 4 Rent, Series 2014-SFR3, Class A 3.678%, due 12/17/363		472,586		472,395
AmeriCredit Automobile Receivables Trust, Series 2014-1, Class D 2.540%, due 06/08/20		130,000		129,964
Series 2016-2, Class A3 1.600%, due 11/09/20		133,494		133,189
Series 2018-1, Class A2A 2.710%, due 07/19/21		700,000		699,210
B2R Mortgage Trust, Series 2015-2, Class A 3.336%, due 11/15/483		442,183		440,269
Chesapeake Funding II LLC, Series 2018-1A, Class A1 3.040%, due 04/15/303		1,230,000		1,224,271
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5 1 mo. USD LIBOR + 0.620%, 2.701%, due 04/22/262		650,000		658,233
Series 2017-A6, Class A6 1 mo. USD LIBOR + 0.770%, 2.842%, due 05/14/292		540,000		543,827
Credit Acceptance Auto Loan Trust, Series 2015-2A, Class B 3.040%, due 08/15/233		803,072		803,251
Series 2016-2A, Class A 2.420%, due 11/15/233		506,747		505,915

	Face amount		Value
Asset-backed securities—(continued)
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B 2.500%, due 01/25/303	$	49,055	$	45,404
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A
1 mo. USD LIBOR + 0.240%, 2.304%, due 10/25/342,3		87,962		87,770
DCP Rights LLC, Series 2014-1A, Class A 5.463%, due 10/25/443		1,698,750		1,689,290
Diamond Resorts Owner Trust, Series 2014-1, Class B 2.980%, due 05/20/273,4		37,411		37,254
Drive Auto Receivables Trust, Series 2018-2, Class A2 2.640%, due 09/15/20		890,000		889,694
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A 2.730%, due 04/25/283,4		126,791		123,775
Enterprise Fleet Financing LLC, Series 2016-1, Class A2 1.830%, due 09/20/213		49,956		49,872
First Franklin Mortgage Loan Trust, Series 2004-FFH4, Class M5
1 mo. USD LIBOR + 1.575%, 3.639%, due 01/25/352		123,643		124,289
Ford Credit Floorplan Master Owner Trust, Series 2014-2, Class A
1 mo. USD LIBOR + 0.500%, 2.572%, due 02/15/212		2,160,000		2,164,854
Fremont Home Loan Trust, Series 2005-2, Class M2
1 mo. USD LIBOR + 0.720%, 2.784%, due 06/25/352		38,927		38,987
Greystone Commercial Real Estate Notes, Series 2017-FL1A, Class A
1 mo. USD LIBOR + 1.550%, 3.622%, due 03/15/272,3		330,000		330,094
LCM XXIII Ltd., Series 23A, Class A1
3 mo. USD LIBOR + 1.400%, 3.748%, due 10/20/292,3		250,000		251,085
Lehman XS Trust, Series 2005-6, Class 1A1
1 mo. USD LIBOR + 0.520%, 2.584%, due 11/25/352		189,814		156,713
OneMain Financial Issuance Trust, Series 2015-1A, Class A 3.190%, due 03/18/263		810,298		811,391
Series 2015-2A, Class A 2.570%, due 07/18/253		37,831		37,821
PFS Financing Corp., Series 2016-BA, Class A 1.870%, due 10/15/213		160,000		157,705
Series 2017-AA, Class A
1 mo. USD LIBOR + 0.580%, 2.652%, due 03/15/212,3		2,390,000		2,391,887

39

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Asset-backed securities—(continued)
Popular ABS Mortgage Pass-Through Trust, Series 2006-B, Class A3
1 mo. USD LIBOR + 0.280%, 2.344%, due 05/25/362	$	71,877	$	71,748
Progress Residential Trust, Series 2015-SFR2, Class A 2.740%, due 06/12/323		1,037,011		1,022,140
RAAC Trust, Series 2006-RP2, Class A
1 mo. USD LIBOR + 0.250%, 2.314%, due 02/25/372,3		23,321		23,310
Santander Drive Auto Receivables Trust, Series 2014-4, Class C 2.600%, due 11/16/20		39,843		39,840
SMB Private Education Loan Trust, Series 2014-A, Class A2B 1 mo. USD LIBOR + 1.150%, 3.222%, due 05/15/262,3		323,981		326,496
Series 2016-A, Class A2A 2.700%, due 05/15/313		97,836		95,449
Series 2016-C, Class A2A 2.340%, due 09/15/343		570,000		553,328
Series 2017-B, Class A2A 2.820%, due 10/15/353		380,000		368,158
Series 2017-B, Class A2B 1 mo. USD LIBOR + 0.750%, 2.822%, due 10/15/352,3		220,000		220,638
Series 2018-A, Class A2B 1 mo. USD LIBOR + 0.800%, 2.872%, due 02/15/362,3		575,000		577,035
Series 2018-B, Class A2A 3.600%, due 01/15/373		690,000		689,629
SoFi Professional Loan Program LLC, Series 2014-A, Class A2 3.020%, due 10/25/273		17,107		17,101
Series 2015-C, Class A2 2.510%, due 08/25/333		369,862		362,884
Series 2016-A, Class A1 1 mo. USD LIBOR + 1.750%, 3.814%, due 08/25/362,3		102,041		105,278
Series 2016-B, Class A1 1 mo. USD LIBOR + 1.200%, 3.264%, due 06/25/332,3		94,797		95,631
Series 2016-C, Class A2A 1.480%, due 05/26/313		87,787		87,536
Series 2018-A, Class A2A 2.390%, due 02/25/423		487,839		483,692
Series 2018-A, Class A2B 2.950%, due 02/25/423		270,000		263,507
SpringCastle America Funding LLC, Series 2016-AA, Class A 3.050%, due 04/25/293		217,994		216,782
Synchrony Credit Card Master Note Trust, Series 2016-1, Class A 2.040%, due 03/15/22		1,050,000		1,045,831

	Face amount		Value
Asset-backed securities—(concluded)
Westgate Resorts LLC, Series 2014-1A, Class A 2.150%, due 12/20/263,4	$	51,547	$	51,334
Total asset-backed securities (cost—$22,278,022)				22,226,371
Corporate notes—43.12%
Aerospace & defense—1.34%
BAE Systems Holdings, Inc. 2.850%, due 12/15/203		50,000		49,317
3.850%, due 12/15/253		160,000		158,264
General Dynamics Corp. 3.750%, due 05/15/28		350,000		355,397
Harris Corp. 4.400%, due 06/15/28		355,000		359,594
Lockheed Martin Corp. 2.900%, due 03/01/25		385,000		367,792
3.100%, due 01/15/23		235,000		231,849
3.350%, due 09/15/21		170,000		170,843
3.800%, due 03/01/45		50,000		47,223
4.090%, due 09/15/52		176,000		169,048
4.700%, due 05/15/46		455,000		490,182
Northrop Grumman Corp. 2.080%, due 10/15/20		130,000		126,918
2.930%, due 01/15/25		935,000		891,721
3.250%, due 08/01/23		160,000		158,160
3.250%, due 01/15/28		173,000		163,833
4.030%, due 10/15/47		190,000		181,101
Rockwell Collins, Inc. 2.800%, due 03/15/22		245,000		238,243
Spirit AeroSystems, Inc. 3.950%, due 06/15/23		610,000		609,818
United Technologies Corp. 3.750%, due 11/01/46		180,000		161,718
				4,931,021
Airlines—0.10%
American Airlines Pass-Through Trust 2013-2, Class A 4.950%, due 01/15/23		133,280		137,020
American Airlines Pass-Through Trust 2014-1, Class B 4.375%, due 10/01/224		13,950		13,880
American Airlines Pass-Through Trust 2015-1, Class A 3.375%, due 05/01/27		68,268		65,858
Southwest Airlines Co. 2.750%, due 11/16/22		80,000		77,541
United Airlines Pass-Through Trust 2018-1, Class B 4.600%, due 03/01/26		70,000		70,040
				364,339
Auto & truck—0.26%
Aptiv PLC 4.400%, due 10/01/46		126,000		114,112

40

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Auto & truck—(concluded)
Delphi Corp. 4.150%, due 03/15/24	$	43,000	$	43,006
IHO Verwaltungs GmbH
4.750% Cash or 5.500 PIK, 4.750%, due 09/15/263,6		320,000		300,960
ZF North America Capital, Inc. 4.500%, due 04/29/223		483,000		491,410
				949,488
Banking-non-US—4.79%
ABN AMRO Bank NV 2.650%, due 01/19/213		641,000		628,753
Australia & New Zealand Banking Group Ltd. 2.250%, due 11/09/20		250,000		244,443
2.550%, due 11/23/21		250,000		242,387
Banco Santander SA 3.848%, due 04/12/23		200,000		197,876
Bancolombia SA 5.950%, due 06/03/217		220,000		232,925
Barclays Bank PLC 2.650%, due 01/11/21		200,000		196,040
BNP Paribas SA
(fixed, converts to FRN on 03/01/28), 4.375%, due 03/01/333,7		200,000		192,352
BPCE SA 5.700%, due 10/22/233		200,000		209,204
Citizens Financial Group, Inc. 2.375%, due 07/28/21		15,000		14,461
Commerzbank AG 8.125%, due 09/19/233		735,000		841,496
Commonwealth Bank of Australia 3.450%, due 03/16/233		80,000		79,225
Cooperatieve Rabobank UA 2.500%, due 01/19/21		510,000		500,238
Credit Agricole SA 3.250%, due 10/04/243		500,000		473,624
Credit Suisse Group AG
(fixed, converts to FRN on 01/12/28), 3.869%, due 01/12/293		295,000		281,787
Credit Suisse Group Funding Guernsey Ltd. 2.750%, due 03/26/20		345,000		341,418
3.450%, due 04/16/21		505,000		503,709
Danske Bank A/S 3.875%, due 09/12/233,7		200,000		197,795
Deutsche Bank AG 4.100%, due 01/13/267		170,000		161,523
4.250%, due 10/14/21		130,000		129,953
(fixed, converts to FRN on 12/01/27), 4.875%, due 12/01/327		480,000		424,258
HSBC Holdings PLC
(fixed, converts to FRN on 03/13/22), 3.262%, due 03/13/23		565,000		555,792
3.400%, due 03/08/21		320,000		319,629
4.375%, due 11/23/267		400,000		398,012

	Face amount		Value
Corporate notes—(continued)
Banking-non-US—(continued)
ING Bank N.V.
(fixed, converts to FRN on 11/21/18), 4.125%, due 11/21/238	$	210,000	$	210,496
5.000%, due 06/09/213		200,000		207,681
5.800%, due 09/25/233		200,000		213,268
ING Groep N.V. 3.150%, due 03/29/22		630,000		618,030
Intesa Sanpaolo SpA 3.125%, due 07/14/223		255,000		237,663
Kreditanstalt fuer Wiederaufbau 1.500%, due 02/06/19		509,000		506,672
Lloyds Bank PLC 6.500%, due 09/14/203		650,000		684,045
Lloyds Banking Group PLC 3.000%, due 01/11/22		200,000		195,568
3.750%, due 01/11/27		200,000		189,766
4.450%, due 05/08/257		200,000		202,170
4.582%, due 12/10/25		335,000		331,330
Macquarie Group Ltd.
(fixed, converts to FRN on 03/27/28), 4.654%, due 03/27/293,7		250,000		248,632
Mitsubishi UFJ Financial Group, Inc. 2.998%, due 02/22/22		75,000		73,433
Mitsubishi UFJ Trust & Banking Corp. 2.650%, due 10/19/203		920,000		903,616
Mizuho Financial Group, Inc. 2.601%, due 09/11/22		330,000		315,790
National Australia Bank Ltd. MTN 2.125%, due 05/22/20		250,000		245,466
Nordea Bank AB 4.875%, due 01/27/203		445,000		455,468
Royal Bank of Canada GMTN 2.500%, due 01/19/21		240,000		235,330
Santander UK Group Holdings PLC 2.875%, due 10/16/20		245,000		241,798
2.875%, due 08/05/21		201,000		196,282
(fixed, converts to FRN on 01/05/23), 3.373%, due 01/05/247		580,000		559,856
3.571%, due 01/10/23		200,000		195,686
Santander UK PLC 5.000%, due 11/07/233		690,000		700,306
Skandinaviska Enskilda Banken AB 2.625%, due 11/17/203		215,000		211,398
Standard Chartered PLC 2.250%, due 04/17/203,7		430,000		421,178
Sumitomo Mitsui Banking Corp.
3 mo. USD LIBOR + 0.310%, 2.643%, due 10/18/192		335,000		335,325
Sumitomo Mitsui Trust Bank Ltd. 1.950%, due 09/19/193		355,000		350,373
Svenska Handelsbanken AB MTN 1.875%, due 09/07/21		250,000		238,593
The Toronto-Dominion Bank GMTN 3.500%, due 07/19/23		120,000		119,741
Westpac Banking Corp. 2.150%, due 03/06/20		100,000		98,491

41

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Banking-non-US—(concluded)
2.600%, due 11/23/20	$	255,000	$	251,391
3.650%, due 05/15/23		275,000		275,118
				17,636,860
Banking-US—6.98%
American Express Credit Corp. MTN 2.375%, due 05/26/20		95,000		93,748
2.600%, due 09/14/20		155,000		153,229
Bank of America Corp. 2.250%, due 04/21/20		207,000		204,126
(fixed, converts to FRN on 07/21/20), 2.369%, due 07/21/21		1,340,000		1,317,241
(fixed, converts to FRN on 01/23/21), 2.738%, due 01/23/22		985,000		967,839
(fixed, converts to FRN on 04/24/22), 2.881%, due 04/24/23		195,000		189,555
(fixed, converts to FRN on 01/23/25), 3.366%, due 01/23/26		220,000		212,432
(fixed, converts to FRN on 03/05/23), 3.550%, due 03/05/24		350,000		345,912
3.875%, due 08/01/25		570,000		568,646
4.000%, due 01/22/25		110,000		108,659
(fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/289		270,000		267,840
Bank of America Corp. GMTN 3.300%, due 01/11/23		320,000		315,773
Bank of America Corp. MTN 2.151%, due 11/09/20		850,000		830,374
4.200%, due 08/26/24		690,000		693,295
(fixed, converts to FRN on 01/20/47), 4.443%, due 01/20/487		70,000		70,196
5.625%, due 07/01/20		160,000		167,150
Branch Banking & Trust Co. 3.625%, due 09/16/25		250,000		246,295
Capital One Bank USA N.A. 2.250%, due 02/13/19		515,000		513,860
Capital One Financial Corp. 2.500%, due 05/12/20		270,000		266,558
3.750%, due 07/28/26		110,000		103,461
Capital One N.A. 2.350%, due 01/31/20		590,000		582,580
CIT Group, Inc. 3.875%, due 02/19/19		147,500		147,795
Citibank N.A. 1.850%, due 09/18/19		380,000		375,584
Citizens Bank N.A./Providence, RI 2.200%, due 05/26/20		250,000		244,932
Discover Bank 2.600%, due 11/13/18		330,000		329,921
3.100%, due 06/04/20		250,000		248,851
Goldman Sachs & Co. 2.335%, due 11/13/184,13,14		1,000,000		1,003,000
2.775%, due 02/08/194,13,14		2,000,000		2,005,000
Goldman Sachs Bank USA 3.200%, due 06/05/20		25,000		25,034

	Face amount		Value
Corporate notes—(continued)
Banking-US—(continued)
Goldman Sachs Group, Inc. 1.000%, due 10/12/184,13,14	$	1,000,000	$	1,000,000
2.550%, due 10/23/19		231,000		229,858
2.750%, due 09/15/20		270,000		267,370
2.875%, due 02/25/21		165,000		162,361
3 mo. USD LIBOR + 0.780%, 3.122%, due 10/31/222		830,000		831,818
3.200%, due 02/23/23		325,000		318,033
3 mo. USD LIBOR + 1.170%, 3.491%, due 05/15/262		165,000		163,719
(fixed, converts to FRN on 06/05/27), 3.691%, due 06/05/28		285,000		271,764
3.750%, due 05/22/25		75,000		73,394
3.850%, due 01/26/27		315,000		305,392
Goldman Sachs Group, Inc. (The) 4.000%, due 03/03/24		410,000		412,572
(fixed, converts to FRN on 05/01/28), 4.223%, due 05/01/29		130,000		128,587
4.250%, due 10/21/25		15,000		14,905
HSBC USA, Inc. 5.000%, due 09/27/20		100,000		102,950
JPMorgan Chase & Co. 2.700%, due 05/18/23		150,000		143,719
(fixed, converts to FRN on 04/25/22), 2.776%, due 04/25/23		620,000		601,440
2.972%, due 01/15/23		313,000		304,799
3.200%, due 06/15/26		150,000		142,467
3.250%, due 09/23/22		105,000		104,309
3.375%, due 05/01/23		85,000		83,110
(fixed, converts to FRN on 01/23/28), 3.509%, due 01/23/29		440,000		416,521
(fixed, converts to FRN on 06/18/21), 3.514%, due 06/18/22		310,000		309,889
(fixed, converts to FRN on 04/23/23), 3.559%, due 04/23/24		125,000		123,716
(fixed, converts to FRN on 02/01/27), 3.782%, due 02/01/28		1,000,000		973,025
KeyBank N.A. 2.500%, due 12/15/19		250,000		248,029
KeyCorp MTN 2.900%, due 09/15/20		100,000		99,127
State Street Corp.
(fixed, converts to FRN on 09/15/20), 5.250%, due 09/15/207,9		147,000		150,675
Synchrony Bank 3.650%, due 05/24/21		420,000		415,382
Synovus Financial Corp. 3.125%, due 11/01/22		80,000		76,515
The Bank of New York Mellon Corp. 2.050%, due 05/03/21		175,000		169,547
2.800%, due 05/04/26		10,000		9,427
2.950%, due 01/29/23		290,000		283,458
3.300%, due 08/23/29		240,000		226,394
(fixed, converts to FRN on 09/20/26), 4.625%, due 09/20/269		195,000		185,778

42

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Banking-US—(concluded)
Visa, Inc. 3.150%, due 12/14/25	$	320,000	$	311,059
Wells Fargo & Co. 2.100%, due 07/26/21		80,000		77,028
3.000%, due 04/22/26		210,000		196,116
3.000%, due 10/23/26		51,000		47,376
3.069%, due 01/24/23		360,000		351,065
Wells Fargo & Co. GMTN 4.300%, due 07/22/27		160,000		158,886
Wells Fargo & Co. MTN 2.625%, due 07/22/22		650,000		627,458
(fixed, converts to FRN on 05/22/27), 3.584%, due 05/22/287		5,000		4,794
Wells Fargo Bank NA 2.600%, due 01/15/21		2,020,000		1,986,342
				25,709,060
Beverages—0.63%
Anheuser-Busch InBev Finance, Inc. 4.700%, due 02/01/36		360,000		369,744
4.900%, due 02/01/46		100,000		104,121
Anheuser-Busch InBev Worldwide, Inc. 4.600%, due 04/15/48		480,000		482,587
4.750%, due 04/15/58		110,000		110,790
Keurig Dr. Pepper, Inc. 3.551%, due 05/25/213		225,000		225,653
4.057%, due 05/25/233		95,000		95,663
4.420%, due 12/15/46		30,000		27,556
Molson Coors Brewing Co. 1.900%, due 03/15/19		170,000		169,233
2.250%, due 03/15/20		100,000		98,470
PepsiCo, Inc. 3.000%, due 10/15/277		240,000		229,571
3.450%, due 10/06/46		80,000		72,721
The Coca-Cola Co. 1.875%, due 10/27/20		350,000		341,896
				2,328,005
Biotechnology—0.42%
Amgen, Inc. 2.200%, due 05/11/20		100,000		98,313
3.125%, due 05/01/25		40,000		38,509
4.400%, due 05/01/45		120,000		118,156
4.563%, due 06/15/48		11,000		11,010
4.663%, due 06/15/51		53,000		53,700
Baxalta, Inc. 2.875%, due 06/23/20		440,000		435,486
Celgene Corp. 3.875%, due 08/15/25		101,000		99,532
3.900%, due 02/20/28		45,000		43,565
Gilead Sciences, Inc. 2.500%, due 09/01/23		30,000		28,523
2.550%, due 09/01/20		10,000		9,894
3.250%, due 09/01/22		80,000		79,632
3.700%, due 04/01/24		185,000		185,763
4.150%, due 03/01/47		200,000		193,921

	Face amount		Value
Corporate notes—(continued)
Biotechnology—(concluded)
4.750%, due 03/01/46	$	140,000	$	147,745
				1,543,749
Building products—0.15%
Holcim US Finance Sarl & Cie SCS 6.000%, due 12/30/193		415,000		429,818
Johnson Controls International PLC 3.625%, due 07/02/2410		90,000		88,377
Owens Corning 4.400%, due 01/30/48		40,000		33,056
				551,251
Cable—0.08%
Sky PLC 3.750%, due 09/16/243		215,000		213,030
Time Warner Entertainment Co. LP 8.375%, due 03/15/23		80,000		92,992
				306,022
Chemicals—0.27%
E.I. du Pont de Nemours & Co. 2.200%, due 05/01/20		75,000		73,900
Eastman Chemical Co. 3.800%, due 03/15/25		42,000		41,535
Ecolab, Inc. 2.000%, due 01/14/19		270,000		269,692
LyondellBasell Industries N.V. 5.000%, due 04/15/19		243,000		245,339
RPM International, Inc. 6.125%, due 10/15/19		259,000		267,478
The Dow Chemical Co. 8.550%, due 05/15/19		55,000		57,376
The Sherwin-Williams Co. 4.500%, due 06/01/477		50,000		49,191
				1,004,511
Commercial services—0.57%
Duke University 4.077%, due 10/01/48		91,000		91,838
Equifax, Inc. 2.300%, due 06/01/21		20,000		19,272
Huntington Ingalls Industries, Inc. 3.483%, due 12/01/27		645,000		611,557
5.000%, due 11/15/253		270,000		281,556
Iron Mountain, Inc. 4.375%, due 06/01/213		450,000		448,875
Republic Services, Inc. 2.900%, due 07/01/26		35,000		32,411
3.375%, due 11/15/27		180,000		170,961
3.950%, due 05/15/28		225,000		223,643
S&P Global, Inc. 4.000%, due 06/15/25		60,000		60,400
Total System Services, Inc. 3.750%, due 06/01/23		100,000		99,452
3.800%, due 04/01/21		60,000		60,287
				2,100,252

43

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Communications equipment—0.39%
Apple, Inc. 3.750%, due 11/13/477	$	370,000	$	352,633
3.850%, due 08/04/46		125,000		120,788
4.500%, due 02/23/36		150,000		163,250
4.650%, due 02/23/46		230,000		251,124
QUALCOMM, Inc. 3.450%, due 05/20/25		313,000		304,198
4.300%, due 05/20/47		120,000		113,386
4.800%, due 05/20/45		130,000		130,755
				1,436,134
Computers—0.11%
DXC Technology Co. 2.875%, due 03/27/20		30,000		29,711
Hewlett Packard Enterprise Co. 2.850%, due 10/05/1810		99,000		99,040
International Business Machines Corp. 3.450%, due 02/19/267		212,000		209,574
Seagate HDD Cayman 4.750%, due 01/01/25		65,000		63,077
				401,402
Containers & packaging—0.08%
WestRock RKT Co. 4.900%, due 03/01/22		293,000		305,041
Diversified financial services—0.51%
Air Lease Corp. 3.625%, due 04/01/27		30,000		27,791
3.875%, due 07/03/23		15,000		14,877
Aviation Capital Group LLC 2.875%, due 09/17/183		630,000		630,052
CME Group, Inc. 3.750%, due 06/15/28		50,000		50,434
Fidelity National Information Services, Inc. 3.000%, due 08/15/26		130,000		120,485
3.500%, due 04/15/23		69,000		68,334
GE Capital International Funding Co. 4.418%, due 11/15/35		323,000		314,259
Intercontinental Exchange, Inc. 3.750%, due 12/01/25		100,000		100,037
Nomura Holdings, Inc. GMTN 2.750%, due 03/19/19		80,000		79,984
ORIX Corp. 2.900%, due 07/18/22		470,000		454,457
				1,860,710
Electric utilities—1.12%
AEP Texas, Inc. 2.400%, due 10/01/22		90,000		86,126
Alabama Power Co. 3.850%, due 12/01/42		60,000		56,829
4.150%, due 08/15/44		120,000		117,447
4.300%, due 07/15/48		110,000		112,838
5.200%, due 06/01/41		35,000		38,926

	Face amount		Value
Corporate notes—(continued)
Electric utilities—(concluded)
Alliant Energy Finance LLC 3.750%, due 06/15/233	$	40,000	$	40,012
Ameren Illinois Co. 3.800%, due 05/15/28		50,000		50,340
Baltimore Gas & Electric Co. 3.750%, due 08/15/47		250,000		231,900
Berkshire Hathaway Energy Co. 3.250%, due 04/15/28		275,000		261,735
Black Hills Corp. 3.150%, due 01/15/27		30,000		27,583
Dominion Energy, Inc. 2.579%, due 07/01/2010		60,000		59,130
DTE Electric Co. 3.700%, due 03/15/45		100,000		93,420
3.750%, due 08/15/47		120,000		113,905
DTE Energy Co. 3.300%, due 06/15/22		150,000		147,978
Duke Energy Carolinas LLC 2.950%, due 12/01/26		185,000		175,968
3.700%, due 12/01/47		90,000		83,456
Duke Energy Corp. 1.800%, due 09/01/21		660,000		630,802
2.650%, due 09/01/26		410,000		372,378
3.550%, due 09/15/21		230,000		231,651
3.750%, due 04/15/24		110,000		109,899
3.950%, due 10/15/23		490,000		494,621
4.800%, due 12/15/45		190,000		197,926
Duke Energy Florida LLC 2.100%, due 12/15/19		33,750		33,581
3.800%, due 07/15/28		325,000		327,764
Duke Energy Progress LLC 3.250%, due 08/15/25		40,000		39,056
				4,135,271
Electric-generation—0.01%
Emera US Finance LP 2.150%, due 06/15/19		50,000		49,630
Electric-integrated—1.44%
Agilent Technologies, Inc. 3.050%, due 09/22/26		15,000		13,971
CenterPoint Energy Houston Electric LLC 3.950%, due 03/01/48		40,000		39,183
CMS Energy Corp. 3.000%, due 05/15/26		30,000		27,876
Dominion Energy, Inc. 1.500%, due 09/30/183		355,000		354,399
Eaton Corp. 2.750%, due 11/02/22		80,000		77,619
Entergy Corp. 2.950%, due 09/01/26		45,000		41,277
4.000%, due 07/15/22		195,000		196,932
Entergy Texas, Inc. 2.550%, due 06/01/21		45,000		43,756
7.125%, due 02/01/19		340,000		346,838

44

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Electric-integrated—(continued)
Eversource Energy 2.900%, due 10/01/24	$	95,000	$	89,990
Exelon Corp. 2.450%, due 04/15/21		5,000		4,861
2.850%, due 06/15/20		70,000		69,332
3.400%, due 04/15/26		270,000		258,185
4.450%, due 04/15/46		120,000		118,455
Florida Power & Light Co. 3.125%, due 12/01/25		85,000		82,657
3.700%, due 12/01/47		70,000		66,278
3.800%, due 12/15/42		30,000		28,955
4.050%, due 06/01/42		91,000		90,536
5.690%, due 03/01/40		20,000		24,141
Georgia Power Co. 3.250%, due 03/30/27		30,000		28,208
IPALCO Enterprises, Inc. 3.700%, due 09/01/24		90,000		86,857
Israel Electric Corp. Ltd. 7.250%, due 01/15/193		200,000		203,770
ITC Holdings Corp. 2.700%, due 11/15/22		80,000		76,967
Northern States Power Co. 3.400%, due 08/15/42		260,000		232,958
3.600%, due 09/15/47		20,000		18,571
NSTAR Electric Co. 3.200%, due 05/15/27		120,000		114,562
Ohio Power Co. 4.150%, due 04/01/48		40,000		40,538
6.600%, due 02/15/33		60,000		75,476
Oncor Electric Delivery Co. LLC 3.800%, due 09/30/47		45,000		42,981
Pacificorp 4.125%, due 01/15/49		65,000		64,931
5.500%, due 01/15/19		486,000		492,379
5.750%, due 04/01/37		35,000		42,275
Southern Power Co. 2.375%, due 06/01/20		190,000		187,305
Tampa Electric Co. 4.300%, due 06/15/48		75,000		74,005
Trimble, Inc. 4.150%, due 06/15/23		40,000		39,819
Tyco Electronics Group SA 3.450%, due 08/01/24		30,000		29,387
Virginia Electric & Power Co. 2.750%, due 03/15/23		210,000		204,019
3.100%, due 05/15/25		185,000		177,318
3.150%, due 01/15/26		30,000		28,961
3.500%, due 03/15/27		460,000		450,749
3.800%, due 09/15/47		320,000		298,613
4.000%, due 01/15/43		20,000		19,127
WEC Energy Group, Inc. 2.450%, due 06/15/20		170,000		167,518
3.375%, due 06/15/21		65,000		64,957

	Face amount		Value
Corporate notes—(continued)
Electric-integrated—(concluded)
Wisconsin Power & Light Co. 3.050%, due 10/15/27	$	85,000	$	79,648
				5,317,140
Electric/gas—0.22%
MPLX LP 4.125%, due 03/01/27		80,000		78,486
4.500%, due 07/15/23		260,000		265,877
4.875%, due 06/01/25		100,000		103,910
5.200%, due 03/01/47		20,000		20,241
Northern Natural Gas Co. 4.300%, due 01/15/493		200,000		196,991
Transcontinental Gas Pipe Line Co. LLC 4.600%, due 03/15/483		135,000		132,642
				798,147
Electronic equipment & instruments—0.16%
Avnet, Inc. 4.625%, due 04/15/26		30,000		29,651
Corning, Inc. 4.375%, due 11/15/57		515,000		453,478
Honeywell International, Inc. 2.500%, due 11/01/26		10,000		9,265
Thermo Fisher Scientific, Inc. 2.950%, due 09/19/26		25,000		23,177
3.000%, due 04/15/23		30,000		29,096
3.200%, due 08/15/27		45,000		42,106
				586,773
Finance-captive automotive—2.28%
American Express Co. 3.700%, due 08/03/23		205,000		204,787
American Honda Finance Corp. 1.700%, due 09/09/21		120,000		114,498
American International Group, Inc. 4.375%, due 01/15/55		140,000		126,362
(fixed, converts to FRN on 04/01/28), 5.750%, due 04/01/48		130,000		128,375
Ares Capital Corp. 4.250%, due 03/01/25		330,000		316,825
CDP Financial, Inc. 4.400%, due 11/25/193		860,000		877,122
Daimler Finance North America LLC 3.000%, due 02/22/213		270,000		266,665
Ford Motor Co. 4.346%, due 12/08/267		55,000		52,906
5.291%, due 12/08/467		140,000		130,014
Ford Motor Credit Co. LLC 3.096%, due 05/04/237		400,000		379,884
3.336%, due 03/18/21		200,000		197,964
3.815%, due 11/02/277		200,000		183,010
General Motors Co. 5.400%, due 04/01/487		370,000		355,847

45

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Finance-captive automotive—(concluded)
General Motors Financial Co., Inc. 2.400%, due 05/09/19	$	105,000	$	104,809
3.200%, due 07/13/20		569,000		567,122
3.450%, due 01/14/22		180,000		177,424
3.550%, due 04/09/21		65,000		64,819
3.950%, due 04/13/24		407,000		397,442
4.375%, due 09/25/21		145,000		147,397
Hyundai Capital America 2.400%, due 10/30/183		105,000		104,932
2.500%, due 03/18/193		30,000		29,879
2.550%, due 02/06/193		550,000		548,335
3.000%, due 10/30/203		285,000		280,658
Hyundai Capital Services, Inc. 3.000%, due 08/29/223		200,000		191,403
3.750%, due 03/05/233,7		350,000		343,188
Nissan Motor Acceptance Corp. 1.900%, due 09/14/213		290,000		274,789
3.150%, due 03/15/213		195,000		192,906
Synchrony Financial 2.600%, due 01/15/19		120,000		119,855
2.700%, due 02/03/20		405,000		399,659
3.000%, due 08/15/19		275,000		274,593
3.950%, due 12/01/27		15,000		13,670
The Charles Schwab Corp.
(fixed, converts to FRN on 03/01/22), 4.625%, due 03/01/229		295,000		295,000
Toyota Motor Corp. 3.669%, due 07/20/28		50,000		50,095
Volkswagen Group of America Finance LLC 2.400%, due 05/22/203		270,000		265,453
Volkswagen International Finance N.V. 4.000%, due 08/12/203		235,000		237,771
				8,415,458
Financial services—3.27%
Banque Federative du Credit Mutuel SA 2.750%, due 10/15/203		215,000		211,960
Barclays Bank PLC 5.140%, due 10/14/20		240,000		245,873
Barclays PLC 2.750%, due 11/08/19		200,000		198,693
3.250%, due 01/12/21		405,000		399,423
(fixed, converts to FRN on 05/16/23), 4.338%, due 05/16/24		1,150,000		1,140,791
4.375%, due 01/12/26		205,000		200,599
(fixed, converts to FRN on 05/16/28), 4.972%, due 05/16/29		280,000		281,274
5.200%, due 05/12/26		505,000		498,902
Citigroup, Inc. 2.400%, due 02/18/207		170,000		168,256
2.650%, due 10/26/20		210,000		207,074
(fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23		200,000		193,356
(fixed, converts to FRN on 04/23/28), 4.075%, due 04/23/29		85,000		83,500
4.400%, due 06/10/25		290,000		289,499

	Face amount		Value
Corporate notes—(continued)
Financial services—(concluded)
Corp. Financiera de Desarrollo SA 4.750%, due 07/15/253	$	325,000	$	331,500
Deutsche Bank AG GMTN 3.375%, due 05/12/21		60,000		58,658
Doric Nimrod Air Alpha Ltd. 2013-1 Pass-Through Trust 5.250%, due 05/30/233,4		227,995		232,282
Export Development Canada 0.875%, due 08/27/183		275,000		274,723
HSBC Holdings PLC
(fixed, converts to FRN on 05/18/23), 3.950%, due 05/18/24		200,000		199,652
JPMorgan Chase & Co. 2.200%, due 10/22/19		410,000		406,595
2.250%, due 01/23/20		215,000		212,518
2.750%, due 06/23/20		720,000		714,713
(fixed, converts to FRN on 05/01/27), 3.540%, due 05/01/28		260,000		248,229
3 mo. USD LIBOR + 1.230%, 3.572%, due 10/24/232		135,000		137,876
Mitsubishi UFJ Financial Group, Inc. 3.535%, due 07/26/21		105,000		105,153
Morgan Stanley 2.500%, due 01/24/19		200,000		199,989
2.800%, due 06/16/207		1,010,000		1,001,989
3.125%, due 01/23/23		330,000		322,049
(fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/28		340,000		322,827
3.750%, due 02/25/23		460,000		460,810
(fixed, converts to FRN on 01/24/28), 3.772%, due 01/24/29		450,000		432,707
3.950%, due 04/23/27		15,000		14,415
Morgan Stanley MTN 2.200%, due 12/07/18		125,000		124,882
2.625%, due 11/17/21		190,000		184,871
3.125%, due 07/27/26		480,000		447,947
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 05/18/28), 4.892%, due 05/18/29		200,000		200,822
Societe Generale SA 2.500%, due 04/08/213		330,000		321,208
Sumitomo Mitsui Financial Group, Inc. 2.058%, due 07/14/21		277,000		265,372
SunTrust Banks, Inc. 4.000%, due 05/01/25		50,000		50,063
The Bank of Nova Scotia 3.125%, due 04/20/21		385,000		382,853
The Hartford Financial Services Group, Inc. 4.400%, due 03/15/48		30,000		29,475
US Bank N.A. 2.050%, due 10/23/20		250,000		244,149
				12,047,527
Food & drug retailing—0.39%
Bed Bath & Beyond, Inc. 5.165%, due 08/01/44		135,000		101,875

46

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Food & drug retailing—(concluded)
CVS Health Corp. 2.250%, due 08/12/19	$	170,000	$	168,981
3.125%, due 03/09/20		10,000		9,993
3.350%, due 03/09/21		135,000		134,875
3.700%, due 03/09/23		350,000		347,809
3.875%, due 07/20/25		52,000		51,270
4.300%, due 03/25/28		580,000		577,804
5.050%, due 03/25/48		55,000		56,990
				1,449,597
Food products—0.43%
Campbell Soup Co. 3.650%, due 03/15/23		415,000		407,036
3.950%, due 03/15/25		55,000		53,502
Danone SA 2.077%, due 11/02/213		575,000		548,489
Sysco Corp. 2.600%, due 10/01/20		250,000		246,599
3.550%, due 03/15/25		60,000		58,844
Tyson Foods, Inc. 3.550%, due 06/02/27		165,000		157,027
3.950%, due 08/15/24		80,000		79,926
4.550%, due 06/02/47		30,000		28,444
				1,579,867
Gas pipelines—0.25%
Kinder Morgan Energy Partners LP 3.500%, due 09/01/23		745,000		729,720
Kinder Morgan, Inc. 3.050%, due 12/01/19		70,000		69,980
4.300%, due 06/01/257		90,000		90,643
5.550%, due 06/01/45		40,000		41,985
				932,328
Health care equipment & supplies—0.22%
Abbott Laboratories 3.400%, due 11/30/23		200,000		198,003
Baxter International, Inc. 1.700%, due 08/15/21		200,000		190,118
Becton Dickinson and Co. 2.675%, due 12/15/19		48,000		47,689
3.363%, due 06/06/24		280,000		270,186
3.734%, due 12/15/24		40,000		39,219
Stryker Corp. 3.375%, due 11/01/25		80,000		77,433
				822,648
Health care providers & services—0.22%
Aetna, Inc. 2.750%, due 11/15/22		215,000		206,750
2.800%, due 06/15/23		30,000		28,744
3.500%, due 11/15/24		44,000		42,985
3.875%, due 08/15/47		30,000		26,815
Anthem, Inc. 3.125%, due 05/15/22		65,000		64,088
3.350%, due 12/01/24		70,000		67,553

	Face amount		Value
Corporate notes—(continued)
Health care providers & services—(concluded)
Cigna Corp. 3.050%, due 10/15/27	$	50,000	$	45,589
3.250%, due 04/15/25		140,000		132,909
Humana, Inc. 3.950%, due 03/15/27		55,000		54,303
UnitedHealth Group, Inc. 4.250%, due 06/15/487		145,000		148,212
				817,948
Hotels, restaurants & leisure—0.13%
Host Hotels & Resorts LP 4.500%, due 02/01/26		70,000		69,748
McDonald's Corp. 2.750%, due 12/09/20		25,000		24,807
McDonald's Corp. MTN 4.875%, due 12/09/457		320,000		341,390
Starbucks Corp. 3.750%, due 12/01/47		40,000		35,225
				471,170
Household durables—0.06%
Newell Brands, Inc. 2.600%, due 03/29/19		63,000		62,710
The Clorox Co. 3.900%, due 05/15/28		140,000		139,413
				202,123
Industrial conglomerates—0.31%
Crane Co. 4.200%, due 03/15/48		75,000		70,972
General Electric Co. 4.125%, due 10/09/42		200,000		185,305
(fixed, converts to FRN on 01/21/21), 5.000%, due 01/21/219		915,000		898,896
				1,155,173
Insurance—0.82%
American International Group, Inc. 3.300%, due 03/01/21		265,000		264,461
Aon PLC 3.875%, due 12/15/25		95,000		94,022
4.450%, due 05/24/43		64,000		60,856
4.600%, due 06/14/44		46,000		45,655
4.750%, due 05/15/45		160,000		161,621
AXA Equitable Holdings, Inc. 3.900%, due 04/20/233		405,000		402,240
Berkshire Hathaway, Inc. 2.750%, due 03/15/23		50,000		48,945
3.125%, due 03/15/26		35,000		33,959
Brighthouse Financial, Inc. 4.700%, due 06/22/47		45,000		38,767
Lincoln National Corp. 6.250%, due 02/15/20		235,000		244,903
Marsh & McLennan Cos., Inc. 3.750%, due 03/14/267		405,000		404,307
4.350%, due 01/30/47		90,000		90,171

47

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Insurance—(concluded)
Nuveen Finance LLC 2.950%, due 11/01/193	$	550,000	$	549,643
Principal Financial Group, Inc. 3.125%, due 05/15/237		57,000		55,720
Teachers Insurance & Annuity Association of America 4.270%, due 05/15/473		120,000		118,141
Trinity Acquisition PLC 3.500%, due 09/15/21		220,000		217,621
4.625%, due 08/15/23		30,000		30,781
Willis Towers Watson PLC 5.750%, due 03/15/21		145,000		152,088
				3,013,901
Machinery—0.14%
John Deere Capital Corp. MTN 2.650%, due 01/06/22		30,000		29,464
Kennametal, Inc. 4.625%, due 06/15/28		170,000		167,589
Nvent Finance Sarl 3.950%, due 04/15/233		325,000		320,309
				517,362
Media—1.58%
CBS Corp. 3.700%, due 06/01/283		170,000		159,409
Charter Communications Operating LLC/ Charter Communications Operating Capital 4.464%, due 07/23/22		40,000		40,646
4.500%, due 02/01/24		390,000		392,143
4.908%, due 07/23/25		350,000		356,566
5.375%, due 05/01/47		415,000		399,405
5.750%, due 04/01/48		95,000		95,544
6.484%, due 10/23/45		5,000		5,441
Comcast Corp. 1.625%, due 01/15/22		80,000		75,049
3.400%, due 07/15/46		595,000		491,241
5.150%, due 03/01/207		550,000		567,175
Cox Communications, Inc. 3.150%, due 08/15/243		150,000		142,245
3.250%, due 12/15/223		60,000		58,083
Discovery Communications LLC 2.200%, due 09/20/19		55,000		54,418
2.950%, due 03/20/23		120,000		115,014
3.950%, due 06/15/253		195,000		191,378
4.900%, due 03/11/267		90,000		92,946
5.200%, due 09/20/47		5,000		4,926
NBCUniversal Enterprise, Inc.
3 mo. USD LIBOR + 0.400%, 2.737%, due 04/01/212,3		140,000		140,291
5.250%, due 03/19/213,9		1,140,000		1,151,400
NBCUniversal Media LLC 5.150%, due 04/30/20		25,000		25,876
RELX Capital, Inc. 3.125%, due 10/15/22		15,000		14,651
3.500%, due 03/16/23		355,000		351,753

	Face amount		Value
Corporate notes—(continued)
Media—(concluded)
Viacom, Inc. 4.375%, due 03/15/43	$	115,000	$	100,842
Warner Media LLC 3.800%, due 02/15/27		790,000		756,766
3.875%, due 01/15/26		38,000		36,813
				5,820,021
Medical providers—0.64%
HCA, Inc. 3.750%, due 03/15/19		515,000		515,798
6.500%, due 02/15/20		350,000		364,280
Stryker Corp. 2.625%, due 03/15/21		45,000		44,170
Tenet Healthcare Corp. 6.000%, due 10/01/20		210,000		218,137
UnitedHealth Group, Inc. 1.700%, due 02/15/19		525,000		522,218
2.875%, due 12/15/21		134,000		132,678
2.875%, due 03/15/22		144,000		142,032
3.100%, due 03/15/26		110,000		105,513
3.750%, due 07/15/25		240,000		240,840
4.750%, due 07/15/45		80,000		86,958
				2,372,624
Metals & mining—0.08%
Anglo American Capital PLC 3.625%, due 09/11/243		210,000		198,163
Newmont Mining Corp. 4.875%, due 03/15/42		80,000		80,919
				279,082
Oil & gas—1.59%
Anadarko Petroleum Corp. 3.450%, due 07/15/247		500,000		485,126
Andeavor 4.750%, due 12/15/23		160,000		165,602
Apache Corp. 4.750%, due 04/15/43		25,000		23,997
5.100%, due 09/01/40		100,000		99,846
Chevron Corp. 2.954%, due 05/16/26		100,000		95,756
Cimarex Energy Co. 3.900%, due 05/15/27		255,000		245,451
4.375%, due 06/01/24		705,000		713,721
Concho Resources, Inc. 3.750%, due 10/01/27		70,000		67,160
Continental Resources, Inc. 3.800%, due 06/01/24		40,000		39,291
4.500%, due 04/15/23		828,000		842,483
5.000%, due 09/15/22		150,000		152,212
Diamondback Energy, Inc. 5.375%, due 05/31/253		145,000		144,275
5.375%, due 05/31/257		50,000		49,875
Ecopetrol SA 4.125%, due 01/16/25		195,000		191,953

48

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Oil & gas—(concluded)
EOG Resources, Inc. 2.450%, due 04/01/20	$	165,000	$	163,172
3.900%, due 04/01/35		90,000		88,150
4.150%, due 01/15/26		220,000		225,462
Harvest Operations Corp. 4.200%, due 06/01/233		200,000		201,898
Occidental Petroleum Corp. 2.700%, due 02/15/23		135,000		131,075
Patterson-UTI Energy, Inc. 3.950%, due 02/01/283		385,000		358,618
Petroleos Mexicanos 5.625%, due 01/23/46		275,000		225,775
Phillips 66 3.900%, due 03/15/28		320,000		315,547
Pioneer Natural Resources Co. 3.950%, due 07/15/22		83,000		84,028
4.450%, due 01/15/26		470,000		485,373
Schlumberger Holdings Corp. 4.000%, due 12/21/253		115,000		115,148
Shell International Finance BV 3.250%, due 05/11/25		30,000		29,515
3.750%, due 09/12/46		30,000		28,460
Suncor Energy, Inc. 4.000%, due 11/15/47		10,000		9,551
6.500%, due 06/15/38		50,000		62,509
				5,841,029
Oil services—0.06%
BP Capital Markets PLC 2.241%, due 09/26/18		150,000		149,960
3.506%, due 03/17/257		60,000		59,366
				209,326
Paper & forest products—0.07%
Georgia-Pacific LLC 3.734%, due 07/15/233		115,000		115,414
5.400%, due 11/01/203		32,000		33,426
International Paper Co. 4.350%, due 08/15/48		125,000		116,237
				265,077
Pharmaceuticals—1.37%
Abbott Laboratories 2.000%, due 09/15/18		105,000		104,968
2.350%, due 11/22/19		150,000		149,067
3.875%, due 09/15/25		15,000		15,072
AbbVie, Inc. 2.300%, due 05/14/21		70,000		68,090
3.600%, due 05/14/25		480,000		467,673
4.450%, due 05/14/46		40,000		38,051
4.700%, due 05/14/45		25,000		24,555
Allergan Funding SCS 3.000%, due 03/12/20		190,000		189,212
3.450%, due 03/15/22		225,000		222,492
3.850%, due 06/15/24		70,000		69,102
4.750%, due 03/15/457		160,000		158,162

	Face amount		Value
Corporate notes—(continued)
Pharmaceuticals—(concluded)
Allergan Sales LLC 5.000%, due 12/15/213	$	510,000	$	527,140
AstraZeneca PLC 2.375%, due 06/12/22		70,000		67,310
Bayer US Finance II LLC 3.950%, due 04/15/453		80,000		71,689
Edwards Lifesciences Corp. 4.300%, due 06/15/28		75,000		75,322
GlaxoSmithKline Capital PLC 2.850%, due 05/08/22		195,000		192,280
GlaxoSmithKline Capital, Inc. 3.875%, due 05/15/28		105,000		106,466
Johnson & Johnson 2.450%, due 03/01/26		25,000		23,513
2.900%, due 01/15/28		130,000		124,444
2.950%, due 03/03/27		115,000		111,299
Medtronic, Inc. 3.150%, due 03/15/22		150,000		149,138
3.500%, due 03/15/25		80,000		79,602
4.625%, due 03/15/45		150,000		162,710
Mylan N.V. 2.500%, due 06/07/19		121,000		120,579
Mylan, Inc. 3.125%, due 01/15/233		130,000		124,704
Novartis Capital Corp. 3.100%, due 05/17/27		10,000		9,655
Pfizer, Inc. 4.125%, due 12/15/46		40,000		41,000
Shire Acquisitions Investments Ireland DAC 1.900%, due 09/23/19		640,000		631,246
2.875%, due 09/23/23		661,000		624,412
Teva Pharmaceutical Finance Netherlands III BV 1.700%, due 07/19/19		300,000		294,290
				5,043,243
Pipelines—2.30%
Andeavor Logistics LP
(fixed, converts to FRN on 02/15/23), 6.875%, due 02/15/239		430,000		430,806
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 5.250%, due 01/15/25		1,450,000		1,498,836
6.250%, due 10/15/22		115,000		118,887
Buckeye Partners LP 3.950%, due 12/01/26		130,000		118,638
4.150%, due 07/01/23		330,000		326,084
4.875%, due 02/01/21		45,000		45,820
5.600%, due 10/15/44		71,000		63,823
5.850%, due 11/15/43		204,000		191,489
(fixed, converts to FRN on 01/22/23), 6.375%, due 01/22/78		270,000		249,550
Cheniere Energy Partners LP 5.250%, due 10/01/25		200,000		199,000
Enbridge, Inc.
(fixed, converts to FRN on 07/15/27), 5.500%, due 07/15/77		160,000		150,000

49

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Pipelines—(concluded)
(fixed, converts to FRN on 03/01/28), 6.250%, due 03/01/78	$	190,000	$	185,641
Energy Transfer Partners LP 4.750%, due 01/15/26		100,000		101,127
5.150%, due 03/15/45		20,000		18,493
5.300%, due 04/15/47		200,000		190,296
Energy Transfer Partners LP/Regency Energy Finance Corp. 5.000%, due 10/01/22		30,000		30,904
Enterprise Products Operating LLC 4.900%, due 05/15/46		240,000		247,385
(fixed, converts to FRN on 08/16/27), 5.250%, due 08/16/77		305,000		287,270
(fixed, converts to FRN on 02/15/28), 5.375%, due 02/15/78		170,000		159,814
Magellan Midstream Partners LP 4.200%, due 10/03/47		60,000		56,343
NGPL PipeCo LLC 4.375%, due 08/15/223		233,000		233,583
ONEOK Partners LP 8.625%, due 03/01/19		550,000		567,731
Plains All American Pipeline LP/PAA Finance Corp. 3.650%, due 06/01/22		30,000		29,541
Sabine Pass Liquefaction LLC 5.625%, due 04/15/2310		330,000		352,085
5.625%, due 03/01/25		358,000		381,660
5.750%, due 05/15/24		170,000		182,864
5.875%, due 06/30/26		60,000		65,277
6.250%, due 03/15/22		200,000		215,864
Spectra Energy Partners LP 3.500%, due 03/15/25		45,000		43,218
4.500%, due 03/15/45		100,000		94,370
Sunoco Logistics Partners Operations LP 5.950%, due 12/01/25		93,000		100,187
Texas Eastern Transmission LP 2.800%, due 10/15/223		45,000		43,100
3.500%, due 01/15/283		70,000		65,898
4.150%, due 01/15/483		570,000		503,059
TransCanada PipeLines Ltd. 2.500%, due 08/01/22		80,000		76,930
4.875%, due 05/15/48		120,000		125,357
Transcanada Trust
(fixed, converts to FRN on 03/15/27), 5.300%, due 03/15/77		322,000		309,764
Transcontinental Gas Pipe Line Co. LLC 4.000%, due 03/15/283		300,000		295,513
7.850%, due 02/01/26		88,000		107,594
				8,463,801
Real estate investment trusts—0.14%
Boston Properties LP 2.750%, due 10/01/26		10,000		9,052
Northwest Florida Timber Finance LLC 4.750%, due 03/04/293		200,000		190,750

	Face amount		Value
Corporate notes—(continued)
Real estate investment trusts—(concluded)
Realty Income Corp. 3.000%, due 01/15/27	$	85,000	$	77,653
Weyerhaeuser Co. 7.375%, due 10/01/19		230,000		240,894
				518,349
Retail—0.49%
Alibaba Group Holding Ltd. 4.400%, due 12/06/57		210,000		197,582
Amazon.com, Inc. 4.250%, due 08/22/57		90,000		91,225
4.800%, due 12/05/34		125,000		138,053
eBay, Inc. 4.000%, due 07/15/42		50,000		42,800
Lowe's Cos., Inc. 2.500%, due 04/15/26		60,000		54,971
Tapestry, Inc. 4.125%, due 07/15/27		50,000		47,607
Tencent Holdings Ltd. 2.985%, due 01/19/233		200,000		194,178
3.595%, due 01/19/283		390,000		371,473
The Home Depot, Inc. 2.125%, due 09/15/26		10,000		8,970
3.000%, due 04/01/267		100,000		96,027
Walgreens Boots Alliance, Inc. 3.450%, due 06/01/267		105,000		99,308
3.800%, due 11/18/24		175,000		172,158
4.650%, due 06/01/46		110,000		103,311
Walmart, Inc. 3.550%, due 06/26/25		90,000		90,771
4.050%, due 06/29/48		40,000		40,695
4.300%, due 04/22/44		53,000		55,434
				1,804,563
Semiconductor equipment & products—1.13%
Analog Devices, Inc. 2.500%, due 12/05/21		110,000		106,356
2.850%, due 03/12/20		80,000		79,581
3.500%, due 12/05/26		65,000		62,024
4.500%, due 12/05/36		58,000		56,584
5.300%, due 12/15/45		10,000		10,878
Applied Materials, Inc. 5.850%, due 06/15/41		30,000		36,338
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.000%, due 01/15/22		690,000		669,983
3.125%, due 01/15/25		210,000		193,158
3.625%, due 01/15/24		180,000		173,392
3.875%, due 01/15/27		80,000		74,935
Intel Corp. 2.700%, due 12/15/22		200,000		195,715
KLA-Tencor Corp. 4.650%, due 11/01/24		4,000		4,118
Lam Research Corp. 2.750%, due 03/15/20		125,000		124,208
2.800%, due 06/15/21		67,000		65,871

50

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Semiconductor equipment & products—(concluded)
NXP BV/NXP Funding LLC 3.875%, due 09/01/223	$	250,000	$	246,250
4.125%, due 06/01/213		1,858,000		1,862,701
Texas Instruments, Inc. 4.150%, due 05/15/48		45,000		46,245
Xilinx, Inc. 2.950%, due 06/01/24		175,000		167,080
				4,175,417
Software & services—0.51%
Activision Blizzard, Inc. 2.300%, due 09/15/21		315,000		304,539
3.400%, due 09/15/26		175,000		167,691
3.400%, due 06/15/27		250,000		236,208
Autodesk, Inc. 3.500%, due 06/15/27		75,000		69,983
Microsoft Corp. 3.300%, due 02/06/27		40,000		39,593
3.700%, due 08/08/46		120,000		116,858
4.100%, due 02/06/37		200,000		208,571
4.500%, due 02/06/57		250,000		274,860
Oracle Corp. 4.000%, due 07/15/46		470,000		458,142
				1,876,445
Special purpose entity—0.21%
CC Holdings GS V LLC/Crown Castle GS III Corp. 3.849%, due 04/15/23		228,000		225,560
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.500%, due 06/15/193		220,000		219,081
3.050%, due 01/09/203		315,000		312,957
				757,598
Technology, hardware & equipment—0.27%
Dell International LLC/EMC Corp. 3.480%, due 06/01/193		225,000		225,735
4.420%, due 06/15/213,7		125,000		126,909
6.020%, due 06/15/263		145,000		153,105
8.350%, due 07/15/463		40,000		49,266
Pitney Bowes, Inc. 3.625%, due 09/15/2010		360,000		356,850
Xerox Corp. 3.625%, due 03/15/23		80,000		76,359
				988,224
Telecommunications—0.80%
Cisco Systems, Inc. 2.200%, due 09/20/23		15,000		14,233
Deutsche Telekom International Finance BV 4.375%, due 06/21/283		470,000		472,737
Harris Corp. 2.700%, due 04/27/20		45,000		44,613
3.832%, due 04/27/25		30,000		29,444
TELUS Corp. 4.600%, due 11/16/48		25,000		24,878

	Face amount		Value
Corporate notes—(continued)
Telecommunications—(concluded)
Verizon Communications, Inc. 3.450%, due 03/15/21	$	80,000	$	80,091
4.272%, due 01/15/36		660,000		630,077
4.329%, due 09/21/283,7		1,026,000		1,031,795
4.500%, due 08/10/33		380,000		375,537
4.862%, due 08/21/464		106,000		105,734
5.012%, due 04/15/49		135,000		137,134
				2,946,273
Tobacco—0.69%
Altria Group, Inc. 2.850%, due 08/09/22		150,000		146,653
BAT Capital Corp. 3.222%, due 08/15/243		300,000		286,557
3.557%, due 08/15/273		230,000		216,414
4.540%, due 08/15/473		18,000		17,069
BAT International Finance PLC 2.750%, due 06/15/203		575,000		569,428
Cargill, Inc. 3.250%, due 03/01/233		65,000		64,282
Philip Morris International, Inc. 3.375%, due 08/11/25		150,000		147,036
Reynolds American, Inc. 3.250%, due 06/12/20		46,000		45,980
4.000%, due 06/12/22		90,000		90,770
4.450%, due 06/12/25		340,000		345,508
4.850%, due 09/15/23		405,000		422,205
RJ Reynolds Tobacco Co. 6.875%, due 05/01/20		170,000		180,267
				2,532,169
Transportation—0.74%
Burlington Northern Santa Fe LLC 3.000%, due 04/01/25		25,000		24,116
4.125%, due 06/15/47		115,000		115,526
4.150%, due 12/15/4811		45,000		45,482
4.550%, due 09/01/44		5,000		5,281
CSX Corp. 2.600%, due 11/01/26		50,000		45,843
3.250%, due 06/01/27		165,000		157,398
3.800%, due 03/01/28		215,000		212,197
3.800%, due 11/01/46		180,000		164,579
4.300%, due 03/01/48		70,000		69,317
FedEx Corp. 4.400%, due 01/15/47		140,000		136,486
4.550%, due 04/01/46		230,000		227,883
Norfolk Southern Corp. 2.900%, due 06/15/26		124,000		116,392
3.150%, due 06/01/27		80,000		76,073
3.650%, due 08/01/25		45,000		45,001
4.150%, due 02/28/48		95,000		93,742
Ryder System, Inc. MTN 2.250%, due 09/01/21		30,000		28,900
2.450%, due 09/03/19		180,000		178,756

51

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate notes—(continued)
Transportation—(concluded)
2.550%, due 06/01/19	$	10,000	$	9,977
2.650%, due 03/02/20		210,000		208,131
Union Pacific Corp. 3.350%, due 08/15/46		100,000		84,908
4.100%, due 09/15/67		470,000		412,901
4.800%, due 09/10/58		20,000		20,814
Union Pacific Railroad Co. 2014-1 Pass-Through Trust 3.227%, due 05/14/264		172,480		168,386
Virgin Australia 2013-1B Pass-Through Trust 6.000%, due 10/23/203,4		68,561		69,590
				2,717,679
Utilities—0.19%
CenterPoint Energy Resources Corp. 4.100%, due 09/01/47		160,000		148,592
Entergy Louisiana LLC 4.000%, due 03/15/33		165,000		165,169
Mid-Atlantic Interstate Transmission LLC 4.100%, due 05/15/283		60,000		59,927
NiSource, Inc. 3.490%, due 05/15/27		195,000		187,231
Sempra Energy
3 mo. USD LIBOR + 0.500%, 2.839%, due 01/15/212		145,000		145,075
				705,994
Wireless telecommunications—2.11%
AT&T, Inc. 4.300%, due 02/15/303		1,426,000		1,359,758
4.350%, due 06/15/457		390,000		337,168
4.600%, due 02/15/21		118,000		120,747
5.250%, due 03/01/37		30,000		30,044
Crown Castle International Corp. 2.250%, due 09/01/21		50,000		47,938
3.400%, due 02/15/21		355,000		354,302
3.700%, due 06/15/26		20,000		18,932
4.750%, due 05/15/47		15,000		14,412
4.875%, due 04/15/22		275,000		283,378
5.250%, due 01/15/23		75,000		78,672
Deutsche Telekom International Finance BV 1.950%, due 09/19/213		330,000		314,881
Juniper Networks, Inc. 4.350%, due 06/15/25		25,000		24,927
Motorola Solutions, Inc. 3.500%, due 09/01/21		70,000		69,413
4.000%, due 09/01/24		46,000		44,833
Rogers Communications, Inc. 4.300%, due 02/15/48		65,000		62,231
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.360%, due 09/20/213,10		2,327,813		2,316,173
4.738%, due 03/20/253		495,000		491,238

	Face amount		Value
Corporate notes—(concluded)
Wireless telecommunications—(concluded)
Telecom Italia SpA 5.303%, due 05/30/243,7	$	680,000	$	681,700
Vodafone Group PLC 3.750%, due 01/16/24		380,000		375,544
4.125%, due 05/30/25		160,000		160,058
5.250%, due 05/30/48		580,000		600,772
				7,787,121
Total corporate notes (cost—$161,372,937)				158,843,943
Non-US government obligations—1.73%
Argentine Republic Government International Bond 5.875%, due 01/11/28		2,282,000		1,912,339
Colombia Government International Bond 3.875%, due 04/25/277		570,000		555,750
Indonesia Government International Bond 4.100%, due 04/24/287		291,000		285,238
Mexico Government International Bond 3.750%, due 01/11/287		1,316,000		1,246,910
4.125%, due 01/21/26		523,000		519,339
4.150%, due 03/28/277		401,000		394,584
Panama Government International Bond 3.750%, due 03/16/25		250,000		248,750
3.875%, due 03/17/28		120,000		119,700
Philippine Government International Bond 3.000%, due 02/01/28		600,000		563,119
South Africa Government International Bond 5.375%, due 07/24/447		200,000		183,000
Uruguay Government International Bond 4.375%, due 10/27/27		250,000		256,000
4.500%, due 08/14/247		85,000		88,230
Total non-US government obligations (cost—$6,434,018)				6,372,959
Commercial paper12—2.32%
Banking-non-US—1.71%
Natixis 2.370%, due 08/10/18		6,310,000		6,310,000
Banking-US—0.61%
Barclays Bank PLC 2.430%, due 08/01/18		1,490,000		1,490,000
QUALCOMM, Inc. 2.407%, due 08/15/18		750,000		749,312
				2,239,312
Total commercial paper (cost—$8,549,311)				8,549,312

52

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Number of contracts		Notional amount		Value
Options purchased—0.00%†
Call options—0.00%†
90-Day Eurodollar Futures, strike @ $97.37, expires 03/18/19 (Counterparty: BOA)		35	EUR	8,520,750	$	4,156
90-Day Eurodollar Futures, strike @ $97.75, expires 06/17/19 (Counterparty: BOA)		107	EUR	26,148,125		5,350
						9,506
Put option—0.00%†
US Treasury Note 10 Year Futures, strike @ $119.00, expires 09/21/18 (Counterparty: BOA)		5	USD	595,000		2,578
Total options purchased (cost—$20,655)						12,084
Foreign exchange options purchased—0.01%
Call option—0.00%†
EUR Call/USD Put, Strike @ 1.22, expiring 08/31/18 (Counterparty: GS)		4,880,000	EUR	4,880,000		645
Put options—0.01%
EUR Put/SEK Call, Strike @ 9.90, expiring 08/15/18 (Counterparty: CSI)		3,190,000	EUR	3,190,000		11
NZD Put/CAD Call, Strike @ 0.89, expiring 09/25/18 (Counterparty: CSI)		5,460,000	NZD	5,460,000		49,530
						49,541
Total foreign exchange options purchased (cost—$65,127)						50,186
Swaptions purchased—0.21%
Call swaptions—0.06%
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/27		1,050,000	USD	1,050,000		45,173
6 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 04/16/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41		36,200,000	JPY	36,200,000		7,167

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/29/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000	$	15,687
3 Month USD LIBOR Interest Rate Swap, strike @ 3.113% expires 04/28/23 (Counterparty: GS; pay floating rate); underlying swap terminates 04/28/53		180,000	USD	180,000		19,348
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 01/14/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/14/21		21,550,000	USD	21,550,000		44,134
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 01/23/20 (Counterparty: GS; pay floating rate); underlying swap terminates 01/23/21		21,550,000	USD	21,550,000		45,068
5 Year Constant Maturity Swap Index, strike @ 0.115% expires 01/25/19 (Counterparty: GS; pay floating rate)		28,780,000	USD	28,780,000		5,013
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 01/30/20 (Counterparty: GS; pay floating rate); underlying swap terminates 02/03/21		10,490,000	USD	10,490,000		22,174
						203,764

53

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—0.15%
3 Month USD LIBOR Interest Rate Swap, strike @ 2.950% expires 08/17/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/19/22		6,350,000	USD	6,350,000	$	312,578
3 Month USD LIBOR Interest Rate Swap, strike @ 2.730% expires 12/07/27 (Counterparty: BOA; pay floating rate); underlying swap terminates 12/09/27		1,050,000	USD	1,050,000		73,114
3 Month USD LIBOR Interest Rate Swap, strike @ 3.400% expires 02/14/23 (Counterparty: GS; pay floating rate); underlying swap terminates 02/16/53		1,370,000	USD	1,370,000		93,863
6 Month USD LIBOR Interest Rate Swap, strike @ 0.780% expires 04/20/21 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/20/41		36,200,000	JPY	36,200,000		16,287
3 Month USD LIBOR Interest Rate Swap, strike @ 2.985% expires 04/29/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000		15,210
3 Month USD LIBOR Interest Rate Swap, strike @ 3.113% expires 04/28/23 (Counterparty: GS; pay floating rate); underlying swap terminates 04/28/53		180,000	USD	180,000		16,648

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.800% expires 06/09/21 (Counterparty: GS; pay floating rate); underlying swap terminates 06/09/51		1,230,000	USD	1,230,000	$	38,033

				565,733
Total swaptions purchased (cost—$805,932)				769,497
	Number of shares
Short-term investment—2.78%
Investment companies—2.78%
State Street Institutional U.S. Government Money Market Fund (cost—$10,233,247)		10,233,247		10,233,247
Investment of cash collateral from securities loaned—3.28%
Money market fund—3.28%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$12,098,990)		12,098,990		12,098,990
Total investments before investments sold short (cost—$417,703,026)—111.73%				411,609,870
	Face amount
Investments sold short—(8.25)%
Federal home loan mortgage corporation certificates—(0.87)%
FHLMC TBA 3.500% $(2,914,000) (2,886,283) 5.000%		(314,000	)	(330,914	)
Total federal home loan mortgage corporation certificates (proceeds—$3,228,656)				(3,217,197	)
Federal national mortgage association certificates—(6.66)%
FNMA TBA 2.000% (515,000) (485,569) 2.500% (2,838,000) (2,747,095) 3.000% (1,893,410) (1,825,033) 3.500% (7,023,452) (7,001,269) 4.000% (7,232,000) (7,346,977) 4.500% (4,462,000) (4,628,729) 5.000%		(482,000	)	(509,226	)
Total federal national mortgage association certificates (proceeds—$24,600,128)				(24,543,898	)

54

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Portfolio of investments—July 31, 2018

	Face amount			Value
Investments sold short—(concluded)
Government national mortgage association certificates—(0.72)%
GNMA TBA 3.500% (proceeds—$2,634,369)	$	(2,627,800	)	$	(2,631,906	)
Total investments sold short (proceeds—$30,463,153)					(30,393,001	)
Liabilities in excess of other assets—(3.48)%					(12,822,810	)
Net assets—100.00%				$	368,394,059

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Foreign exchange options written

Notional amount (000)		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	4,880		4,880,000	EUR Call/JPY Put, strike @ JPY 134.00	GS	08/31/18	$	14,680	$	(4,434	)	$	10,246
				Put options
NZD	10,915		10,915,000	NZD Put/CAD Call, strike @ CAD 0.87	CSI	09/25/18	$	25,611	$	(32,541	)	$	(6,930	)
							$	40,291	$	(36,975	)	$	3,316

Options written

Notional amount (000)		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation
USD	26,180		107	90-Day Eurodollar Futures, strike @ 97.87	BOA	06/17/19	$	5,187	$	(4,013	)	$	1,174
USD	5,835		24	Eurodollar 2 Year Mid-Curve Options, strike @ 97.25	BOA	03/15/19		9,263		(6,450	)		2,813
							$	14,450	$	(10,463	)	$	3,987

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	3,290		3,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.20%, terminating 02/11/22	GS	Receive	02/07/20	$	8,653	$	(4,844	)	$	3,809
USD	1,030		1,030,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.35%, terminating 03/31/20	BOA	Receive	03/27/20		3,863		(2,238	)		1,625
USD	32,325		32,325,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.45%, terminating 01/14/21	GS	Receive	01/10/20		39,717		(26,846	)		12,871
USD	32,325		32,325,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.45%, terminating 01/23/21	GS	Receive	01/21/20		41,027		(27,748	)		13,279

55

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Portfolio of investments—July 31, 2018

Swaptions written—(continued)

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	15,735		15,735,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.45%, terminating 02/03/21	GS	Receive	01/30/20	$	15,207	$	(13,842	)	$	1,365
USD	9,275		9,275,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.45%, terminating 06/03/21	JPMCB	Receive	06/03/19		16,973		(8,104	)		8,869
USD	540		540,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.80%, terminating 10/15/28	GS	Receive	10/11/18		2,511		(1,144	)		1,367
USD	1,070		1,070,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.88%, terminating 10/11/28	GS	Receive	10/09/18		5,386		(2,438	)		2,948
USD	5,780		5,780,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.87%, terminating 04/16/22	GS	Receive	04/14/20		42,194		(28,679	)		13,515
USD	22,525		22,525,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 06/02/22	GS	Receive	05/29/20		165,559		(123,221	)		42,338
USD	5,690		5,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.94%, terminating 04/20/20	BOA	Receive	04/17/20		39,545		(31,064	)		8,481
USD	11,400		11,400,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 06/10/21	GS	Receive	06/08/20		34,842		(35,152	)		(310	)
USD	17,970		17,970,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 05/11/22	GS	Receive	05/07/20		120,174		(117,398	)		2,776
USD	1,910		1,910,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.08%, terminating 05/18/22	GS	Receive	05/14/20		12,871		(12,959	)		(88	)
								$	548,522	$	(435,677	)	$	112,845
				Put swaptions
USD	5,780		5,780,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.88%, terminating 04/16/22	GS	Pay	04/14/20	$	42,194	$	(49,206	)	$	(7,012	)
USD	1,950		1,950,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 04/18/19	BOA	Pay	04/16/19		50,919		(51,703	)		(784	)
USD	22,525		22,525,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.90%, terminating 06/02/22	GS	Pay	05/29/20		165,559		(189,798	)		(24,239	)
USD	5,690		5,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.94%, terminating 04/21/20	BOA	Pay	04/17/20		39,545		(44,141	)		(4,596	)
USD	11,400		11,400,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.05%, terminating 06/10/21	GS	Pay	06/08/20		33,589		(38,730	)		(5,141	)
USD	17,970		17,970,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.06%, terminating 05/11/22	GS	Pay	05/07/20		120,174		(120,214	)		(40	)
USD	1,910		1,910,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.08%, terminating 05/18/22	GS	Pay	05/14/20		12,811		(12,433	)		378
USD	540		540,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.10%, terminating 10/15/28	GS	Pay	10/11/18		3,240		(3,461	)		(221	)
USD	1,070		1,070,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.12%, terminating 10/11/28	GS	Pay	10/09/18		5,671		(5,889	)		(218	)
USD	5,670		5,670,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 03/25/21	GS	Pay	03/21/19		12,896		(13,972	)		(1,076	)
USD	3,000		3,000,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 05/07/22	GS	Pay	05/05/20		16,575		(17,437	)		(862	)
USD	4,430		4,430,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 05/10/19	BOA	Pay	05/08/19		92,066		(70,244	)		21,822
USD	1,922		1,922,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.15%, terminating 07/15/29	GS	Pay	07/11/19		32,818		(35,550	)		(2,732	)

56

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Portfolio of investments—July 31, 2018

Swaptions written—(concluded)

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	3,290		3,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.20%, terminating 02/11/22	GS	Pay	02/07/20	$	13,110	$	(15,927	)	$	(2,817	)
USD	2,150		2,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 03/13/19	BOA	Pay	03/11/19		4,545		(3,451	)		1,094
USD	9,275		9,275,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 06/03/21	JPMCB	Pay	06/03/19		16,973		(22,530	)		(5,557	)
USD	1,030		1,030,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.35%, terminating 03/31/20	BOA	Pay	03/27/20		3,862		(4,056	)		(194	)
USD	4,240		4,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.35%, terminating 06/02/22	GS	Pay	05/29/20		15,423		(18,227	)		(2,804	)
USD	4,210		4,210,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.45%, terminating 06/10/22	GS	Pay	06/08/20		17,429		(15,409	)		2,020
USD	2,660		2,660,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/17/22	GS	Pay	06/15/20		9,908		(9,008	)		900
USD	2,600		2,600,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.87%, terminating 06/09/31	GS	Pay	06/07/21		50,575		(41,078	)		9,497
EUR	2,645		2,645,000	6 Month EURIBOR Interest Rate Swap strike @ 0.40%, terminating 07/10/21	JPMCB	Pay	07/10/19		10,241		(1,836	)		8,405
EUR	1,144		1,144,000	6 Month EURIBOR Interest Rate Swap strike @ 0.60%, terminating 06/27/24	JPMCB	Pay	06/27/19		8,701		(9,606	)		(905	)
EUR	3,520		3,520,000	6 Month EURIBOR Interest Rate Swap strike @ 1.65%, terminating 02/20/29	JPMCB	Pay	02/20/19		43,671		(2,911	)		40,760
								$	822,495	$	(796,817	)	$	25,678
								$	1,371,017	$	(1,232,494	)	$	138,523

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
US Treasury futures buy contracts:
	23	USD	US Long Bond Futures	September 2018	$	3,265,332		$	3,288,281		$	22,949
	108	USD	US Treasury Note 2 Year Futures	September 2018		22,852,914			22,828,500			(24,414	)
	74	USD	US Treasury Note 5 Year Futures	September 2018		8,451,131			8,371,250			(79,881	)
	388	USD	US Treasury Note 10 Year Futures	September 2018		46,395,584			46,335,688			(59,896	)
Interest rate futures buy contracts:
	10	USD	90-Day Eurodollar Futures	September 2020		2,425,989			2,423,375			(2,614	)
					$	83,390,950		$	83,247,094		$	(143,856	)
US Treasury futures sell contracts:
	2	USD	Ultra Long US Treasury Bond Futures	September 2018	$	(312,559	)	$	(313,812	)	$	(1,253	)
	58	USD	US Ultra Treasury Note 10 Year Futures	September 2018		(7,428,999	)		(7,372,344	)		56,655
Interest rate futures sell contracts:
	35	EUR	German Euro BOBL Futures	September 2018		(5,389,270	)		(5,386,435	)		2,835
	24	EUR	German Euro Bund Futures	September 2018		(4,536,100	)		(4,534,646	)		1,454
	7	EUR	Mid-Term Euro-OAT Futures	September 2018		(1,252,531	)		(1,258,349	)		(5,818	)
	14	GBP	United Kingdom Long Gilt Bond Futures	September 2018		(2,264,003	)		(2,254,330	)		9,673
	10	USD	90-Day Eurodollar Futures	September 2021		(2,426,708	)		(2,424,000	)		2,708
					$	(23,610,170	)	$	(23,543,916	)	$	66,254
											$	(77,602	)

57

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Portfolio of investments—July 31, 2018

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	AUD	1,240,000	CAD	1,217,188	09/20/18	$	15,026
BOA	EUR	1,645,000	USD	1,977,066	08/15/18		51,685
HSBC	CHF	470,000	NOK	3,855,470	09/20/18		(3,001	)
HSBC	NZD	1,370,000	CAD	1,252,978	09/20/18		30,265
HSBC	EUR	770,000	NOK	7,306,541	09/20/18		(6,134	)
JPMCB	EUR	780,000	SEK	7,957,917	09/20/18		(7,008	)
NTC	CHF	920,000	JPY	102,289,004	09/20/18		(15,103	)
NTC	USD	930,000	JPY	102,199,467	09/20/18		(13,001	)
RBS	CHF	450,113	CAD	600,000	09/20/18		5,194
						$	57,923

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio15			Payments received by the Portfolio15			Value			Unrealized appreciation (depreciation)
USD	270	11/30/27	Quarterly		2.344	%		3 Month USD LIBOR		$	15,717		$	15,712
USD	21,150	01/26/22	Quarterly		2.716			3 Month USD LIBOR			68,777			68,488
USD	20,750	01/26/21	Semi-Annual		3 Month USD LIBOR			2.660	%		(90,461	)		(90,731	)
USD	2,250	02/05/28	Quarterly		2.798			3 Month USD LIBOR			30,275			30,231
USD	430	02/20/53	Semi-Annual		3 Month USD LIBOR			3.080			(324	)		(336	)
USD	1,660	02/18/22	Quarterly		2.964			3 Month USD LIBOR			4,044			4,019
USD	1,590	02/24/22	Quarterly		2.962			3 Month USD LIBOR			3,918			3,894
USD	6,260	09/16/20	Quarterly		2.870			3 Month USD LIBOR			14,492			14,409
USD	3,220	03/24/22	Quarterly		2.981			3 Month USD LIBOR			6,401			6,352
USD	1,290	04/07/22	Quarterly		2.851			3 Month USD LIBOR			5,636			5,616
USD	1,280	04/07/22	Quarterly		2.898			3 Month USD LIBOR			4,477			4,458
EUR	1,110	02/20/29	Semi-Annual		1.370			6 Month EURIBOR			(38,319	)		(38,350	)
USD	445	03/15/23	Semi-Annual		3 Month USD LIBOR			2.796			(342	)		(349	)
USD	6,110	09/17/19	Semi-Annual		3 Month USD LIBOR			2.593			(10,294	)		(10,366	)
USD	2,250	04/03/23	Semi-Annual		3 Month USD LIBOR			2.706			(11,986	)		(12,024	)
EUR	130	05/04/28	Annual		6 Month EURIBOR			1.008			1,647			1,643
USD	2,840	05/16/23	Semi-Annual		3 Month USD LIBOR			2.945			(2,223	)		(2,271	)
EUR	180	05/31/28	Annual		6 Month EURIBOR			0.868			(909	)		(913	)
USD	1,300	06/02/22	Quarterly		2.870			3 Month USD LIBOR			5,065			5,044
USD	130	05/11/22	Quarterly		3.047			3 Month USD LIBOR			88			86
USD	1,450	11/15/43	Quarterly		3.200			3 Month USD LIBOR			(24,890	)		(24,924	)
USD	6,190	06/06/20	Semi-Annual		3 Month USD LIBOR			2.000			(100,165	)		(100,260	)
USD	580	11/15/43	Quarterly		3.126			3 Month USD LIBOR			(2,257	)		(2,271	)
USD	630	06/16/22	Quarterly		3.081			3 Month USD LIBOR			(15	)		(25	)
USD	640	06/16/22	Quarterly		3.082			3 Month USD LIBOR			(27	)		(37	)

58

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Portfolio of investments—July 31, 2018

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio15			Payments received by the Portfolio15			Value			Unrealized appreciation (depreciation)
USD	640	06/23/22	Quarterly		3.049	%		3 Month USD LIBOR		$	354		$	344
USD	630	06/23/22	Quarterly		3.042			3 Month USD LIBOR			435			425
USD	770	07/13/28	Quarterly		2.955			3 Month USD LIBOR			6,880			6,864
USD	270	07/18/28	Quarterly		2.942			3 Month USD LIBOR			2,772			2,766
USD	273	07/18/28	Quarterly		2.962			3 Month USD LIBOR			2,312			2,306
USD	6,640	07/19/24	Quarterly		2.920			3 Month USD LIBOR			16,195			16,085
USD	270	07/23/28	Quarterly		2.987			3 Month USD LIBOR			1,569			1,563
USD	270	07/25/28	Quarterly		3.051			3 Month USD LIBOR			98			92
USD	1,430	02/15/28	Quarterly		3.034			3 Month USD LIBOR			3,864			3,835
USD	1,980	07/25/21	Quarterly		3.036			3 Month USD LIBOR			2,187			2,154
USD	1,420	02/15/28	Quarterly		3.053			3 Month USD LIBOR			1,702			1,673
USD	1,420	02/15/28	Quarterly		3.059			3 Month USD LIBOR			1,002			973
USD	2,970	11/30/22	Annual	12 Month Federal Funds Rate				2.690	%		2,625			2,571
USD	3,270	08/02/23	Quarterly		2.985			3 Month USD LIBOR			60			—
USD	2,995	11/30/22	Semi-Annual		3 Month USD LIBOR			2.917			(10,644	)		(10,698	)
USD	270	07/17/28	Semi-Annual		3 Month USD LIBOR			2.929			(3,056	)		(3,062	)
USD	1,230	07/18/21	Semi-Annual		3 Month USD LIBOR			2.997			(2,235	)		(2,255	)
USD	3,160	07/19/22	Semi-Annual		3 Month USD LIBOR			2.965			(6,465	)		(6,517	)
USD	3,500	07/19/26	Semi-Annual		3 Month USD LIBOR			2.978			(8,103	)		(8,162	)
USD	270	07/25/28	Quarterly		3.051			3 Month USD LIBOR			(691	)		(697	)
USD	580	11/15/43	Semi-Annual		3 Month USD LIBOR			3.069			(3,800	)		(3,815	)
EUR	2,330	08/15/27	Annual		6 Month EURIBOR			0.824			(8,902	)		(8,963	)
USD	580	11/15/43	Semi-Annual		3 Month USD LIBOR			3.090			(1,595	)		(1,609	)
USD	2,500	07/28/22	Quarterly		3.086			3 Month USD LIBOR			(478	)		(520	)
USD	1,230	07/30/21	Quarterly		3.096			3 Month USD LIBOR			(34	)		(55	)
USD	580	11/15/43	Quarterly		3.118			3 Month USD LIBOR			(1,400	)		(1,415	)
USD	390	08/01/21	Quarterly		3.103			3 Month USD LIBOR			(57	)		(63	)
USD	220	08/01/28	Quarterly		3.070			3 Month USD LIBOR			(160	)		(164	)
										$	(127,240	)	$	(129,249	)

Credit default swap agreements on corporate issues—sell protection¹⁶

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio15			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
JPMCB	Berkshire Hathaway, Inc., bond, 2.75%, due 03/15/23	USD	130,000	12/20/22	Quarterly		1.000	%	$	(2,638	)	$	3,082	$	444
JPMCB	Bristol-Myers Squibb Co., bond, 6.80%, due 11/15/26	USD	25,000	12/20/22	Quarterly		1.000			(828	)		781		(47	)
BOA	General Electric Co., bond, 6.18%, due 10/09/22	USD	50,000	12/20/22	Quarterly		1.000			(1,184	)		764		(420	)
BOA	Honeywell International, Inc., bond, 2.70%, due 03/15/36	USD	40,000	12/20/22	Quarterly		1.000			(1,204	)		1,235		31
JPMCB	Johnson & Johnson, bond, 1.65%, due 03/01/21	USD	65,000	12/20/22	Quarterly		1.000			(2,323	)		2,427		104
JPMCB	Pfizer, Inc., bond, 2.20%, due 12/15/21	USD	90,000	12/20/22	Quarterly		1.000			(3,021	)		2,887		(134	)
JPMCB	The Procter & Gamble Co., bond, 1.60%, due 11/15/18	USD	90,000	12/20/22	Quarterly		1.000			(3,021	)		2,812		(209	)
JPMCB	The Sherwin-Williams Co., bond, 7.38%, due 02/01/27	USD	40,000	12/20/22	Quarterly		1.000			(694	)		633		(61	)
									$	(14,913	)	$	14,621	$	(292	)

59

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
US government obligations	$	—		$	45,324,346		$	—	$	45,324,346
Federal home loan bank certificate		—			716,661			—		716,661
Federal home loan mortgage corporation certificates		—			25,379,875			—		25,379,875
Federal national mortgage association certificates		—			64,880,443			—		64,880,443
Government national mortgage association certificates		—			33,107,664			—		33,107,664
Collateralized mortgage obligations		—			23,044,292			—		23,044,292
Asset-backed securities		—			22,226,371			—		22,226,371
Corporate notes		—			154,835,943			4,008,000		158,843,943
Non-US government obligations		—			6,372,959			—		6,372,959
Commercial paper		—			8,549,312			—		8,549,312
Options purchased		12,084			—			—		12,084
Foreign exchange options purchased		—			50,186			—		50,186
Swaptions purchased		—			769,497			—		769,497
Short-term investment		—			10,233,247			—		10,233,247
Investment of cash collateral from securities loaned		—			12,098,990			—		12,098,990
Futures contracts		96,274			—			—		96,274
Forward foreign currency contracts		—			102,170			—		102,170
Swap agreements		—			217,213			—		217,213
Total	$	108,358		$	407,909,169		$	4,008,000	$	412,025,527
Liabilities
Investments sold short	$	—		$	(30,393,001	)	$	—	$	(30,393,001	)
Foreign exchange options written		—			(36,975	)		—		(36,975	)
Options written		(10,463	)		—			—		(10,463	)
Swaptions written		—			(1,232,494	)		—		(1,232,494	)
Futures contracts		(173,876	)		—			—		(173,876	)
Forward foreign currency contracts		—			(44,247	)		—		(44,247	)
Swap agreements		—			(329,832	)		—		(329,832	)
Total	$	(184,339	)	$	(32,036,549	)	$	—	$	(32,220,888	)

At July 31, 2018, there were no transfers between Level 1 and Level 2.

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PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2018

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investments that was valued using unobservable inputs for the year ended July 31, 2018:

	Collateralized mortgage obligations			Total
Beginning balance	$	355,249		$	355,249
Purchases		4,000,000			4,000,000
Sales		(344,408	)		(344,408	)
Accrued discounts/(premiums)		(179	)		(179	)
Total realized gain/(loss)		(10,662	)		(10,662	)
Net change in unrealized appreciation/depreciation		8,000			8,000
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Ending balance	$	4,008,000		$	4,008,000

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at July 31, 2018, was $8,000.

Portfolio footnotes

^†  Amount represents less than 0.005%

¹  Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

²  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $60,400,711, represented 16.40% of the Fund's net assets at period end.

⁴  Illiquid investment at period end. Illiquid assets, in the amount of $5,961,469, represented 1.62% of the Fund's net assets at period end.

⁵  Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁶  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

⁷  Security, or portion thereof, was on loan at the period end.

⁸  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁹  Perpetual investment. Date shown reflects the next call date.

¹⁰  Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

¹¹  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

¹²  Rate shown is the discount rate at the date of purchase unless otherwise noted.

¹³  Security is being fair valued by a valuation committee under the direction of the board of trustees.

¹⁴  Significant unobservable inputs were used in the valuation of this security; i.e. a Level 3 security.

¹⁵  Payments made or received are based on the notional amount.

¹⁶  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation

See accompanying notes to financial statements.
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PACE Strategic Fixed Income Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned -0.71% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Government/Credit Index (the "benchmark") returned -0.97% and the Lipper Core Plus Bond Funds category posted a median return of -0.74%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 64. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments (unaudited)²

The Portfolio outperformed its benchmark during the reporting period. This was driven by an underexposure to short-term yields, as they rose the most during the period. Non-US developed market interest rate strategies added to performance, including an overall short position to UK interest rates, as yields in these regions rose during the period. Tactical exposure to core European interest rates was also beneficial for results.

Overall, spread sector strategies added to performance. An underweight to investment grade credit was negative for returns as the sector outperformed like-duration Treasuries. This was more than offset by allocations to high yield corporate bonds, non-agency mortgages and emerging market debt. Additionally, an allocation to agency mortgage-backed securities added to returns as the sector outperformed like-duration Treasuries. Lastly, currency strategies detracted from performance, including a long US dollar bias versus a basket of Asian emerging market currencies and select exposure to the Swedish krona.

Overall, derivative usage was positive during the period. The Portfolio's short exposure to US swap rates added to returns, as they underperformed Treasury rates. We used interest rate swaps to adjust interest rate and yield curve exposures, as well as to substitute for physical securities. The use of credit default swaps to manage credit exposure in lieu of the direct buying or selling of physical securities modestly added to performance. During the period they benefited from lower transaction costs versus cash bond equivalents. Options and options on swaps were modestly used to manage interest rate exposure and volatility. The use of options and swaptions was neutral for performance. Overall, the use of currency options was positive for performance as these securities generated positive income, whereas the use of currency forwards detracted from returns. Currency options and forwards were used

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Strategic Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

Pacific Investment Management Company LLC ("PIMCO");

Neuberger Berman Investment Advisers LLC ("Neuberger Berman")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA and Fred Lee, CFA

PIMCO: Scott Mather;
Neuberger Berman: Thanos Bardas, David M. Brown, Andrew A. Johnson, Thomas J. Marthaler, Bradley C. Tank

Objective:

Total return consisting of income and capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A strategy that focuses on those areas of the bond market that the subadvisor considers undervalued.

• An "opportunistic fixed income" strategy that employs a consistently applied, risk managed approach to portfolio management that leverages the subadvisor's proprietary fundamental research capabilities, decision making frameworks and quantitative risk management tools.

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PACE Strategic Fixed Income Investments

Advisor's comments (unaudited) – concluded

to gain exposure to foreign currency markets and generate income in expected currency scenarios. The use of government futures to adjust interest rate exposures and replicate government bond positions detracted from performance.

Special considerations

The Portfolio may be appropriate for long-term investors seeking total return consisting of income and capital appreciation and who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. In addition, investments in foreign bonds involve special risks. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

63

PACE Strategic Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.89	)%		2.45	%		5.02	%
Class C2		(1.43	)		1.95			4.52
Class Y3		(0.71	)		2.67			5.28
Class P4		(0.71	)		2.70			5.28
After deducting maximum sales charge
Class A1		(4.61	)		1.67			4.62
Class C2		(2.15	)		1.95			4.52
Bloomberg Barclays US Government/Credit Index5		(0.97	)		2.26			3.78
Lipper Core Plus Bond Funds median		(0.74	)		2.49			4.60

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.75	)%		2.28	%		4.99	%
Class C2		(1.25	)		1.79			4.48
Class Y3		(0.51	)		2.50			5.25
Class P4		(0.50	)		2.54			5.25
After deducting maximum sales charge
Class A1		(4.50	)		1.51			4.59
Class C2		(1.98	)		1.79			4.48

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.12% and 1.06%; Class C—1.62% and 1.56%; Class Y—1.03% and 0.81%; and Class P—0.90% and 0.81%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.96%; Class C—1.46%; Class Y—0.71%; and Class P—0.71%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.50% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Bloomberg Barclays US Government/Credit Index is an unmanaged index which is composed of all investment-grade bonds that have at least one year to maturity. The Index's total return comprises price appreciation/depreciation and income as a percentage of the original investment. The Index is rebalanced monthly by market capitalization. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

64

PACE Strategic Fixed Income Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Strategic Fixed Income Investments Class P shares versus the Bloomberg Barclays US Government/Credit Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Strategic Fixed Income Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Strategic Fixed Income Investments

65

PACE Strategic Fixed Income Investments

Portfolio statistics—July 31, 2018 (unaudited)

Characteristics
Weighted average duration		4.63 yrs.
Weighted average maturity		7.70 yrs.
Average coupon		3.68	%
Top ten holdings1	Percentage of net assets
FNMA TBA, 4.000%		13.5	%
US Treasury Bond, 2.500% due 02/15/45		6.1
FNMA TBA, 3.500%		3.7
US Treasury Note, 2.125% due 09/30/21		3.5
FNMA TBA, 3.500%		3.2
FNMA TBA, 3.500%		2.4
US Treasury Note, 2.000% due 02/28/21		2.1
US Treasury Note, 2.125% due 09/30/24		1.9
US Treasury Note, 2.250% due 04/30/21		1.4
GNMA REMIC, Trust Series 2005-26, Class ZA, 5.500% due 01/20/35		1.4
Total		39.2	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		80.6	%
United Kingdom		4.3
Cayman Islands		3.3
Japan		1.2
Australia		0.9
Total		90.3	%
Asset allocation1	Percentage of net assets
Corporate notes		47.7	%
US government obligations		25.2
US government agency mortgage pass-through certificates		25.2
Collateralized mortgage obligations		13.6
Asset-backed securities		11.5
Non-US government obligations		3.9
Loan assignments		3.1
Municipal bonds and notes		1.4
Options, swaptions, futures, swaps and forward foreign currency contracts		0.1
Short-term US government obligation		0.2
Cash equivalents and other assets less liabilities		(31.9	)
Total		100.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

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PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

			Face amount1		Value
US government obligations—25.17%
US Treasury Bonds 2.500%, due 02/15/45				53,400,000	$	47,795,086
2.750%, due 11/15/42				3,200,000		3,022,250
2.875%, due 05/15/43				3,500,000		3,377,910
2.875%, due 08/15/45				8,500,000		8,179,258
3.000%, due 11/15/44				7,200,000		7,097,344
3.000%, due 05/15/45				200,000		197,125
3.000%, due 02/15/48				3,000,000		2,953,828
3.125%, due 08/15/44				2,100,000		2,117,391
3.625%, due 02/15/44				1,400,000		1,535,133
3.875%, due 08/15/40				625,000		707,056
US Treasury Inflation Index Bonds (TIPS) 0.875%, due 02/15/47				937,890		923,266
1.000%, due 02/15/46				1,358,925		1,377,876
2.500%, due 01/15/29				5,020,563		5,826,977
3.625%, due 04/15/28				2,037,443		2,554,843
3.875%, due 04/15/29				3,771,943		4,909,886
US Treasury Notes 1.000%, due 06/30/19				2,050,000		2,023,734
1.875%, due 08/31/22				9,600,000		9,252,000
2.000%, due 02/28/21				16,900,000		16,584,445
2.000%, due 10/31/222				1,000,000		966,953
2.125%, due 09/30/21				27,500,000		26,950,000
2.125%, due 09/30/24				15,700,000		15,012,512
2.250%, due 04/30/212				11,200,000		11,048,187
2.250%, due 02/15/27				1,315,000		1,245,757
2.250%, due 08/15/27				5,000,000		4,720,508
2.250%, due 11/15/27				8,000,000		7,540,625
2.375%, due 08/15/24				785,000		762,278
2.375%, due 05/15/27				8,000,000		7,645,312
Total US government obligations (cost—$206,261,252)						196,327,540
Government national mortgage association certificates—0.00%†
GNMA II ARM 1 year CMT + 1.500%, 2.625%, due 05/20/263				8,865		9,113
1 year CMT + 1.500%, 2.750%, due 07/20/253				2,618		2,683
1 year CMT + 1.500%, 3.125%, due 11/20/233				1,932		1,969
1 year CMT + 1.500%, 3.375%, due 01/20/263				4,765		4,886
Total government national mortgage association certificates (cost—$18,364)						18,651
Federal home loan mortgage corporation certificates—0.55%
FHLMC 7.645%, due 05/01/25				829,688		920,345
FHLMC ARM 12 mo. USD LIBOR + 1.815%, 3.957%, due 03/01/363				14,796		14,979
FHLMC TBA 4.000%				2,370,000		2,406,007
	4.500	%		930,000		964,421
Total federal home loan mortgage corporation certificates (cost—$4,226,277)						4,305,752

	Face amount1		Value
Federal housing administration certificates—0.00%†
FHA GMAC 7.430%, due 06/01/214		662	$	663
FHA Reilly 7.430%, due 10/01/204		1,254		1,256
Total federal housing administration certificates (cost—$1,936)				1,919
Federal national mortgage association certificates—24.60%
FNMA 3.310%, due 07/01/23		597,582		598,050
3.500%, due 11/01/21		1,054,570		1,065,557
4.500%, due 04/01/29		176,989		184,109
5.407%, due 11/01/34		7,046,801		7,102,901
FNMA ARM 12 mo. MTA + 1.400%, 2.957%, due 08/01/403		39,977		39,479
12 mo. USD LIBOR + 1.748%, 3.420%, due 03/01/363		10,421		10,581
12 mo. USD LIBOR + 1.651%, 3.499%, due 12/01/353		64,244		67,221
1 year CMT + 2.268%, 3.518%, due 10/01/353		4,520		4,704
12 mo. USD LIBOR + 1.780%, 3.530%, due 11/01/353		42,261		44,217
12 mo. USD LIBOR + 1.942%, 3.692%, due 09/01/353		12,491		13,104
1 year CMT + 2.099%, 3.777%, due 05/01/303		30,439		31,405
12 mo. USD LIBOR + 1.912%, 3.787%, due 02/01/363		48,976		51,357
12 mo. USD LIBOR + 1.902%, 3.890%, due 03/01/363		52,147		54,336
12 mo. USD LIBOR + 1.814%, 3.909%, due 03/01/363		23,595		24,931
12 mo. USD LIBOR + 1.912%, 3.912%, due 03/01/363		23,599		24,633
1 year CMT + 2.553%, 3.954%, due 01/01/363		31,080		32,760
1 year CMT + 2.222%, 3.984%, due 04/01/273		9,427		9,817
1 year CMT + 2.249%, 3.999%, due 05/01/273		6,041		6,127
6 mo. USD LIBOR + 1.538%, 4.038%, due 01/01/363		24,119		25,143
12 mo. USD LIBOR + 2.015%, 4.640%, due 06/01/363		8,358		8,374
FNMA ARM COFI 3.250%, due 11/01/265,6		13,312		12,102
FNMA TBA 3.000%		19,000,000		18,296,406
3.500%		55,000,000		54,493,875
4.000%		107,075,000		108,631,072
4.500%		1,000,000		1,035,843
Total federal national mortgage association certificates (cost—$192,183,839)				191,868,104

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PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Collateralized mortgage obligations—13.62%
Alba PLC, Series 2007-1, Class A3 3 mo. LIBOR GBP + 0.170%, 0.801%, due 03/17/393,7		GBP 501,648		$625,603
ARM Trust, Series 2005-5, Class 2A1 4.065%, due 09/25/358		132,327		124,929
Ashford Hospitality Trust, Series KEYS, Class A 1 mo. USD LIBOR + 1.000%, 3.050%, due 05/15/353,9		1,500,000		1,501,398
Banc of America Funding Corp., Series 2005-D, Class A1 4.002%, due 05/25/358		625,362		653,440
Banc of America Merrill Lynch Large Loan, Series 2012-PARK, Class A 2.959%, due 12/10/309		1,000,000		982,348
Bank of America Mortgage Securities, Inc., Series 2002-G, Class 1A3 4.817%, due 07/20/328		625		635
Series 2004-H, Class 2A2 3.609%, due 09/25/348		698,588		691,794
BBCCRE Trust, Series 2015-GTP, Class A 3.966%, due 08/10/339		3,600,000		3,589,481
BCAP LLC 2011-RR10 Trust, Class 3A5 3.962%, due 06/26/358,9		282,479		277,678
BCAP LLC Trust, Series 2014-RR5, Class 1A3 1 mo. USD LIBOR + 0.225%, 2.302%, due 01/26/363,9		1,029,376		1,010,015
Bear Stearns Alternative Loan Trust-A Trust, Series 2003-3, Class 1A 4.180%, due 10/25/338		4,320		4,495
Series 2004-9, Class 2A1 3.707%, due 09/25/348		341,519		324,456
Series 2005-7, Class 22A1 4.024%, due 09/25/358		566,647		462,244
Series 2006-1, Class 21A2 3.862%, due 02/25/368		691,202		608,666
Bear Stearns ARM Trust, Series 2003-1, Class 6A1 3.827%, due 04/25/338		26,480		26,726
Series 2003-5, Class 2A1 4.233%, due 08/25/338		134,077		134,131
Series 2004-3, Class 1A2 4.241%, due 07/25/348		120,318		119,101
Series 2004-6, Class 2A1 3.816%, due 09/25/348		634,500		638,748
Series 2004-7, Class 1A1 3.750%, due 10/25/348		196,323		188,565
Chase Mortgage Finance Corp., Series 2005-S3, Class A10 5.500%, due 11/25/35		1,951,513		1,871,602
Series 2007-S6, Class 2A1 5.500%, due 12/25/22		718,760		531,723
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class XA, IO 1.390%, due 02/10/488		3,544,082		243,736

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A1A
1 year CMT + 2.400%, 4.490%, due 05/25/353		237,503	$	238,679
Series 2005-4, Class A 4.072%, due 08/25/358		553,111		559,049
Series 2005-6, Class A2
1 year CMT + 2.150%, 4.240%, due 09/25/353		43,784		44,333
Series 2005-6, Class A3
1 year CMT + 1.800%, 3.890%, due 09/25/353		7,808		7,625
COMM Mortgage Trust, Series 2014-LC15, Class XA, IO 1.296%, due 04/10/478		12,212,943		520,533
Series 2014-UBS3, Class XA, IO 1.285%, due 06/10/478		3,518,178		161,937
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1 6.250%, due 12/25/33		37,366		38,184
Series 2005-62, Class 2A1
12 mo. MTA + 1.000%, 2.654%, due 12/25/353		204,087		185,837
Series 2006-41CB, Class 1A9 6.000%, due 01/25/37		540,743		461,779
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-R4, Class 2A 5.030%, due 01/25/348,9		680,529		650,134
Series 2004-12, Class 11A1 3.939%, due 08/25/348		162,691		153,506
Series 2004-12, Class 11A2 3.939%, due 08/25/348		104,097		100,943
Series 2004-12, Class 12A1 4.216%, due 08/25/348		26,740		26,151
Series 2005-HYB9, Class 5A1
12 mo. USD LIBOR + 1.750%, 3.537%, due 02/20/363		186,130		170,061
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A
1 mo. USD LIBOR + 0.260%, 2.342%, due 08/19/453		262,871		246,642
FHLMC REMIC, Series 0023, Class KZ 6.500%, due 11/25/23		31,488		33,165
Series 1278, Class K 7.000%, due 05/15/22		6,795		7,022
Series 1367, Class KA 6.500%, due 09/15/22		304		319
Series 1502, Class PX 7.000%, due 04/15/23		107,655		113,734
Series 1503, Class PZ 7.000%, due 05/15/23		32,336		34,427
Series 1534, Class Z 5.000%, due 06/15/23		32,442		33,000
Series 1548, Class Z 7.000%, due 07/15/23		23,392		24,663

68

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 1562, Class Z 7.000%, due 07/15/23		36,435	$	38,508
Series 1694, Class Z 6.500%, due 03/15/24		20,713		22,040
Series 2017-DNA1, Class M2
1 mo. USD LIBOR + 3.250%, 5.314%, due 07/25/293		515,000		560,072
Series 2017-DNA2, Class M2
1 mo. USD LIBOR + 3.450%, 5.514%, due 10/25/293		1,190,000		1,307,693
Series 2017-HQA2, Class M2
1 mo. USD LIBOR + 2.650%, 4.714%, due 12/25/293		530,000		551,909
Series 2018-HQA1, Class M2
1 mo. USD LIBOR + 2.300%, 4.364%, due 09/25/303		870,000		872,621
Series 2061, Class Z 6.500%, due 06/15/28		71,695		77,466
Series 2400, Class FQ
1 mo. USD LIBOR + 0.500%, 2.572%, due 01/15/323		48,317		48,503
Series 2764, Class LZ 4.500%, due 03/15/34		639,904		662,554
Series 2764, Class ZG 5.500%, due 03/15/34		1,615,802		1,748,230
Series 2835, Class JZ 5.000%, due 08/15/34		385,578		408,688
Series 2921, Class PG 5.000%, due 01/15/35		2,460,742		2,588,853
Series 2983, Class TZ 6.000%, due 05/15/35		1,396,908		1,539,358
Series 3149, Class CZ 6.000%, due 05/15/36		1,739,478		1,904,269
Series T-054, Class 2A 6.500%, due 02/25/43		490,146		551,564
Series T-058, Class 2A 6.500%, due 09/25/43		1,689,351		1,898,411
Series T-075, Class A1
1 mo. USD LIBOR + 0.040%, 1.891%, due 12/25/363		226,175		225,673
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1 4.225%, due 08/25/358		21,508		17,959
FNMA Connecticut Avenue Securities, Series 2017-C03, Class 1M2
1 mo. USD LIBOR + 3.000%, 5.064%, due 10/25/293		680,000		731,853
Series 2017-C03, Class 2M2
1 mo. USD LIBOR + 2.800%, 4.864%, due 02/25/303		410,000		427,293
Series 2017-C04, Class 2M2
1 mo. USD LIBOR + 2.850%, 4.914%, due 11/25/293		1,300,000		1,365,715
Series 2017-C05, Class 1M2
1 mo. USD LIBOR + 2.200%, 4.264%, due 01/25/303		515,000		527,316

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Series 2017-C06, Class 1M2
1 mo. USD LIBOR + 2.650%, 4.714%, due 02/25/303		320,000	$	332,094
Series 2017-C07, Class 2M2
1 mo. USD LIBOR + 2.500%, 4.564%, due 05/25/303		1,040,000		1,066,031
Series 2018-C01, Class 1M2
1 mo. USD LIBOR + 2.250%, 4.314%, due 07/25/303		725,000		735,298
Series 2018-C02, Class 2M2
1 mo. USD LIBOR + 2.200%, 4.264%, due 08/25/303		580,000		581,966
FNMA REMIC, Series 1991-065, Class Z 6.500%, due 06/25/21		580		597
Series 1992-129, Class L 6.000%, due 07/25/22		1,433		1,486
Series 1993-060, Class Z 7.000%, due 05/25/23		28,863		30,746
Series 1993-070, Class Z 6.900%, due 05/25/23		4,459		4,708
Series 1993-096, Class PZ 7.000%, due 06/25/23		22,164		23,498
Series 1993-160, Class ZB 6.500%, due 09/25/23		9,973		10,316
Series 1993-163, Class ZB 7.000%, due 09/25/23		2,285		2,411
Series 1998-066, Class FG
1 mo. USD LIBOR + 0.300%, 2.364%, due 12/25/283		14,649		14,719
Series 1999-W4, Class A9 6.250%, due 02/25/29		193,617		203,265
Series 2000-034, Class F
1 mo. USD LIBOR + 0.450%, 2.514%, due 10/25/303		3,682		3,696
Series 2002-080, Class A1 6.500%, due 11/25/42		663,685		724,730
Series 2003-064, Class AH 6.000%, due 07/25/33		1,661,099		1,793,454
Series 2003-W8, Class 2A 7.000%, due 10/25/42		35,044		39,303
Series 2004-T1, Class 1A1 6.000%, due 01/25/44		521,608		565,778
Series 2004-W8, Class 2A 6.500%, due 06/25/44		544,392		598,074
Series 2005-024, Class ZE 5.000%, due 04/25/35		765,629		816,690
Series 2005-120, Class ZU 5.500%, due 01/25/36		1,889,314		2,045,012
Series 2006-065, Class GD 6.000%, due 07/25/26		673,338		712,412
Series 2017-C02, Class 2M2
1 mo. USD LIBOR + 3.650%, 5.714%, due 09/25/293		1,508,000		1,653,148
Trust 1993-037, Class PX 7.000%, due 03/25/23		4,950		5,197
Trust G92-040, Class ZC 7.000%, due 07/25/22		3,008		3,138

69

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Collateralized mortgage obligations—(continued)
GNMA REMIC, Trust Series 2002-031, Class FW
1 mo. USD LIBOR + 0.400%, 2.472%, due 06/16/313		37,658	$	37,864
Trust Series 2003-98, Class Z 6.000%, due 11/20/33		4,789,812		5,296,285
Trust Series 2005-26, Class ZA 5.500%, due 01/20/35		9,976,914		10,765,041
Trust Series 2015-H20, Class FB
1 mo. USD LIBOR + 0.600%, 2.605%, due 08/20/653		1,441,055		1,450,226
Trust Series 2016-154, Class WF
1 mo. USD LIBOR + 0.400%, 2.492%, due 11/20/453		888,032		885,173
Trust Series 2016-H11, Class F
1 mo. USD LIBOR + 0.800%, 2.805%, due 05/20/663		1,073,794		1,090,044
Trust Series 2016-H15, Class FA
1 mo. USD LIBOR + 0.800%, 2.805%, due 07/20/663		2,031,858		2,061,935
Trust Series 2016-H19, Class FE
1 mo. USD LIBOR + 0.370%, 2.375%, due 06/20/613		392,053		392,247
Trust Series 2017-182, Class FW
1 mo. USD LIBOR + 0.350%, 2.442%, due 05/20/473		1,306,813		1,306,596
Trust Series 2018-38, Class WF
1 mo. USD LIBOR + 0.300%, 2.392%, due 10/20/433		3,165,192		3,160,849
GreenPoint MTA Trust, Series 2005-AR3, Class 1A1
1 mo. USD LIBOR + 0.240%, 2.304%, due 08/25/453		1,337,479		1,245,193
GS Residential Mortgage Loan Trust, Series 2005-AR6, Class 2A1
3.714%, due 09/25/358		374,165		381,147
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A1A
1 mo. USD LIBOR + 0.700%, 2.782%, due 01/19/353		51,158		46,132
Series 2005-4, Class 3A1 4.078%, due 07/19/358		248,090		217,167
Housing Security, Inc., Series 1992-8, Class B 1.073%, due 06/25/248		2,374		2,373
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class A
1 mo. USD LIBOR + 1.000%, 3.072%, due 06/15/323,9		1,900,000		1,902,367
Series 2018-PHH, Class A
1 mo. USD LIBOR + 0.910%, 2.910%, due 06/15/203,4,9,10		1,600,000		1,600,470
JPMorgan Mortgage Trust, 2005-A8, Series Class 1A1 3.562%, due 11/25/358		891,145		862,278
JPMorgan Mortgage Trust, 2006-A4, Series 2006-A4, Class 2A2 3.901%, due 06/25/368		399,415		377,548

	Face amount1		Value
Collateralized mortgage obligations—(continued)
Ludgate Funding PLC, Series 2007-1, Class A2A
3 mo. LIBOR GBP + 0.160%, 0.840%, due 01/01/613,7	GBP	1,795,391	$	2,245,452
Series 2008-W1X, Class A1
3 mo. LIBOR GBP + 0.600%, 1.280%, due 01/01/613,7	GBP	764,925		985,330
Mansard Mortgages, Series 2007-1X, Class A2
3 mo. LIBOR GBP + 0.180%, 0.933%, due 04/15/473,7	GBP	1,138,535		1,431,975
Morgan Stanley Capital I Trust, Series 2014-CPT, Class B 3.446%, due 07/13/298,9		1,800,000		1,784,177
NAAC Reperforming Loan REMIC Trust, Series 2004-R3, Class A1 6.500%, due 02/25/359		763,126		770,045
Nomura Resecuritization Trust, Series 2014-7R, Class 2A3
1 mo. USD LIBOR + 0.200%, 2.291%, due 12/26/353,9		1,916,263		1,889,610
Reperforming Loan REMIC Trust, Series 2006-R1, Class AF1
1 mo. USD LIBOR + 0.340%, 2.404%, due 01/25/363,9		950,174		932,017
Residential Accredit Loans, Inc., Series 2006-Q03, Class A1
1 mo. USD LIBOR + 0.210%, 2.274%, due 04/25/463		1,117,960		535,315
Residential Asset Securitization Trust, Series 2006-A14C, Class 2A6
1 mo. USD LIBOR + 0.450%, 2.514%, due 12/25/363		1,018,071		334,843
Residential Funding Mortgage Security I, Series 2004-S9, Class 1A23 5.500%, due 12/25/34		537,018		542,604
Sequoia Mortgage Trust, Series 2007-3, Class 1A1
1 mo. USD LIBOR + 0.200%, 2.286%, due 07/20/363		193,935		184,936
Structured ARM Loan Trust, Series 2004-8, Class 3A 4.284%, due 07/25/348		381,773		380,653
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A1
1 mo. USD LIBOR + 0.660%, 2.742%, due 09/19/323		98,311		96,005
Series 2006-AR3, Class 11A1
1 mo. USD LIBOR + 0.210%, 2.274%, due 04/25/363		1,739,887		1,598,989
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1 3.852%, due 09/25/378		1,000,201		999,450
United States Small Business Administration, Series 1999-20K, Class 1 7.060%, due 11/01/19		14,641		14,784

70

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Collateralized mortgage obligations—(concluded)
Series 2002-20K, Class 1 5.080%, due 11/01/22		201,300	$	205,287
Series 2005-20H, Class 1 5.110%, due 08/01/25		251,207		257,924
Series 2007-20D, Class 1 5.320%, due 04/01/27		974,595		1,001,962
Uropa Securities PLC, Series 2007-1, Class A3A
3 mo. LIBOR GBP + 0.200%, 0.920%, due 10/10/403,7	GBP	3,100,000		3,868,522
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A
12 mo. MTA + 1.400%, 3.054%, due 06/25/423		18,440		17,685
Series 2005-AR13, Class A1A1
1 mo. USD LIBOR + 0.290%, 2.354%, due 10/25/453		676,217		676,125
Series 2005-AR15, Class A1A1
1 mo. USD LIBOR + 0.260%, 2.324%, due 11/25/453		90,019		89,058
Series 2006-AR2, Class 2A1 3.307%, due 03/25/368		760,591		697,839
Series 2006-AR9, Class 1A
12 mo. MTA + 1.000%, 2.654%, due 08/25/463		791,332		735,874
Series 2006-AR9, Class 2A
11th District Cost of Funds + 1.500%, 2.385%, due 08/25/463		682,213		658,065
Wells Fargo Mortgage Backed Securities Trust, Series 2003-M, Class A1 3.734%, due 12/25/338		115,981		118,866
Series 2004-CC, Class A1 3.754%, due 01/25/358		59,368		60,682
Series 2004-DD, Class 2A6 3.785%, due 01/25/358		567,377		584,704
Series 2006-AR2, Class 2A1 3.863%, due 03/25/368		496,806		504,671
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, IO 0.852%, due 09/15/578		7,025,185		272,312
Series 2014-LC14, Class XA, IO 1.293%, due 03/15/478		4,320,330		185,727
Total collateralized mortgage obligations (cost—$103,008,341)				106,209,975
Asset-backed securities—11.54%
Accredited Mortgage Loan Trust, Series 2004-2, Class A1
1 mo. USD LIBOR + 0.580%, 2.644%, due 07/25/343		1,155,203		1,135,280
Ally Auto Receivables Trust, Series 2017-3, Class A2 1.530%, due 03/16/20		170,848		170,419
Series 2018-3, Class A2 2.720%, due 05/17/21		1,900,000		1,899,359
American Express Credit Account Master Trust, Series 2017-4, Class A 1.640%, due 12/15/21		2,600,000		2,579,782

	Face amount1		Value
Asset-backed securities—(continued)
Americredit Automobile Receivables Trust, Series 2018-1, Class A1 2.450%, due 05/20/19		325,898	$	325,903
Series 2018-1, Class A2B
1 mo. USD LIBOR + 0.230%, 2.309%, due 07/19/213		1,300,000		1,300,085
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R8, Class M1
1 mo. USD LIBOR + 0.470%, 2.534%, due 10/25/353		84,782		84,812
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL1, Class A
1 mo. USD LIBOR + 1.300%, 3.372%, due 04/15/273,9		2,000,000		2,010,210
Atrium X, Series 10A, Class AR
3 mo. USD LIBOR + 0.950%, 3.289%, due 07/16/253,9		648,775		648,796
Avery Point III CLO Ltd., Series 2013-3A, Class AR
3 mo. USD LIBOR + 1.120%, 3.453%, due 01/18/253,9		412,944		413,129
Avery Point IV CLO Ltd., Series 2014-1A, Class AR
3 mo. USD LIBOR + 1.100%, 3.435%, due 04/25/263,9		1,124,305		1,124,805
BMW Vehicle Lease Trust, Series 2017-1, Class A2 1.640%, due 07/22/19		700,395		699,340
Capital One Multi-Asset Execution Trust, Series 2016-A1, Class A1
1 mo. USD LIBOR + 0.450%, 2.522%, due 02/15/223		1,800,000		1,804,860
Cent CLO 20 Ltd., Series 2013-20A, Class AR
3 mo. USD LIBOR + 1.100%, 3.435%, due 01/25/263,9		1,146,834		1,147,372
Chase Issuance Trust, Series 2016-A2, Class A 1.370%, due 06/15/21		1,440,000		1,423,346
Series 2018-A1, Class A1
1 mo. USD LIBOR + 0.200%, 2.272%, due 04/17/233		2,190,000		2,190,651
CHEC Loan Trust, Series 2004-2, Class M1
1 mo. USD LIBOR + 0.640%, 2.704%, due 06/25/343		743,417		729,249
CIFC Funding Ltd., Series 2014-5A, Class A2R
3 mo. USD LIBOR + 1.400%, 3.736%, due 01/17/273,9		2,100,000		2,101,966
Cork Street CLO Designated Activity Co. Series 1A, Class A1BE
3 mo. Euribor + 1.350%, 0.760%, due 11/27/283,9	EUR	2,400,000		2,802,306

71

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Asset-backed securities—(continued)
CSAB Mortgage Backed Trust, Series 2006-1, Class A6A 6.172%, due 06/25/3611		366,192	$	164,702
Delta Funding Home Equity Loan Trust, Series 1999-003, Class A1A
1 mo. USD LIBOR + 0.820%, 2.892%, due 09/15/293		44,487		43,623
DT Auto Owner Trust, Series 2017-2, Class A 1.720%, due 05/15/209		106,534		106,482
ECMC Group Student Loan Trust, Series 2018-1A, Class A
1 mo. USD LIBOR + 0.750%, 2.814%, due 02/27/683,9		1,534,553		1,538,372
Evans Grove CLO Ltd., Series 2018-1A, Class A1
3 mo. USD LIBOR + 0.920%, 3.239%, due 05/28/283,9		1,600,000		1,588,494
Figueroa CLO Ltd., Series 2014-1A, Class AR
3 mo. USD LIBOR + 0.900%, 3.239%, due 01/15/273,9		1,600,000		1,600,000
First Frankin Mortgage Loan Trust, Series 2005-FFH3, Class M2
1 mo. USD LIBOR + 0.795%, 2.859%, due 09/25/353		663,912		665,369
Flagship VII Ltd., Series 2013-7A, Class A1R
3 mo. USD LIBOR + 1.120%, 3.468%, due 01/20/263,9		920,860		920,936
GMF Floorplan Owner Revolving Trust, Series 2018-2, Class A2
1 mo. USD LIBOR + 0.380%, 2.277%, due 03/15/233,9		1,900,000		1,903,003
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR
3 mo. USD LIBOR + 1.370%, 3.709%, due 10/29/263,9		3,000,000		3,002,748
GSAMP Trust, Series 2006-HE4, Class A1
1 mo. USD LIBOR + 0.140%, 2.204%, due 06/25/363		1,961,120		1,913,220
Home Equity Asset Trust, Series 2005-2, Class M5
1 mo. USD LIBOR + 1.095%, 3.159%, due 07/25/353		1,000,000		1,009,274
Jamestown CLO V Ltd., Series 2014-5A, Class AR
3 mo. USD LIBOR + 1.220%, 3.556%, due 01/17/273,9		960,938		961,548
JPMorgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1
1 mo. USD LIBOR + 0.390%, 2.454%, due 05/25/353		2,400,000		2,384,172
Series 2006-WMC1, Class A1
1 mo. USD LIBOR + 0.180%, 2.244%, due 03/25/363		335,388		335,319

	Face amount1		Value
Asset-backed securities—(continued)
JPMorgan Mortgage Acquisition Trust, Series 2006-NC1, Class A1
1 mo. USD LIBOR + 0.170%, 2.234%, due 04/25/363		700,485	$	698,276
Series 2007-CH1, Class MV2
1 mo. USD LIBOR + 0.280%, 2.344%, due 11/25/363		1,680,000		1,672,187
Series 2007-CH2, Class AV1
1 mo. USD LIBOR + 0.160%, 2.224%, due 01/25/373		335,278		334,942
KVK CLO Ltd., Series 2013-2A, Class AR
3 mo. USD LIBOR + 1.150%, 3.489%, due 01/15/263,9		1,149,760		1,150,351
LoanCore Issuer Ltd., Series 2018-CRE1, Class A
1 mo. USD LIBOR + 1.310%, 3.202%, due 05/15/283,9		1,600,000		1,601,008
Loomis Sayles CLO II Ltd., Series 2015-2A, Class A1R
3 mo. USD LIBOR + 0.900%, 3.239%, due 04/15/283,9		1,900,000		1,897,026
M360 LLC, Series 2018-CRE1, Class A
4.395%, due 07/24/284,9		1,600,000		1,599,083
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class M2
1 mo. USD LIBOR + 0.705%, 2.769%, due 12/25/343		237,547		219,629
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2003-NC1, Class M1
1 mo. USD LIBOR + 1.575%, 3.639%, due 11/25/323		717,165		715,838
Mountain View CLO Ltd., Series 2014-1A, Class ARR
3 mo. USD LIBOR + 0.800%, 3.139%, due 10/15/263,9		1,200,000		1,198,382
Navient Private Education Loan Trust, Series 2018-BA, Class A1
1 mo. USD LIBOR + 0.350%, 2.422%, due 12/15/593,9		1,377,473		1,377,332
Series 2018-BA, Class A2B
1 mo. USD LIBOR + 0.720%, 2.792%, due 12/15/593,9		400,000		400,123
Navient Private Education Refi Loan Trust, Series 2018-CA, Class A1 3.010%, due 06/16/424,9		1,600,000		1,599,853
Navient Student Loan Trust, Series 2016-6A, Class A1
1 mo. USD LIBOR + 0.480%, 2.544%, due 03/25/663,9		120,281		120,451
New Century Home Equity Loan Trust, Series 2005-B, Class M1
1 mo. USD LIBOR + 0.480%, 2.544%, due 10/25/353		1,900,000		1,840,608
Series 2005-D, Class A2D
1 mo. USD LIBOR + 0.330%, 2.394%, due 02/25/363		1,170,709		1,170,330

72

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Asset-backed securities—(continued)
Nomura Home Equity Loan, Inc. Home Equity Loan Trust, Series 2006-FM1, Class 2A4
1 mo. USD LIBOR + 0.330%, 2.394%, due 11/25/353		3,000,000	$	2,657,501
OneMain Direct Auto Receivables Trust, Series 2018-1A, Class A 3.430%, due 12/16/244,9		1,600,000		1,599,634
RASC, Series 2005-KS11 Trust, Class M2
1 mo. USD LIBOR + 0.420%, 2.484%, due 12/25/353		1,100,000		1,095,871
SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M2
1 mo. USD LIBOR + 1.350%, 3.414%, due 12/25/343		753,022		753,021
Saxon Asset Securities Trust, Series 2004-1, Class M1
1 mo. USD LIBOR + 0.795%, 2.859%, due 03/25/353		432,054		421,592
Series 2006-1, Class M1
1 mo. USD LIBOR + 0.465%, 2.529%, due 03/25/363		2,000,000		1,783,610
SLM Student Loan Trust, Series 2008-9, Class A
3 mo. USD LIBOR + 1.500%, 3.835%, due 04/25/233		1,666,523		1,699,355
SoFi Professional Loan Program, Series 2017-A, Class A2A 1.550%, due 03/26/409		716,777		710,698
Sound Point CLO X Ltd., Series 2015-3A, Class AR
3 mo. USD LIBOR + 0.890%, 3.238%, due 01/20/283,9		1,600,000		1,597,064
Soundview Home Loan Trust, Series 2006-OPT2, Class A3
1 mo. USD LIBOR + 0.180%, 2.244%, due 05/25/363		679,956		678,513
Series 2006-OPT3, Class 2A4
1 mo. USD LIBOR + 0.250%, 2.314%, due 06/25/363		2,675,000		2,618,979
Structured Asset Securities Corp., Series 2001-SB1, Class A2 3.375%, due 08/25/31		346,843		342,434
Series 2005-WF1, Class M1
1 mo. USD LIBOR + 0.660%, 2.724%, due 02/25/353		171,474		171,416
Symphony CLO XII Ltd., Series 2013-12A, Class AR
3 mo. USD LIBOR + 1.030%, 3.369%, due 10/15/253,9		1,953,218		1,953,362
Telos CLO Ltd., Series 2014-6A, Class A1R
3 mo. USD LIBOR + 1.270%, 3.606%, due 01/17/273,9		2,000,000		2,001,054
TICP CLO III-2 Ltd., Series 2018-3R, Class A
3 mo. USD LIBOR + 0.840%, 3.199%, due 04/20/283,9		1,300,000		1,286,281

	Face amount1		Value
Asset-backed securities—(concluded)
Toyota Auto Receivables Owner Trust, Series 2017-B, Class A2A 1.460%, due 01/15/20		310,715	$	309,919
Series 2018-B, Class A2A 2.640%, due 03/15/21		1,310,000		1,308,632
Trillium Credit Card Trust II, Series 2018-1A, Class A
1 mo. USD LIBOR + 0.250%, 2.320%, due 02/27/233,9		1,800,000		1,800,021
Utah State Board of Regents, Series 2017-1, Class A
1 mo. USD LIBOR + 0.750%, 2.710%, due 01/25/573		884,350		886,154
Verizon Owner Trust, Series 2017-1A, Class A 2.060%, due 09/20/219		1,000,000		988,470
VOLT LVII LLC, Series 2017-NPL4, Class A1 3.375%, due 04/25/479,11		494,424		492,795
WhiteHorse X Ltd., Series 2015-10A, Class A1R
3 mo. USD LIBOR + 0.930%, 3.266%, due 04/17/273,9		1,600,000		1,599,986
World Omni Automobile Lease Securitization Trust, Series 2017-A, Class A2
1.680%, due 12/16/19		954,750		951,665
Total asset-backed securities (cost—$87,486,812)				90,032,378
Corporate notes—47.68%
Advertising—0.01%
Outfront Media Capital LLC/ Outfront Media Capital Corp. 5.875%, due 03/15/25		90,000		90,788
Agriculture—0.51%
BAT Capital Corp. 2.764%, due 08/15/229		1,300,000		1,255,257
4.540%, due 08/15/479		1,030,000		976,748
Philip Morris International, Inc. 2.500%, due 11/02/22		1,800,000		1,729,998
				3,962,003
Airlines—0.76%
Air Canada 2013-1, Class B Pass-Through Trust 5.375%, due 05/15/219		1,504,857		1,534,954
American Airlines 2013-2, Class A Pass-Through Trust 4.950%, due 01/15/23		1,732,637		1,781,254
Continental Airlines 2009-2, Series A Pass-Through Trust 7.250%, due 11/10/19		731,191		766,288
Continental Airlines 2012-2, Class A Pass-Through Trust 4.000%, due 10/29/24		1,236,087		1,240,970
Northwest Airlines, Series 2000-1, Class G 7.150%, due 10/01/19		598,715		612,186
				5,935,652

73

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Auto & truck—1.17%
General Motors Co. 6.250%, due 10/02/43		500,000	$	522,243
General Motors Financial Co., Inc.
3 mo. USD LIBOR + 0.540%, 2.903%, due 11/06/203		1,500,000		1,498,139
3.100%, due 01/15/19		657,000		658,340
3.200%, due 07/13/20		1,300,000		1,295,710
3.550%, due 04/09/2112		1,600,000		1,595,552
Harley-Davidson Financial Services, Inc. 2.550%, due 06/09/229		1,100,000		1,047,612
SMBC Aviation Capital Finance DAC 4.125%, due 07/15/239		1,600,000		1,599,256
ZF North America Capital, Inc. 4.000%, due 04/29/209		900,000		903,784
				9,120,636
Auto parts & equipment—0.01%
The Goodyear Tire & Rubber Co. 5.125%, due 11/15/23		40,000		39,700
Banking-non-US—10.02%
Banco Bilbao Vizcaya Argentaria SA
(fixed, converts to FRN on 02/19/19), 7.000%, due 02/19/197,13	EUR	1,400,000		1,677,965
Bank of Scotland PLC MTN 6.375%, due 08/16/19	GBP	1,100,000		1,515,273
Barclays Bank PLC 6.750%, due 05/22/19		1,900,000		1,958,329
Barclays PLC
3 mo. USD LIBOR + 1.625%, 3.956%, due 01/10/233,12		2,000,000		2,039,346
4.375%, due 01/12/26		1,315,000		1,286,767
4.836%, due 05/09/28		785,000		748,440
(fixed, converts to FRN on 09/15/19), 7.000%, due 09/15/197,13	GBP	2,000,000		2,690,727
7.625%, due 11/21/22		1,600,000		1,732,000
(fixed, converts to FRN on 12/15/18), 8.250%, due 12/15/1813		1,700,000		1,731,192
Barclays PLC MTN 3.250%, due 02/12/277	GBP	1,100,000		1,425,656
BNP Paribas SA 2.375%, due 05/21/20		630,000		620,658
Cooperatieve Rabobank UA 6.875%, due 03/19/207	EUR	1,400,000		1,804,823
Credit Suisse Group AG
3 mo. USD LIBOR + 1.240%, 3.566%, due 06/12/243,9		1,600,000		1,607,568
(fixed, converts to FRN on 06/12/23), 4.207%, due 06/12/249		1,600,000		1,604,779
Credit Suisse Group Funding Guernsey Ltd. 3.750%, due 03/26/25		2,000,000		1,937,495
3.800%, due 09/15/22		1,900,000		1,894,566
3.800%, due 06/09/23		3,200,000		3,172,029
Deutsche Bank AG 2.700%, due 07/13/20		700,000		683,992
3.300%, due 11/16/22		1,900,000		1,799,015
3.950%, due 02/27/23		1,300,000		1,262,935
4.250%, due 10/14/21		1,100,000		1,090,590
3 mo. USD LIBOR + 1.910%, 4.263%, due 05/10/193		3,500,000		3,516,707

	Face amount1		Value
Corporate notes—(continued)
Banking-non-US—(concluded)
HSBC Holdings PLC 3.400%, due 03/08/21		1,700,000	$	1,698,028
(fixed, converts to FRN on 05/22/27), 6.000%, due 05/22/2713		870,000		843,030
ICICI Bank Ltd. 4.800%, due 05/22/199		1,600,000		1,616,149
ING Bank NV 2.625%, due 12/05/229		3,400,000		3,310,352
Lloyds Banking Group PLC 3.000%, due 01/11/22		1,300,000		1,271,192
3 mo. USD LIBOR + 0.800%, 3.130%, due 06/21/213		1,300,000		1,302,797
(fixed, converts to FRN on 06/27/19), 7.000%, due 06/27/197,13	GBP	900,000		1,219,722
Lloyds Banking Group PLC MTN 4.000%, due 03/07/25	AUD	1,700,000		1,255,463
Mitsubishi UFJ Financial Group, Inc. 2.950%, due 03/01/21		748,000		738,412
3 mo. USD LIBOR + 0.740%, 3.061%, due 03/02/233		1,600,000		1,601,805
3.455%, due 03/02/23		1,900,000		1,877,673
National Australia Bank Ltd. 2.400%, due 12/07/219		3,300,000		3,211,080
3.625%, due 06/20/23		1,600,000		1,594,074
Royal Bank of Scotland Group PLC
3 mo. USD LIBOR + 1.550%, 3.885%, due 06/25/243		1,600,000		1,613,408
Royal Bank of Scotland Group PLC MTN 2.500%, due 03/22/237	EUR	1,800,000		2,220,172
Santander UK Group Holdings PLC 2.875%, due 08/05/21		1,700,000		1,660,094
3.125%, due 01/08/21		1,700,000		1,678,043
Skandinaviska Enskilda Banken AB
3 mo. USD LIBOR + 0.430%, 2.751%, due 05/17/213,9		1,600,000		1,600,294
3.250%, due 05/17/219		1,600,000		1,590,536
Societe Generale SA MTN
(fixed, converts to FRN on 11/29/18), 8.250%, due 11/29/187,13		2,000,000		2,029,316
United Overseas Bank Ltd. 3.200%, due 04/23/219		1,600,000		1,590,736
Westpac Banking Corp. 2.100%, due 02/25/219		2,500,000		2,432,210
3.050%, due 05/15/2012		1,600,000		1,596,035
(fixed, converts to FRN on 09/21/27), 5.000%, due 09/21/2713		890,000		800,651
				78,152,124
Banking-US—5.11%
Aviation Capital Group Corp. 6.750%, due 04/06/219		4,820,000		5,199,094
Banco Santander SA 3.800%, due 02/23/28		545,000		506,291
Bank of America Corp.
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23		3,131,000		3,038,260
(fixed, converts to FRN on 03/05/23), 3.550%, due 03/05/24		1,600,000		1,581,312
(fixed, converts to FRN on 07/23/23), 3.864%, due 07/23/24		1,600,000		1,599,618
3.950%, due 04/21/25		660,000		647,946

74

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Banking-US—(concluded)
Bank of America Corp. MTN
(fixed, converts to FRN on 03/05/28), 3.970%, due 03/05/29		565,000	$	553,903
4.000%, due 01/22/25		1,500,000		1,481,712
4.125%, due 01/22/24		3,700,000		3,757,703
CIT Group, Inc. 4.125%, due 03/09/21		50,000		49,938
5.000%, due 08/15/22		500,000		509,375
5.250%, due 03/07/25		45,000		46,013
6.125%, due 03/09/28		35,000		36,750
Compass Bank 3.500%, due 06/11/21		1,600,000		1,594,571
Dexia Credit Local SA 2.375%, due 09/20/229		3,000,000		2,901,169
Discover Bank 4.200%, due 08/08/23		1,600,000		1,613,208
Goldman Sachs Bank USA 3.200%, due 06/05/20		1,500,000		1,502,043
JPMorgan Chase Bank NA
(fixed, converts to FRN on 04/26/20), 3.086%, due 04/26/21		3,000,000		2,997,353
Synchrony Bank 3.650%, due 05/24/21		1,600,000		1,582,406
Synchrony Financial 2.700%, due 02/03/20		755,000		745,044
The Toronto-Dominion Bank 2.500%, due 01/18/229		2,400,000		2,340,883
Wells Fargo & Co. 2.100%, due 07/26/21		1,200,000		1,155,422
2.500%, due 03/04/21		1,200,000		1,174,009
3 mo. USD LIBOR + 1.230%, 3.589%, due 10/31/233		1,400,000		1,430,100
Wells Fargo & Co. GMTN 2.600%, due 07/22/20		1,800,000		1,780,700
				39,824,823
Beverages—0.51%
Anheuser-Busch InBev Worldwide, Inc. 4.750%, due 04/15/58		840,000		846,031
Constellation Brands, Inc. 2.650%, due 11/07/22		1,600,000		1,530,455
Keurig Dr. Pepper, Inc. 4.057%, due 05/25/234,9		1,600,000		1,611,161
				3,987,647
Building & construction—0.16%
Lennar Corp. 4.750%, due 11/15/2211		145,000		145,000
5.375%, due 10/01/22		125,000		126,875
Meritage Homes Corp. 6.000%, due 06/01/25		15,000		15,103
7.000%, due 04/01/22		50,000		53,750
Odebrecht Offshore Drilling Finance Ltd. 6.720%, due 12/01/229		347,271		329,040
7.720%, due 12/01/269,14		1,120,009		324,803
Taylor Morrison Communities, Inc./ Taylor Morrison Holdings II, Inc. 5.625%, due 03/01/249		105,000		102,144

	Face amount1		Value
Corporate notes—(continued)
Building & construction—(concluded)
Toll Brothers Finance Corp. 4.350%, due 02/15/28		40,000	$	35,850
4.875%, due 11/15/25		40,000		38,868
5.625%, due 01/15/24		105,000		107,887
				1,279,320
Building materials—0.01%
Jeld-Wen, Inc. 4.625%, due 12/15/259		20,000		19,000
4.875%, due 12/15/279		45,000		41,906
Masonite International Corp. 5.625%, due 03/15/239		50,000		51,000
				111,906
Building products—0.02%
USG Corp. 5.500%, due 03/01/259		120,000		122,700
Cable—0.13%
CCO Holdings LLC/CCO Holdings Capital Corp. 5.000%, due 02/01/289		140,000		131,075
5.125%, due 05/01/239		180,000		179,550
5.250%, due 09/30/22		100,000		101,000
5.375%, due 05/01/259		75,000		73,688
5.750%, due 02/15/269		155,000		154,116
CSC Holdings LLC 5.500%, due 04/15/279		200,000		192,500
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.000%, due 01/15/259		200,000		203,500
				1,035,429
Chemicals—0.27%
CF Industries, Inc. 5.375%, due 03/15/44		30,000		26,625
7.125%, due 05/01/20		70,000		73,762
Huntsman International LLC 5.125%, due 11/15/22		50,000		51,703
NOVA Chemicals Corp. 4.875%, due 06/01/249		80,000		77,276
5.000%, due 05/01/259		140,000		133,350
5.250%, due 06/01/279		70,000		65,519
PQ Corp. 6.750%, due 11/15/229		60,000		63,000
Syngenta Finance N.V. 4.441%, due 04/24/239		1,600,000		1,595,615
WR Grace & Co-Conn 5.125%, due 10/01/219		45,000		45,788
5.625%, due 10/01/249		15,000		15,750
				2,148,388
Commercial services—0.86%
Advanced Disposal Services, Inc. 5.625%, due 11/15/249		90,000		88,875
Aircastle Ltd. 4.625%, due 12/15/18		15,000		15,078

75

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Commercial services—(concluded)
Avis Budget Car Rental LLC/ Avis Budget Finance, Inc. 5.250%, due 03/15/259		25,000	$	23,000
CDK Global, Inc. 4.875%, due 06/01/27		40,000		39,150
5.000%, due 10/15/2411		75,000		76,500
5.875%, due 06/15/26		30,000		30,750
ERAC USA Finance LLC 2.350%, due 10/15/199		1,650,000		1,635,106
Harland Clarke Holdings Corp. 8.375%, due 08/15/229		120,000		114,744
IHS Markit Ltd. 5.000%, due 11/01/229		110,000		112,938
Iron Mountain US Holdings, Inc. 5.375%, due 06/01/269		145,000		137,931
Iron Mountain, Inc. 5.750%, due 08/15/24		80,000		79,300
Live Nation Entertainment, Inc. 4.875%, due 11/01/249		95,000		93,694
Moody's Corp. 2.625%, due 01/15/23		1,700,000		1,627,954
R.R. Donnelley & Sons Co. 7.625%, due 06/15/20		27,000		27,675
7.875%, due 03/15/21		125,000		127,500
Republic Services, Inc. 3.550%, due 06/01/22		2,100,000		2,105,964
Service Corp. International 5.375%, due 05/15/24		90,000		91,125
The ADT Corp. 3.500%, due 07/15/22		40,000		38,000
4.875%, due 07/15/329		70,000		55,300
The Hertz Corp. 5.500%, due 10/15/249		50,000		39,375
5.875%, due 10/15/20		65,000		64,259
The ServiceMaster Co. LLC 5.125%, due 11/15/249		70,000		67,550
				6,691,768
Communications equipment—0.26%
QUALCOMM, Inc. 4.800%, due 05/20/45		2,000,000		2,011,609
Computer software & services—0.02%
EMC Corp. 2.650%, due 06/01/20		135,000		131,598
Computers—0.74%
Apple, Inc. 3.000%, due 06/20/27		1,200,000		1,147,886
3.350%, due 02/09/27		550,000		540,548
4.650%, due 02/23/46		455,000		496,790
Dell International LLC/EMC Corp. 4.420%, due 06/15/219,12		1,800,000		1,827,486
5.450%, due 06/15/239		1,125,000		1,181,061
6.020%, due 06/15/269		545,000		575,465
				5,769,236

	Face amount1		Value
Corporate notes—(continued)
Construction & engineering—0.00%†
AECOM 5.875%, due 10/15/24		35,000	$	36,663
Consumer products—0.29%
Reckitt Benckiser Treasury Services PLC 2.375%, due 06/24/229		2,300,000		2,201,730
Spectrum Brands, Inc. 5.750%, due 07/15/25		25,000		24,938
6.625%, due 11/15/22		35,000		36,050
				2,262,718
Containers & packaging—0.03%
Owens-Brockway Glass Container, Inc. 5.000%, due 01/15/229		65,000		65,000
Sealed Air Corp. 5.250%, due 04/01/239		75,000		76,312
Silgan Holdings, Inc. 5.500%, due 02/01/22		65,000		65,650
				206,962
Diversified financials—2.75%
AIG Global Funding 3.350%, due 06/25/219		1,600,000		1,596,889
American Express Co. 3.375%, due 05/17/21		1,600,000		1,601,248
Doric Nimrod Air Finance Alpha Ltd. 2012-1, Class A Pass-Through Trust 5.125%, due 11/30/229		346,689		360,573
Emerald Bay SA 0.000%, due 10/08/209,15	EUR	1,553,000		1,697,960
First Data Corp. 5.000%, due 01/15/249		215,000		216,881
7.000%, due 12/01/239		205,000		214,481
Lehman Brothers Holdings, Inc. MTN 0.000%, due 12/30/164,16		1,900,000		57,760
1.000%, due 01/24/134,16		4,500,000		137,700
1.000%, due 12/30/164,16		900,000		27,360
LPL Holdings, Inc. 5.750%, due 09/15/259		153,000		148,410
Navient Corp. 5.875%, due 10/25/24		25,000		24,188
6.625%, due 07/26/21		100,000		103,250
6.750%, due 06/15/26		50,000		49,250
Navient Corp. MTN 6.125%, due 03/25/24		360,000		354,600
8.000%, due 03/25/20		35,000		36,925
Rio Oil Finance Trust, Series 2014-1
9.250%, due 07/06/249		1,265,076		1,359,956
Springleaf Finance Corp. 5.250%, due 12/15/19		2,200,000		2,235,750
5.625%, due 03/15/23		40,000		40,104
6.125%, due 05/15/22		85,000		86,913
6.875%, due 03/15/25		1,410,000		1,431,150
7.125%, due 03/15/26		70,000		71,138
7.750%, due 10/01/21		105,000		113,400
8.250%, due 12/15/20		50,000		54,125

76

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Diversified financials—(concluded)
The Goldman Sachs Group, Inc. 2.600%, due 04/23/20		255,000	$	252,395
(fixed, converts to FRN on 10/31/21), 2.876%, due 10/31/22		1,300,000		1,264,755
3 mo. USD LIBOR + 1.160%, 3.507%, due 04/23/203		1,800,000		1,823,686
(fixed, converts to FRN on 06/05/27), 3.691%, due 06/05/28		555,000		529,224
(fixed, converts to FRN on 04/23/28), 3.814%, due 04/23/29		1,005,000		961,105
(fixed, converts to FRN on 10/31/37), 4.017%, due 10/31/38		455,000		424,854
5.150%, due 05/22/45		565,000		586,010
6.000%, due 06/15/20		3,400,000		3,563,359
				21,425,399
Diversified manufacturing—0.51%
General Electric Co.
(fixed, converts to FRN on 01/21/21), 5.000%, due 01/21/2113		4,079,000		4,007,210
Electric utilities—1.11%
Commonwealth Edison Co. 4.000%, due 03/01/48		645,000		639,625
Duke Energy Corp. 3.550%, due 09/15/21		1,300,000		1,309,329
3.750%, due 04/15/24		1,700,000		1,698,439
Mississippi Power Co.
3 mo. USD LIBOR + 0.650%, 2.987%, due 03/27/203		1,900,000		1,900,359
NextEra Energy Capital Holdings, Inc. 3.550%, due 05/01/2712		1,700,000		1,640,907
NextEra Energy Operating Partners LP 4.250%, due 09/15/249		53,000		51,145
NRG Energy, Inc. 6.250%, due 05/01/24		150,000		154,313
6.625%, due 01/15/27		140,000		144,200
7.250%, due 05/15/26		75,000		79,875
Ohio Power Co., Series M 5.375%, due 10/01/21		480,000		509,705
Talen Energy Supply LLC 6.500%, due 06/01/25		45,000		33,075
9.500%, due 07/15/229		105,000		100,800
Vistra Energy Corp. 5.875%, due 06/01/23		90,000		92,588
7.625%, due 11/01/24		175,000		187,521
8.000%, due 01/15/259		65,000		70,606
8.125%, due 01/30/269		35,000		38,598
				8,651,085
Electric-generation—0.02%
Calpine Corp. 5.375%, due 01/15/23		150,000		143,063
5.750%, due 01/15/25		30,000		27,600
				170,663

	Face amount1		Value
Corporate notes—(continued)
Electric-integrated—1.35%
Entergy Gulf States Louisiana LLC 5.590%, due 10/01/24		2,207,000	$	2,422,519
PPL Capital Funding, Inc. 3.500%, due 12/01/22		1,700,000		1,686,346
Puget Energy, Inc. 6.500%, due 12/15/20		6,000,000		6,387,329
				10,496,194
Electronics—0.84%
Amkor Technology, Inc. 6.375%, due 10/01/22		90,000		91,800
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.500%, due 01/15/28		155,000		140,193
3.625%, due 01/15/24		1,800,000		1,733,916
3.875%, due 01/15/27		965,000		903,908
Microchip Technology, Inc. 3.922%, due 06/01/219		1,300,000		1,302,439
4.333%, due 06/01/239		595,000		596,601
Micron Technology, Inc. 5.500%, due 02/01/25		40,000		41,350
Monongahela Power Co. 3.550%, due 05/15/279		1,800,000		1,746,260
				6,556,467
Energy-exploration & production—0.03%
Antero Resources Corp. 5.125%, due 12/01/22		30,000		30,075
5.375%, due 11/01/21		100,000		101,375
5.625%, due 06/01/23		95,000		96,900
				228,350
Energy-integrated—0.21%
Consolidated Edison Co. of New York, Inc.
3 mo. USD LIBOR + 0.400%, 2.739%, due 06/25/213		1,600,000		1,603,947
Finance-captive automotive—0.77%
International Lease Finance Corp. 5.875%, due 04/01/19		2,100,000		2,139,839
Lions Gate Capital Holdings LLC 5.875%, due 11/01/249		80,000		81,800
Park Aerospace Holdings Ltd. 5.250%, due 08/15/229		235,000		235,000
5.500%, due 02/15/249		160,000		158,000
Prime Security Services Borrower LLC/ Prime Finance, Inc. 9.250%, due 05/15/239		135,000		144,450
The Charles Schwab Corp.
(fixed, converts to FRN on 12/01/27), 5.000%, due 12/01/2713		1,300,000		1,252,875
The Depository Trust & Clearing Corp.
(fixed, converts to FRN on 06/15/20), 4.875%, due 06/15/209,13		2,000,000		2,035,000
				6,046,964

77

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Finance-non-captive diversified—1.17%
Ford Motor Co. 4.346%, due 12/08/26		600,000	$	577,151
Ford Motor Credit Co. LLC 2.459%, due 03/27/20		2,800,000		2,757,273
2.597%, due 11/04/19		2,300,000		2,283,164
3.200%, due 01/15/21		315,000		310,789
8.125%, due 01/15/20		3,000,000		3,197,130
				9,125,507
Financial services—3.41%
Ally Financial, Inc. 3.750%, due 11/18/19		105,000		105,000
4.250%, due 04/15/21		105,000		105,262
4.750%, due 09/10/18		1,400,000		1,402,380
8.000%, due 03/15/20		50,000		53,250
Citicorp Lease Pass-Through Trust 1999-1 8.040%, due 12/15/199		744,348		789,931
Citigroup, Inc.
(fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23		1,400,000		1,353,493
3 mo. USD LIBOR + 0.960%, 3.295%, due 04/25/223		2,000,000		2,025,399
(fixed, converts to FRN on 10/27/27), 3.520%, due 10/27/28		280,000		263,725
(fixed, converts to FRN on 01/10/27), 3.887%, due 01/10/28		230,000		223,234
4.400%, due 06/10/25		980,000		978,309
JPMorgan Chase & Co. 2.250%, due 01/23/20		3,150,000		3,113,629
2.750%, due 06/23/20		1,400,000		1,389,719
3 mo. USD LIBOR + 0.610%, 2.945%, due 06/18/223		1,900,000		1,900,565
(fixed, converts to FRN on 07/23/23), 3.797%, due 07/23/24		1,600,000		1,598,723
(fixed, converts to FRN on 07/24/37), 3.882%, due 07/24/38		415,000		390,864
(fixed, converts to FRN on 01/23/48), 3.897%, due 01/23/49		400,000		365,633
(fixed, converts to FRN on 04/23/28), 4.005%, due 04/23/29		800,000		786,698
4.400%, due 07/22/20		600,000		613,556
6.300%, due 04/23/19		400,000		410,444
Morgan Stanley
3 mo. USD LIBOR + 1.180%, 3.528%, due 01/20/223		2,000,000		2,032,086
(fixed, converts to FRN on 07/15/19), 5.450%, due 07/15/1913		395,000		400,925
Morgan Stanley GMTN 2.450%, due 02/01/19		3,500,000		3,496,792
7.300%, due 05/13/19		2,570,000		2,658,144
The Nielsen Co. Luxembourg SARL 5.000%, due 02/01/259		65,000		59,963
5.500%, due 10/01/219		50,000		49,875
				26,567,599

	Face amount1		Value
Corporate notes—(continued)
Food & drug retailing—0.29%
CVS Health Corp. 4.300%, due 03/25/28		965,000	$	961,346
5.050%, due 03/25/48		1,225,000		1,269,330
				2,230,676
Food processors/beverage/bottling—0.01%
BBA US Holdings, Inc. 5.375%, due 05/01/269		65,000		65,487
Food products—0.59%
Albertsons Cos. LLC/Safeway, Inc./ New Albertson's LP/Albertson's LLC 5.750%, due 03/15/25		30,000		26,943
6.625%, due 06/15/24		30,000		28,725
Aramark Services, Inc. 5.125%, due 01/15/24		260,000		262,275
Campbell Soup Co.
3 mo. USD LIBOR + 0.500%, 2.835%, due 03/16/203		1,000,000		1,000,648
Grupo Bimbo SAB de C.V. 4.700%, due 11/10/479		705,000		658,646
Post Holdings, Inc. 5.500%, due 03/01/259		135,000		132,975
5.750%, due 03/01/279		25,000		24,375
Smithfield Foods, Inc. 2.700%, due 01/31/209		2,400,000		2,362,008
The Kroger Co. 3.875%, due 10/15/46		115,000		97,936
				4,594,531
Food-wholesale—0.01%
Pinnacle Foods Finance LLC/ Pinnacle Foods Finance Corp. 5.875%, due 01/15/24		40,000		42,050
Gaming—0.39%
Boyd Gaming Corp. 6.000%, due 08/15/269		65,000		65,325
6.375%, due 04/01/26		60,000		61,350
6.875%, due 05/15/23		180,000		189,281
Cedar Fair LP/Canada's Wonderland Co./ Magnum Management Corp. 5.375%, due 06/01/24		125,000		125,937
Eldorado Resorts, Inc. 6.000%, due 04/01/25		60,000		60,600
7.000%, due 08/01/23		60,000		63,059
GLP Capital LP/GLP Financing II, Inc. 4.375%, due 04/15/21		50,000		50,889
4.875%, due 11/01/20		50,000		50,750
5.375%, due 11/01/23		65,000		67,112
5.375%, due 04/15/26		25,000		25,403
MGM Resorts International 5.750%, due 06/15/25		50,000		50,422
6.625%, due 12/15/21		25,000		26,642
6.750%, due 10/01/20		170,000		179,137
8.625%, due 02/01/19		15,000		15,335

78

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Gaming—(concluded)
Six Flags Entertainment Corp. 4.875%, due 07/31/249		65,000	$	63,619
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.500%, due 03/01/259,12		2,000,000		1,975,000
				3,069,861
Gas pipelines—0.23%
Kinder Morgan, Inc. 3.050%, due 12/01/19		500,000		499,858
5.000%, due 02/15/219		610,000		630,508
5.550%, due 06/01/45		625,000		656,008
				1,786,374
Health care providers & services—0.32%
Abbott Laboratories 4.900%, due 11/30/46		355,000		390,677
Acadia Healthcare Co., Inc. 5.625%, due 02/15/23		75,000		75,563
6.500%, due 03/01/24		75,000		76,312
Anthem, Inc. 4.350%, due 08/15/20		1,200,000		1,226,254
Centene Corp. 4.750%, due 05/15/22		125,000		126,406
5.375%, due 06/01/269		45,000		46,069
6.125%, due 02/15/24		50,000		52,625
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 5.875%, due 10/15/249		200,000		197,060
Envision Healthcare Corp. 6.250%, due 12/01/249		170,000		181,050
Hologic, Inc. 4.375%, due 10/15/259		90,000		87,049
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC 5.500%, due 04/15/259		40,000		32,200
				2,491,265
Health facilities—0.02%
DaVita, Inc. 5.125%, due 07/15/24		80,000		77,850
5.750%, due 08/15/22		100,000		101,750
				179,600
Hotels, restaurants & leisure—0.55%
McDonald's Corp.
3 mo. USD LIBOR + 0.430%, 2.769%, due 10/28/213		600,000		602,302
Starbucks Corp. 2.700%, due 06/15/2212		1,900,000		1,848,521
4.300%, due 06/15/45		1,900,000		1,811,901
				4,262,724

	Face amount1		Value
Corporate notes—(continued)
Insurance—0.46%
American International Group, Inc. 3.375%, due 08/15/20		1,500,000	$	1,501,644
AXA Equitable Holdings, Inc. 4.350%, due 04/20/289		1,700,000		1,660,667
5.000%, due 04/20/489		485,000		464,214
				3,626,525
IT consulting & services—0.17%
Gartner, Inc. 5.125%, due 04/01/259		65,000		65,578
Hewlett Packard Enterprise Co. 3.600%, due 10/15/2011		515,000		517,887
4.900%, due 10/15/2511		700,000		714,682
				1,298,147
Lodging—0.03%
Hilton Domestic Operating Co., Inc. 5.125%, due 05/01/269		45,000		45,000
Hilton Worldwide Finance LLC/ Hilton Worldwide Finance Corp. 4.625%, due 04/01/25		50,000		48,750
4.875%, due 04/01/27		40,000		38,900
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 6.750%, due 11/15/219		50,000		51,625
NCL Corp. Ltd. 4.750%, due 12/15/219		32,000		32,040
				216,315
Machinery—0.23%
John Deere Capital Corp. 3.450%, due 06/07/23		1,700,000		1,697,692
Sensata Technologies BV 4.875%, due 10/15/239		75,000		75,562
				1,773,254
Machinery-diversified—0.01%
RBS Global, Inc./Rexnord LLC 4.875%, due 12/15/259		100,000		96,000
Media—1.86%
Altice France SA 5.875%, due 02/01/274,9	EUR	1,100,000		1,312,011
6.250%, due 05/15/249		200,000		198,750
7.375%, due 05/01/269		800,000		794,500
8.125%, due 02/01/279		200,000		204,000
Altice Luxembourg SA 7.250%, due 05/15/227	EUR	1,700,000		2,037,592
7.750%, due 05/15/229		200,000		199,000
AMC Networks, Inc. 4.750%, due 12/15/22		65,000		65,000
CBS Radio, Inc. 7.250%, due 11/01/249,12		1,500,000		1,409,250
Charter Communications Operating LLC/ Charter Communications Operating Capital 3.579%, due 07/23/20		1,600,000		1,602,346
4.464%, due 07/23/22		1,700,000		1,727,437

79

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Media—(concluded)
4.908%, due 07/23/25		1,230,000	$	1,253,074
5.375%, due 05/01/47		195,000		187,672
5.750%, due 04/01/48		510,000		512,922
6.484%, due 10/23/45		445,000		484,250
Comcast Corp. 4.000%, due 08/15/47		550,000		503,398
Discovery Communications LLC 5.200%, due 09/20/47		115,000		113,306
DISH DBS Corp. 5.000%, due 03/15/23		55,000		47,575
5.875%, due 11/15/24		40,000		33,350
6.750%, due 06/01/21		60,000		60,450
7.750%, due 07/01/26		30,000		26,213
Lamar Media Corp. 5.000%, due 05/01/23		40,000		40,500
5.375%, due 01/15/24		25,000		25,625
5.750%, due 02/01/26		45,000		46,125
Liberty Interactive LLC 8.500%, due 07/15/29		50,000		53,500
LIN Television Corp. 5.875%, due 11/15/22		15,000		15,244
MDC Partners, Inc. 6.500%, due 05/01/249		105,000		92,662
Netflix, Inc. 4.375%, due 11/15/26		25,000		23,438
5.375%, due 02/01/21		25,000		25,656
5.500%, due 02/15/22		40,000		41,250
5.875%, due 02/15/25		25,000		25,630
5.875%, due 11/15/289		35,000		35,088
Nielsen Finance LLC/Nielsen Finance Co. 5.000%, due 04/15/229		170,000		165,219
Sinclair Television Group, Inc. 5.375%, due 04/01/21		15,000		15,094
5.625%, due 08/01/249		185,000		182,687
Sirius XM Radio, Inc. 5.000%, due 08/01/279		70,000		66,500
5.375%, due 04/15/259		165,000		163,762
5.375%, due 07/15/269		125,000		122,344
Telenet Finance Luxembourg Notes Sarl 5.500%, due 03/01/289		200,000		182,500
Univision Communications, Inc. 5.125%, due 05/15/239		210,000		200,550
6.750%, due 09/15/229		65,000		66,381
Zayo Group LLC/Zayo Capital, Inc. 5.750%, due 01/15/279		40,000		39,600
6.000%, due 04/01/23		35,000		35,788
6.375%, due 05/15/25		100,000		103,500
				14,540,739
Media-cable—0.19%
Cable One, Inc. 5.750%, due 06/15/229		90,000		91,781
Time Warner Entertainment Co. LP 8.375%, due 03/15/23		1,200,000		1,394,874
				1,486,655

	Face amount1		Value
Corporate notes—(continued)
Medical providers—1.02%
HCA Healthcare, Inc. 6.250%, due 02/15/21		50,000	$	52,062
HCA, Inc. 4.750%, due 05/01/23		55,000		55,715
5.000%, due 03/15/24		165,000		167,475
5.250%, due 04/15/25		120,000		122,625
5.375%, due 02/01/25		25,000		25,313
5.875%, due 03/15/22		105,000		110,381
6.500%, due 02/15/20		2,914,000		3,032,891
7.500%, due 02/15/22		120,000		131,850
Tenet Healthcare Corp. 4.375%, due 10/01/21		80,000		79,700
4.625%, due 07/15/24		57,000		55,219
7.500%, due 01/01/229		120,000		125,700
UnitedHealth Group, Inc. 1.700%, due 02/15/19		3,986,000		3,964,879
				7,923,810
Metals & mining—0.17%
Ardagh Packaging Finance PLC/ Ardagh MP Holdings USA, Inc. 4.625%, due 05/15/239		200,000		197,500
FMG Resources August 2006 Pty Ltd. 4.750%, due 05/15/229		20,000		19,450
5.125%, due 05/15/249		20,000		19,150
Freeport-McMoRan, Inc. 3.550%, due 03/01/22		60,000		58,125
3.875%, due 03/15/23		185,000		178,063
4.550%, due 11/14/24		45,000		43,510
5.400%, due 11/14/34		100,000		91,750
5.450%, due 03/15/43		55,000		48,840
Glencore Funding LLC 4.000%, due 03/27/279		450,000		422,767
Hudbay Minerals, Inc. 7.250%, due 01/15/239		35,000		36,006
7.625%, due 01/15/259		35,000		36,181
Novelis Corp. 5.875%, due 09/30/269		40,000		38,350
6.250%, due 08/15/249		50,000		50,125
Teck Resources Ltd. 6.250%, due 07/15/41		120,000		125,100
				1,364,917
Oil & gas—0.90%
Ascent Resources Utica Holdings LLC/ ARU Finance Corp. 10.000%, due 04/01/229		100,000		110,500
Canadian Natural Resources Ltd. 6.250%, due 03/15/38		445,000		525,782
Continental Resources, Inc. 5.000%, due 09/15/222		140,000		142,065
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp. 6.250%, due 04/01/2311		90,000		91,800
Energy Transfer Equity LP 7.500%, due 10/15/20		180,000		192,150

80

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Oil & gas—(concluded)
EP Energy LLC/Everest Acquisition Finance, Inc. 7.750%, due 05/15/269		40,000	$	40,800
Extraction Oil & Gas, Inc. 5.625%, due 02/01/269		45,000		43,650
7.375%, due 05/15/249		25,000		26,250
KazMunayGas National Co. JSC 5.375%, due 04/24/309		200,000		204,547
5.750%, due 04/19/477		200,000		196,400
Newfield Exploration Co. 5.750%, due 01/30/22		150,000		156,375
Noble Energy, Inc. 5.250%, due 11/15/43		715,000		740,912
Oasis Petroleum, Inc. 6.250%, due 05/01/269		55,000		55,275
6.875%, due 03/15/22		105,000		106,969
Odebrecht Oil & Gas Finance Ltd. 1.161%, due 08/31/189,13,15		174,037		2,524
PDC Energy, Inc. 6.125%, due 09/15/24		85,000		85,319
Petroleos Mexicanos 5.350%, due 02/12/289		100,000		93,430
6.500%, due 03/13/27		555,000		563,880
6.750%, due 09/21/47		83,000		76,567
6.875%, due 08/04/26		253,000		264,385
Pioneer Natural Resources Co. 3.950%, due 07/15/22		1,900,000		1,923,539
Precision Drilling Corp. 7.750%, due 12/15/23		145,000		153,337
Range Resources Corp. 5.000%, due 08/15/22		20,000		19,600
5.000%, due 03/15/23		105,000		100,669
Sinopec Group Overseas Development 2014 Ltd. 4.375%, due 04/10/247		200,000		203,913
SM Energy Co. 6.125%, due 11/15/22		75,000		76,875
6.750%, due 09/15/26		55,000		55,962
State Oil Co. of the Azerbaijan Republic MTN 4.750%, due 03/13/237		200,000		199,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.250%, due 11/15/23		55,000		52,800
5.000%, due 01/15/289		40,000		37,750
5.125%, due 02/01/25		30,000		30,075
5.375%, due 02/01/27		95,000		94,049
5.875%, due 04/15/269		60,000		61,200
Whiting Petroleum Corp. 5.750%, due 03/15/21		30,000		30,600
6.250%, due 04/01/23		70,000		72,537
6.625%, due 01/15/26		25,000		25,891
WPX Energy, Inc. 5.250%, due 09/15/24		85,000		84,469
5.750%, due 06/01/26		35,000		35,087
6.000%, due 01/15/22		11,000		11,412
				6,988,345

	Face amount1		Value
Corporate notes—(continued)
Packaging & containers—0.10%
Ball Corp. 4.375%, due 12/15/20		50,000	$	50,500
5.000%, due 03/15/22		80,000		82,200
Berry Plastics Corp. 5.125%, due 07/15/23		70,000		69,475
BWAY Holding Co. 5.500%, due 04/15/249		115,000		112,269
Crown Americas LLC/Crown Americas Capital Corp. IV 4.500%, due 01/15/23		40,000		39,575
Crown Americas LLC/Crown Americas Capital Corp. V 4.250%, due 09/30/26		25,000		22,695
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750%, due 02/01/269		45,000		42,300
Graphic Packaging International, Inc. 4.750%, due 04/15/21		65,000		65,650
Reynolds Group Issuer, Inc./ Reynolds Group Issuer LLC 5.125%, due 07/15/239		210,000		208,824
5.750%, due 10/15/20		82,374		82,522
3 mo. USD LIBOR + 3.500%, 5.839%, due 07/15/213,9		25,000		25,300
				801,310
Personal & household product—0.01%
Edgewell Personal Care Co. 4.700%, due 05/19/21		65,000		65,000
Pharmaceuticals—0.89%
AbbVie, Inc. 4.700%, due 05/14/45		450,000		441,992
Actavis Funding SCS 3.450%, due 03/15/22		1,400,000		1,384,396
Bausch Health Cos., Inc. 5.500%, due 11/01/259		65,000		65,061
6.500%, due 03/15/229		115,000		119,911
Bayer US Finance II LLC
3 mo. USD LIBOR + 1.010%, 3.345%, due 12/15/233,9		1,900,000		1,920,919
Shire Acquisitions Investments Ireland DAC 1.900%, due 09/23/19		2,500,000		2,465,806
2.400%, due 09/23/21		595,000		572,884
				6,970,969
Pipelines—1.41%
Abu Dhabi Crude Oil Pipeline LLC 4.600%, due 11/02/477		200,000		193,760
Antero Midstream Partners LP/ Antero Midstream Finance Corp. 5.375%, due 09/15/24		155,000		155,581
Cheniere Corpus Christi Holdings LLC 5.875%, due 03/31/25		155,000		163,137
Cheniere Energy Partners LP 5.250%, due 10/01/25		125,000		124,375

81

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Pipelines—(concluded)
DCP Midstream Operating LP 4.750%, due 09/30/219		70,000	$	70,892
5.375%, due 07/15/25		65,000		66,381
6.750%, due 09/15/379		30,000		32,250
8.125%, due 08/16/30		65,000		78,325
Energy Transfer Partners LP 5.800%, due 06/15/38		235,000		242,279
Series B
(fixed, converts to FRN on 02/15/28), 6.625%, due 02/15/2813		750,000		712,500
Enterprise Products Operating LLC 5.250%, due 01/31/20		2,100,000		2,162,634
NuStar Logistics LP 4.800%, due 09/01/20		25,000		25,094
5.625%, due 04/28/27		75,000		73,219
6.750%, due 02/01/21		35,000		36,487
Rockies Express Pipeline LLC 5.625%, due 04/15/209		50,000		51,445
Sabine Pass Liquefaction LLC 5.750%, due 05/15/24		5,800,000		6,238,885
SemGroup Corp. 7.250%, due 03/15/26		25,000		24,938
SemGroup Corp./Rose Rock Finance Corp. 5.625%, due 11/15/23		125,000		119,375
Southern Gas Corridor CJSC 6.875%, due 03/24/267		200,000		219,940
Summit Midstream Holdings LLC/ Summit Midstream Finance Corp. 5.750%, due 04/15/25		100,000		96,500
The Williams Cos., Inc. 5.750%, due 06/24/44		50,000		53,250
7.875%, due 09/01/21		25,000		27,750
Series A
7.500%, due 01/15/31		45,000		54,225
				11,023,222
Real estate—0.43%
Equinix, Inc. 5.375%, due 01/01/22		50,000		51,688
MPT Operating Partnership LP/MPT Finance Corp. 5.000%, due 10/15/27		75,000		72,563
5.250%, due 08/01/26		115,000		113,275
5.500%, due 05/01/24		65,000		65,488
6.375%, due 03/01/24		110,000		115,500
Ontario Teachers' Cadillac Fairview Properties Trust 3.125%, due 03/20/229		300,000		295,026
Realogy Group LLC/Realogy Co-Issuer Corp. 4.875%, due 06/01/239		130,000		121,030
RHP Hotel Properties LP/RHP Finance Corp. 5.000%, due 04/15/23		65,000		64,838
Starwood Property Trust, Inc. 4.750%, due 03/15/259		40,000		39,500
5.000%, due 12/15/21		75,000		75,937

	Face amount1		Value
Corporate notes—(continued)
Real estate—(concluded)
Tesco Property Finance 5 PLC 5.661%, due 10/13/417	GBP	689,042	$	1,034,296
Vesteda Finance BV MTN 2.500%, due 10/27/227	EUR	1,000,000		1,245,135
VICI Properties 1 LLC/VICI FC, Inc. 8.000%, due 10/15/23		70,000		77,437
				3,371,713
Rental auto/equipment—0.01%
United Rentals North America, Inc. 5.750%, due 11/15/24		55,000		56,238
Retail—0.22%
1011778 BC ULC/New Red Finance, Inc. 4.250%, due 05/15/249		95,000		90,369
4.625%, due 01/15/229		40,000		39,900
5.000%, due 10/15/259		35,000		33,556
Amazon.com, Inc. 3.150%, due 08/22/27		1,300,000		1,251,437
Beacon Roofing Supply, Inc. 6.375%, due 10/01/23		50,000		51,750
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 5.000%, due 06/01/249		40,000		39,600
5.250%, due 06/01/269		50,000		49,313
Penske Automotive Group, Inc. 5.375%, due 12/01/24		65,000		63,537
5.750%, due 10/01/22		75,000		76,576
				1,696,038
Software—0.10%
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc. 6.000%, due 07/15/259		90,000		91,125
MSCI, Inc. 5.250%, due 11/15/249		170,000		174,250
5.750%, due 08/15/259		10,000		10,425
Nuance Communications, Inc. 5.625%, due 12/15/26		145,000		144,275
6.000%, due 07/01/24		55,000		55,962
Open Text Corp. 5.875%, due 06/01/269		100,000		102,500
Quintiles Transnational Corp. 4.875%, due 05/15/239		90,000		91,350
Rackspace Hosting, Inc. 8.625%, due 11/15/249		150,000		151,500
				821,387
Special purpose entity—1.04%
CVS Pass-Through Trust 4.704%, due 01/10/369		3,124,919		3,066,171
Daimler Finance North America LLC 2.000%, due 08/03/189		2,900,000		2,899,963
2.250%, due 09/03/199		2,150,000		2,130,311
				8,096,445

82

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate notes—(continued)
Steel producers/products—0.18%
Big River Steel LLC/BRS Finance Corp. 7.250%, due 09/01/259		61,000	$	63,440
Steel Dynamics, Inc. 5.250%, due 04/15/23		50,000		50,500
Vale Overseas Ltd. 6.250%, due 08/10/26		1,170,000		1,286,298
				1,400,238
Telecom-integrated/services—0.05%
Frontier Communications Corp. 8.500%, due 04/01/269		105,000		100,800
11.000%, due 09/15/25		308,000		249,480
Hughes Satellite Systems Corp. 7.625%, due 06/15/21		40,000		42,900
				393,180
Telecommunication services—0.04%
Altice US Finance I Corp. 5.500%, due 05/15/269		200,000		196,250
CommScope Technologies LLC 6.000%, due 06/15/259		135,000		139,050
				335,300
Telecommunications—0.62%
CommScope, Inc. 5.500%, due 06/15/249		15,000		15,150
Embarq Corp. 7.995%, due 06/01/36		165,000		155,100
Qwest Corp. 6.875%, due 09/15/33		105,000		99,553
Telecom Italia Capital SA 6.000%, due 09/30/34		40,000		39,520
Verizon Communications, Inc. 3.376%, due 02/15/25		866,000		839,321
4.672%, due 03/15/55		675,000		634,677
Virgin Media Finance PLC 6.000%, due 10/15/249		240,000		234,000
Virgin Media Secured Finance PLC 5.000%, due 04/15/279	GBP	2,200,000		2,825,872
				4,843,193
Telecommunications equipment—0.01%
CDW LLC/CDW Finance Corp. 5.000%, due 09/01/23		100,000		101,000
Telephone-integrated—0.05%
Level 3 Financing, Inc. 5.125%, due 05/01/23		210,000		207,637
5.375%, due 08/15/22		155,000		155,388
				363,025
Tobacco—0.47%
Imperial Brands Finance PLC 3.500%, due 02/11/239		3,755,000		3,661,399

	Face amount1		Value
Corporate notes—(concluded)
Transportation services—0.24%
AP Moller—Maersk A/S 2.550%, due 09/22/199		1,700,000	$	1,683,390
Transnet SOC Ltd. 4.000%, due 07/26/227		200,000		192,250
				1,875,640
Utilities—0.37%
HD Supply, Inc. 5.750%, due 04/15/249,11		90,000		94,500
IPALCO Enterprises, Inc. 3.450%, due 07/15/20		2,800,000		2,779,000
				2,873,500
Wireless telecommunication services—0.23%
CenturyLink, Inc. 5.625%, due 04/01/20		70,000		71,575
Sprint Capital Corp. 6.900%, due 05/01/19		1,700,000		1,736,125
				1,807,700
Wireless telecommunications—0.70%
AT&T, Inc. 3.800%, due 03/15/22		975,000		977,720
4.750%, due 05/15/46		515,000		471,362
5.450%, due 03/01/47		905,000		906,455
Deutsche Telekom International Finance BV 2.820%, due 01/19/229		1,600,000		1,553,036
Sprint Corp. 7.125%, due 06/15/24		235,000		241,463
7.625%, due 03/01/26		65,000		67,255
7.875%, due 09/15/23		140,000		149,275
T-Mobile USA, Inc. 5.375%, due 04/15/27		45,000		44,381
6.000%, due 03/01/23		170,000		175,100
6.000%, due 04/15/24		40,000		41,400
6.500%, due 01/15/26		95,000		99,631
Vodafone Group PLC 3.750%, due 01/16/24		715,000		706,615
				5,433,693
Total corporate notes (cost—$376,540,959)				371,828,520
Loan assignments—3.06%
Aerospace & defense—0.02%
TransDigm, Inc. 2018 Term Loan E,
1 mo. USD LIBOR + 2.500%, 4.577%, due 05/30/253		124,688		124,591
Airlines—0.02%
American Airlines, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.827%, due 06/27/253		85,000		83,513
United Airlines, Inc.
2018 Term Loan B, 0.000%, due 04/01/2417		69,823		69,561
				153,074

83

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Auto & truck—0.00%†
Tenneco, Inc.
1st Lien Term Loan B, 0.000%, due 06/14/2517		20,000	$	19,950
Automotive parts—0.03%
CS Intermediate Holdco 2 LLC 2016 Term Loan B,
3 mo. USD LIBOR + 2.000%, 4.334%, due 11/02/233		114,419		114,491
Dealer Tire, LLC 2017 Term Loan B,
3 mo. USD LIBOR + 3.250%, 5.625%, due 12/22/213		29,962		28,988
Goodyear Tire & Rubber Company (The) New 2nd Lien Term Loan,
1 mo. USD LIBOR + 2.000%, 4.080%, due 03/07/253		115,000		114,821
				258,300
Broadcast—0.25%
AlixPartners LLP 2017 Term Loan B
1 mo. USD LIBOR + 2.750%, 4.827%, due 04/04/243		325,875		326,351
Asurion LLC
2018 Term Loan B7, 0.000%, due 11/03/2317		55,000		54,911
Capital Automotive LP 2017 1st Lien Term Loan
1 mo. USD LIBOR + 2.500%, 4.580%, due 03/24/243		319,626		319,227
Clark Equipment Co. 2018 Term Loan B,
3 mo. USD LIBOR + 2.000%, 4.334%, due 05/18/243		236,365		236,155
CPG International, Inc. 2017 Term Loan,
5 mo. USD LIBOR + 3.750%, 6.251%, due 05/03/243		20,036		20,044
Emerald Expositions Holding, Inc. 2017 Term Loan B
1 mo. USD LIBOR + 2.750%, 4.827%, due 05/22/243		315,019		315,904
Gates Global LLC 2017 USD Repriced Term Loan B
3 mo. USD LIBOR + 2.750%, 5.084%, due 04/01/243		325,887		326,484
Infor (US), Inc. Term Loan B6
1 mo. USD LIBOR + 2.750%, 4.827%, due 02/01/223		322,472		322,816
				1,921,892
Building materials—0.01%
American Builders & Contractors Supply Co., Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.077%, due 10/31/233		44,886		44,657

	Face amount1		Value
Loan assignments—(continued)
Building materials—(concluded)
Forterra Finance LLC 2017 Term Loan B,
1 mo. USD LIBOR + 3.000%, 5.077%, due 10/25/233		54,772	$	51,054
				95,711
Cable—0.01%
Unitymedia Hessen GmbH & Co. KG
2018 Term Loan E, 0.000%, due 06/01/2317		55,000		54,817
Chemicals—0.02%
H.B. Fuller Co. 2017 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.086%, due 10/20/243		64,544		64,517
Solenis International, LP
2018 1st Lien Term Loan, 0.000%, due 12/18/2317		50,000		50,210
				114,727
Commercial services—0.06%
Ceridian HCM Holding, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 3.250%, 5.327%, due 04/05/253		60,000		59,975
Filtration Group Corp. 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%, 5.077%, due 03/29/253		144,638		145,149
Harland Clarke Holdings Corp. Term Loan B7, 3 mo. USD LIBOR + 4.750%, 7.084%, due 11/03/233		54,209		51,987
Iron Mountain, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.827%, due 01/02/263		49,875		49,189
PI US MergerCo, Inc. USD 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 3.500%, 5.768%, due 12/20/243		29,925		29,682
Wrangler Buyer Corp.
Term Loan B,
1 mo. USD LIBOR + 2.750%, 4.827%, due 09/27/243		139,300		139,562
				475,544
Commercial services & supplies—0.02%
Bright Horizons Family Solutions, Inc. 2017 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.827%, due 11/07/233		114,421		114,326
Computer software & services—0.12%
BMC Software Finance, Inc.
USD 2017 1st Lien Term Loan, 0.000%, due 06/26/2517		35,000		34,968

84

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Computer software & services—(concluded)
USD 2017 1st Lien Term Loan,
1 mo. USD LIBOR + 3.250%, 5.327%, due 09/10/223		324,491	$	324,581
Change Healthcare Holdings, Inc. 2017 Term Loan B
1 mo. USD LIBOR + 2.750%, 4.827%, due 03/01/243		325,875		325,243
SS&C Technologies Holdings Europe S.a.r.l.
2018 Term Loan B4, 0.000%, due 04/16/2517		56,102		56,242
SS&C Technologies Inc.
2018 Term Loan B3, 0.000%, due 04/16/2517		147,787		148,157
Western Digital Corp. 2018 Term Loan B4,
1 mo. USD LIBOR + 1.750%, 3.827%, due 04/29/233		59,850		59,825
				949,016
Computers & peripherals—0.02%
Dell, Inc. 2017 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.080%, due 09/07/233		159,198		159,211
Construction products—0.00%†
CHG PPC Parent LLC 2018 Term Loan B,
1 mo. USD LIBOR + 2.750%, 4.827%, due 03/31/253		20,000		19,975
Consumer products—0.01%
Albea Beauty Holdings SA 2018 USD Term Loan B2,
5 mo. USD LIBOR + 3.000%, 5.445%, due 04/22/243		19,950		19,867
Spectrum Brands, Inc. 2017 Term Loan B,
3 mo. USD LIBOR + 2.000%, 4.350%, due 06/23/223		54,723		54,782
				74,649
Containers & packaging—0.01%
Berry Global, Inc. 2018 Term Loan S,
1 mo. USD LIBOR + 1.750%, 3.921%, due 02/08/203		75,000		75,068
2018 Term Loan T,
1 mo. USD LIBOR + 1.750%, 3.921%, due 01/06/213		15,000		15,013
				90,081
Diversified financial services—0.02%
Travelport Finance (Luxembourg) S.a.r.l. 2018 Term Loan B,
3 mo. USD LIBOR + 2.500%, 4.830%, due 03/17/253		125,000		124,801

	Face amount1		Value
Loan assignments—(continued)
Diversified financials—0.04%
First Data Corp. 2024 USD Term Loan,
1 mo. USD LIBOR + 2.000%, 4.069%, due 04/26/243		215,000	$	214,899
LPL Holdings, Inc. 2017 1st Lien Term Loan B,
1 mo. USD LIBOR + 2.250%, 4.336%, due 09/23/243		114,424		114,424
				329,323
Diversified telecommunication services—0.01%
TDC A/S
USD Term Loan, 0.000%, due 05/31/2517		60,000		60,300
Electric utilities—0.05%
NRG Energy, Inc. 2016 Term Loan B,
3 mo. USD LIBOR + 1.750%, 4.084%, due 06/30/233		84,569		84,353
Talen Energy Supply, LLC 2017 Term Loan B2
1 mo. USD LIBOR + 4.000%, 6.077%, due 04/15/243		324,885		326,841
				411,194
Electric-generation—0.04%
Vistra Operations Co. LLC 2016 Term Loan B2
1 mo. USD LIBOR + 2.250%, 4.327%, due 12/14/233		339,825		339,641
Electronic equipment & instruments—0.00%†
Celestica, Inc. 2018 1st Lien Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.077%, due 06/14/253		10,000		9,969
Electronics—0.02%
Microchip Technology Incorporated 2018 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.080%, due 05/29/253		35,000		35,070
Micron Technology, Inc. Term Loan, 1 mo. USD LIBOR + 1.750%, 3.830%, due 04/26/223		114,071		114,308
Southwire Co. 2018 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.079%, due 05/15/253		20,000		20,033
				169,411
Engineering & construction—0.02%
Minimax GmbH & Co. KG
2018 USD Term Loan B, 0.000%, due 06/14/2517		80,000		80,300

85

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Engineering & construction—(concluded)
Reece Ltd. 2018 Term Loan B,
2 mo. USD LIBOR + 2.000%, 4.340%, due 07/02/253		40,000	$	40,000
				120,300
Entertainment—0.01%
GVC Holdings PLC 2018 USD Term Loan,
1 mo. USD LIBOR + 2.500%, 4.577%, due 03/29/243		24,937		24,937
Lions Gate Entertainment Corp. 2018 Term Loan B,
1 mo. USD LIBOR + 2.250%, 4.314%, due 03/24/253		29,925		30,000
				54,937
Environmental—0.02%
Clean Harbors, Inc. 2017 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.827%, due 06/27/243		114,422		114,374
Finance-captive automotive—0.01%
Prime Security Services Borrower LLC 2016 1st Lien Term Loan,
1 mo. USD LIBOR + 2.750%, 4.827%, due 05/02/223		104,736		104,842
Financial services—0.07%
Avolon TLB Borrower 1 (US) LLC Term Loan B3, 1 mo. USD LIBOR + 2.000%, 4.086%, due 01/15/253		214,460		212,877
Clipper Acquisitions Corp.
2017 Term Loan B, 0.000%, due 12/27/2417		34,912		34,782
Crown Finance US, Inc. 2018 USD Term Loan,
1 mo. USD LIBOR + 2.500%, 4.577%, due 02/28/253		159,600		159,051
Fortress Investment Group LLC
2018 Term Loan B, 0.000%, due 12/27/2217		60,000		60,015
Harbourvest Partners LLC 2018 Term Loan B,
1 mo. USD LIBOR + 2.250%, 4.322%, due 03/01/253		112,563		112,422
				579,147
Food products—0.04%
Albertsons, LLC USD 2017 Term Loan B4,
1 mo. USD LIBOR + 2.750%, 4.827%, due 08/25/213		159,579		158,890
USD 2017 Term Loan B6,
3 mo. USD LIBOR + 3.000%, 5.319%, due 06/22/233		109,447		108,717

	Face amount1		Value
Loan assignments—(continued)
Food products—(concluded)
Aramark Services, Inc. 2018 Term Loan B2,
3 mo. USD LIBOR + 1.750%, 4.084%, due 03/28/243		45,000	$	45,056
2018 Term Loan B3,
3 mo. USD LIBOR + 1.750%, 4.084%, due 03/11/253		10,000		10,008
US Foods, Inc.
2016 Term Loan B, 0.000%, due 06/27/2317		14,962		14,950
				337,621
Gaming—0.15%
Cedar Fair LP 2017 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.827%, due 04/13/243		115,000		115,216
Churchill Downs Incorporated 2017 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.080%, due 12/27/243		144,035		144,035
CityCenter Holdings LLC 2017 Term Loan B
1 mo. USD LIBOR + 2.250%, 4.327%, due 04/18/243		326,700		326,925
Mohegan Tribal Gaming Authority 2016 Term Loan B,
1 mo. USD LIBOR + 4.000%, 6.077%, due 10/13/233		129,662		121,018
Penn National Gaming, Inc. 2017 Term Loan B,
1 mo. USD LIBOR + 2.500%, 4.577%, due 01/19/243		85,172		85,439
Scientific Games International, Inc. 2018 Term Loan B5,
2 mo. USD LIBOR + 2.750%, 4.921%, due 08/14/243		214,463		214,493
The Stars Group Holdings BV
2018 USD Incremental Term Loan, 0.000%, due 07/10/2517		25,000		25,212
WMG Acquisition Corp. 2018 Term Loan F,
1 mo. USD LIBOR + 2.125%, 4.202%, due 11/01/233		160,000		159,309
				1,191,647
Health care providers & services—0.08%
Convatec, Inc. USD 2016 Term Loan B,
3 mo. USD LIBOR + 2.250%, 4.584%, due 10/31/233		119,550		119,550
Envision Healthcare Corp. 2016 Term Loan B
1 mo. USD LIBOR + 3.000%, 5.080%, due 12/01/233		189,258		189,062

86

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Health care providers & services—(concluded)
MPH Acquisition Holdings LLC 2016 Term Loan B,
3 mo. USD LIBOR + 2.750%, 5.084%, due 06/07/233		152,930	$	152,891
Team Health Holdings, Inc. 1st Lien Term Loan,
1 mo. USD LIBOR + 2.750%, 4.827%, due 02/06/243		129,672		125,944
				587,447
Health services—0.00%†
Ortho-Clinical Diagnostics SA
2018 Term Loan B, 0.000%, due 06/30/2517		10,000		9,984
Hotels, restaurants & leisure—0.07%
Eldorado Resorts LLC 2017 Term Loan B
1 mo. USD LIBOR + 2.250%, 4.375%, due 04/17/243		217,743		217,651
Four Seasons Holdings, Inc. New 1st Lien Term Loan
1 mo. USD LIBOR + 2.000%, 4.077%, due 11/30/233		339,825		339,584
				557,235
Hotels, restaurants & leisure—0.00%†
Las Vegas Sands, LLC
2018 Term Loan B, 0.000%, due 03/27/2517		34,825		34,738
Industrial conglomerates—0.02%
Gardner Denver, Inc. 2017 USD Term Loan B,
1 mo. USD LIBOR + 2.750%, 4.827%, due 07/30/243		123,795		124,021
IT consulting & services—0.06%
Fleetcor Technologies, Inc. 2017 Term Loan B3,
1 mo. USD LIBOR + 2.000%, 4.077%, due 08/02/243		124,373		124,270
Gartner, Inc. 2016 Term Loan A
1 mo. USD LIBOR + 2.000%, 4.077%, due 03/20/223		309,375		309,375
				433,645
Lodging—0.55%
Belmond Interfin Ltd.
Dollar Term Loan, 0.000%, due 07/03/2417		129,347		129,401
Caesars Resort Collection, LLC 2017 1st Lien Term Loan B,
1 mo. USD LIBOR + 2.750%, 4.827%, due 12/22/243		104,475		104,850
Hilton Worldwide Finance LLC Term Loan B2
1 mo. USD LIBOR + 1.750%, 3.814%, due 10/25/233		3,954,313		3,967,085

	Face amount1		Value
Loan assignments—(continued)
Lodging—(concluded)
NCL Corp. Ltd. 2017 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.822%, due 10/10/213		114,425	$	114,568
RHP Hotel Properties LP
2017 Term Loan B, 0.000%, due 05/11/2417		26,932		26,905
				4,342,809
Machinery—0.02%
Sensata Technologies BV 2015 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.824%, due 10/14/213		115,000		115,263
Titan Acquisition Ltd. 2018 Term Loan B,
1 mo. USD LIBOR + 3.000%, 5.076%, due 03/28/253		64,838		63,712
				178,975
Machinery-construction & mining—0.02%
Brookfield WEC Holdings, Inc.
2018 1st Lien Term Loan, 0.000%, due 07/25/2517		70,000		70,449
Terex Corp. 2018 Term Loan B,
3 mo. USD LIBOR + 2.000%, 4.334%, due 01/31/243		114,420		114,420
				184,869
Machinery-diversified—0.02%
Zodiac Pool Solutions LLC
2018 Term Loan B, 0.000%, due 03/31/2517		115,000		114,952
Manufacturing-diversified—0.02%
Penn Engineering & Manufacturing Corp. 2017 USD Term Loan B,
1 mo. USD LIBOR + 2.750%, 4.827%, due 06/27/243		129,347		129,267
Media—0.23%
Cogeco Communications (USA) II LP 2017 1st Lien Term Loan,
1 mo. USD LIBOR + 2.375%, 4.452%, due 01/03/253		135,000		134,943
CSC Holdings LLC 2017 1st Lien Term Loan
1 mo. USD LIBOR + 2.250%, 4.322%, due 07/17/253		325,875		323,838
Cumulus Media New Holdings, Inc.
Exit Term Loan, 0.000%, due 05/15/2217		50,000		49,300
Gray Television, Inc. 2017 Term Loan B
2 mo. USD LIBOR + 2.250%, 4.331%, due 02/07/243		306,021		305,792

87

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Media—(concluded)
Lamar Media Corp. 2018 Term Loan B,
1 mo. USD LIBOR + 1.750%, 3.875%, due 03/14/253		114,713	$	114,808
Nielsen Finance LLC USD Term Loan B4
1 mo. USD LIBOR + 2.000%, 4.097%, due 10/04/233		325,875		323,956
Sinclair Television Group, Inc. Term Loan B2
1 mo. USD LIBOR + 2.250%, 4.330%, due 01/03/243		334,900		334,481
Univision Communications, Inc.
Term Loan C5,
1 mo. USD LIBOR + 2.750%, 4.827%, due 03/15/243		218,807		212,243
				1,799,361
Medical providers—0.02%
HCA, Inc. 2018 Term Loan B10,
1 mo. USD LIBOR + 2.000%, 4.077%, due 03/13/253		159,600		160,465
Oil & gas—0.10%
BCP Raptor LLC
Term Loan B,
2 mo. USD LIBOR + 4.250%, 6.421%, due 06/24/243		89,610		85,662
Brazos Delaware II LLC Term Loan B, 1 mo. USD LIBOR + 4.000%, 6.086%, due 05/21/253		20,000		19,658
Energy Transfer Equity LP USD 2017 Term Loan B
1 mo. USD LIBOR + 2.000%, 4.064%, due 02/02/243		281,888		280,938
Kestrel Acquisition, LLC 2018 Term Loan B,
1 mo. USD LIBOR + 4.250%, 6.330%, due 05/01/253		25,000		25,180
Lucid Energy Group II LLC 2018 1st Lien Term Loan,
1 mo. USD LIBOR + 3.000%, 5.079%, due 02/17/253		84,788		82,138
Medallion Midland Acquisition LLC 1st Lien Term Loan,
1 mo. USD LIBOR + 3.250%, 5.327%, due 10/30/243		64,725		63,612
TPF II Power LLC Term Loan B
1 mo. USD LIBOR + 3.750%, 5.827%, due 10/02/233		188,301		189,066
				746,254
Packaging & containers—0.08%
Berlin Packaging LLC 2018 Term Loan B,
1 mo. USD LIBOR + 3.000%, 5.100%, due 11/07/253		105,000		104,978

	Face amount1		Value
Loan assignments—(continued)
Packaging & containers—(concluded)
BWAY Holding Co. 2017 Term Loan B
3 mo. USD LIBOR + 3.250%, 5.581%, due 04/03/243		326,700	$	325,681
Pro Mach Group, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 3.000%, 5.097%, due 03/07/253		114,713		113,852
Trident TPI Holdings, Inc. 2017 USD Term Loan B1,
1 mo. USD LIBOR + 3.250%, 5.327%, due 10/17/243		59,850		59,580
				604,091
Pharmaceuticals—0.08%
Akorn, Inc.
Term Loan B,
1 mo. USD LIBOR + 4.750%, 6.875%, due 04/16/213		10,000		9,808
Amneal Pharmaceuticals LLC 2018 Term Loan B,
1 mo. USD LIBOR + 3.500%, 5.625%, due 05/04/253		104,976		105,698
Endo Luxembourg Finance Co. I S.a r.l. 2017 Term Loan B,
1 mo. USD LIBOR + 4.250%, 6.375%, due 04/29/243		64,836		64,850
Grifols Worldwide Operations USA, Inc. 2017 Acquisition Term Loan,
USD LIBOR + 2.250%, 4.200%, due 01/31/253		159,194		159,624
Syneos Health, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.077%, due 08/01/243		33,623		33,591
Valeant Pharmaceuticals International, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 3.000%, 5.092%, due 06/01/253		213,173		213,363
				586,934
Real estate—0.05%
ESH Hospitality, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.077%, due 08/30/233		309,882		309,364
Jo-Ann Stores, Inc. 2016 Term Loan,
3 mo. USD LIBOR + 5.000%, 7.347%, due 10/20/233		34,154		34,218
MGM Growth Properties Operating Partnership LP 2016 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.077%, due 04/25/233		54,720		54,746
				398,328

88

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Retail—0.05%
1011778 B.C. Unlimited Liability Co. Term Loan B3,
1 mo. USD LIBOR + 2.250%, 4.327%, due 02/16/243		104,470	$	104,361
Beacon Roofing Supply, Inc. 2017 Term Loan B,
1 mo. USD LIBOR + 2.250%, 4.347%, due 01/02/253		139,650		139,446
BJ's Wholesale Club, Inc. 2017 1st Lien Term Loan,
1 mo. USD LIBOR + 3.500%, 5.597%, due 02/03/243		159,594		159,794
				403,601
Retail-specialty—0.04%
Bass Pro Group LLC Term Loan B
1 mo. USD LIBOR + 5.000%, 7.077%, due 09/25/243		172,840		174,190
Michaels Stores, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 2.500%, 4.572%, due 01/28/233		74,813		74,696
Sally Holdings LLC Term Loan B1,
1 mo. USD LIBOR + 2.250%, 4.327%, due 07/05/243		49,749		48,443
				297,329
Semiconductor—0.01%
MKS Instruments, Inc. Term Loan B4,
1 mo. USD LIBOR + 1.750%, 3.827%, due 05/01/233		113,687		113,972
Semiconductor equipment & products—0.01%
ON Semiconductor Corp.
2018 1st Lien Term Loan B, 0.000%, due 03/31/2317		71,887		71,927
Software—0.03%
IQVIA, Inc. 2018 USD Term Loan B3,
3 mo. USD LIBOR + 1.750%, 4.084%, due 06/07/253		45,000		44,676
Open Text Corp. Term Loan B, 1 mo. USD LIBOR + 1.750%, 3.827%, due 05/23/253		24,938		25,031
Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan,
3 mo. USD LIBOR + 3.000%, 5.363%, due 11/03/233		109,723		109,134
Sound Inpatient Physicians
2018 1st Lien Term Loan, 0.000%, due 06/27/2517		25,000		25,062
Vertafore, Inc.
2018 1st Lien Term Loan B, 0.000%, due 07/02/2517		60,000		59,833
				263,736

	Face amount1		Value
Loan assignments—(continued)
Software & services—0.07%
Greeneden U.S. Holdings II, LLC 2018 USD Term Loan B,
1 mo. USD LIBOR + 3.500%, 5.577%, due 12/01/233		270,896	$	272,153
Kronos Incorporated 2017 Term Loan B,
3 mo. USD LIBOR + 3.000%, 5.358%, due 11/01/233		74,813		74,991
Riverbed Technology, Inc. 2016 Term Loan,
1 mo. USD LIBOR + 3.250%, 5.330%, due 04/24/223		104,175		103,561
VeriFone, Inc. 2018 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.077%, due 01/31/253		114,713		114,521
				565,226
Support-services—0.02%
ServiceMaster Co. 2016 Term Loan B
1 mo. USD LIBOR + 2.500%, 4.577%, due 11/08/233		170,255		170,213
Telecom-integrated/services—0.04%
Frontier Communications Corp. 2017 Term Loan B1,
1 mo. USD LIBOR + 3.750%, 5.830%, due 06/15/243		326,700		321,682
Telecommunication services—0.08%
Altice US Finance I Corp. 2017 Term Loan B,
1 mo. USD LIBOR + 2.250%, 4.327%, due 07/28/253		326,700		325,066
SBA Senior Finance II LLC 2018 Term Loan B,
1 mo. USD LIBOR + 2.000%, 4.080%, due 04/11/253		144,624		144,227
Switch Ltd. 2017 Term Loan B,
1 mo. USD LIBOR + 2.250%, 4.327%, due 06/27/243		124,372		124,838
				594,131
Telecommunications—0.08%
GTT Communications, Inc. 2018 USD Term Loan B,
1 mo. USD LIBOR + 2.750%, 4.830%, due 05/31/253		145,000		143,450
Numericable Group SA USD Term Loan B11
1 mo. USD LIBOR + 2.750%, 4.822%, due 07/31/253		325,875		310,233
Telenet Financing USD, LLC
USD Term Loan AN, 0.000%, due 08/15/2617		75,000		74,552

89

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(concluded)
Telecommunications—(concluded)
West Corp. 2018 Term Loan B1,
1 mo. USD LIBOR + 3.500%, 5.577%, due 10/10/243		35,000	$	34,796
2017 Term Loan,
1 mo. USD LIBOR + 4.000%, 6.077%, due 10/10/243		84,600		84,579
				647,610
Trading companies & distributors—0.01%
MRC Global (US), Inc. 2018 1st Lien Term Loan B,
1 mo. USD LIBOR + 3.000%, 5.077%, due 09/20/243		59,850		59,999
Wireless telecommunication services—0.10%
CenturyLink, Inc. 2017 Term Loan B,
1 mo. USD LIBOR + 2.750%, 4.827%, due 01/31/253		328,350		323,096
Intelsat Jackson Holdings SA 2017 Term Loan B3,
1 mo. USD LIBOR + 3.750%, 5.827%, due 11/27/233		95,000		95,253
Sprint Communications, Inc. 1st Lien Term Loan B,
1 mo. USD LIBOR + 2.500%, 4.625%, due 02/02/243		325,875		325,794
				744,143
Total loan assignments (cost—$23,842,472)				23,820,315
Non-US government obligations—3.87%
Angolan Government International Bond 8.250%, due 05/09/287		200,000		207,240
Argentine Republic Government International Bond 2.500%, due 12/31/3811		1,105,000		665,762
6.250%, due 04/22/19		2,300,000		2,313,363
Bermuda Government International Bond 4.854%, due 02/06/247		200,000		207,250
Bonos de la Nacion Argentina con Ajuste por CER 3.750%, due 02/08/19	ARS	22,300,000		787,313
4.000%, due 03/06/20	ARS	43,800,000		1,682,557
Brazil Minas SPE via State of Minas Gerais 5.333%, due 02/15/287		200,000		194,500
Brazilian Government International Bond 7.125%, due 01/20/37		100,000		111,850
8.250%, due 01/20/34		70,000		85,225
Colombia Government International Bond 6.125%, due 01/18/41		320,000		360,800
8.125%, due 05/21/24		100,000		121,000
Costa Rica Government International Bond 7.158%, due 03/12/457		230,000		240,350
Croatia Government International Bond 5.500%, due 04/04/237		400,000		425,584
6.625%, due 07/14/207		120,000		126,593

	Face amount1		Value
Non-US government obligations—(continued)
Dominican Republic International Bond 6.850%, due 01/27/457		100,000	$	101,828
Egypt Government International Bond 7.903%, due 02/21/487		250,000		248,116
Ghana Government International Bond 7.625%, due 05/16/297		200,000		206,614
10.750%, due 10/14/307		200,000		258,662
Hungary Government International Bond 7.625%, due 03/29/41		150,000		211,875
Indonesia Government International Bond 6.625%, due 02/17/377		240,000		285,897
7.750%, due 01/17/387		100,000		133,385
Israel Government International Bond 4.125%, due 01/17/48		1,600,000		1,550,768
Ivory Coast Government International Bond 5.750%, due 12/31/327,11		582,750		553,671
Japan Bank for International Cooperation/Japan 2.875%, due 07/21/27		2,200,000		2,116,236
Japan Finance Organization for Municipalities 2.125%, due 04/13/219		2,000,000		1,939,521
2.625%, due 04/20/229		2,500,000		2,434,047
Japan International Cooperation Agency 2.750%, due 04/27/27		1,300,000		1,232,585
Kenya Government International Bond 8.250%, due 02/28/487		200,000		201,998
Kuwait International Government Bond 2.750%, due 03/20/229		1,700,000		1,659,795
Lebanon Government International Bond 6.850%, due 03/23/277		80,000		67,416
Mexico Government International Bond 5.750%, due 10/12/10		426,000		419,610
Mongolia Government International Bond 5.625%, due 05/01/237		200,000		195,171
Morocco Government International Bond 4.250%, due 12/11/227		200,000		203,000
Nigeria Government International Bond 5.625%, due 06/27/22		60,000		60,600
6.750%, due 01/28/217		400,000		418,500
7.143%, due 02/23/307		200,000		199,174
Oman Government International Bond 5.625%, due 01/17/287		200,000		195,248
Panama Government International Bond 6.700%, due 01/26/36		50,000		61,937
8.875%, due 09/30/27		80,000		108,400
Paraguay Government International Bond 6.100%, due 08/11/447		200,000		217,000
Qatar Government International Bond 4.500%, due 04/23/289		1,700,000		1,734,136
5.103%, due 04/23/487		200,000		204,256
5.103%, due 04/23/489		1,600,000		1,634,048
Republic of Azerbaijan International Bond 4.750%, due 03/18/247		270,000		270,393
Republic of South Africa Government International Bond 5.500%, due 03/09/20		100,000		102,879
5.875%, due 06/22/30		200,000		202,192

90

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Non-US government obligations—(concluded)
Republic of Turkey Government International Bond 6.875%, due 03/17/36		50,000	$	45,920
Romanian Government International Bond 4.875%, due 01/22/247		50,000		52,063
6.750%, due 02/07/227		160,000		175,405
Russian Foreign Bond - Eurobond 4.250%, due 06/23/277		200,000		194,931
7.500%, due 03/31/307,11		267,000		297,286
Serbia International Bond 4.875%, due 02/25/207		400,000		407,000
South Africa Government International Bond 6.875%, due 05/27/19		100,000		102,725
Sri Lanka Government International Bond 6.200%, due 05/11/277		200,000		192,290
6.250%, due 07/27/217		200,000		204,748
6.750%, due 04/18/287		200,000		197,805
Turkey Government International Bond 5.125%, due 03/25/22		450,000		431,437
5.625%, due 03/30/21		110,000		108,370
6.125%, due 10/24/28		200,000		182,500
7.375%, due 02/05/25		430,000		437,525
Uruguay Government International Bond 5.100%, due 06/18/50		197,500		199,682
Total non-US government obligations (cost—$31,537,575)				30,188,032
Municipal bonds and notes—1.41%
Education—0.09%
Will County Community High School District No. 210 Lincoln-Way (Capital Appreciation), (AGM Insured), 4.016%, due 01/01/2115		780,000		743,597
General obligation—0.66%
Alabama Economic Settlement Authority, Series B, 3.163%, due 09/15/25		2,000,000		1,973,300
City of Chicago, Series B, 7.375%, due 01/01/33		1,600,000		1,803,536
State of Illinois 5.877%, due 03/01/19		1,335,000		1,355,426
				5,132,262
Transportation—0.42%
Harris County Metropolitan Transportation Authority (Build America Bonds), Series C, 6.875%, due 11/01/38		3,100,000		3,246,320
Utilities—0.24%
Cincinnati Water System Revenue (Build America Bonds), Series B, 6.458%, due 12/01/34		100,000		104,767

	Face amount1		Value
Municipal bonds and notes—(concluded)
Utilities—(concluded)
Metropolitan Water District Southern California (Build America Bonds) 5.906%, due 07/01/25		1,700,000	$	1,749,589
				1,854,356
Total municipal bonds and notes (cost—$10,550,952)				10,976,535
Commercial paper—0.24%
Schlumberger Holdings 2.677%, due 10/03/18 (cost—$1,891,289)		1,900,000		1,891,289
Short-term US government obligation18—0.17%
US Treasury Bill 1.926%, due 08/23/18 (cost—$1,348,441)		1,350,000		1,348,455

	Number of contracts		Notional amount
Options purchased—0.00%†
Call options—0.00%†
Canada Government Bond 10 Year Futures, strike @ $159.50, expires 08/17/18 (Counterparty: MSCI)		67	CAD	10,686,500	258
US Bond Future Option Futures, strike @ $168 expires 08/24/18 (Counterparty: MSCI)		41	USD	6,888,000	41
US Bond Future Option Futures, strike @ $170 expires 08/24/18 (Counterparty: MSCI)		75	USD	12,750,000	75
US Bond Future Option Futures, strike @ $171 expires 08/24/18 (Counterparty: MSCI)		7	USD	1,197,000	7
US Bond Future Option Futures, strike @ $175 expires 08/24/18 (Counterparty: MSCI)		20	USD	3,500,000	20
					401
Put options—0.00%†
US Treasury Note 10 Year Futures, strike @ $106.50, expires 08/24/18 (Counterparty: MSCI)		200	USD	21,300,000	200
US Treasury Note 10 Year Futures, strike @ $107.00, expires 08/24/18 (Counterparty: MSCI)		626	USD	66,982,000	626
US Treasury Note 10 Year Futures, strike @ $107.50, expires 08/24/18 (Counterparty: MSCI)		300	USD	32,250,000	300

91

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

	Number of contracts		Notional amount		Value
Options purchased—(concluded)
Put options—(concluded)
US Treasury Note 10 Year Futures, strike @ $108.00, expires 08/24/18 (Counterparty: MSCI)		245	USD	26,460,000	$	245
US Treasury Note 5 Year Futures, strike @ $106.25, expires 08/24/18 (Counterparty: MSCI)		100	USD	10,625,000		100
US Treasury Note 5 Year Futures, strike @ $106.50, expires 08/24/18 (Counterparty: MSCI)		100	USD	10,650,000		100
US Treasury Note 5 Year Futures, strike @ $106.75, expires 08/24/18 (Counterparty: MSCI)		195	USD	20,816,250		195
US Treasury Note 5 Year Futures, strike @ $107.00, expires 08/24/18 (Counterparty: MSCI)		122	USD	13,054,000		122
						1,888
Total options purchased (cost—$17,939)						2,289
Swaptions purchased—0.03%
Put swaptions—0.03%
3 Month USD LIBOR Interest Rate Swap, strike @ 2.905%, expires 08/22/184 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/22/48		3,600,000	USD	3,600,000		134,643
3 Month USD LIBOR Interest Rate Swap, strike @ 2.940%, expires 08/22/184 (Counterparty: GSB; pay floating rate); underlying swap terminates 08/22/48		1,200,000	USD	1,200,000		37,068

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.943%, expires 12/16/194 (Counterparty: GSB; pay floating rate); underlying swap terminates 12/16/49		500,000	USD	500,000	$	36,839
Total swaptions purchased (cost—$496,360)						208,550

	Number of shares
Short-term investment—0.57%
Investment companies—0.57%
State Street Institutional U.S. Government Money Market Fund (cost—$4,454,932)		4,454,932		4,454,932
Investment of cash collateral from securities loaned—1.11%
Money market fund—1.11%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$8,610,323)		8,610,323		8,610,323
Total investments (cost—$1,052,478,063)—133.62%				1,042,093,559
Liabilities in excess of other assets—(33.62)%				(262,174,602	)
Net assets—100.00%			$	779,918,957

For a listing of defined portfolio acronyms, counterparty acronyms and currency type abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

92

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Portfolio of investments—July 31, 2018

Foreign exchange options written

Notional amount (000)		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation
USD	4,100		4,100,000	USD Call/MXN Put, strike @ MXN 19.18	HSBC	08/24/18	$	22,447	$	(20,832	)	$	1,615
USD	1,600		1,600,000	USD Call/MXN Put, strike @ MXN 19.34	HSBC	09/05/18		10,360		(9,006	)		1,354
USD	2,850		2,850,000	USD Call/MXN Put, strike @ MXN 19.50	JPMCB	08/21/18		46,996		(4,785	)		42,211
USD	2,500		2,500,000	USD Call/MXN Put, strike @ MXN 19.70	JPMCB	08/22/18		17,526		(2,903	)		14,623
USD	1,700		1,700,000	USD Call/MXN Put, strike @ MXN 19.89	BNP	08/20/18		12,318		(828	)		11,490
							$	109,647	$	(38,354	)	$	71,293
				Put options
AUD	8,200		8,200,000	AUD Put/USD Call, strike @ USD 0.73	GSB	08/23/18	$	32,783	$	(7,920	)	$	24,863
							$	142,430	$	(46,274	)	$	96,156

Swaptions written

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	2,400		2,400,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.750%, terminating 12/16/24	GSB	Pay	12/12/19	$	26,182	$	(54,871	)	$	(28,689	)
USD	5,100		5,100,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.800%, terminating 08/22/23	GSB	Pay	08/20/18		113,591		(48,022	)		65,569
USD	15,800		15,800,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.800%, terminating 08/22/23	MSCI	Pay	08/20/18		352,560		(148,772	)		203,788
								$	492,333	$	(251,665	)	$	240,668

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
	427	EUR	3 Month EURIBOR Futures	September 2018	$	125,184,940	$	125,221,314	$	36,374
	113	EUR	3 Month EURIBOR Futures	December 2018		33,121,049		33,131,586		10,537
	40	EUR	Call Options on Euro BTP Futures 08/24/18, strike @ EUR 152	August 2018		508		468		(40	)
	20	EUR	Call Options on Euro Oat Futures 08/24/18, strike @ EUR 168	August 2018		254		234		(20	)
	43	EUR	Call Options on Euro Oat Futures 08/24/18, strike @ EUR 197	August 2018		546		503		(43	)

93

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

Futures contracts—(concluded)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts—(concluded)
	111	EUR	Put Options on Euro Bund Futures 08/24/18, strike @ EUR 144	August 2018	$	1,410		$	1,298		$	(112	)
	150	EUR	Put Options on Euro Bund Futures 08/24/18, strike @ EUR 145	August 2018		1,905			1,754			(151	)
	26	USD	90-Day Eurodollar Futures	March 2019		6,319,327			6,316,050			(3,277	)
	2	USD	Australian Dollar Future	September 2018		152,398			148,780			(3,618	)
	4	USD	British Pound Future	September 2018		335,895			328,750			(7,145	)
	2	USD	Canadian Dollar Futures	September 2018		154,258			153,990			(268	)
US Treasury futures buy contracts:
	1,058	USD	US Treasury Note 10 Year Futures	September 2018		126,843,998			126,348,344			(495,654	)
	200	USD	US Treasury Note 2 Year Futures	September 2018		42,295,045			42,275,000			(20,045	)
	724	USD	US Treasury Note 5 Year Futures	September 2018		82,111,010			81,902,500			(208,510	)
					$	416,522,543		$	415,830,571		$	(691,972	)
Interest rate futures sell contracts:
	223	AUD	Australian Bond 10 Year Futures	September 2018		(21,145,551	)		(21,407,033	)		(261,482	)
	64	CAD	Canada Government Bond 10 Year Futures	September 2018		(6,603,839	)		(6,630,495	)		(26,656	)
	43	EUR	German Euro Bund Futures	September 2018		(8,061,169	)		(8,124,573	)		(63,404	)
	37	EUR	German Euro Buxl 30 Year Futures	September 2018		(7,591,052	)		(7,597,500	)		(6,448	)
	54	EUR	German Euro Schatz Futures	September 2018		(7,071,695	)		(7,066,230	)		5,465
	117	EUR	Italian Government Bond Futures	September 2018		(17,522,147	)		(17,416,415	)		105,732
	302	EUR	Mid-Term Euro-OAT Futures	September 2018		(54,070,679	)		(54,288,778	)		(218,099	)
	36	EUR	Put Options on Euro Bund Futures 08/24/18, strike @ EUR 160	August 2018		(10,487	)		(6,314	)		4,173
	62	EUR	Put Options on Euro Bund Futures 08/24/18, strike @ EUR 160.5	August 2018		(27,488	)		(17,400	)		10,088
	171	USD	90-Day Eurodollar Futures	June 2020		(41,529,327	)		(41,437,575	)		91,752
	151	USD	90-Day Eurodollar Futures	September 2020		(36,624,239	)		(36,592,963	)		31,276
	79	USD	90-Day Eurodollar Futures	December 2020		(19,141,406	)		(19,143,675	)		(2,269	)
	2	USD	Euro Fx Futures with American Style Options	September 2018		(297,317	)		(293,438	)		3,879
US Treasury futures sell contracts:
	27	USD	Ultra Long US Treasury Bond Futures	September 2018		(4,208,112	)		(4,236,469	)		(28,357	)
	296	USD	US Long Bond Futures	September 2018		(41,832,924	)		(42,318,750	)		(485,826	)
	160	USD	US Ultra Treasury Note 10 Year Futures	September 2018		(20,287,426	)		(20,337,500	)		(50,074	)
					$	(286,024,858	)	$	(286,915,108	)	$	(890,250	)
											$	(1,582,222	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	GBP	14,907,000	USD	19,520,412	08/02/18	$	(45,764	)
BB	MXN	13,497,700	USD	709,875	08/23/18		(11,851	)
BB	MXN	12,628,000	USD	655,887	08/27/18		(18,893	)
BB	MYR	2,596,159	USD	650,324	09/19/18		12,559

94

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	9,449,659	GBP	7,119,000	08/02/18	$	(105,619	)
BNP	EUR	14,367,000	USD	16,753,215	08/02/18		(46,836	)
BNP	USD	298,783	INR	20,439,741	09/19/18		(2,438	)
BNP	USD	2,934,699	JPY	323,400,000	08/15/18		(40,003	)
BNP	USD	3,341,888	MXN	67,220,000	08/27/18		250,025
BNP	USD	119,503	ZAR	1,514,000	08/08/18		(4,611	)
BOA	EUR	12,028,000	USD	14,049,774	09/04/18		(48,604	)
BOA	GBP	2,545,000	USD	3,338,831	08/02/18		(1,607	)
BOA	JPY	1,992,900,000	USD	18,283,793	08/15/18		445,699
BOA	SEK	12,635,000	USD	1,445,280	08/15/18		6,951
BOA	USD	14,016,228	EUR	12,028,000	08/02/18		48,713
BOA	USD	2,807,803	JPY	310,000,000	08/15/18		(33,048	)
CITI	BRL	2,431,868	USD	647,652	08/02/18		(276	)
CITI	BRL	2,431,868	USD	650,241	09/05/18		4,834
CITI	GBP	1,582,000	USD	2,074,833	08/02/18		(1,621	)
CITI	GBP	1,619,000	USD	2,134,068	08/02/18		9,050
CITI	GBP	8,736,000	USD	11,457,323	09/04/18		(24,397	)
CITI	JPY	173,700,000	USD	1,565,175	08/15/18		10,417
CITI	MXN	78,484,000	USD	3,987,453	08/27/18		(206,354	)
CITI	USD	652,850	BRL	2,431,868	08/02/18		(4,923	)
CITI	USD	2,391,826	EUR	2,050,000	08/02/18		5,341
CITI	USD	11,441,966	GBP	8,736,000	08/02/18		24,466
CITI	USD	16,438,322	JPY	1,795,700,000	08/15/18		(365,330	)
CITI	USD	631,967	MXN	12,735,000	08/27/18		48,530
CITI	USD	1,674,598	SEK	14,850,000	08/15/18		15,879
CSI	BRL	4,212,099	USD	1,121,761	08/02/18		(478	)
CSI	MXN	18,632,000	USD	928,286	08/27/18		(67,318	)
CSI	USD	1,105,973	BRL	4,212,099	08/02/18		16,266
DB	BRL	4,212,099	USD	1,086,660	08/02/18		(35,579	)
DB	MXN	37,906,000	USD	1,875,458	08/27/18		(150,056	)
DB	USD	1,121,761	BRL	4,212,099	08/02/18		478
DB	USD	677,267	BRL	2,635,381	09/05/18		22,152
GSI	BRL	1,038,555	USD	270,000	08/02/18		(6,705	)
GSI	GBP	1,568,000	USD	2,053,981	08/02/18		(4,096	)
GSI	JPY	344,400,000	USD	3,121,734	08/15/18		39,071
GSI	MXN	66,345,000	USD	3,277,554	08/27/18		(267,604	)
GSI	USD	11,731,668	SEK	100,060,000	08/15/18		(341,152	)
GSI	USD	276,587	BRL	1,038,555	08/02/18		118
GSI	USD	3,156,349	JPY	346,400,000	08/15/18		(55,784	)
GSI	USD	8,385,552	MXN	166,026,179	08/27/18		486,087
HSBC	MXN	12,938,000	USD	626,605	08/27/18		(64,739	)
HSBC	USD	6,301,401	GBP	4,798,000	08/02/18		(3,788	)
JPMCB	AUD	1,578,000	USD	1,190,335	08/15/18		17,865
JPMCB	BRL	1,393,313	USD	375,000	08/02/18		3,777
JPMCB	EUR	918,000	USD	1,073,043	08/02/18		(420	)

95

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	JPY	3,428,200,000	USD	31,282,055	08/15/18	$	596,845
JPMCB	MXN	12,746,340	USD	684,000	08/23/18		2,450
JPMCB	MXN	24,040,000	USD	1,258,955	08/27/18		(25,627	)
JPMCB	MXN	28,538,179	USD	1,529,787	08/27/18		4,844
JPMCB	SEK	18,020,000	USD	2,062,105	08/15/18		10,765
JPMCB	USD	371,065	BRL	1,393,313	08/02/18		158
JPMCB	USD	338,029	EUR	289,000	08/02/18		(87	)
JPMCB	USD	21,744,217	JPY	2,396,700,000	08/15/18		(291,780	)
JPMCB	USD	6,104,718	JPY	685,200,000	08/15/18		28,385
JPMCB	USD	1,662,441	MXN	33,530,000	08/27/18		129,241
JPMCB	USD	1,514,894	MXN	28,538,179	10/26/18		(4,705	)
						$	(41,127	)

Centrally cleared credit default swap agreements on corporate issues—sell protection²¹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio19			Upfront payments received (made)			Value		Unrealized appreciation
Berkshire Hathaway, Inc. bond, 1.550%, due 02/09/18	USD	2,200	12/20/21	Quarterly		1.000	%	$	(12,354	)	$	50,473	$	38,119
Carefour Operates Supermarkets, bond, 1.750%, due 05/22/19	EUR	1,500	06/20/23	Quarterly		1.000			(10,041	)		17,022		6,981
Exelon Generation Co. LLC, bond, 6.200%, due 10/01/17	USD	2,000	12/20/21	Quarterly		1.000			60,759			33,667		94,426
MetLife, Inc. bond, 4.75%, due 02/08/21	USD	1,900	12/20/21	Quarterly		1.000			15,424			42,455		57,879
Tesco PLC, bond, 6.000%, due 12/14/29	EUR	3,000	06/20/22	Quarterly		1.000			109,206			44,715		153,921
Verizon Communications, Inc., bond, 2.550%, due 06/17/19	USD	1,600	12/20/22	Quarterly		1.000			(27,585	)		33,639		6,054
								$	135,409		$	221,971	$	357,380

Centrally cleared credit default swap agreements on credit indices—buy protection²⁰

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio19			Upfront payments received (made)		Value			Unrealized depreciation
CDX North America High Yield 29 Index	USD	4,600	12/20/22	Quarterly		5.000	%	$	336,796	$	(365,033	)	$	(28,237	)
CDX North America High Yield 26 Index	USD	4,229	06/20/21	Quarterly		5.000			97,527		(340,703	)		(243,176	)
								$	434,323	$	(705,736	)	$	(271,413	)

96

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

Centrally cleared credit default swap agreements on credit indices—sell protection²¹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio19			Upfront payments received (made)			Value		Unrealized appreciation
CDX North American Investment Grade 30 Index	USD	129,700	06/20/23	Quarterly		1.000	%	$	(2,071,388	)	$	2,602,647	$	531,259
CDX North America High Yield 30 Index	USD	1,000	06/20/23	Quarterly		5.000			(56,018	)		76,379		20,361
CDX North American Investment Grade 28 Index	USD	40,600	06/20/22	Quarterly		1.000			(623,501	)		833,829		210,328
								$	(2,750,907	)	$	3,512,855	$	761,948

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio19	Payments received by the Portfolio19	Value			Unrealized appreciation (depreciation)
USD	13,500	12/20/27	Quarterly	2.500%	3 Month USD LIBOR	$	614,017		$	939,172
JPY	310,000	03/21/28	Semi-Annual	0.300	6 Month JPY LIBOR		2,724			(18,454	)
JPY	3,180,000	03/18/26	Semi-Annual	0.300	6 Month JPY LIBOR		(187,757	)		(9,730	)
USD	32,600	12/05/19	Semi-Annual	3 Month USD LIBOR	1.958%		(371,153	)		(371,153	)
JPY	230,000	06/19/28	Semi-Annual	0.399	6 Month JPY LIBOR		(14,316	)		(14,128	)
USD	13,700	06/20/28	Quarterly	2.250	3 Month USD LIBOR		924,114			186,495
GBP	9,600	09/19/28	Semi-Annual	1.500	6 Month GBP LIBOR		125,576			(95,746	)
JPY	20,000	06/19/28	Semi-Annual	0.380	6 Month JPY LIBOR		(906	)		(1,217	)
GBP	10,500	09/19/23	Semi-Annual	1.500	6 Month GBP LIBOR		(62,148	)		(60,106	)
EUR	5,900	07/04/42	Annual	6 Month EURIBOR	1.501		6,322			(17,225	)
EUR	2,300	09/21/48	Annual	6 Month EURIBOR	1.500		(22,545	)		3,732
EUR	28,600	09/19/28	Annual	6 Month EURIBOR	1.250		905,678			120,535
EUR	5,000	12/19/28	Annual	6 Month EURIBOR	1.250		126,547			41,809
BRL	14,900	01/04/21	Monthly	1 Month Brazilian Interbank Deposit Average	9.200		37,887			52,397
GBP	2,600	12/19/28	Semi-Annual	1.500	6 Month GBP LIBOR		42,054			(819	)
JPY	230,000	03/21/29	Semi-Annual	0.450	6 Month JPY LIBOR		(11,820	)		4,957
BRL	118,300	01/02/20	Monthly	1 Month Brazilian Interbank Deposit Average	7.500		(76,962	)		(1,313	)
GBP	4,900	12/21/48	Semi-Annual	1.500	6 Month GBP LIBOR		298,866			275,892
BRL	79,200	01/02/20	Monthly	1 Month Brazilian Interbank Deposit Average	7.750		12,545			156,005
JPY	60,000	03/23/48	Semi-Annual	1.000	6 Month JPY LIBOR		(12,406	)		(10,532	)
JPY	390,000	03/22/38	Semi-Annual	0.750	6 Month JPY LIBOR		(16,898	)		(27,302	)
CAD	500	12/16/46	Semi-Annual	1.750	3 Month Canadian Bankers Acceptance Rate		85,205			91,449
JPY	3,620,000	03/18/26	Semi-Annual	0.300	6 Month JPY LIBOR		(218,333	)		(48,395	)
JPY	580,000	09/21/27	Semi-Annual	0.300	6 Month JPY LIBOR		(6,894	)		19,643
						$	2,179,397		$	1,215,966

97

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

Credit default swap agreements on corporate issues—sell protection²¹

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio19			Upfront payments received (made)		Value			Unrealized appreciation
BNP	Petroleo Brasileiro SA, bond, 8.375%, due 12/10/18	USD	1,300	03/20/20	Quarterly		1.000	%	$	62,765	$	(8,116	)	$	54,649
GSI	Petroleo Brasileiro SA, bond, 8.375%, due 12/10/18	USD	1,500	03/20/20	Quarterly		1.000			75,307		(9,364	)		65,943
									$	138,072	$	(17,480	)	$	120,592

Credit default swap agreements on credit indices—sell protection²¹

Counterparty

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments received by the Portfolio19

Upfront payments received (made)

Value

Unrealized appreciation

BOA

CMBX.NA.AAA.9 Index

USD

3,200

09/17/58

Monthly

0.500

%

$

235,556

$

9,303

$

244,859

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government obligations	$	—	$	196,327,540	$	—	$	196,327,540
Government national mortgage association certificates		—		18,651		—		18,651
Federal home loan mortgage corporation certificates		—		4,305,752		—		4,305,752
Federal housing administration certificates		—		1,919		—		1,919
Federal national mortgage association certificates		—		191,856,002		12,102		191,868,104
Collateralized mortgage obligations		—		106,209,975		—		106,209,975
Asset-backed securities		—		90,032,378		—		90,032,378
Corporate notes		—		371,828,520		—		371,828,520
Loan assignments		—		23,820,315		—		23,820,315
Non-US government obligations		—		30,188,032		—		30,188,032
Municipal bonds and notes		—		10,976,535		—		10,976,535
Commercial paper		—		1,891,289		—		1,891,289
Short-term US government obligation		—		1,348,455		—		1,348,455
Options purchased		2,289		—		—		2,289
Swaptions purchased		—		208,550		—		208,550

98

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

Fair valuation summary—(concluded)

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Short-term investment	$	—		$	4,454,932		$	—	$	4,454,932
Investment of cash collateral from securities loaned		—			8,610,323			—		8,610,323
Futures contracts		299,276			—			—		299,276
Forward foreign currency contracts		—			2,240,966			—		2,240,966
Swap agreements		—			6,925,664			—		6,925,664
Total	$	301,565		$	1,051,245,798		$	12,102	$	1,051,559,465
Liabilities
Swaptions written	$	—		$	(251,665	)	$	—	$	(251,665	)
Foreign exchange options written		—			(46,274	)		—		(46,274	)
Futures contracts		(1,881,498	)		—			—		(1,881,498	)
Forward foreign currency contracts		—			(2,282,093	)		—		(2,282,093	)
Swap agreements		—			(1,725,354	)		—		(1,725,354	)
Total	$	(1,881,498	)	$	(4,305,386	)	$	—	$	(6,186,884	)

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs for the year ended July 31, 2018:

	Federal housing administration certificates			Federal national mortgage association certificates			Total
Beginning balance	$	7,700		$	14,454		$	22,154
Purchases		—			—			—
Sales		(5,788	)		(2,714	)		(8,502	)
Accrued discounts/(premiums)		(38	)		—			(38	)
Total realized gain/(loss)		(169	)		—			(169	)
Net change in unrealized appreciation/depreciation		214			362			576
Transfers into Level 3		—			—			—
Transfers out of Level 3		(1,919	)		—			(1,919	)
Ending balance	$	—		$	12,102		$	12,102

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at July 31, 2018, was $95.

99

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2018

Portfolio footnotes

^†  Amount represents less than 0.005%.

¹  In US dollars unless otherwise indicated.

²  Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

³  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

⁴  Illiquid investment at period end. Illiquid assets, in the amount of $9,755,502, represented 1.25% of the Portfolio's net assets at period end.

⁵  Significant unobservable inputs were used in the valuation of this security; i.e. a Level 3 security.

⁶  Security is being fair valued by a valuation committee under the direction of the board of trustees.

⁷  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁸  Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁹  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $175,142,299, represented 22.46% of the Portfolio's net assets at period end.

¹⁰  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

¹¹  Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

¹²  Security, or portion thereof, was on loan at the period end.

¹³  Perpetual investment. Date shown reflects the next call date.

¹⁴  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

¹⁵  Rate shown reflects annualized yield at the period end on zero coupon bond.

¹⁶  Bond interest in default.

¹⁷  Position is unsettled. Contract rate was not determined at July 31, 2018 and does not take effect until settlement.

¹⁸  Rate shown is the discount rate at the date of purchase unless otherwise noted.

¹⁹  Payments made or received are based on the notional amount.

²⁰  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

²¹  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

See accompanying notes to financial statements.
100

PACE Municipal Fixed Income Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned 0.34% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays US Municipal 3-15 Year Blend Index (the "benchmark") returned 0.56%, and the Lipper Intermediate Municipal Debt Funds category posted a median return of 0.54%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 103. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments (unaudited)²

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed its benchmark during the reporting period. The primary drivers of performance versus the benchmark were positive contributions from both sector allocation and security selection, while interest rate positioning was a detractor in the rising interest rate environment.

The Portfolio's performance overall benefited from being overweight higher-yielding revenue-backed bonds and underweighted both the state and local general obligation sectors. Treasury-backed pre-refunded bonds lagged amid less demand among income-seeking retail investors, benefiting the Portfolio's underweight. Our results were particularly favorable from revenue bonds backed by hospitals and the states' settlement of litigation with US tobacco companies, as those high-yielding bonds continued to perform well amidst strong demand. Conversely, the Portfolio's overweights to airport and broker-backed prepaid gas bonds detracted from results. Within the general obligation sector, the Portfolio's underweight exposure to lagging state-backed general obligation bonds was beneficial, although a higher-quality bias among local general obligation bonds was a modest detractor from returns.

State and local government credit fundamentals were stable overall during the reporting period, supported by solid property, income and sales tax trends. Furthermore, positive credit developments included the recent US Supreme Court verdicts in the South Dakota vs. Wayfair, Inc. and Janus vs. American Federation of State, County, and Municipal Employees cases. Pension challenges continue to weigh on certain states, notably Illinois, New Jersey and Connecticut. A modest overweight to New Jersey-backed bonds was additive, as those issues outperformed. The Portfolio had no exposure to Illinois general obligation bonds (1.2% in the benchmark). This detracted from returns, as those bonds were a top performer, as their prices rallied on news of the state budget being passed on time. From

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Municipal Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

BNY Mellon Asset Management North America Corporation (f/k/a Standish Mellon Asset Management Company LLC) ("BNY Mellon AMNA")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA and Fred Lee, CFA

BNY Mellon AMNA: Daniel Marques, CFA and Daniel Rabasco, CFA

Objective:

High current income exempt from federal income tax

Investment process:

The subadvisor utilizes a strategy that involves investing

in undervalued sectors, geographical regions or individual

securities.

101

PACE Municipal Fixed Income Investments

Advisor's comments (unaudited) – concluded

a bond credit rating perspective, investment grade securities rated BBB were the strongest performers, as investors continue to exhibit heavy demand for higher-yielding bonds. The Portfolio was underweight the lowest investment grade BBB-rated segment. However, this was partially offset from being overweight A-rated revenue bonds, which also performed well.

Yields moved sharply higher during the reporting period, especially among short to intermediate maturities as the US Federal Reserve Board continues to raise interest rates. The Portfolio was positioned with a modest long duration posture, which detracted from results in the rising interest rate environment. The Portfolio's yield advantage versus the benchmark contributed to returns, although a modest overweight to 5-year bonds was a mitigating factor as this was the weakest performing area across the yield curve spectrum.

No derivatives were used during the reporting period.

Special considerations

The Portfolio may be appropriate for long-term investors seeking high current income exempt from federal income taxes. Investors should be able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The yield and value of the Portfolio change every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.03	%		2.70	%		3.50	%
Class C2		(0.42	)		2.19			2.98
Class Y3		0.34			2.94			3.75
Class P4		0.34			2.97			3.76
After deducting maximum sales charge
Class A1		(2.21	)		2.23			3.27
Class C2		(1.15	)		2.19			2.98
Bloomberg Barclays US Municipal 3-15 Year Blend Index5		0.56			3.18			4.10
Lipper Intermediate Municipal Debt Funds median		0.54			2.77			3.55

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.48	%		2.57	%		3.54	%
Class C2		0.00			2.06			3.03
Class Y3		0.79			2.83			3.79
Class P4		0.79			2.84			3.81
After deducting maximum sales charge
Class A1		(1.79	)		2.11			3.31
Class C2		(0.73	)		2.06			3.03

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, were as follows: Class A—0.92% and 0.82%; Class C—1.42% and 1.32%; Class Y—0.71% and 0.57%; and Class P—0.67% and 0.57%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—0.82%; Class C—1.32%; Class Y—0.57%; and Class P—0.57%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 2.25%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.50% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Bloomberg Barclays US Municipal 3-15 Year Blend Index is an unmanaged total return performance benchmark for the tax-exempt bond market. The Index includes municipal bonds with an effective maturity between 2 and 17 years that have at least one year to maturity and are investment grade. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

103

PACE Municipal Fixed Income Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Municipal Fixed Income Investments Class P shares versus the Bloomberg Barclays US Municipal 3-15 Year Blend Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Municipal Fixed Income Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Municipal Fixed Income Investments

104

PACE Municipal Fixed Income Investments

Portfolio statistics—July 31, 2018 (unaudited)

Characteristics
Weighted average duration			4.96 yrs.
Weighted average maturity			9.61 yrs.
Average coupon			4.99	%
Top five states1		Percentage of net assets
Texas			14.0	%
New York			11.3
Illinois			10.0
New Jersey			6.6
Pennsylvania			4.8
Total			46.7	%
Credit rating2		Percentage of total investments
AAA			8.1	%
AA			38.0
	A		32.7
BBB			4.8
Non-rated			15.7
Cash equivalents and other assets less liabilities			0.7
Total			100.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

²  Credit ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Financial Services LLC, an independent rating agency.

105

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Municipal bonds and notes—99.32%
Alabama—1.80%
Alabama Federal Aid Highway Finance Authority, Series A, 5.000%, due 09/01/29	$	2,000,000	$	2,377,060
Birmingham-Jefferson Civic Center Authority, Special Tax Revenue Subordinate Lien, Series B, 5.000%, due 07/01/321		2,000,000		2,283,280
Lower Alabama Gas District Gas Project Revenue, Series A, 5.000%, due 09/01/31		1,500,000		1,743,060
				6,403,400
Alaska—0.46%
City of Anchorage AK Wastewater Revenue Refunding, Series B, 5.000%, due 05/01/31		1,395,000		1,622,176
Arizona—1.30%
Maricopa County Industrial Development Authority (Banner Health Obligation Group), Series A, 5.000%, due 01/01/31		3,000,000		3,467,310
Salt Verde Financial Corp., Revenue Bonds 5.000%, due 12/01/32		1,000,000		1,165,400
				4,632,710
Arkansas—0.45%
University of Arkansas, (Fayetteville Campus), Series A, 5.000%, due 11/01/29		1,385,000		1,592,708
California—3.68%
California Infrastructure & Economic Development Bank Revenue Refunding (Academy of Motion Picture Arts) 5.000%, due 11/01/28		1,205,000		1,373,869
California State 5.000%, due 12/01/24		2,000,000		2,317,240
5.000%, due 08/01/30		1,000,000		1,178,610
California State Public Works Board Lease Revenue (Judicial Council Project), Series A, 5.000%, due 03/01/24		1,750,000		1,981,945
California State Public Works Board Lease Revenue Refunding, Series H, 5.000%, due 12/01/23		1,205,000		1,391,510
Los Angeles Department of Airports (Los Angeles International Airport), Series A, AMT, 5.000%, due 05/15/32		2,000,000		2,222,240
Orange County Transportation Authority Toll Road Revenue Refunding (Senior Lien 91 Express Lanes) 5.000%, due 08/15/29		1,000,000		1,133,290
Stockton Unified School District, (AGM Insured), 5.000%, due 07/01/23		1,270,000		1,414,754

	Face amount		Value
Municipal bonds and notes—(continued)
California—(concluded)
University of California Revenue Unrefunded General, Series Q, 5.250%, due 05/15/23	$	110,000	$	110,352
				13,123,810
Colorado—2.85%
Denver City & County Airport Revenue, Subseries A, AMT, 5.500%, due 11/15/26		7,000,000		8,041,040
University of Colorado Revenue Refunding, Series A-2, 5.000%, due 06/01/30		1,750,000		2,103,798
				10,144,838
Connecticut—1.49%
Connecticut State (Gaap Conversion Bonds—2013), Series A, 5.000%, due 10/15/25		2,900,000		3,196,438
Hartford County Metropolitan District Revenue (Green Bonds), Series A, 5.000%, due 11/01/29		1,870,000		2,104,218
				5,300,656
District of Columbia—1.44%
Metropolitan Washington, Airport Authority Airport System Revenue, AMT, 5.000%, due 10/01/28		2,500,000		2,921,925
Metropolitan Washington, Airport Authority Airport System Revenue, Series A, AMT, 5.000%, due 10/01/22		2,000,000		2,221,600
				5,143,525
Florida—4.19%
Broward Port Facilities Revenue Refunding, Series B, AMT, 5.000%, due 09/01/21		2,000,000		2,166,500
Citizens Property Insurance Corp. Revenue, Series A-1, 5.000%, due 06/01/25		7,000,000		8,102,850
JEA Electric System Revenue, Series A, 5.000%, due 10/01/24		1,200,000		1,359,996
Miami Beach Redevelopment Agency Tax Increment Revenue Refunding 5.000%, due 02/01/28		1,000,000		1,132,050
Orange County Florida Tourist Development Tax Revenue Refunding, Series B, 5.000%, due 10/01/30		1,885,000		2,164,941
				14,926,337
Georgia—2.22%
Atlanta Development Authority Revenue Senior Lien, Series A-1, 5.000%, due 07/01/32		2,000,000		2,269,400

106

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Municipal bonds and notes—(continued)
Georgia—(concluded)
Fulton County Development Authority of Georgia Revenue (Anticipation CTFS-Wellstar Health System, Inc. Project), Series A, 5.000%, due 04/01/36	$	1,000,000	$	1,114,390
Fulton County Development Authority of Georgia Revenue (Piedmont Healthcare, Inc. Project), Series A, 5.000%, due 07/01/27		1,500,000		1,741,995
Main Street Natural Gas, Inc. Revenue, Series A, 5.500%, due 09/15/28		1,500,000		1,783,305
Series B, 1 mo. USD LIBOR + 0.750%, 2.152%, due 04/01/482		1,000,000		996,530
				7,905,620
Illinois—10.05%
Chicago O'Hare International Airport Revenue Refunding, Series A, AMT, 5.000%, due 01/01/29		2,500,000		2,774,300
Chicago O'Hare International Airport Revenue Senior Lien, Series B, 5.000%, due 01/01/35		1,750,000		1,945,405
Chicago O'Hare International Airport Revenue, Series A, AMT, 5.000%, due 01/01/23		1,150,000		1,251,361
Cook County Forest Preservation District, (AMBAC Insured), 5.000%, due 11/15/19		5,180,000		5,386,267
Illinois County of Cook Sale Tax Revenue Refunding 5.000%, due 11/15/35		2,500,000		2,841,700
Illinois Finance Authority Revenue Advocate Health Care Network 5.000%, due 06/01/27		3,000,000		3,324,750
Illinois Finance Authority Revenue University of Chicago, Series A, 5.000%, due 10/01/29		2,440,000		2,650,743
Illinois Municipal Electric Agency Power Supply System Revenue Refunding, Series A, 5.000%, due 02/01/32		2,500,000		2,805,100
Railsplitter Tobacco Settlement Authority 5.500%, due 06/01/23		5,000,000		5,503,800
Southwestern Illinois Development Authority Health Facility Revenue (Memorial Group, Inc.) 7.125%, due 11/01/30		1,500,000		1,868,355
University of Illinois, Series A, 5.000%, due 04/01/30		1,000,000		1,094,700
University of Illinois, (Auxiliary Facilities System), Series A, 5.000%, due 04/01/27		4,000,000		4,349,240
				35,795,721
Indiana—1.56%
Indiana Finance Authority Revenue Refunding (Stadium Project), Series A, 5.250%, due 02/01/35		1,000,000		1,156,770

	Face amount		Value
Municipal bonds and notes—(continued)
Indiana—(concluded)
Richmond Hospital Authority Revenue Refunding Reid Hospital & Health Care, Series A, 5.000%, due 01/01/30	$	2,055,000	$	2,274,166
Whiting City Revenue (BP Products North America, Inc. Project), AMT, 5.000%, due 11/01/47		1,840,000		2,114,785
				5,545,721
Kentucky—0.97%
Kentucky Public Energy Authority Revenue, Series A, 4.000%, due 04/01/48		3,250,000		3,456,375
Louisiana—1.90%
East Baton Rouge Sewerage Commission Revenue Refunding, Series B, 5.000%, due 02/01/28		1,000,000		1,143,910
New Orleans Aviation Board Revenue, Series B, (AGM Insured), AMT, 5.000%, due 01/01/28		1,500,000		1,682,190
State of Louisiana State Highway Improvement Revenue, Series A, 5.000%, due 06/15/29		3,500,000		3,950,345
				6,776,445
Maryland—0.77%
Maryland Economic Development Corp. (Purple Line Light Rail Project) Revenue Bonds, Series A, AMT, 5.000%, due 03/31/24		1,000,000		1,078,990
Maryland Health & Higher Educational Facilities Authority Revenue Peninsula Regional Medical Center 5.000%, due 07/01/32		1,500,000		1,647,780
				2,726,770
Massachusetts—3.96%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes (Accelerated Bridge Program), Series A, 5.000%, due 06/15/23		2,500,000		2,787,750
Massachusetts Educational Financing Authority, Series K, AMT, 5.000%, due 07/01/22		2,500,000		2,739,425
Massachusetts State College Building Authority Revenue Refunding, Series B, 5.000%, due 05/01/29		2,500,000		2,753,225
Massachusetts State School Building Authority Dedicated Sales Tax Revenue, Series B, 5.000%, due 08/15/28		3,000,000		3,322,710
Massachusetts State, Series B, 5.000%, due 08/01/22		2,250,000		2,516,333
				14,119,443

107

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Municipal bonds and notes—(continued)
Michigan—2.76%
Detroit Sewer Disposal Revenue Senior Lien, Series A, (AGM Insured), 5.250%, due 07/01/19	$	2,500,000	$	2,576,175
Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien, Series D, 5.000%, due 07/01/26		1,100,000		1,265,638
Michigan State Finance Authority Revenue Refunding (Beaumont Health Credit Group) 5.000%, due 08/01/33		2,415,000		2,685,311
Michigan State Finance Authority Revenue Refunding (Detroit School District), Series A, 5.000%, due 05/01/22		1,485,000		1,633,158
Michigan State Finance Authority Revenue Refunding Senior Lien (Detroit Water And Sewerage), Series C-3, (AGM Insured), 5.000%, due 07/01/30		1,500,000		1,675,200
				9,835,482
Minnesota—0.29%
Minneapolis-St Paul Metropolitan Airports Commission Senior Revenue, Series C, 5.000%, due 01/01/34		900,000		1,040,193
Missouri—3.68%
City of Kansas City, Missouri Airport Revenue, Series A, AMT, 5.000%, due 09/01/23		5,000,000		5,425,600
Missouri Joint Municipal Electric Utility Commission Revenue Refunding Prairie State Project, Series A, 5.000%, due 12/01/25		2,300,000		2,652,682
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Coxhealth, Series A, 5.000%, due 11/15/34		2,000,000		2,215,780
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Saint Luke's Health System 5.000%, due 11/15/28		1,000,000		1,146,130
Missouri State Health & Educational Facilities Authority Health Facilities Revenue SSM Health Care, Series A, 5.000%, due 06/01/27		1,500,000		1,688,355
				13,128,547
Nebraska—1.98%
City of Lincoln, Nebraska Electric System Revenue 5.000%, due 09/01/22		3,790,000		4,236,500
Public Power Generation Agency Revenue Refunding Whelan Energy Center Unit 2, Series A, 5.000%, due 01/01/30		2,500,000		2,809,875
				7,046,375

	Face amount		Value
Municipal bonds and notes—(continued)
Nevada—1.00%
Las Vegas Valley Water District, Series B, 5.000%, due 06/01/25	$	2,700,000	$	2,985,606
Reno Sales Tax Revenue Refunding, First Lien, Series 2018A, 5.000%, due 06/01/33		500,000		577,190
				3,562,796
New Jersey—6.57%
New Jersey Economic Development Authority Revenue Refunding, Series WW, 5.250%, due 06/15/31		2,100,000		2,314,494
Series XX, 5.000%, due 06/15/26		1,600,000		1,773,168
New Jersey Economic Development Authority Water Facilities Revenue Refunding American Water Co., Series C, AMT, 5.100%, due 06/01/23		1,000,000		1,051,540
New Jersey Health Care Facilities Financing Authority Revenue Refunding (Virtua Health) 5.000%, due 07/01/25		1,500,000		1,705,020
New Jersey State Higher Education Assistance Authority Revenue, Series 1A, AMT, 5.000%, due 12/01/18		1,000,000		1,010,900
Series 1A, AMT, 5.000%, due 12/01/21		2,550,000		2,766,878
Series B, AMT, 5.000%, due 12/01/23		2,000,000		2,223,740
New Jersey Turnpike Authority Revenue, Series E, 5.000%, due 01/01/30		1,350,000		1,586,925
Tobacco Settlement Financing Corp. Tobacco Settlement Revenue Refunding, Series A, 5.000%, due 06/01/34		8,000,000		8,990,480
				23,423,145
New York—11.29%
Metropolitan Transportation Authority New York Dedicated Tax Fund, Subseries B-1, 5.000%, due 11/15/29		2,500,000		2,830,100
Metropolitan Transportation Authority Revenue Refunding, Series D, 5.000%, due 11/15/30		1,500,000		1,726,905
Nassau County New York Industrial Development, Series B, 5.000%, due 10/01/21		4,045,000		4,416,452
New York City Municipal Finance Authority Water & Sewer Systems Revenue Refunding, Series DD, 5.000%, due 06/15/29		1,500,000		1,713,165
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue (Second General Resolution), Series HH, 5.000%, due 06/15/29		2,500,000		2,711,725

108

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Municipal bonds and notes—(continued)
New York—(concluded)
New York City Transitional Finance Authority Future Tax Secured Revenue, Series B, 5.000%, due 02/01/23	$	1,500,000	$	1,616,700
Subseries I, 5.000%, due 05/01/23		2,435,000		2,760,633
New York City, Series E, 5.000%, due 08/01/24		3,065,000		3,448,738
Series H, 5.000%, due 08/01/25		2,990,000		3,402,979
New York State Dorm Authority State Personal Income Tax Revenue General Purpose, Series C, 5.000%, due 03/15/25		2,320,000		2,503,512
New York State Dorm Authority State University Dormitory Facilities, Series A, 5.000%, due 07/01/34		2,500,000		2,882,125
New York State Urban Development Corp. Empire State Development State Personal Income Tax Revenue Bonds, Series E, 5.000%, due 03/15/31		2,000,000		2,237,180
New York Transportation Development Corp. Special Facility Revenue Refunding (Laguardia Airport Terminal B Redevelopment), Series A, AMT, 5.000%, due 07/01/34		1,000,000		1,085,040
New York Transportation Development Corp. Special Facility Revenue Refunding (Terminal One Group Association), AMT, 5.000%, due 01/01/22		1,500,000		1,625,025
Port Authority of New York & New Jersey Revenue Consolidated (One Hundred Eighty-Fifth), AMT, 5.000%, due 09/01/22		2,400,000		2,662,824
Triborough Bridge & Tunnel Authority Revenue, Subseries 2003B-2, 1 mo. USD LIBOR + 0.350%, 1.752%, due 01/01/332		1,500,000		1,502,700
TSASC, Inc. Tobacco Settlement Bonds, Series A, 5.000%, due 06/01/34		1,000,000		1,106,650
				40,232,453
North Carolina—0.88%
North Carolina Medical Care Commission Health Care Facilities Revenue Refunding (Vidant Health) 5.000%, due 06/01/32		1,500,000		1,679,070
North Carolina Turnpike Authority Senior Lien, (AGM Insured), 5.000%, due 01/01/26		1,250,000		1,439,250
				3,118,320
Ohio—0.31%
American Municipal Power, Inc., Revenue, Series A, 5.000%, due 02/15/27		1,000,000		1,121,900

	Face amount		Value
Municipal bonds and notes—(continued)
Oregon—0.73%
Oregon State Facilities Authority Revenue Refunding (Legacy Health Project), Series A, 5.000%, due 06/01/32	$	2,300,000	$	2,606,797
Pennsylvania—4.82%
Allegheny County Port Authority Special Revenue Refunding Transportation 5.000%, due 03/01/25		1,000,000		1,072,980
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue 5.000%, due 06/01/31		1,500,000		1,699,065
Delaware Valley Regional Finance Authority, Pennsylvania Local Government Revenue Bonds, Series B, SIFMA + 0.420%, 1.360%, due 09/01/482		3,500,000		3,500,000
Pennsylvania Turnpike Commission Motor License Fund-Enhanced Turnpike Subordinate Special Revenue 5.000%, due 12/01/33		1,500,000		1,698,135
Pennsylvania Turnpike Commission Turnpike Refunding Subordinated Revenue, Series B, 5.000%, due 06/01/28		2,000,000		2,259,360
Pennsylvania Turnpike Commission Turnpike Revenue, Series B, 5.000%, due 12/01/32		1,250,000		1,411,613
Philadelphia Airport Revenue, Series B, AMT, 5.000%, due 07/01/32		1,250,000		1,417,037
Philadelphia School District Prerefunded, Series F, 5.000%, due 09/01/30		10,000		11,851
Philadelphia School District Unrefunded, Series F, 5.000%, due 09/01/30		2,640,000		2,969,947
Philadelphia School District, Series A, 5.000%, due 09/01/31		1,000,000		1,140,140
				17,180,128
Rhode Island—1.10%
Rhode Island Health & Educational Building Corp. Higher Educational Facilities Revenue (Brown University) 5.000%, due 09/01/22		3,500,000		3,913,805
South Carolina—0.77%
Columbia Waterworks & Sewer Systems Refunding 5.000%, due 02/01/28		2,500,000		2,743,225
Tennessee—0.95%
Greeneville Tennessee Health & Educational Facilities Board, Hospital Revenue Bonds (Ballad Health Obligation Group), Series A, 5.000%, due 07/01/32		1,500,000		1,636,800

109

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Municipal bonds and notes—(continued)
Tennessee—(concluded)
Tennessee Energy Acquisition Corp. Gas Revenue, Series A, 5.250%, due 09/01/26	$	1,500,000	$	1,737,045
				3,373,845
Texas—14.04%
Arlington City, Texas Special Tax Revenue Senior Lien, (AGM Insured), 5.000%, due 02/15/31		1,500,000		1,698,720
Arlington Independent School District School Building Bond, Series A, (PSF-GTD), 5.000%, due 02/15/25		1,400,000		1,577,366
Series A, (PSF-GTD), 5.000%, due 02/15/26		1,295,000		1,454,285
Central Texas Regional Mobility Authority Senior Lien Revenue, Series A, 5.000%, due 01/01/35		1,100,000		1,205,468
Central Texas Turnpike System, Series C, 5.000%, due 08/15/31		2,000,000		2,190,400
City of Brownsville, Texas Utilities System Revenue, Series A, 5.000%, due 09/01/28		2,225,000		2,471,975
Clifton Higher Education Finance Corp. Revenue Refunding Idea Public Schools, (PSF-GTD), 5.000%, due 08/15/28		1,100,000		1,243,968
Cypress-Fairbanks Independent School District, (PSF-GTD), 5.000%, due 02/15/25		2,500,000		2,802,900
Dickinson Independent School District, (PSF-GTD), 5.000%, due 02/15/30		2,500,000		2,844,800
EL Paso County Hospital District 5.000%, due 08/15/29		2,000,000		2,139,300
El Paso Texas 5.000%, due 08/15/34		2,000,000		2,286,800
Grand Parkway Transportation Corporation Bond Anticipation Notes Revenue 5.000%, due 02/01/23		500,000		553,755
Harris County Metropolitan Transportation Authority Sales & Use Tax Revenue Contractual Obligations 5.000%, due 11/01/23		2,000,000		2,285,620
Harris County Toll Road Authority Revenue Refunding Senior Lien, Series A, 5.000%, due 08/15/29		2,025,000		2,397,418
Harris County-Houston Sports Authority Revenue Refunding Senior Lien, Series A, 5.000%, due 11/15/29		1,000,000		1,123,510
Houston Airport System Revenue Refunding, Series B, 5.000%, due 07/01/29		2,000,000		2,391,960
Houston Utility System Revenue First Lien, Series D, 5.000%, due 11/15/29		2,000,000		2,183,840

	Face amount		Value
Municipal bonds and notes—(continued)
Texas—(concluded)
Love Field Airport Modernization Corp. General Airport Revenue, AMT, 5.000%, due 11/01/35	$	1,700,000	$	1,887,170
North Texas Tollway Authority Revenue Refunding, Series A, 5.000%, due 01/01/31		2,750,000		3,097,710
5.000%, due 01/01/34		2,775,000		3,096,567
Socorro Independent School District Refunding, Series A, (PSF-GTD), 5.000%, due 08/15/28		3,885,000		4,487,214
Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue Refunding (Baylor Scott and White Memorial Hospital), Series B, 5.000%, due 11/15/32		1,000,000		1,138,650
University of Houston Revenue Refunding, Series C, 5.000%, due 02/15/29		2,000,000		2,313,220
West Travis County Public Utility Agency Revenue, (BAM Insured), 5.000%, due 08/15/30		1,000,000		1,161,560
				50,034,176
Virginia—2.11%
City of Richmond, Virginia Public Utility Revenue 5.000%, due 01/15/26		2,030,000		2,394,263
Virginia College Building Authority Virginia Educational Facilities Revenue Bonds, (21st Century College), Series C, 5.000%, due 02/01/31		2,825,000		3,301,380
Virginia Small Business Financing Authority Senior Lien Revenue Bonds, (95 Express Lanes LLLC Project), AMT, 5.000%, due 07/01/34		1,700,000		1,804,397
				7,500,040
Washington—4.02%
Central Puget Sound Regional Transit Authority Revenue (Green Bonds), Series S-1, 5.000%, due 11/01/26		1,000,000		1,190,160
Energy Northwest Project 1 Electric Revenue Refunding, Series A, 5.000%, due 07/01/26		1,000,000		1,107,210
Energy Northwest Revenue Refunding, Series A, 5.000%, due 07/01/32		3,000,000		3,559,260
Port of Seattle Revenue Refunding, AMT, 5.500%, due 12/01/22		500,000		548,780
Port of Seattle Revenue, Series C, AMT, 5.000%, due 04/01/32		1,955,000		2,166,511
Washington State, Series A-1, 5.000%, due 08/01/31		5,000,000		5,745,950
				14,317,871

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Portfolio of investments—July 31, 2018

	Face amount		Value
Municipal bonds and notes—(concluded)
Wisconsin—2.93%
Public Finance Authority lease Development Revenue (Central District Development Project) 5.000%, due 03/01/34	$	1,500,000	$	1,676,145
Wisconsin Health & Educational Facilities Authority Revenue (Aspirus, Inc. Obligated Group) 5.000%, due 08/15/27		1,000,000		1,110,600
Wisconsin Health & Educational Facilities Authority Revenue (Aurora Health Care, Inc.), Series A, 5.125%, due 04/15/31		3,000,000		3,246,060
Wisconsin Health & Educational Facilities Authority Revenue (Unitypoint Health), Series A, 5.000%, due 12/01/26		1,175,000		1,337,326
WPPI Energy Power Supply Revenue, Series A, 5.000%, due 07/01/32		2,760,000		3,069,037
				10,439,168
Total municipal bonds and notes (cost—$350,304,697)				353,834,521

	Number of shares		Value
Short-term investment—0.16%
Investment companies—0.16%
State Street Institutional U.S. Government Money Market Fund (cost—$564,632)		564,632	$	564,632
Total investments (cost—$350,869,329)—99.48%				354,399,153
Other assets in excess of liabilities—0.52%				1,852,448
Net assets—100.00%			$	356,251,601

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds and notes	$	—	$	353,834,521	$	—	$	353,834,521
Short-term investment		—		564,632		—		564,632
Total	$	—	$	354,399,153	$	—	$	354,399,153

At July 31, 2018 there were no transfers between Level 1 and Level 2.

Portfolio footnotes

¹  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

²  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

See accompanying notes to financial statements.
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Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned -1.50% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Barclays Global Aggregate ex-US Index (the "benchmark") returned -0.48%, the Bloomberg Barclays Global Aggregate ex-USD 50% Hedged Index returned 1.40%, the Lipper Global Income Funds median returned -0.38%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 114. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments (unaudited)²

The Portfolio underperformed its benchmark during the reporting period. Overweight allocations to investment grade and European high yield corporate bonds were the main detractors from results. Conversely, short positioning in US duration and long positioning in peripheral Europe versus Germany were the main contributors to performance.

The Portfolio's overweight to investment grade corporate bonds detracted from performance, especially in the first half of 2018. This was driven by weak technicals caused by an increase in merger and acquisition (M&A) related supply in the market. This, combined with slightly deteriorating fundamentals, such as increased leverage at the aggregate level, was detrimental to the sector's performance. We moved from an overweight in investment grade corporate bonds to an almost neutral position relative to benchmark towards the end of the period, as we became more cautious on the direction of spreads over the near-term. The Portfolio's overweight to European high yield corporate bonds also detracted from results during the first half of 2018, as political risks in Europe weighed on investor sentiment. This overshadowed very strong fundamentals, as there have been no defaults this year and leverage levels are encouraging.

The Portfolio's long-term strategic short positioning in US duration in the two-year to 10-year part of the curve contributed to performance for most of the period. US growth remained healthy and the Federal Reserve Board's preferred measure of inflation reached its target for the first time since early 2011. The US economy is still on a particularly steady path, with the initial estimate for second quarter 2018 gross domestic product growth of 4.1%. Meanwhile, retail sales grew 6.6% in June 2018 versus the previous year and the Purchasing Managers Indexes held steady in July. The Portfolio's positioning in periphery Europe, mainly via long positions in Spain (10 year and 30 year) and Portugal (10 year) compared to Germany also contributed to performance. Yield/spread tightening in Spain and Portugal relative to Germany occurred on the back of strong fundamentals and healthy technicals. There were also rating upgrades for Spain earlier this year that opened the door for new investors. We remain positive on Spanish government bonds.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Global Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

J.P. Morgan Investment Management, Inc. (d/b/a J.P. Morgan Asset Management) ("J.P. Morgan")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA and Fred Lee, CFA

J.P. Morgan: Iain Stealey, CFA and Linda Raggi, CFA since January 2017

Objective:

High total return

Investment process:

The subadvisor utilizes a strategy that involves investing

primarily in global fixed income securities either directly

or through the use of financial derivative instruments

where appropriate.

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Subadvisor's comments (unaudited) – concluded

We utilized derivatives over the period for efficient portfolio management purposes. The main types of financial derivative contracts we use are interest rate futures and foreign exchange currency forwards contracts. This allows us to implement our strategy as well as to hedge or take currency risk. We used interest rate futures to take a short position in US duration via Eurodollar futures contracts. Overall, the use of derivatives was beneficial to our portfolio management process.

Special considerations

The Portfolio may be appropriate for long-term investors seeking high total return and who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The yield and value of the Portfolio change every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging markets than in more developed countries.

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PACE Global Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.72	)%		0.87	%		1.54	%
Class C2		(2.18	)		0.37			1.05
Class Y3		(1.51	)		1.04			1.76
Class P4		(1.50	)		1.05			1.75
After deducting maximum sales charge
Class A1		(5.39	)		0.11			1.15
Class C2		(2.90	)		0.37			1.05
Bloomberg Barclays Global Aggregate Index5		(0.48	)		1.21			2.55
Bloomberg Barclays Global Aggregate ex USD 50% Hedged Index6		1.40			2.20			3.07
Lipper Global Income Funds median		(0.38	)		1.69			3.22

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.03	%		1.08	%		1.59	%
Class C2		(0.45	)		0.61			1.10
Class Y3		0.14			1.27			1.80
Class P4		0.25			1.29			1.80
After deducting maximum sales charge
Class A1		(3.68	)		0.31			1.20
Class C2		(1.19	)		0.61			1.10

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.29% and 1.06%; Class C—1.77% and 1.54%; Class Y—1.13% and 0.90%; and Class P—1.11% and 0.87%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.03%; Class C—1.51%; Class Y—0.87%; and Class P—0.84%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.50% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Bloomberg Barclays Global Aggregate Index is an unmanaged broad-based, market capitalization weighted index which is designed to measure the broad global markets for US and non US corporate, government, governmental agency, supranational, mortgage-backed and asset-backed fixed income securities. Investors should note that indices do not reflect the deduction of fees and expenses.

⁶  The Bloomberg Barclays Global Aggregate ex USD 50% Hedged Index, is an index which provides a broad-based measure of the global investment grade fixed income markets excluding US dollar-denominated debt and provides 50% of its currency exposure in the US dollar. The other major currency exposures in this index are the Euro, the Japanese yen and, to a lesser extent, the British pound and the Canadian dollar. The two major components of this index are the Pan-European Aggregate and the Asian-Pacific Aggregate indices. The index also includes Canadian, Euro-yen, and other non-USD-denominated investment grade aggregate index eligible securities not already in the indices already noted. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

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PACE Global Fixed Income Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Global Fixed Income Investments Class P shares versus the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global Aggregate ex USD 50% Hedged Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Global Fixed Income Investments is a professionally managed portfolio while the Indices are not available for investment and are unmanaged. The comparison is shown for illustration purposes only.

PACE Global Fixed Income Investments

115

PACE Global Fixed Income Investments

Portfolio statistics—July 31, 2018 (unaudited)

Characteristics
Weighted average duration		6.46 yrs.
Weighted average maturity		11.84 yrs.
Average coupon		2.97	%
Top ten holdings1	Percentage of net assets
Japan Government Five Year Bond, 0.100% due 09/20/21		4.7	%
FHLMC TBA, 4.000%		3.3
Japan Government Twenty Year Bond, 2.200% due 09/20/26		3.1
Japan Government Two Year Bond, 0.100% due 09/15/19		2.9
US Treasury Note, 1.375%, due 12/15/19		2.4
FNMA TBA, 3.500%		2.1
Italy Buoni Poliennali Del Tesoro, 2.000% due 02/01/28		1.5
US Treasury Inflation Index Note (TIPS), 0.125% due 04/15/19		1.5
FNMA TBA, 4.500%		1.4
Korea Treasury Bond, 3.000% due 09/10/24		1.4
Total		24.3	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		41.8	%
Japan		16.5
United Kingdom		7.4
Italy		5.3
Netherlands		5.1
Total		76.1	%
Investments by type of issuer1	Percentage of total investments
Government and other public issuers		59.0	%
Industrial		20.0
Banks and other financial institutions		19.0
Investment companies		11.7
Cash equivalents and other assets less liabilities		(9.7	)
Total		100.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

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PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Government debt securities—48.59%
Argentina—0.09%
Argentine Republic Government International Bond 3.875%, due 01/15/221	EUR	200,000	$	224,132
6.875%, due 01/11/48	USD	187,000		146,423
				370,555
Australia—2.07%
Australia Government Bond 3.000%, due 03/21/471	AUD	3,900,000		2,829,077
4.250%, due 04/21/261	AUD	4,050,000		3,364,297
5.750%, due 07/15/221	AUD	2,600,000		2,191,307
				8,384,681
Austria—0.67%
Republic of Austria Government Bond 1.200%, due 10/20/251,2	EUR	2,200,000		2,737,883
Belgium—0.97%
Kingdom of Belgium Government Bond 4.250%, due 09/28/221	EUR	1,250,000		1,734,175
5.000%, due 03/28/351,2	EUR	1,200,000		2,204,608
				3,938,783
Canada—2.08%
Canadian Government Bond 1.750%, due 03/01/23	CAD	3,500,000		2,633,643
5.000%, due 06/01/37	CAD	650,000		696,559
5.750%, due 06/01/33	CAD	910,000		991,427
Province of Ontario Canada 2.400%, due 06/02/26	CAD	4,050,000		3,002,078
Province of Quebec Canada 5.000%, due 12/01/41	CAD	1,100,000		1,104,964
				8,428,671
Colombia—0.05%
Colombia Government International Bond 5.000%, due 06/15/45	USD	216,000		214,920
Denmark—0.43%
Denmark Government Bond 1.500%, due 11/15/23	DKK	10,250,000		1,742,311
Egypt—0.13%
Egypt Government International Bond 4.750%, due 04/16/262	EUR	230,000		263,476
5.625%, due 04/16/302	EUR	220,000		247,606
				511,082
France—0.16%
French Republic Government Bond OAT 4.000%, due 04/25/551	EUR	350,000		669,406
Germany—1.30%
Bundesrepublik Deutschland Bundesanleihe 4.750%, due 07/04/341	EUR	2,800,000		5,257,298

	Face amount		Value
Government debt securities—(continued)
Hungary—1.10%
Hungary Government Bond 0.500%, due 04/21/21	HUF	238,120,000	$	843,565
1.750%, due 10/26/22	HUF	297,010,000		1,068,000
7.500%, due 11/12/20	HUF	455,000,000		1,890,800
Hungary Government International Bond 5.375%, due 03/25/24	USD	600,000		644,760
				4,447,125
Indonesia—0.73%
Indonesia Government International Bond 3.375%, due 04/15/231	USD	1,950,000		1,897,272
Indonesia Treasury Bond 7.000%, due 05/15/27	IDR	16,042,000,000		1,049,728
				2,947,000
Ireland—0.30%
Ireland Government Bond 1.000%, due 05/15/261	EUR	1,030,000		1,239,573
Italy—3.82%
Italy Buoni Poliennali Del Tesoro 2.000%, due 02/01/28	EUR	5,550,000		6,102,088
2.050%, due 08/01/27	EUR	1,440,000		1,600,193
4.750%, due 09/01/21	EUR	3,700,000		4,774,631
5.000%, due 09/01/401	EUR	2,100,000		3,021,143
				15,498,055
Japan—16.37%
Japan Government Five Year Bond 0.100%, due 09/20/21	JPY	2,137,300,000		19,243,824
Japan Government Forty Year Bond 2.200%, due 03/20/51	JPY	405,100,000		5,093,213
Japan Government Thirty Year Bond 1.700%, due 06/20/44	JPY	183,450,000		2,037,548
2.300%, due 12/20/36	JPY	386,850,000		4,566,432
2.300%, due 03/20/39	JPY	162,900,000		1,946,467
Japan Government Twenty Year Bond 0.700%, due 03/20/37	JPY	463,100,000		4,292,170
2.100%, due 09/20/29	JPY	435,600,000		4,743,118
2.200%, due 09/20/26	JPY	1,195,150,000		12,605,217
Japan Government Two Year Bond 0.100%, due 09/15/19	JPY	1,319,850,000		11,833,146
				66,361,135
Luxembourg—0.94%
European Financial Stability Facility 0.400%, due 05/31/261	EUR	3,290,000		3,804,135
Malaysia—0.25%
Malaysia Government Bond 4.160%, due 07/15/21	MYR	4,100,000		1,023,852
Mexico—0.63%
Mexican Bonos 5.750%, due 03/05/26	MXN	28,950,000		1,373,800

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Portfolio of investments—July 31, 2018

	Face amount		Value
Government debt securities—(continued)
Mexico—(concluded)
Mexico Government International Bond 4.125%, due 01/21/263	USD	1,180,000	$	1,171,740
				2,545,540
Netherlands—0.62%
Netherlands Government Bond 1.750%, due 07/15/231,2	EUR	850,000		1,087,335
4.000%, due 01/15/371,2	EUR	800,000		1,437,291
				2,524,626
New Zealand—0.03%
New Zealand Government Bond 2.750%, due 04/15/371	NZD	181,000		116,636
Oman—0.28%
Oman Government International Bond 4.750%, due 06/15/261	USD	1,200,000		1,133,978
Poland—1.11%
Republic of Poland Government Bond 5.750%, due 09/23/22	PLN	3,850,000		1,197,454
Republic of Poland Government International Bond 1.500%, due 09/09/251	EUR	500,000		609,144
3.000%, due 03/17/23	USD	2,750,000		2,701,462
				4,508,060
Portugal—1.19%
Portugal Government International Bond 5.125%, due 10/15/241	USD	1,000,000		1,042,664
Portugal Obrigacoes do Tesouro OT 2.250%, due 04/18/341,2	EUR	250,000		291,177
4.125%, due 04/14/271,2	EUR	2,490,000		3,506,549
				4,840,390
Qatar—0.39%
Qatar Government International Bond 2.375%, due 06/02/211	USD	900,000		874,125
5.103%, due 04/23/482	USD	680,000		694,470
				1,568,595
Russia—0.11%
Russian Federal Bond—OFZ 8.150%, due 02/03/27	RUB	26,050,000		431,945
Saudi Arabia—0.07%
Saudi Government International Bond 4.500%, due 10/26/461	USD	300,000		282,750
Slovenia—0.14%
Slovenia Government International Bond 5.250%, due 02/18/241	USD	510,000		553,393

	Face amount		Value
Government debt securities—(concluded)
South Korea—1.67%
Korea Treasury Bond 3.000%, due 09/10/24	KRW	5,964,350,000	$	5,486,930
5.750%, due 09/10/18	KRW	1,426,460,000		1,280,921
				6,767,851
Spain—2.88%
Spain Government Bond 1.400%, due 01/31/20	EUR	1,700,000		2,041,309
1.500%, due 04/30/271,2	EUR	1,800,000		2,155,396
2.700%, due 10/31/481,2	EUR	3,468,000		4,236,578
4.900%, due 07/30/401,2	EUR	1,100,000		1,896,787
5.850%, due 01/31/221,2	EUR	950,000		1,338,831
				11,668,901
Sri Lanka—0.08%
Sri Lanka Government International Bond 5.750%, due 04/18/232	USD	340,000		335,987
Supranationals—0.07%
European Union 3.375%, due 04/04/321	EUR	200,000		302,741
Sweden—0.37%
Sweden Government Bond 3.500%, due 06/01/22	SEK	11,625,000		1,510,399
United Arab Emirates—0.49%
Abu Dhabi Government International Bond 3.125%, due 10/11/272	USD	2,100,000		1,977,654
United Kingdom—2.53%
United Kingdom Gilt 1.750%, due 09/07/221	GBP	550,000		745,230
3.250%, due 01/22/441	GBP	2,730,000		4,641,906
3.750%, due 09/07/211	GBP	1,200,000		1,715,032
4.250%, due 12/07/551	GBP	1,400,000		3,146,898
				10,249,066
United States—4.47%
US Treasury Bond 3.000%, due 02/15/47	USD	2,561,900		2,523,472
US Treasury Inflation Index Note (TIPS) 0.125%, due 04/15/19	USD	6,140,706		6,085,216
US Treasury Note 1.375%, due 12/15/19	USD	9,670,000		9,513,240
				18,121,928
Total government debt securities (cost—$198,085,193)				197,016,905
Corporate debt securities—38.60%
Australia—0.73%
BHP Billiton Finance Ltd.
(fixed, converts to FRN on 10/22/22), 6.500%, due 10/22/771	GBP	280,000		417,877
Westpac Banking Corp. 2.100%, due 02/25/211	USD	2,600,000		2,529,498
				2,947,375

118

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate debt securities—(continued)
Canada—2.19%
Bausch Health Cos., Inc. 5.875%, due 05/15/232,3	USD	50,000	$	48,025
7.000%, due 03/15/242	USD	250,000		265,062
Canadian Imperial Bank of Commerce 2.350%, due 07/27/221	USD	1,100,000		1,060,955
Canadian Natural Resources Ltd. 3.900%, due 02/01/25	USD	80,000		79,383
Cenovus Energy, Inc. 4.250%, due 04/15/27	USD	210,000		203,980
5.200%, due 09/15/43	USD	137,000		133,377
6.750%, due 11/15/39	USD	221,000		253,877
Fortis, Inc. 3.055%, due 10/04/26	USD	655,000		600,153
Hydro-Quebec 6.500%, due 02/15/35	CAD	750,000		825,752
MEG Energy Corp. 6.500%, due 01/15/252,3	USD	150,000		147,563
National Bank of Canada 0.500%, due 01/26/221	EUR	2,000,000		2,370,670
Precision Drilling Corp. 7.750%, due 12/15/233	USD	175,000		185,062
The Toronto-Dominion Bank 0.250%, due 04/27/221	EUR	1,600,000		1,877,856
TransCanada PipeLines Ltd. 4.250%, due 05/15/28	USD	685,000		691,703
Videotron Ltd. 5.375%, due 06/15/242	USD	145,000		149,713
				8,893,131
Cayman Islands—0.15%
Shimao Property Holdings Ltd. 4.750%, due 07/03/221	USD	420,000		400,191
UPCB Finance IV Ltd. 5.375%, due 01/15/252	USD	200,000		194,500
				594,691
France—3.20%
Air Liquide Finance SA 2.250%, due 09/27/232,3	USD	410,000		383,787
Altice France SA 5.625%, due 05/15/241	EUR	200,000		242,490
Cie de Saint-Gobain 5.625%, due 11/15/241	GBP	100,000		156,259
Credit Agricole Home Loan SFH SA 0.625%, due 09/11/231	EUR	2,700,000		3,210,953
Credit Agricole SA 3.750%, due 04/24/232	USD	650,000		640,422
Dexia Credit Local SA 1.250%, due 11/26/241	EUR	1,700,000		2,076,310
Elis SA 1.875%, due 02/15/231	EUR	200,000		235,039
Engie SA 2.875%, due 10/10/221	USD	2,369,000		2,309,967
Europcar Mobility Group 4.125%, due 11/15/241	EUR	200,000		231,078
5.750%, due 06/15/221	EUR	100,000		120,193

	Face amount		Value
Corporate debt securities—(continued)
France—(concluded)
Faurecia SA 2.625%, due 06/15/251	EUR	300,000	$	359,196
La Financiere Atalian SASU 4.000%, due 05/15/241	EUR	250,000		282,208
Orano SA 4.875%, due 09/23/24	EUR	200,000		248,838
Rexel SA 2.125%, due 06/15/251	EUR	175,000		198,186
Societe Generale SA 5.200%, due 04/15/211	USD	800,000		832,426
SPIE SA 3.125%, due 03/22/241	EUR	300,000		351,640
Total Capital SA 5.125%, due 03/26/241	EUR	550,000		809,368
Vallourec SA 6.625%, due 10/15/221	EUR	250,000		302,333
				12,990,693
Germany—0.41%
CTC BondCo GmbH 5.250%, due 12/15/251	EUR	350,000		401,146
IHO Verwaltungs GmbH 4.000% PIK, 3.250%, due 09/15/231,4	EUR	150,000		178,736
Nidda BondCo GmbH 5.000%, due 09/30/251	EUR	200,000		221,885
Nidda Healthcare Holding GmbH 3.500%, due 09/30/241	EUR	250,000		285,441
Tele Columbus AG 3.875%, due 05/02/252	EUR	200,000		224,843
Unitymedia GmbH 3.750%, due 01/15/271	EUR	300,000		368,345
				1,680,396
Hong Kong—0.10%
Hong Kong Red Star Macalline Universal Home Furnishings Ltd. 3.375%, due 09/21/221	USD	500,000		419,957
Indonesia—0.41%
Pertamina Persero PT 4.300%, due 05/20/231	USD	1,650,000		1,645,557
Ireland—0.48%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.650%, due 07/21/27	USD	375,000		345,926
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.750%, due 03/15/241	EUR	300,000		352,802
7.250%, due 05/15/242,3	USD	225,000		234,563
GE Capital International Funding Co., Unlimited Co. 3.373%, due 11/15/25	USD	410,000		393,641
Shire Acquisitions Investments Ireland DAC 2.875%, due 09/23/23	USD	670,000		632,914
				1,959,846

119

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate debt securities—(continued)
Italy—1.45%
Autostrade per l'Italia SpA 1.750%, due 06/26/261	EUR	500,000	$	585,023
6.250%, due 06/09/22	GBP	1,000,000		1,517,921
Eni SpA 1.125%, due 09/19/281	EUR	900,000		981,559
EVOCA SpA 7.000%, due 10/15/231	EUR	125,000		154,629
Intesa Sanpaolo SpA 3.875%, due 07/14/272	USD	440,000		384,319
Leonardo SpA 4.875%, due 03/24/25	EUR	300,000		403,764
Telecom Italia SpA 3.000%, due 09/30/251	EUR	450,000		535,511
Wind Tre SpA 2.625%, due 01/20/231	EUR	100,000		110,942
3.125%, due 01/20/251	EUR	900,000		983,461
5.000%, due 01/20/262	USD	250,000		224,525
				5,881,654
Japan—0.14%
Sumitomo Mitsui Banking Corp. 3.200%, due 07/18/22	USD	580,000		571,312
Jersey—0.21%
Heathrow Funding Ltd. 6.750%, due 12/03/261	GBP	500,000		857,588
Luxembourg—0.92%
Altice Finco SA 4.750%, due 01/15/281	EUR	300,000		304,603
Altice Luxembourg SA 6.250%, due 02/15/251	EUR	250,000		283,933
7.750%, due 05/15/222	USD	150,000		149,250
Dana Financing Luxembourg Sarl 6.500%, due 06/01/262,3	USD	235,000		237,938
eDreams ODIGEO SA 8.500%, due 08/01/211	EUR	195,402		237,684
Fiat Chrysler Finance Europe SA 4.750%, due 07/15/221	EUR	350,000		457,717
INEOS Group Holdings SA 5.375%, due 08/01/241	EUR	200,000		246,148
Intelsat Jackson Holdings SA 8.000%, due 02/15/242,3	USD	200,000		210,250
Matterhorn Telecom Holding SA 4.875%, due 05/01/231	EUR	200,000		236,560
Picard Bondco SA 5.500%, due 11/30/241	EUR	200,000		224,890
SES SA
(fixed, converts to FRN on 01/02/22), 4.625%, due 01/02/221,5	EUR	300,000		372,818
SIG Combibloc Holdings SCA 7.750%, due 02/15/231	EUR	300,000		364,865
Telenet Finance VI Luxembourg SCA 4.875%, due 07/15/271	EUR	324,000		402,071
				3,728,727

	Face amount		Value
Corporate debt securities—(continued)
Mexico—0.28%
Petroleos Mexicanos 4.250%, due 01/15/25	USD	510,000	$	475,575
6.750%, due 09/21/47	USD	700,000		645,750
				1,121,325
Netherlands—4.44%
ABN AMRO Bank N.V. 2.375%, due 01/23/241	EUR	1,800,000		2,339,087
(fixed, converts to FRN on 06/30/20), 2.875%, due 06/30/251	EUR	1,400,000		1,706,421
6.375%, due 04/27/211	EUR	1,950,000		2,647,343
Airbus Finance BV 2.125%, due 10/29/291	EUR	400,000		502,144
EDP Finance BV 1.125%, due 02/12/241	EUR	800,000		935,507
2.000%, due 04/22/251	EUR	910,000		1,100,664
Enel Finance International N.V. 1.966%, due 01/27/25	EUR	264,000		320,139
5.750%, due 09/14/401	GBP	250,000		416,593
Iberdrola International BV 0.375%, due 09/15/251	EUR	500,000		558,771
ING Bank N.V. 3.375%, due 01/10/221	EUR	3,200,000		4,179,975
ING Groep N.V.
(fixed, converts to FRN on 04/11/23), 3.000%, due 04/11/28	EUR	1,600,000		1,988,325
Nyrstar Netherlands Holdings BV 6.875%, due 03/15/241	EUR	225,000		210,483
Telefonica Europe BV
(fixed, converts to FRN on 03/31/24), 5.875%, due 03/31/241,5	EUR	400,000		520,945
Teva Pharmaceutical Finance Netherlands II BV 1.125%, due 10/15/241	EUR	350,000		362,162
Ziggo Bond Finance BV 4.625%, due 01/15/251	EUR	200,000		232,408
				18,020,967
New Zealand—0.85%
ANZ New Zealand Int'l Ltd. 0.625%, due 01/27/221	EUR	2,900,000		3,447,346
Portugal—0.24%
Brisa Concessao Rodoviaria SA 2.375%, due 05/10/271	EUR	800,000		968,912
Spain—1.16%
Bankinter S.A.
3 mo. Euribor + 0.160%, 0.000%, due 06/21/431,6	EUR	1,419,149		1,647,940
Cellnex Telecom S.A. 2.375%, due 01/16/241	EUR	100,000		118,478
Fondo de Titulizacion de Activos Santander Hipotecario, Series 2
3 mo. Euribor + 0.150%, 0.000%, due 01/18/491,6	EUR	1,104,785		1,272,891

120

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate debt securities—(continued)
Spain—(concluded)
Grifols SA 3.200%, due 05/01/251	EUR	200,000	$	233,589
PITCH1 5.125%, due 07/20/22	EUR	800,000		1,109,460
Telefonica Emisiones SAU 5.213%, due 03/08/47	USD	300,000		304,185
				4,686,543
Supranationals—0.92%
European Investment Bank 0.875%, due 09/13/241	EUR	2,600,000		3,150,186
European Stability Mechanism 1.125%, due 05/03/321	EUR	500,000		585,799
				3,735,985
Sweden—0.11%
Verisure Holding AB 6.000%, due 11/01/221	EUR	180,000		219,073
Verisure Midholding AB 5.750%, due 12/01/231	EUR	200,000		230,900
				449,973
Switzerland—0.47%
Credit Suisse Group AG
(fixed, converts to FRN on 09/12/24), 2.125%, due 09/12/251	GBP	600,000		754,165
(fixed, converts to FRN on 06/12/23), 4.207%, due 06/12/242	USD	1,150,000		1,153,435
				1,907,600
United Kingdom—4.88%
Barclays PLC
(fixed, converts to FRN on 11/11/20), 2.625%, due 11/11/251	EUR	1,500,000		1,781,289
3.250%, due 02/12/271	GBP	650,000		842,433
BP Capital Markets PLC 3.119%, due 05/04/26	USD	690,000		661,806
Centrica PLC 4.375%, due 03/13/291	GBP	200,000		296,372
Gracechurch Card Funding PLC
1 mo. USD LIBOR + 0.400%, 2.486%, due 07/15/222,6	USD	1,370,000		1,368,100
Holmes Master Issuer PLC
3 mo. USD LIBOR + 0.360%, 2.699%, due 10/15/542,6	USD	780,000		779,247
HSBC Holdings PLC
(fixed, converts to FRN on 11/22/22), 3.033%, due 11/22/23	USD	1,200,000		1,157,570
3 mo. USD LIBOR + 1.000%, 3.326%, due 05/18/246	USD	684,000		684,808
(fixed, converts to FRN on 03/13/27), 4.041%, due 03/13/28	USD	385,000		378,247
Iceland Bondco PLC 4.625%, due 03/15/251	GBP	200,000		241,509
International Game Technology PLC 4.750%, due 02/15/231	EUR	150,000		190,094

	Face amount		Value
Corporate debt securities—(continued)
United Kingdom—(concluded)
Lanark Master Issuer PLC
3 mo. USD LIBOR + 0.420%, 2.749%, due 12/22/692,6	USD	1,029,300	$	1,026,543
Nationwide Building Society 0.750%, due 10/26/221	EUR	1,700,000		2,032,338
3.900%, due 07/21/252	USD	1,380,000		1,371,778
Permanent Master Issuer PLC
3 mo. USD LIBOR + 0.380%, 2.747%, due 07/15/582,6	USD	1,134,000		1,130,869
Royal Bank of Scotland Group PLC
(fixed, converts to FRN on 05/15/22), 3.498%, due 05/15/23	USD	985,000		960,224
Santander UK Group Holdings PLC 3.125%, due 01/08/21	USD	1,300,000		1,283,209
Sensata Technologies UK Financing
Co. PLC 6.250%, due 02/15/262	USD	300,000		314,625
Silverstone Master Issuer PLC
3 mo. USD LIBOR + 0.390%, 2.725%, due 01/21/702,6	USD	1,300,000		1,292,875
Sky PLC GMTN 2.250%, due 11/17/251	EUR	510,000		636,268
Synlab Unsecured Bondco PLC 8.250%, due 07/01/231	EUR	200,000		248,010
Tesco Corporate Treasury Services PLC 2.500%, due 07/01/241	EUR	520,000		643,036
Vodafone Group PLC 4.125%, due 05/30/25	USD	425,000		425,153
4.375%, due 05/30/283	USD	20,000		20,033
				19,766,436
United States—14.86%
AbbVie, Inc. 4.450%, due 05/14/46	USD	135,000		128,423
Altria Group, Inc. 4.250%, due 08/09/42	USD	400,000		378,671
AMC Networks, Inc. 5.000%, due 04/01/24	USD	125,000		123,281
American Airlines Pass-Through Trust, Series 2016-2, Class AA 3.200%, due 06/15/28	USD	691,500		652,313
American Axle & Manufacturing, Inc. 6.250%, due 04/01/253	USD	210,000		204,225
American International Group, Inc. 4.875%, due 06/01/22	USD	884,000		924,531
American Tower Corp. 3.375%, due 10/15/26	USD	710,000		661,963
American Woodmark Corp. 4.875%, due 03/15/262	USD	175,000		166,688
Amkor Technology, Inc. 6.375%, due 10/01/22	USD	225,000		229,500
Anheuser-Busch InBev Finance, Inc. 3.650%, due 02/01/26	USD	1,215,000		1,193,915
4.700%, due 02/01/36	USD	340,000		349,202

121

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
AT&T, Inc. 4.300%, due 12/15/42	USD	355,000	$	308,735
4.500%, due 03/09/48	USD	220,000		193,545
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 6.375%, due 04/01/242,3	USD	125,000		123,750
Baker Hughes LLC 3.337%, due 12/15/27	USD	360,000		339,827
Bank of America Corp.
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23	USD	915,000		887,898
Bank of America Corp. MTN
(fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/28	USD	1,340,000		1,305,262
Bank of America NA 2.050%, due 12/07/183	USD	500,000		499,510
BAT Capital Corp. 3.557%, due 08/15/272	USD	970,000		912,704
4.390%, due 08/15/372	USD	345,000		329,757
Becton Dickinson and Co. 3.734%, due 12/15/24	USD	890,000		872,627
Boyd Gaming Corp. 6.375%, due 04/01/26	USD	100,000		102,250
Buckeye Partners LP 5.850%, due 11/15/43	USD	185,000		173,654
Burlington Northern Santa Fe LLC 4.150%, due 12/15/48	USD	340,000		343,643
Capital One Financial Corp. 3.750%, due 07/28/26	USD	670,000		630,169
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125%, due 05/01/272	USD	125,000		119,375
5.500%, due 05/01/262	USD	175,000		171,938
5.750%, due 02/15/262	USD	300,000		298,290
Charter Communications Operating LLC/Charter Communications Operating Capital 6.484%, due 10/23/45	USD	320,000		348,225
Citigroup Commercial Mortgage Trust, Series 2017-P7, Class A4, 3.712%, due 04/14/50	USD	807,500		802,557
Citigroup, Inc.
(fixed, converts to FRN on 07/24/22), 2.876%, due 07/24/23	USD	4,225,000		4,084,647
(fixed, converts to FRN on 01/24/22), 3.142%, due 01/24/23	USD	345,000		337,993
Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, due 11/15/22	USD	300,000		306,000
Comcast Corp. 2.350%, due 01/15/27	USD	510,000		451,694
3.900%, due 03/01/38	USD	395,000		368,088
CommScope Technologies LLC 6.000%, due 06/15/252	USD	150,000		154,500
Constellation Brands, Inc. 4.500%, due 05/09/47	USD	80,000		77,857

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/262	USD	125,000	$	122,813
Coty, Inc. 4.750%, due 04/15/261	EUR	150,000		172,859
Cox Communications, Inc. 3.500%, due 08/15/272	USD	510,000		478,449
CSC Holdings LLC 6.625%, due 10/15/252	USD	200,000		206,500
CVS Health Corp. 4.300%, due 03/25/28	USD	640,000		637,577
Dell International LLC/EMC Corp. 6.020%, due 06/15/262,3	USD	640,000		675,775
DISH DBS Corp. 5.875%, due 11/15/24	USD	400,000		333,500
Energizer Holdings, Inc. 5.500%, due 06/15/252,3	USD	105,000		103,425
Enterprise Products Operating LLC 4.900%, due 05/15/46	USD	320,000		329,847
Equinix, Inc. 2.875%, due 03/15/24	EUR	325,000		379,962
5.875%, due 01/15/26	USD	100,000		103,375
Exelon Corp. 5.150%, due 12/01/20	USD	1,300,000		1,339,270
Exelon Generation Co. LLC 3.400%, due 03/15/22	USD	725,000		720,367
First Data Corp. 5.750%, due 01/15/242,3	USD	200,000		204,500
FirstEnergy Corp. Series B 3.900%, due 07/15/27	USD	255,000		248,604
General Electric Co. 2.125%, due 05/17/37	EUR	240,000		261,327
4.500%, due 03/11/44	USD	180,000		176,878
General Motors Co. 5.150%, due 04/01/38	USD	460,000		442,046
GRACE 2014-GRCE Mortgage Trust, Class A, 3.369%, due 06/10/282	USD	2,550,000		2,555,411
Harris Corp. 4.400%, due 06/15/28	USD	300,000		303,882
HCA, Inc. 5.375%, due 02/01/253	USD	545,000		551,812
Huntsman International LLC 4.250%, due 04/01/25	EUR	300,000		401,938
Infor US, Inc. 6.500%, due 05/15/22	USD	200,000		202,500
IQVIA, Inc. 3.250%, due 03/15/251	EUR	400,000		468,839
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 6.750%, due 11/15/212,3	USD	200,000		206,500
John Deere Capital Corp. 3.050%, due 01/06/28	USD	645,000		611,313
Keurig Dr Pepper, Inc. 4.057%, due 05/25/232	USD	660,000		664,604
4.417%, due 05/25/252,3	USD	530,000		538,915

122

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
Kraft Heinz Foods Co. 3.500%, due 07/15/22	USD	1,560,000	$	1,552,060
Kronos International, Inc. 3.750%, due 09/15/251	EUR	300,000		344,673
Level 3 Financing, Inc. 5.375%, due 05/01/25	USD	150,000		146,250
Magellan Midstream Partners LP 4.200%, due 03/15/45	USD	360,000		319,862
MetLife, Inc. 3.600%, due 11/13/25	USD	670,000		659,755
MGM Resorts International 4.625%, due 09/01/263	USD	325,000		305,500
Morgan Stanley 1.875%, due 04/27/27	EUR	1,020,000		1,209,884
(fixed, converts to FRN on 04/24/23), 3.737%, due 04/24/24	USD	990,000		983,506
MPLX LP 4.500%, due 04/15/38	USD	375,000		356,433
New England Power Co. 3.800%, due 12/05/472	USD	170,000		159,680
Norfolk Southern Corp. 3.942%, due 11/01/47	USD	305,000		289,884
4.150%, due 02/28/48	USD	120,000		118,410
Oasis Petroleum, Inc. 6.875%, due 01/15/23	USD	110,000		112,475
OBP Depositor LLC Trust, Series 2010-OBP, Class A, 4.646%, due 07/15/452	USD	1,348,000		1,379,090
Oracle Corp. 2.650%, due 07/15/26	USD	115,000		107,523
4.125%, due 05/15/45	USD	420,000		417,280
Owens Corning 4.300%, due 07/15/47	USD	240,000		196,950
PetSmart, Inc. 7.125%, due 03/15/232	USD	125,000		84,375
Philip Morris International, Inc. 4.125%, due 03/04/43	USD	690,000		653,913
PNC Bank NA 3.800%, due 07/25/23	USD	640,000		641,943
Post Holdings, Inc. 5.500%, due 03/01/252	USD	150,000		147,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC 5.750%, due 10/15/20	USD	121,138		121,357
Rockwell Collins, Inc. 3.500%, due 03/15/27	USD	640,000		613,478
Sempra Energy 3.550%, due 06/15/24	USD	550,000		536,518
4.000%, due 02/01/48	USD	165,000		149,655
Sierra Pacific Power Co. 2.600%, due 05/01/26	USD	325,000		299,299
Silgan Holdings, Inc. 3.250%, due 03/15/25	EUR	300,000		358,698
Sirius XM Radio, Inc. 6.000%, due 07/15/242	USD	250,000		258,438

	Face amount		Value
Corporate debt securities—(continued)
United States—(continued)
Southern California Edison Co., Series B, 3.650%, due 03/01/28	USD	610,000	$	597,698
Southwestern Electric Power Co., Series J, 3.900%, due 04/01/45	USD	55,000		50,469
Sprint Corp. 7.625%, due 02/15/25	USD	200,000		209,560
7.875%, due 09/15/23	USD	250,000		266,563
Sunoco Logistics Partners Operations LP 5.350%, due 05/15/45	USD	360,000		341,100
Synchrony Financial 3.950%, due 12/01/27	USD	407,000		370,910
T-Mobile USA, Inc. 6.500%, due 01/15/26	USD	395,000		414,256
Tempur Sealy International, Inc. 5.625%, due 10/15/23	USD	185,000		182,225
Tenet Healthcare Corp. 4.625%, due 07/15/243	USD	100,000		96,875
7.500%, due 01/01/222	USD	80,000		83,800
8.125%, due 04/01/22	USD	100,000		106,500
The Cleveland Electric Illuminating Co. 3.500%, due 04/01/282	USD	420,000		399,082
The Geo Group, Inc. 5.875%, due 10/15/24	USD	210,000		204,750
The Goldman Sachs Group, Inc. 1.625%, due 07/27/261	EUR	600,000		697,797
(fixed, converts to FRN on 06/05/22), 2.908%, due 06/05/233	USD	185,000		179,002
3.850%, due 01/26/27	USD	850,000		824,073
5.150%, due 05/22/45	USD	310,000		321,527
The Hertz Corp. 6.250%, due 10/15/22	USD	250,000		224,375
The Kroger Co. 2.650%, due 10/15/26	USD	625,000		557,116
The Sherwin-Williams Co. 4.500%, due 06/01/47	USD	95,000		93,462
United Rentals North America, Inc. 5.500%, due 05/15/27	USD	125,000		123,863
5.750%, due 11/15/24	USD	80,000		81,800
United Technologies Corp. 4.500%, due 06/01/42	USD	160,000		161,341
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 8.250%, due 10/15/23	USD	125,000		116,875
Verizon Communications, Inc. 4.522%, due 09/15/48	USD	55,000		52,101
Verizon Owner Trust, Series 2016-2, Class A, 1.680%, due 05/20/212	USD	3,940,000		3,900,358
VICI Properties 1 LLC/VICI FC, Inc. 8.000%, due 10/15/23	USD	127,118		140,624
Virginia Electric & Power Co., Series B, 2.950%, due 11/15/26	USD	190,000		179,106

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Portfolio of investments—July 31, 2018

	Face amount		Value
Corporate debt securities—(concluded)
United States—(concluded)
Welbilt, Inc. 9.500%, due 02/15/24	USD	200,000	$	218,500
Wells Fargo & Co. 1.375%, due 10/26/261	EUR	600,000		695,771
(fixed, converts to FRN on 05/22/27), 3.584%, due 05/22/283	USD	375,000		359,573
Wells Fargo Bank NA
(fixed, converts to FRN on 07/23/20), 3.325%, due 07/23/21	USD	2,100,000		2,105,223
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.500%, due 03/01/252,3	USD	205,000		202,438
Zayo Group LLC/Zayo Capital, Inc. 6.375%, due 05/15/25	USD	150,000		155,250
				60,238,597
Total corporate debt securities (cost—$157,690,158)				156,514,611
Government national mortgage association certificates—2.18%
GNMA II TBA 3.500%	USD	3,900,000		3,906,094
4.000%	USD	2,550,000		2,606,478
4.500%	USD	2,250,000		2,336,184
Total government national mortgage association certificates (cost—$8,847,750)				8,848,756
Federal home loan mortgage corporation certificates—3.26%
FHLMC TBA 4.000%    (cost—$13,227,500)	USD	13,000,000		13,197,506

	Face amount		Value
Federal national mortgage association certificates—5.28%
FNMA TBA 2.500%	USD	2,200,000	$	2,129,531
3.000%	USD	1,240,000		1,195,220
3.500%	USD	8,720,000		8,642,159
4.000%	USD	3,900,000		3,962,004
4.500%	USD	5,300,000		5,498,042
Total federal national mortgage association certificates (cost—$21,468,047)				21,426,956
	Number of shares
Short-term investment—11.73%
Investment companies—11.73%
State Street Institutional U.S. Government Money Market Fund (cost—$47,567,596)		47,567,596		47,567,596
Investment of cash collateral from securities loaned—1.15%
Money market fund—1.15%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$4,661,150)		4,661,150		4,661,150
Total investments (cost—$451,547,394)—110.79%				449,233,480
Liabilities in excess of other assets—(10.79)%				(43,748,787	)
Net assets—100.00%			$	405,484,693

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
	5	CAD	Canada Government Bond 10 Year Futures	September 2018	$	518,785	$	518,008	$	(777	)
	18	EUR	German Euro Buxl 30 Year Futures	September 2018		3,696,525		3,696,081		(444	)
	14	EUR	Mid-Term Euro-OAT Futures	September 2018		2,506,081		2,516,698		10,617
	71	EUR	Short-Term Euro-BTP Futures	September 2018		9,235,868		9,194,061		(41,807	)
	11	GBP	United Kingdom Long Gilt Bond Futures	September 2018		1,771,314		1,771,259		(55	)
	2	JPY	Japan Government Bond 10 Year Futures	September 2018		2,694,458		2,695,345		887

124

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Portfolio of investments—July 31, 2018

Futures contracts—(concluded)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
US Treasury futures buy contracts:
	28	USD	Ultra Long US Treasury Bond Futures	September 2018	$	4,373,547		$	4,393,375		$	19,828
	9	USD	US Long Bond Futures	September 2018		1,277,739			1,286,719			8,980
	119	USD	US Treasury Note 5 Year Futures	September 2018		13,469,916			13,461,875			(8,041	)
					$	39,544,233		$	39,533,421		$	(10,812	)
Interest rate futures sell contracts:
	72	AUD	Australian Bond 10 Year Futures	September 2018	$	(6,908,941	)	$	(6,911,688	)	$	(2,747	)
	137	EUR	German Euro BOBL Futures	September 2018		(21,087,720	)		(21,084,046	)		3,674
	60	EUR	German Euro Bund Futures	September 2018		(11,327,289	)		(11,336,614	)		(9,325	)
	30	EUR	Italian Government Bond Futures	September 2018		(4,550,288	)		(4,465,747	)		84,541
US Treasury futures sell contracts:
	10	USD	US Treasury Note 10 Year Futures	September 2018		(1,194,837	)		(1,194,219	)		618
	44	USD	US Treasury Note 2 Year Futures	September 2018		(9,316,788	)		(9,300,500	)		16,288
	16	USD	Ultra Long US Treasury Bond Futures	September 2018		(2,021,715	)		(2,033,750	)		(12,035	)
					$	(56,407,578	)	$	(56,326,564	)	$	81,014
											$	70,202

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	USD	2,816,737	JPY	312,515,332	08/17/18	$	(19,107	)
ANZ	USD	1,145,010	THB	38,091,406	08/17/18		249
BB	DKK	1,522,187	USD	239,632	08/17/18		494
BB	EUR	27,284,300	USD	32,018,396	08/17/18		79,042
BB	USD	9,444,457	CAD	12,411,286	08/17/18		98,991
BOA	AUD	3,982,933	USD	2,944,276	08/17/18		(15,113	)
BOA	EUR	664,967	USD	775,550	08/17/18		(2,869	)
BOA	USD	776,944	CHF	769,107	08/17/18		710
CITI	SEK	31,382,554	NOK	28,959,725	08/17/18		(20,393	)
CITI	TRY	7,038,638	USD	1,433,405	08/17/18		14,118
CITI	USD	2,432,683	EUR	2,082,883	08/17/18		5,566
CITI	USD	734,417	GBP	559,174	08/17/18		(30	)
GSI	AUD	4,823,344	JPY	400,735,503	08/17/18		3,546
GSI	AUD	2,031,219	USD	1,508,844	08/17/18		(387	)
GSI	CAD	939,642	USD	715,607	08/17/18		(6,915	)
GSI	CHF	3,557,314	EUR	3,055,078	08/17/18		(20,534	)
GSI	CNY	18,593,040	USD	2,738,452	08/17/18		14,839
GSI	EUR	2,449,603	MXN	55,616,765	08/17/18		109,234
GSI	GBP	278,005	USD	365,572	08/17/18		455
GSI	GBP	2,219,321	USD	2,891,969	08/17/18		(22,763	)
GSI	HUF	999,539,031	USD	3,616,407	08/17/18		(31,113	)
GSI	JPY	395,051,507	AUD	4,809,929	08/17/18		37,369

125

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Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GSI	JPY	396,693,348	EUR	3,062,004	08/17/18	$	33,232
GSI	JPY	408,362,765	USD	3,635,495	08/17/18		(20,159	)
GSI	NOK	29,056,862	EUR	3,037,964	08/17/18		(8,261	)
GSI	NOK	11,982,705	USD	1,470,537	08/17/18		563
GSI	NZD	5,247,677	AUD	4,810,596	08/17/18		(2,396	)
GSI	NZD	2,111,645	USD	1,422,279	08/17/18		(16,992	)
GSI	NZD	3,107,737	USD	2,120,465	08/17/18		2,269
GSI	SEK	13,823,126	USD	1,552,234	08/17/18		(21,580	)
GSI	SEK	31,632,206	USD	3,559,387	08/17/18		(42,055	)
GSI	SEK	4,626,136	USD	528,509	08/17/18		1,807
GSI	USD	1,391,631	AUD	1,884,415	08/17/18		8,522
GSI	USD	1,384,520	AUD	1,876,051	08/17/18		9,419
GSI	USD	1,429,726	AUD	1,937,033	08/17/18		9,523
GSI	USD	2,847,337	AUD	3,835,624	08/17/18		2,599
GSI	USD	1,429,689	CAD	1,885,723	08/17/18		20,305
GSI	USD	1,544,874	CHF	1,532,200	08/17/18		4,354
GSI	USD	1,265,937	EUR	1,079,618	08/17/18		(2,123	)
GSI	USD	656,187	GBP	495,283	08/17/18		(5,710	)
GSI	USD	654,269	NOK	5,280,083	08/17/18		(6,536	)
GSI	USD	3,605,429	NZD	5,275,260	08/17/18		(9,877	)
GSI	USD	858,728	SEK	7,493,400	08/17/18		(5,577	)
GSI	USD	324,757	SEK	2,837,396	08/17/18		(1,709	)
GSI	USD	779,358	SGD	1,060,339	08/17/18		(322	)
MSCI	PLN	1,173,704	USD	317,473	08/17/18		(3,742	)
MSCI	USD	11,176,243	GBP	8,421,800	08/17/18		(115,523	)
MSCI	USD	509,454	ILS	1,850,463	08/17/18		(5,072	)
MSCI	USD	11,324,674	NOK	91,118,013	08/17/18		(146,801	)
NAB	EUR	925,572	USD	1,081,058	08/17/18		(2,429	)
NAB	JPY	236,943,181	USD	2,146,820	08/17/18		25,710
NAB	NZD	4,822,755	USD	3,276,951	08/17/18		(10,180	)
NAB	USD	3,926,150	AUD	5,306,942	08/17/18		17,001
NAB	USD	2,775,349	CNY	18,593,040	08/17/18		(51,737	)
NAB	USD	1,173,257	GBP	891,104	08/17/18		(2,931	)
RBC	CAD	267,264	USD	202,966	08/17/18		(2,542	)
RBC	CHF	13,582,675	USD	13,702,752	08/17/18		(30,872	)
RBC	EUR	3,034,648	SEK	31,248,332	08/17/18		5,339
RBC	EUR	174,356	USD	203,004	08/17/18		(1,099	)
RBC	NZD	1,057,277	USD	714,315	08/17/18		(6,312	)
RBC	SEK	126,040,091	USD	14,404,623	08/17/18		54,498
RBC	USD	612,724	CHF	614,106	08/17/18		8,206
RBC	USD	1,463,102	CHF	1,457,728	08/17/18		10,826
RBC	USD	3,168,237	CZK	69,988,646	08/17/18		33,718
SSC	EUR	1,992,683	USD	2,323,305	08/17/18		(9,356	)
SSC	EUR	3,397,553	USD	3,963,751	08/17/18		(13,469	)
SSC	JPY	334,616,654	USD	3,013,676	08/17/18		18,196

126

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Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	MXN	4,590,948	USD	239,583	08/17/18	$	(6,138	)
SSC	USD	1,574,453	JPY	174,677,376	08/17/18		(10,745	)
TD	TRY	6,913,512	USD	1,431,000	08/17/18		36,945
						$	(33,824	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Government debt securities	$	—		$	197,016,905		$	—	$	197,016,905
Corporate debt securities		—			156,514,611			—		156,514,611
Government national mortgage association certificates		—			8,848,756			—		8,848,756
Federal home loan mortgage corporation certificates		—			13,197,506			—		13,197,506
Federal national mortgage association certificates		—			21,426,956			—		21,426,956
Short-term investment		—			47,567,596			—		47,567,596
Investment of cash collateral from securities loaned		—			4,661,150			—		4,661,150
Futures contracts		145,433			—			—		145,433
Forward foreign currency contracts		—			667,645			—		667,645
Total	$	145,433		$	449,901,125		$	—	$	450,046,558
Liabilities
Futures contracts		(75,231	)		—			—		(75,231	)
Forward foreign currency contracts		—			(701,469	)		—		(701,469	)
Total	$	(75,231	)	$	(701,469	)	$	—	$	(776,700	)

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

¹  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $50,992,765, represented 12.58% of the Portfolio's net assets at period end.

³  Security, or portion thereof, was on loan at the period end.

⁴  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

⁵  Perpetual investment. Date shown reflects the next call date.

⁶  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

See accompanying notes to financial statements.
127

PACE High Yield Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares gained 2.96% before the deduction of the maximum PACE Select program fee.¹ In comparison, the ICE BofAML Global High Yield Index (hedged in USD) (the "benchmark") returned 2.42%, and the Lipper High Yield Funds category posted a median return of 1.90%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 130. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments (unaudited)²

The Portfolio outperformed its benchmark during the reporting period. There were several factors that drove performance in the global credit markets during the second half of 2017. Synchronized global growth, low default rates and a slow normalization of monetary policy were the main themes supporting the market. After a strong start to the fourth quarter, a combination of relatively tight valuations and a few negative events caused a period of profit taking in early November. However, by the second half of November and into December, the passage of tax reform in the US, a rally in oil prices and a general sense of positive economic growth around the world supported risk markets into year-end. In the first quarter of 2018, financial markets were grappling with increased volatility driven by macro factors. Rates and equity volatility that began in January continued into March. Furthermore, increased trade rhetoric out of the Trump administration added a new layer of complexity to the markets. In a reversal from the first quarter, US high yield outperformed meaningfully, while European and emerging markets high yield declined during the second quarter of the year. The strong relative performance of US high yield was driven by the continued strength of the US economy, exhibited by generally strong employment reports and the ongoing strength of oil prices, which are important for US high yield. Meanwhile, a number of macro factors pressures emerging markets and, to a lesser extent, European high yield. Foreign exchange volatility and rising interest rates in the US pressured emerging markets assets broadly. Rising trade tensions due to the Trump administration's increasing rhetoric and political noise in specific emerging markets countries were also headwinds. In Europe, political risk in Italy, Germany, Spain and the UK all contributed to weakness.

Looking at the Portfolio, an overweight and positive issuer selection in the energy sector contributed the most to its relative performance. Positive issuer selection, along with underweights in the banking and automotive sectors,

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE High Yield Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

Nomura Corporate Research and Asset Management Inc. ("NCRAM") (NCRAM has retained Nomura Asset Management Singapore Limited "NAM Singapore" and together with NCRAM "Nomura" to serve as a sub-manager to provide certain investment advisory services pursuant to a sub-management contract between NCRAM and NAM Singapore.

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA and Fred Lee, CFA

Nomura: David Crall, CFA, Stephen Kotsen, CFA, Steven Rosenthal, CFA, Eric Torres, Simon Tan, CFA

Objective:

Total return

Investment process:

The subadvisor utilizes a "total return" strategy driven

by credit research and a team effort to generate alpha in

high yield.

128

PACE High Yield Investments

Advisor's comments (unaudited) – concluded

also benefited performance. This was offset by an underweight to the utility sector and an overweight to foreign sovereigns, which were among the largest detractors from performance during the period. From a ratings perspective, an overweight and positive issuer selection in B-rated issuers was the largest contributor to performance. An underweight in BB-rated issuers, coupled with an overweight in CCC-rated issuers, further contributed results. In contrast, modest underweights to D-rated and BBB-rated issuers slightly detracted from returns.

Currency forwards were used during the reporting period to hedge the currency exposure of the Portfolio into US dollars. They did not meaningfully impact the Portfolio's performance during the reporting period.

Special considerations

The Portfolio may be appropriate for long-term investors seeking total return and who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The Portfolio seeks to achieve its objective by investing primarily in a professionally managed, diversified portfolio of fixed income securities rated below investment grade or considered to be of comparable quality (commonly referred to as "junk bonds"). These securities are subject to higher risks than investment grade securities, including greater price volatility and a greater risk of loss of principal and nonpayment of interest. Issuers of such securities are typically in poor financial health, and their ability to pay interest and principal is uncertain. The prices of such securities may be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated or investment grade bonds and other fixed income securities. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. In addition, investments in foreign bonds involve special risks. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

129

PACE High Yield Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years			Since Inception1
Before deducting maximum sales charge
Class A2		2.76	%		4.68	%		8.14	%		6.97	%
Class C3		2.27			4.18			N/A			9.63
Class Y4		3.06			4.94			N/A			11.43
Class P5		2.96			4.87			8.37			7.20
After deducting maximum sales charge
Class A2		(1.07	)		3.87			7.73			6.63
Class C3		1.54			4.18			N/A			9.63
ICE BofAML Global High Yield Index (Hedged in USD)6		2.42			5.73			8.86			7.70
Lipper High Yield Funds median		1.90			4.19			6.84			6.02

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years			Since Inception1
Before deducting maximum sales charge
Class A2		2.94	%		4.76	%		7.88	%		6.92	%
Class C3		2.53			4.28			N/A			9.60
Class Y4		3.24			5.02			N/A			11.40
Class P5		3.04			4.95			8.10			7.15
After deducting maximum sales charge
Class A2		(0.93	)		3.96			7.47			6.58
Class C3		1.80			4.28			N/A			9.60

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.25% and 1.06%; Class C—1.74% and 1.56%; Class Y—1.05% and 0.88%; and Class P—1.10% and 0.91%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.06%; Class C—1.56%; Class Y—0.88%; and Class P—0.91%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Since inception returns are calculated as of commencement of issuance on April 10, 2006 for Class P shares, May 1, 2006 for Class A shares and January 21, 2009 for Class C shares. Class Y shares commenced issuance on April 3, 2006 and had fully redeemed by July 24, 2006 remaining inactive through December 25, 2008. The inception return of Class Y shares is calculated from December 26, 2008, which is the date the Class Y shares recommenced investment operations. Since inception returns for the Index and Lipper median are shown as of April 30, 2006, which is the month-end after the inception date of the oldest share class (Class P).

²  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

³  Maximum contingent deferred sales charge for Class C shares is 0.75% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.50% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

⁴  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁵  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁶  The ICE BofAML Global High Yield Index (hedged in USD) is an unmanaged index which covers US dollar, Canadian dollar, sterling and eurodenominated fixed rate debt of corporate issuers domiciled in an investment grade rated country (i.e., BBB or higher foreign currency longterm debt rating). Individual bonds must be rated below investment grade (i.e., BB or lower based on a composite of Moody's and S&P) but not in default; and must have at least one year remaining term to maturity; a minimum face value outstanding of $100 million, C$100 million, 50 million pounds sterling or 100 million euros; and have available price quotations. New issues qualify for inclusion after they settle. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

130

PACE High Yield Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE High Yield Investments Class P shares versus the ICE BofAML Global High Yield Index (Hedged in USD) over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE High Yield Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE High Yield Investments

131

PACE High Yield Investments

Portfolio statistics—July 31, 2018 (unaudited)

Characteristics
Weighted average duration		3.77 yrs.
Weighted average maturity		5.65 yrs.
Average coupon		6.32	%
Top ten holdings1	Percentage of net assets
Sprint Capital Corp., 8.750% due 03/15/32		0.7	%
Navient Corp., 8.000% due 03/25/20		0.6
Bausch Health Cos., Inc., 7.500% due 07/15/21		0.6
American Airlines Group, Inc., 4.625% due 03/01/20		0.5
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500% due 06/01/24		0.5
Russian Foreign Bond, 4.875% due 09/16/23		0.5
FelCor Lodging LP, 6.000% due 06/01/25		0.5
UniCredit SpA, 6.950% due 10/31/22		0.5
Altice Luxembourg SA, 7.750% due 05/15/22		0.5
HCA, Inc., 7.500% due 02/15/22		0.4
Total		5.3	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		65.5	%
Netherlands		6.0
United Kingdom		5.1
Canada		4.9
Cayman Islands		4.0
Total		85.5	%
Credit rating2	Percentage of total investments
BBB & higher		5.0	%
BB		35.8
B		37.6
CCC & below		10.2
Not rated		8.9
Cash equivalents and other assets less liabilities		2.5
Total		100.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

²  Credit ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Financial Services LLC, an independent rating agency.

132

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Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—93.72%
Aerospace & defense—1.15%
Arconic, Inc. 5.125%, due 10/01/242		25,000	$	24,938
5.900%, due 02/01/27		50,000		50,000
5.950%, due 02/01/37		375,000		367,969
DAE Funding LLC 4.500%, due 08/01/223		350,000		344,750
5.000%, due 08/01/243		175,000		172,375
Leonardo SpA 4.500%, due 01/19/21	EUR	725,000		924,841
Pioneer Holdings LLC/Pioneer Finance Corp. 9.000%, due 11/01/223		175,000		180,687
TA MFG. Ltd. 3.625%, due 04/15/234	EUR	625,000		741,920
TransDigm, Inc. 5.500%, due 10/15/20		75,000		75,094
6.000%, due 07/15/22		1,010,000		1,027,877
Triumph Group, Inc. 7.750%, due 08/15/25		175,000		163,187
				4,073,638
Agriculture—0.08%
Vector Group Ltd. 6.125%, due 02/01/253		300,000		290,250
Airlines—0.90%
Air Canada 7.750%, due 04/15/212,3		225,000		241,594
Allegiant Travel Co. 5.500%, due 07/15/19		325,000		328,250
American Airlines Group, Inc. 4.625%, due 03/01/203		1,750,000		1,756,562
United Continental Holdings, Inc. 4.250%, due 10/01/22		75,000		73,313
6.000%, due 12/01/202		75,000		78,375
US Airways Pass-Through Trust 2012-1, Class B 8.000%, due 10/01/19		400,458		420,481
Virgin Australia Holdings Ltd. 8.500%, due 11/15/194		300,000		303,000
				3,201,575
Apparel—0.11%
PB International BV 7.625%, due 01/26/224		400,000		390,100
Auto & truck—1.62%
BCD Acquisition, Inc. 9.625%, due 09/15/233		175,000		184,187
Delphi Technologies PLC 5.000%, due 10/01/253		175,000		165,813
Federal-Mogul LLC/Federal-Mogul Financing Corp. 5.000%, due 07/15/243	EUR	325,000		397,095
5.000%, due 07/15/244	EUR	330,000		403,204
General Motors Financial Co., Inc. (fixed, converts to FRN on 09/30/27), 5.750%, due 09/30/272,5		50,000		49,125

	Face amount1		Value
Corporate bonds—(continued)
Auto & truck—(concluded)
Grupo-Antolin Irausa SA 3.375%, due 04/30/263	EUR	225,000	$	249,317
IHO Verwaltungs GmbH 4.125% Cash or 4.875 PIK,
4.125%, due 09/15/213,6		200,000		197,500
4.500% Cash or 5.250 PIK,
4.500%, due 09/15/233,6		200,000		192,000
JB Poindexter & Co., Inc. 7.125%, due 04/15/263		225,000		232,875
Kronos International, Inc. 3.750%, due 09/15/254	EUR	476,000		546,881
Mclaren Finance PLC 5.000%, due 08/01/224	GBP	375,000		475,624
5.000%, due 08/01/223	GBP	100,000		126,833
5.750%, due 08/01/223		200,000		197,040
Metalsa SA de CV 4.900%, due 04/24/234		175,000		171,500
Navistar International Corp. 6.625%, due 11/01/253		525,000		548,625
Nemak SAB de CV 4.750%, due 01/23/254		218,000		210,915
Samvardhana Motherson Automotive Systems Group BV 4.875%, due 12/16/214		500,000		503,901
Superior Industries International, Inc. 6.000%, due 06/15/253	EUR	400,000		459,585
Tenneco, Inc. 5.000%, due 07/15/26		200,000		176,500
Tesla, Inc. 5.300%, due 08/15/252,3		225,000		197,437
The Goodyear Tire & Rubber Co. 5.000%, due 05/31/26		50,000		46,656
				5,732,613
Automotive parts—0.17%
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/263		275,000		270,188
Titan International, Inc. 6.500%, due 11/30/233		325,000		325,000
				595,188
Banking-non-US—3.44%
Akbank Turk AS 5.000%, due 10/24/224		550,000		506,777
5.125%, due 03/31/254		400,000		345,000
Australia & New Zealand Banking Group Ltd. 5 year USD ICE Swap + 5.168%, 6.750%, due 06/15/265,7		250,000		260,312
Banco Bilbao Vizcaya Argentaria SA (fixed, converts to FRN on 02/18/20), 6.750%, due 02/18/204,5	EUR	1,000,000		1,230,741
Banco do Brasil SA 5.875%, due 01/26/222,3		450,000		457,819
Banco Nacional de Costa Rica 5.875%, due 04/25/213		300,000		307,500
6.250%, due 11/01/234		450,000		465,187

133

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Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Banking-non-US—(concluded)
Bankia SA (fixed, converts to FRN on 03/15/22), 3.375%, due 03/15/274	EUR	800,000	$	966,310
Credit Suisse AG (fixed, converts to FRN on 09/18/20), 5.750%, due 09/18/254	EUR	325,000		417,153
Credit Suisse Group AG (fixed, converts to FRN on 12/18/24), 6.250%, due 12/18/243,5		200,000		200,750
Export Credit Bank of Turkey 5.375%, due 10/24/233		200,000		177,500
5.375%, due 10/24/234		950,000		843,125
Royal Bank of Scotland Group PLC 3 mo. Euribor + 2.330%, 2.006%, due 09/30/184,5,7	EUR	1,050,000		1,196,361
(fixed, converts to FRN on 03/25/19), 3.625%, due 03/25/244	EUR	400,000		476,427
(fixed, converts to FRN on 08/10/20), 7.500%, due 08/10/205		400,000		413,000
(fixed, converts to FRN on 08/10/25), 8.000%, due 08/10/252,5		200,000		212,424
(fixed, converts to FRN on 08/15/21), 8.625%, due 08/15/215		200,000		215,820
Ukreximbank Via Biz Finance PLC 9.625%, due 04/27/224		500,000		514,006
9.750%, due 01/22/254		800,000		819,520
UniCredit SpA 6.950%, due 10/31/224	EUR	1,175,000		1,600,644
Unione di Banche Italiane SpA (fixed, converts to FRN on 09/15/27), 4.450%, due 09/15/274	EUR	200,000		235,694
Unione di Banche Italiane SpA MTN 0.750%, due 10/17/224	EUR	300,000		329,030
				12,191,100
Banking-US—0.93%
JPMorgan Chase & Co. (fixed, converts to FRN on 04/30/24), 6.125%, due 04/30/245		900,000		932,625
(fixed, converts to FRN on 02/01/24), 6.750%, due 02/01/242,5		500,000		546,250
The Goldman Sachs Group, Inc. (fixed, converts to FRN on 05/10/20), 5.375%, due 05/10/205		375,000		382,500
Washington Mutual, Inc. 0.000%, due 09/21/178,13		500,000		3,875
Wells Fargo & Co. (fixed, converts to FRN on 06/15/24), 5.900%, due 06/15/245		1,430,000		1,435,005
				3,300,255
Building & construction—2.09%
Aeropuertos Argentina 2000 SA 6.875%, due 02/01/273		775,000		753,532
6.875%, due 02/01/274		250,000		243,075

	Face amount1		Value
Corporate bonds—(continued)
Building & construction—(concluded)
Aeropuertos Dominicanos Siglo XXI SA 6.750%, due 03/30/293		500,000	$	522,500
6.750%, due 03/30/294		410,000		428,450
American Woodmark Corp. 4.875%, due 03/15/263		50,000		47,625
Ashton Woods USA LLC/ Ashton Woods Finance Co. 6.750%, due 08/01/253		175,000		163,844
AV Homes, Inc. 6.625%, due 05/15/22		250,000		257,500
Beazer Homes USA, Inc. 6.750%, due 03/15/25		200,000		188,000
Brookfield Residential Properties, Inc. 6.375%, due 05/15/252,3		150,000		149,250
Century Communities, Inc. 5.875%, due 07/15/25		250,000		235,625
6.875%, due 05/15/22		325,000		330,461
Engility Corp. 8.875%, due 09/01/24		100,000		107,250
Indika Energy Capital III Pte Ltd. 5.875%, due 11/09/243		300,000		286,959
Lennar Corp. 4.125%, due 01/15/22		525,000		520,406
Mattamy Group Corp. 6.500%, due 10/01/252,3		75,000		73,125
Meritage Homes Corp. 6.000%, due 06/01/25		1,165,000		1,173,027
Shea Homes LP/Shea Homes Funding Corp. 6.125%, due 04/01/253		1,225,000		1,212,750
Toll Brothers Finance Corp. 5.875%, due 02/15/22		92,000		95,910
TRI Pointe Group, Inc. 5.250%, due 06/01/27		200,000		183,500
William Lyon Homes, Inc. 5.875%, due 01/31/25		225,000		212,661
6.000%, due 09/01/233		150,000		147,000
Williams Scotsman International, Inc. 7.875%, due 12/15/223		50,000		52,125
				7,384,575
Building products—1.44%
BMBG Bond Finance SCA 3.000%, due 06/15/214	EUR	100,000		118,323
BMC East LLC 5.500%, due 10/01/243		225,000		220,500
Builders FirstSource, Inc. 5.625%, due 09/01/243		325,000		318,500
CEMEX Finance LLC 4.625%, due 06/15/244	EUR	350,000		432,233
6.000%, due 04/01/244		200,000		206,840
Cemex SAB de CV 2.750%, due 12/05/243	EUR	275,000		315,121
5.700%, due 01/11/254		300,000		304,500
7.750%, due 04/16/263		400,000		440,304

134

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Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Building products—(concluded)
CPG Merger Sub LLC 8.000%, due 10/01/213		125,000	$	126,250
Gibraltar Industries, Inc. 6.250%, due 02/01/219		125,000		125,625
Griffon Corp. 5.250%, due 03/01/222		475,000		461,344
Grupo Cementos de Chihuahua SAB de CV 5.250%, due 06/23/244		600,000		588,000
Jeld-Wen, Inc. 4.625%, due 12/15/253		125,000		118,750
Standard Industries, Inc. 4.750%, due 01/15/282,3		175,000		160,125
5.375%, due 11/15/243		175,000		173,302
5.500%, due 02/15/233		175,000		178,727
Summit Materials LLC/ Summit Materials Finance Corp. 5.125%, due 06/01/253		50,000		47,437
6.125%, due 07/15/23		100,000		101,500
8.500%, due 04/15/22		75,000		80,625
US Concrete, Inc. 6.375%, due 06/01/24		600,000		596,250
				5,114,256
Building products-cement—0.71%
Indo Energy Finance II BV 6.375%, due 01/24/234		400,000		394,162
New Enterprise Stone & Lime Co., Inc. 6.250%, due 03/15/262,3		175,000		177,352
10.125%, due 04/01/223		225,000		239,063
TopBuild Corp. 5.625%, due 05/01/263		200,000		196,000
Tutor Perini Corp. 6.875%, due 05/01/252,3		50,000		49,625
Union Andina de Cementos SAA 5.875%, due 10/30/214		750,000		773,437
Weekley Homes LLC/Weekley Finance Corp. 6.000%, due 02/01/23		175,000		168,875
6.625%, due 08/15/253		225,000		213,750
West China Cement Ltd. 6.500%, due 09/11/194		300,000		300,915
				2,513,179
Cable—2.81%
Altice France SA 5.625%, due 05/15/244	EUR	275,000		333,424
6.000%, due 05/15/223		1,000,000		1,030,700
6.250%, due 05/15/242,3		200,000		198,750
7.375%, due 05/01/263		400,000		397,250
8.125%, due 02/01/273		400,000		408,000
Cablevision SA 6.500%, due 06/15/213		900,000		895,653
Cablevision Systems Corp. 5.875%, due 09/15/22		25,000		25,063
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125%, due 02/15/23		275,000		273,625
5.125%, due 05/01/233		375,000		374,063

	Face amount1		Value
Corporate bonds—(continued)
Cable—(concluded)
5.125%, due 05/01/273		50,000	$	47,750
5.250%, due 09/30/22		150,000		151,500
5.500%, due 05/01/263		350,000		343,875
5.750%, due 09/01/232		675,000		683,437
5.750%, due 01/15/24		25,000		25,250
5.750%, due 02/15/263		750,000		745,725
5.875%, due 05/01/273		125,000		124,063
Cequel Communications Holdings I LLC/ Cequel Capital Corp. 5.125%, due 12/15/213		50,000		49,875
7.750%, due 07/15/253		200,000		210,750
Digi Communications NV 5.000%, due 10/15/233	EUR	100,000		122,641
Midcontinent Communications/ Midcontinent Finance Corp. 6.875%, due 08/15/233		475,000		499,938
Unitymedia GmbH 6.125%, due 01/15/252,3		400,000		415,960
Unitymedia Hessen GmbH & Co. KG/ Unitymedia NRW GmbH 3.500%, due 01/15/274	EUR	525,000		644,837
4.625%, due 02/15/264	EUR	607,500		771,542
UPCB Finance IV Ltd. 4.000%, due 01/15/274	EUR	975,000		1,166,407
				9,940,078
Car rental—0.46%
Ahern Rentals, Inc. 7.375%, due 05/15/233		400,000		392,000
Herc Rentals, Inc. 7.500%, due 06/01/223		122,000		128,710
7.750%, due 06/01/242,3		331,000		354,693
Hertz Holdings Netherlands BV 5.500%, due 03/30/233	EUR	150,000		173,540
5.500%, due 03/30/234	EUR	250,000		289,560
United Rentals North America, Inc. 4.875%, due 01/15/28		50,000		46,704
5.500%, due 05/15/27		75,000		74,317
5.875%, due 09/15/26		175,000		177,625
				1,637,149
Chemicals—3.13%
A Schulman, Inc. 6.875%, due 06/01/239		250,000		261,563
Alpha 3 BV/Alpha US Bidco, Inc. 6.250%, due 02/01/252,3		200,000		195,500
Axalta Coating Systems Dutch Holding B BV 3.750%, due 01/15/254	EUR	600,000		724,917
Blue Cube Spinco LLC 10.000%, due 10/15/25		325,000		376,594
Braskem Finance Ltd. 5.375%, due 05/02/224		500,000		516,255
5.750%, due 04/15/214		300,000		310,986
CF Industries, Inc. 5.375%, due 03/15/44		200,000		177,500
7.125%, due 05/01/202		83,000		87,461

135

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Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Consolidated Energy Finance SA 6.500%, due 05/15/262,3		300,000	$	295,875
Cornerstone Chemical Co. 6.750%, due 08/15/243		125,000		122,500
CVR Partners LP/CVR Nitrogen Finance Corp. 9.250%, due 06/15/232,3		125,000		132,969
GCP Applied Technologies, Inc. 5.500%, due 04/15/263		75,000		74,250
Hexion, Inc./Hexion Nova Scotia Finance ULC 9.000%, due 11/15/20		575,000		490,187
Huntsman International LLC 5.125%, due 04/15/21	EUR	500,000		649,907
Kissner Holdings LP/Kissner Milling Co. Ltd./ BSC Holding, Inc./Kissner USA 8.375%, due 12/01/223		375,000		381,562
Kraton Polymers LLC/ Kraton Polymers Capital Corp. 5.250%, due 05/15/263	EUR	250,000		300,742
Kronos International, Inc. 3.750%, due 09/15/253	EUR	175,000		201,059
NOVA Chemicals Corp. 5.000%, due 05/01/25		50,000		47,625
5.250%, due 06/01/273		225,000		210,598
OCI NV 5.000%, due 04/15/233	EUR	810,000		995,356
6.625%, due 04/15/233		200,000		204,310
Perstorp Holding AB 3 mo. Euribor + 4.250%, 4.250%, due 09/15/223,7	EUR	250,000		292,703
Platform Specialty Products Corp. 5.875%, due 12/01/253		125,000		125,588
6.500%, due 02/01/222,3		125,000		128,125
PQ Corp. 5.750%, due 12/15/252,3		100,000		99,000
Prague CE S.a.r.l. 10.000% Cash or 11.250% PIK, 10.000%, due 12/15/224,6	EUR	600,000		715,614
PSPC Escrow Corp. 6.000%, due 02/01/234	EUR	625,000		766,626
The Chemours Co. 4.000%, due 05/15/26	EUR	550,000		648,815
TPC Group, Inc. 8.750%, due 12/15/203		650,000		646,750
Trinseo Materials Operating SCA/ Trinseo Materials Finance, Inc. 5.375%, due 09/01/253		225,000		222,188
Tronox Finance PLC 5.750%, due 10/01/252,3		275,000		265,031
Valvoline, Inc. 5.500%, due 07/15/24		200,000		202,000
Venator Finance Sarl/Venator Materials LLC 5.750%, due 07/15/253		100,000		92,500
Versum Materials, Inc. 5.500%, due 09/30/243		125,000		127,344
				11,090,000

	Face amount1		Value
Corporate bonds—(continued)
Coal—0.81%
Alliance Resource Operating Partners LP/ Alliance Resource Finance Corp. 7.500%, due 05/01/253		300,000	$	316,875
Cloud Peak Energy Resources LLC/ Cloud Peak Energy Finance Corp. 6.375%, due 03/15/24		550,000		401,500
12.000%, due 11/01/21		250,000		256,250
CONSOL Energy, Inc. 11.000%, due 11/15/253		225,000		248,625
Murray Energy Corp. 11.250%, due 04/15/212,3		25,000		17,188
9.000% Cash, 3.000% PIK, 12.000%, due 04/15/243,6		1,239,000		954,030
Peabody Energy Corp. 6.000%, due 03/31/223		100,000		103,000
6.250%, due 11/15/213,8,10,13		75,000		0
10.000%, due 03/15/223,8,10,13,15		1,025,000		0
Warrior Met Coal, Inc. 8.000%, due 11/01/243		550,000		568,562
				2,866,030
Commercial services—3.30%
AA Bond Co. Ltd. 5.500%, due 07/31/224	GBP	725,000		863,813
Aircastle Ltd. 5.125%, due 03/15/21		500,000		512,960
Algeco Global Finance PLC 3 mo. Euribor + 6.250%, 6.250%, due 02/15/233,7	EUR	275,000		324,787
6.500%, due 02/15/233	EUR	275,000		333,225
8.000%, due 02/15/233		200,000		204,500
APTIM Corp. 7.750%, due 06/15/252,3		25,000		20,750
Ashtead Capital, Inc. 5.625%, due 10/01/243		400,000		411,520
Blitz F18-674 GmbH 6.000%, due 07/30/263	EUR	300,000		352,998
Brand Industrial Services, Inc. 8.500%, due 07/15/253		350,000		357,000
Clear Channel International BV 8.750%, due 12/15/203		50,000		51,375
Garda World Security Corp. 7.250%, due 11/15/213		25,000		24,813
Gartner, Inc. 5.125%, due 04/01/253		225,000		227,002
Graham Holdings Co. 5.750%, due 06/01/263		175,000		176,313
Great Lakes Dredge & Dock Corp. 8.000%, due 05/15/22		200,000		206,500
Harland Clarke Holdings Corp. 6.875%, due 03/01/202,3		125,000		123,125
8.375%, due 08/15/223		400,000		382,480
9.250%, due 03/01/212,3		1,025,000		964,781
Inter Media and Communication SpA 4.875%, due 12/31/223	EUR	100,000		117,043
4.875%, due 12/31/224	EUR	725,000		848,559

136

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Iron Mountain UK PLC 3.875%, due 11/15/254	GBP	325,000	$	405,557
Iron Mountain, Inc. 5.750%, due 08/15/242		1,465,000		1,452,181
La Financiere Atalian SASU 4.000%, due 05/15/244	EUR	375,000		423,312
5.125%, due 05/15/253	EUR	250,000		286,637
Live Nation Entertainment, Inc. 5.375%, due 06/15/222,3		425,000		432,437
5.625%, due 03/15/263		100,000		99,750
Matthews International Corp. 5.250%, due 12/01/253		150,000		143,625
Michael Baker International LLC 8.750%, due 03/01/233		350,000		345,187
Paprec Holding SA 4.000%, due 03/31/253	EUR	350,000		410,549
Ritchie Bros Auctioneers, Inc. 5.375%, due 01/15/252,3		175,000		172,156
Sotheby's 4.875%, due 12/15/253		200,000		191,423
The ADT Corp. 5.250%, due 03/15/20		275,000		279,125
TMS International Corp. 7.250%, due 08/15/253		125,000		127,031
Wabash National Corp. 5.500%, due 10/01/253		225,000		213,188
Waste Italia SpA 10.500%, due 11/15/194,8,11	EUR	1,425,000		33,326
Weight Watchers International, Inc. 8.625%, due 12/01/253		75,000		82,500
Wrangler Buyer Corp. 6.000%, due 10/01/253		75,000		70,500
				11,672,028
Communications equipment—0.17%
NXP BV/NXP Funding LLC 3.875%, due 09/01/223		400,000		394,000
4.125%, due 06/01/213		200,000		200,506
				594,506
Computer software & services—2.49%
BMC Software Finance, Inc. 8.125%, due 07/15/212,3		475,000		486,281
Camelot Finance SA 7.875%, due 10/15/243		450,000		446,625
CDK Global, Inc. 5.875%, due 06/15/262		200,000		205,000
Change Healthcare Holdings LLC/ Change Healthcare Finance, Inc. 5.750%, due 03/01/253		325,000		314,437
Dell International LLC/EMC Corp. 5.450%, due 06/15/233		75,000		78,737
5.875%, due 06/15/213		475,000		486,246
Diebold Nixdorf, Inc. 8.500%, due 04/15/242		100,000		92,000

	Face amount1		Value
Corporate bonds—(continued)
Computer software & services—(concluded)
Donnelley Financial Solutions, Inc. 8.250%, due 10/15/24		450,000	$	469,125
Everi Payments, Inc. 7.500%, due 12/15/253		200,000		200,000
Exela Intermediate LLC/Exela Finance, Inc. 10.000%, due 07/15/233		300,000		309,375
First Data Corp. 5.000%, due 01/15/243		50,000		50,438
5.750%, due 01/15/242,3		100,000		102,250
7.000%, due 12/01/233		300,000		313,875
Infor Software Parent LLC/ Infor Software Parent, Inc. 7.125% Cash or 7.875% PIK, 7.125%, due 05/01/213,6		700,000		707,000
Infor US, Inc. 6.500%, due 05/15/22		850,000		860,625
Informatica LLC 7.125%, due 07/15/233		100,000		101,750
InterXion Holding NV 4.750%, due 06/15/253	EUR	225,000		272,970
j2 Cloud Services LLC/ j2 Global Co-Obligor, Inc. 6.000%, due 07/15/252,3		200,000		202,500
NCR Corp. 6.375%, due 12/15/23		780,000		795,600
Open Text Corp. 5.875%, due 06/01/262,3		400,000		410,000
Rackspace Hosting, Inc. 8.625%, due 11/15/242,3		150,000		151,500
RP Crown Parent LLC 7.375%, due 10/15/243		450,000		460,125
Solera LLC/Solera Finance, Inc. 10.500%, due 03/01/243		400,000		442,303
Veritas US, Inc./Veritas Bermuda Ltd. 10.500%, due 02/01/242,3		400,000		336,000
Western Digital Corp. 4.750%, due 02/15/26		525,000		516,141
				8,810,903
Consumer products—0.94%
Central Garden & Pet Co. 5.125%, due 02/01/28		50,000		46,750
6.125%, due 11/15/23		275,000		282,562
First Quality Finance Co., Inc. 5.000%, due 07/01/253		75,000		69,188
High Ridge Brands Co. 8.875%, due 03/15/253		125,000		57,500
Prestige Brands, Inc. 5.375%, due 12/15/213		200,000		200,250
6.375%, due 03/01/242,3		325,000		324,594
Revlon Consumer Products Corp. 6.250%, due 08/01/24		250,000		132,500
Spectrum Brands, Inc. 4.000%, due 10/01/263	EUR	325,000		376,875
4.000%, due 10/01/264	EUR	250,000		289,903

137

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Consumer products—(concluded)
TRI Pointe Holdings, Inc. 5.875%, due 06/15/24		1,575,000	$	1,563,187
				3,343,309
Consumer services—0.16%
Garda World Security Corp. 8.750%, due 05/15/253		575,000		577,875
Containers & packaging—2.25%
ARD Finance SA 6.625% Cash or 7.375% PIK, 6.625%, due 09/15/236		EUR 300,000		362,189
7.125% Cash or 7.875% PIK, 7.125%, due 09/15/236		400,000		405,500
Ardagh Packaging Finance PLC/ Ardagh Holdings USA, Inc. 4.250%, due 09/15/222,3		200,000		196,500
6.000%, due 02/15/253		600,000		585,750
Ball Corp. 4.375%, due 12/15/20		350,000		353,500
Berry Global, Inc. 4.500%, due 02/15/263		100,000		94,000
6.000%, due 10/15/22		300,000		306,750
BWAY Holding Co. 7.250%, due 04/15/252,3		750,000		730,781
Crown European Holdings SA 2.250%, due 02/01/233	EUR	225,000		266,090
2.875%, due 02/01/263	EUR	350,000		396,817
Flex Acquisition Co., Inc. 6.875%, due 01/15/253		150,000		145,875
7.875%, due 07/15/263		175,000		176,208
Hercule Debtco Sarl 6.750% Cash or 7.500% PIK, 6.750%, due 06/30/243,6	EUR	275,000		313,609
6.750% Cash or 7.500% PIK, 6.750%, due 06/30/244,6	EUR	250,000		285,099
Kleopatra Holdings 1 SCA 8.500% Cash or 9.250% PIK, 8.500%, due 06/30/234,6	EUR	625,000		508,265
Multi-Color Corp. 6.125%, due 12/01/223		175,000		178,062
OI European Group BV 3.125%, due 11/15/243	EUR	225,000		268,432
3.125%, due 11/15/244	EUR	175,000		208,780
Owens-Brockway Glass Container, Inc. 6.375%, due 08/15/253		600,000		615,000
Plastipak Holdings, Inc. 6.250%, due 10/15/253		125,000		114,688
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, due 07/15/232,3		450,000		447,480
SAN Miguel Industrias Pet SA 4.500%, due 09/18/224		300,000		296,250

	Face amount1		Value
Corporate bonds—(continued)
Containers & packaging—(concluded)
Silgan Holdings, Inc. 3.250%, due 03/15/25	EUR	525,000	$	627,722
4.750%, due 03/15/25		75,000		71,531
				7,954,878
Diversified financial services—4.88%
Alliance Data Systems Corp. 4.500%, due 03/15/224	EUR	125,000		149,487
4.500%, due 03/15/223	EUR	550,000		657,744
Ally Financial, Inc. 3.750%, due 11/18/19		300,000		300,000
8.000%, due 12/31/18		475,000		484,262
8.000%, due 11/01/31		150,000		180,750
8.000%, due 11/01/31		285,000		343,425
ASP AMC Merger Sub, Inc. 8.000%, due 05/15/253		700,000		574,000
Bank of America Corp. (fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/285		50,000		49,600
(fixed, converts to FRN on 09/05/24), 6.250%, due 09/05/245		700,000		728,875
(fixed, converts to FRN on 03/10/26), 6.300%, due 03/10/265		175,000		186,375
Barclays PLC (fixed, converts to FRN on 12/15/20), 8.000%, due 12/15/205	EUR	600,000		780,541
(fixed, converts to FRN on 12/15/18), 8.250%, due 12/15/185		300,000		305,504
BNP Paribas SA MTN 2.375%, due 02/17/254	EUR	450,000		544,441
CIT Group, Inc. 3.875%, due 02/19/19		175,000		175,350
4.125%, due 03/09/21		75,000		74,906
Citigroup, Inc. (fixed, converts to FRN on 02/15/23), 5.900%, due 02/15/232,5		925,000		946,645
(fixed, converts to FRN on 08/15/20), 5.950%, due 08/15/205		175,000		181,213
(fixed, converts to FRN on 01/30/23), 5.950%, due 01/30/232,5		175,000		179,375
(fixed, converts to FRN on 08/15/26), 6.250%, due 08/15/265		150,000		155,342
CNG Holdings, Inc. 9.375%, due 05/15/202,3		225,000		224,438
Cooke Omega Investments, Inc./ Alpha VesselCo Holdings, Inc. 8.500%, due 12/15/223		275,000		277,062
Credivalores-Crediservicios SAS 9.750%, due 07/27/224		200,000		204,000
Fly Leasing Ltd. 5.250%, due 10/15/24		200,000		188,500
Garfunkelux Holdco 3 SA 3 mo. Euribor + 3.500%, 3.500%, due 09/01/233,7	EUR	475,000		481,312
8.500%, due 11/01/224	GBP	400,000		509,269

138

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
goeasy Ltd. 7.875%, due 11/01/223		150,000	$	157,517
Grupo KUO SAB De CV 5.750%, due 07/07/274		300,000		292,500
Hexion, Inc. 10.375%, due 02/01/222,3		250,000		245,938
13.750%, due 02/01/223		275,000		246,125
Intelsat Connect Finance SA 12.500%, due 04/01/222,3		350,000		349,562
Jefferies Finance LLC/JFIN Co-Issuer Corp. 7.375%, due 04/01/203		400,000		407,000
KOC Holding AS 5.250%, due 03/15/234		750,000		711,600
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. 5.250%, due 03/15/223		325,000		325,036
LHC3 PLC 4.125% PIK 4.125%, due 08/15/243,6	EUR	200,000		231,531
4.125% Cash or 4.875% PIK, 4.125%, due 08/15/244,6	EUR	600,000		694,594
Louvre Bidco SAS 4.250%, due 09/30/243	EUR	125,000		136,675
Nationstar Mortgage LLC/ Nationstar Capital Corp. 6.500%, due 06/01/22		275,000		273,625
9.625%, due 05/01/19		375,000		375,000
NFP Corp. 6.875%, due 07/15/253		325,000		316,062
Oxford Finance LLC/ Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/223		100,000		101,500
ProGroup AG 3.000%, due 03/31/264	EUR	600,000		687,578
Promontoria Holding 264 BV 3 mo. Euribor + 6.250%, 5.935%, due 08/15/233,7,12	EUR	250,000		291,636
6.750%, due 08/15/233,12	EUR	200,000		236,232
Tempo Acquisition LLC/ Tempo Acquisition Finance Corp. 6.750%, due 06/01/253		375,000		362,512
The Charles Schwab Corp. (fixed, converts to FRN on 12/01/27), 5.000%, due 12/01/275		225,000		216,844
Vantiv LLC/Vantiv Issuer Corp. 3.875%, due 11/15/253	GBP	400,000		503,783
Vertiv Intermediate Holding Corp. 12.000% Cash or 13.000% PIK, 12.000%, due 02/15/223,6		900,000		870,750
Werner FinCo LP/Werner FinCo, Inc. 8.750%, due 07/15/253		375,000		360,000
				17,276,016

	Face amount1		Value
Corporate bonds—(continued)
Electric utilities—0.46%
NRG Energy, Inc. 6.250%, due 07/15/22		25,000	$	25,781
6.250%, due 05/01/24		25,000		25,719
6.625%, due 01/15/27		200,000		206,000
7.250%, due 05/15/26		75,000		79,875
NRG Yield Operating LLC 5.000%, due 09/15/26		225,000		211,359
Vistra Energy Corp. 7.375%, due 11/01/22		1,025,000		1,068,563
7.625%, due 11/01/24		25,000		26,789
				1,644,086
Electric-generation—1.09%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.500%, due 05/20/25		275,000		266,062
5.625%, due 05/20/24		75,000		73,875
5.750%, due 05/20/27		275,000		262,969
Calpine Corp. 5.375%, due 01/15/232		825,000		786,844
5.500%, due 02/01/24		475,000		439,375
ContourGlobal Power Holdings SA 3.375%, due 08/01/233	EUR	250,000		292,776
4.125%, due 08/01/253	EUR	125,000		145,745
5.125%, due 06/15/213	EUR	725,000		867,744
Drax Finco PLC 6.625%, due 11/01/253		200,000		200,500
GenOn Energy, Inc. 7.875%, due 06/15/178,11		75,000		47,625
Greenko Investment Co. 4.875%, due 08/16/234		300,000		278,312
Rockpoint Gas Storage Canada Ltd. 7.000%, due 03/31/233		125,000		124,375
Superior Plus LP/Superior General Partner, Inc. 7.000%, due 07/15/263		75,000		75,750
				3,861,952
Electric-integrated—0.85%
AES Andres BV/Dominican Power Partners/ Empresa Generadora de Electricidad It 7.950%, due 05/11/264		300,000		312,000
AES El Salvador Trust II 6.750%, due 03/28/234		450,000		423,000
Capex SA 6.875%, due 05/15/244		475,000		426,318
6.875%, due 05/15/243		400,000		359,004
Centrais Eletricas Brasileiras SA 5.750%, due 10/27/214		300,000		301,980
Hrvatska Elektroprivreda 5.875%, due 10/23/223		800,000		838,384
Talen Energy Supply LLC 9.500%, due 07/15/222,3		25,000		24,000
10.500%, due 01/15/263		375,000		323,906
				3,008,592

139

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Electronics—1.06%
Advanced Micro Devices, Inc. 7.000%, due 07/01/24		353,000	$	373,297
7.500%, due 08/15/22		245,000		272,562
Amkor Technology, Inc. 6.375%, due 10/01/22		50,000		51,000
Belden, Inc. 3.875%, due 03/15/283	EUR	375,000		417,677
Energizer Gamma Acquisition BV 4.625%, due 07/15/263	EUR	650,000		776,077
Energizer Gamma Acquisition, Inc. 6.375%, due 07/15/262,3		175,000		179,865
Energizer Holdings, Inc. 5.500%, due 06/15/252,3		100,000		98,500
Entegris, Inc. 4.625%, due 02/10/263		200,000		189,500
GCL New Energy Holdings Ltd. 7.100%, due 01/30/214		200,000		186,013
Itron, Inc. 5.000%, due 01/15/263		75,000		71,438
Qorvo, Inc. 5.500%, due 07/15/263		150,000		152,805
7.000%, due 12/01/25		8,000		8,660
Senvion Holding GmbH 3.875%, due 10/25/224	EUR	775,000		802,028
TTM Technologies, Inc. 5.625%, due 10/01/252,3		175,000		172,813
				3,752,235
Energy—0.51%
Neerg Energy Ltd. 6.000%, due 02/13/224		500,000		472,599
Nordex SE 6.500%, due 02/01/233	EUR	375,000		425,298
Pattern Energy Group, Inc. 5.875%, due 02/01/243		75,000		75,563
Rio Energy SA/UGEN SA/UENSA SA 6.875%, due 02/01/253		500,000		414,500
6.875%, due 02/01/254		350,000		290,150
TerraForm Power Operating LLC 4.250%, due 01/31/233		125,000		120,313
				1,798,423
Energy-exploration & production—0.20%
Antero Resources Corp. 5.125%, due 12/01/222		150,000		150,375
5.375%, due 11/01/21		200,000		202,750
Covey Park Energy LLC/ Covey Park Finance Corp. 7.500%, due 05/15/253		350,000		355,250
Midstates Petroleum Co., Inc./ Midstates Petroleum Co. LLC 10.750%, due 10/01/208,10,11,15		850,000		0
				708,375

	Face amount1		Value
Corporate bonds—(continued)
Finance-captive automotive—1.82%
Ausdrill Finance Pty Ltd. 6.875%, due 11/01/193		880,000	$	883,300
Barminco Finance Pty Ltd. 6.625%, due 05/15/223		50,000		47,450
Cabot Financial Luxembourg II SA 3 mo. Euribor + 5.875%, 5.875%, due 11/15/214,7	EUR	550,000		644,750
CyrusOne LP/CyrusOne Finance Corp. 5.000%, due 03/15/242		75,000		75,281
Five Point Operating Co. LP/ Five Point Capital Corp. 7.875%, due 11/15/253		125,000		126,875
HT1 Funding GmbH 12 mo. Euribor + 2.000%, 1.819%, due 06/30/195,7	EUR	500,000		556,260
Hunt Cos., Inc. 6.250%, due 02/15/263		200,000		185,500
Icahn Enterprises LP/ Icahn Enterprises Finance Corp. 6.000%, due 08/01/20		1,330,000		1,352,178
6.250%, due 02/01/22		250,000		254,842
6.375%, due 12/15/25		125,000		125,625
Lions Gate Capital Holdings LLC 5.875%, due 11/01/243		175,000		178,938
Mason Finance Sub, Inc. 6.875%, due 08/15/233		150,000		150,000
Midas Intermediate Holdco II LLC/ Midas Intermediate Holdco II Finance, Inc. 7.875%, due 10/01/223		275,000		253,687
NWH Escrow Corp. 7.500%, due 08/01/213		250,000		228,750
Park Aerospace Holdings Ltd. 5.250%, due 08/15/223		150,000		150,000
5.500%, due 02/15/243		100,000		98,750
Prime Security Services Borrower LLC/ Prime Finance, Inc. 9.250%, due 05/15/233		235,000		251,450
Radian Group, Inc. 4.500%, due 10/01/242		225,000		218,250
7.000%, due 03/15/21		144,000		154,080
Spectrum Brands Holdings, Inc. 7.750%, due 01/15/22		395,000		407,344
Trident Merger Sub, Inc. 6.625%, due 11/01/253		100,000		94,000
				6,437,310
Finance-other—1.40%
Credivalores-Crediservicios SAS 9.750%, due 07/27/223		600,000		612,000
Navient Corp. 6.500%, due 06/15/22		100,000		102,000
6.625%, due 07/26/21		75,000		77,438
6.750%, due 06/25/25		150,000		148,875
6.750%, due 06/15/26		200,000		197,000
7.250%, due 09/25/232		125,000		130,937
8.000%, due 03/25/20		2,000,000		2,110,000

140

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Finance-other—(concluded)
Springleaf Finance Corp. 6.000%, due 06/01/20		1,050,000	$	1,081,500
6.875%, due 03/15/25		275,000		279,125
7.125%, due 03/15/26		200,000		203,250
				4,942,125
Financial services—0.52%
Banco de Bogota SA 5.375%, due 02/19/233		750,000		781,875
Intesa Sanpaolo SpA 3.928%, due 09/15/264	EUR	400,000		477,583
Monitchem HoldCo 2 SA 6.875%, due 06/15/224	EUR	400,000		416,967
VFH Parent LLC/Orchestra Co-Issuer, Inc. 6.750%, due 06/15/223		150,000		154,312
				1,830,737
Food products—1.60%
Central American Bottling Corp. 5.750%, due 01/31/273		400,000		400,000
5.750%, due 01/31/274		200,000		200,000
Clearwater Seafoods, Inc. 6.875%, due 05/01/253		25,000		24,000
Cott Corp. 5.500%, due 07/01/244	EUR	450,000		554,126
Cott Finance Corp. 5.500%, due 07/01/243	EUR	500,000		615,695
Darling Global Finance BV 3.625%, due 05/15/263	EUR	125,000		148,911
JBS Investments GmbH 7.250%, due 04/03/244		800,000		802,000
7.750%, due 10/28/204		200,000		205,030
Marfrig Holdings Europe BV 8.000%, due 06/08/234		100,000		102,250
Minerva Luxembourg SA 6.500%, due 09/20/263		1,150,000		1,070,938
6.500%, due 09/20/264		250,000		232,813
Pilgrim's Pride Corp. 5.750%, due 03/15/253		225,000		215,156
5.875%, due 09/30/272,3		250,000		233,125
Post Holdings, Inc. 5.750%, due 03/01/272,3		200,000		195,000
Sunshine Mid BV 6.500%, due 05/15/263	EUR	375,000		431,481
TreeHouse Foods, Inc. 6.000%, due 02/15/242,3		250,000		250,000
				5,680,525
Food-wholesale—1.78%
Albertsons Cos. LLC/Safeway, Inc./ New Albertsons LP/Albertson's LLC 5.750%, due 03/15/25		200,000		179,616
6.625%, due 06/15/24		350,000		335,125
Albertsons Cos., Inc. 3 mo. USD LIBOR + 3.750%, 6.085%, due 01/15/242,3,7		75,000		75,938

	Face amount1		Value
Corporate bonds—(continued)
Food-wholesale—(concluded)
Aramark International Finance Sarl 3.125%, due 04/01/253	EUR	375,000	$	453,744
3.125%, due 04/01/254	EUR	100,000		120,998
Aramark Services, Inc. 5.000%, due 02/01/282,3		275,000		265,292
5.125%, due 01/15/24		400,000		403,500
B&G Foods, Inc. 5.250%, due 04/01/252		75,000		72,000
Casino Guichard Perrachon SA 4.048%, due 08/05/264,9	EUR	300,000		338,641
(fixed, converts to FRN on 01/31/19), 4.870%, due 01/31/194,5	EUR	500,000		496,097
Casino Guichard Perrachon SA MTN 3.580%, due 02/07/254,9	EUR	300,000		334,999
Iceland Bondco PLC 4.625%, due 03/15/253	GBP	375,000		452,830
Nomad Foods Bondco PLC 3.250%, due 05/15/244	EUR	500,000		582,353
3.250%, due 05/15/243	EUR	250,000		291,176
Ocado Group PLC 4.000%, due 06/15/243	GBP	200,000		262,757
4.000%, due 06/15/244	GBP	175,000		229,912
Picard Bondco SA 5.500%, due 11/30/243	EUR	225,000		253,001
5.500%, due 11/30/244	EUR	100,000		112,445
Pinnacle Foods Finance LLC/ Pinnacle Foods Finance Corp. 5.875%, due 01/15/24		150,000		157,688
Sigma Holdco BV 5.750%, due 05/15/263	EUR	800,000		886,262
				6,304,374
Gaming—2.35%
Boyd Gaming Corp. 6.000%, due 08/15/263		300,000		301,500
6.875%, due 05/15/23		925,000		972,693
Grupo Posadas SAB de CV 7.875%, due 06/30/224		800,000		816,000
Hilton Domestic Operating Co., Inc. 5.125%, due 05/01/263		375,000		375,000
Inn of the Mountain Gods Resort & Casino 9.250%, due 11/30/206		70,251		66,475
International Game Technology PLC 3.500%, due 07/15/243	EUR	250,000		297,088
Jacobs Entertainment, Inc. 7.875%, due 02/01/243		250,000		261,250
LHMC Finco Sarl 7.875%, due 12/20/233		200,000		200,450
Mattel, Inc. 6.750%, due 12/31/253		150,000		145,687
MGM Resorts International 5.750%, due 06/15/25		500,000		504,220
6.000%, due 03/15/23		100,000		103,625
6.750%, due 10/01/20		313,000		329,824
7.750%, due 03/15/22		740,000		810,300

141

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Gaming—(concluded)
Mohegan Gaming & Entertainment 7.875%, due 10/15/242,3		625,000	$	590,625
Pinewood Finco PLC MTN 3.750%, due 12/01/234	GBP	225,000		296,055
Scientific Games International, Inc.
3.375%, due 02/15/263	EUR	275,000		308,708
5.000%, due 10/15/253		50,000		48,124
5.500%, due 02/15/263	EUR	425,000		473,616
6.250%, due 09/01/20		75,000		74,812
6.625%, due 05/15/21		75,000		75,844
Stars Group Holdings BV/ Stars Group US Co. Borrower LLC 7.000%, due 07/15/262,3		250,000		257,500
Studio City Co. Ltd. 5.875%, due 11/30/193		200,000		202,000
WMG Acquisition Corp. 4.125%, due 11/01/244	EUR	525,000		634,966
5.000%, due 08/01/233		125,000		123,594
Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. 5.500%, due 03/01/253		50,000		49,375
				8,319,331
Health care equipment & supplies—0.05%
Crimson Merger Sub, Inc. 6.625%, due 05/15/222,3		175,000		172,813
Health care providers & services—5.60%
AHP Health Partners, Inc. 9.750%, due 07/15/263		75,000		76,219
Avantor, Inc. 6.000%, due 10/01/242,3		100,000		99,938
9.000%, due 10/01/252,3		375,000		380,156
Bausch Health Cos., Inc. 4.500%, due 05/15/234	EUR	700,000		790,698
5.875%, due 05/15/232,3		375,000		360,187
7.500%, due 07/15/213		1,920,000		1,958,640
9.000%, due 12/15/253		1,450,000		1,537,000
Catalent Pharma Solutions, Inc. 4.750%, due 12/15/243	EUR	200,000		245,727
4.750%, due 12/15/244	EUR	200,000		245,727
Centene Corp. 4.750%, due 05/15/22		175,000		176,969
5.375%, due 06/01/262,3		400,000		409,500
6.125%, due 02/15/242		25,000		26,313
Charles River Laboratories International, Inc. 5.500%, due 04/01/263		150,000		151,875
CHS/Community Health Systems, Inc. 6.875%, due 02/01/222		112,000		54,880
8.125%, due 06/30/242,3		359,000		295,277
8.625%, due 01/15/242,3		150,000		155,070
11.000%, due 06/30/232,3,9		125,000		112,500
DJO Finance LLC/DJO Finance Corp. 8.125%, due 06/15/212,3		275,000		282,562
Eagle Holding Co. II LLC 7.625% Cash or 8.375% PIK, 7.625%, due 05/15/223,6		100,000		100,969

	Face amount1		Value
Corporate bonds—(continued)
Health care providers & services—(continued)
Encompass Health Corp. 5.750%, due 11/01/242		425,000	$	431,150
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.000%, due 07/15/233		1,400,000		1,190,000
Endo Finance LLC 5.750%, due 01/15/222,3		25,000		22,938
Endo Finance LLC/Endo Finco, Inc. 5.375%, due 01/15/233,9		150,000		127,125
Envision Healthcare Corp. 5.625%, due 07/15/22		175,000		178,937
6.250%, due 12/01/242,3		175,000		186,375
Grifols SA 3.200%, due 05/01/253	EUR	600,000		700,768
HCA, Inc. 3.750%, due 03/15/19		275,000		275,426
4.750%, due 05/01/23		200,000		202,600
5.000%, due 03/15/24		175,000		177,625
5.375%, due 02/01/252		200,000		202,500
5.875%, due 03/15/22		100,000		105,125
5.875%, due 05/01/23		150,000		156,937
5.875%, due 02/15/262		100,000		103,375
6.500%, due 02/15/20		250,000		260,200
7.500%, due 02/15/22		1,425,000		1,565,719
Hill-Rom Holdings, Inc. 5.750%, due 09/01/233		150,000		152,250
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc. 7.500%, due 10/01/243		255,000		267,750
LifePoint Health, Inc. 5.500%, due 12/01/212		125,000		127,188
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC 5.625%, due 10/15/232,3		150,000		129,188
MPH Acquisition Holdings LLC 7.125%, due 06/01/242,3		50,000		51,750
Polaris Intermediate Corp. 8.500% Cash or 9.250% PIK, 8.500%, due 12/01/223,6		300,000		310,125
Select Medical Corp. 6.375%, due 06/01/21		250,000		252,500
Tenet Healthcare Corp. 4.625%, due 07/15/242		175,000		169,531
5.500%, due 03/01/19		1,000,000		1,010,000
7.500%, due 01/01/223		125,000		130,938
8.125%, due 04/01/222		25,000		26,625
Teva Pharmaceutical Finance Netherlands II BV 0.375%, due 07/25/204	EUR	400,000		460,893
1.625%, due 10/15/284	EUR	1,025,000		975,421
3.250%, due 04/15/22	EUR	175,000		213,318
4.500%, due 03/01/25	EUR	100,000		123,928
Teva Pharmaceutical Finance Netherlands III BV 6.000%, due 04/15/242		1,050,000		1,086,452

142

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Health care providers & services—(concluded)
Unilabs Subholding AB 5.750%, due 05/15/253	EUR	175,000	$	196,650
Universal Hospital Services, Inc. 7.625%, due 08/15/20		350,000		350,493
Valeant Pharmaceuticals International 8.500%, due 01/31/273		150,000		154,050
West Street Merger Sub, Inc. 6.375%, due 09/01/252,3		300,000		291,750
				19,827,807
Hotels, restaurants & leisure—2.48%
Boyne USA, Inc. 7.250%, due 05/01/252,3		250,000		261,250
Carlson Travel, Inc. 3 mo. Euribor + 4.750%, 4.750%, due 06/15/234,7	EUR	550,000		632,209
9.500%, due 12/15/242,3		200,000		183,750
CCM Merger, Inc. 6.000%, due 03/15/223		200,000		203,500
Churchill Downs, Inc. 4.750%, due 01/15/283		150,000		140,625
Constellation Merger Sub, Inc. 8.500%, due 09/15/253		275,000		259,875
CPUK Finance Ltd. 4.250%, due 08/28/223	GBP	350,000		457,874
4.875%, due 08/28/254	GBP	200,000		261,409
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500%, due 02/15/233		225,000		224,935
Eldorado Resorts, Inc. 6.000%, due 04/01/25		375,000		378,750
7.000%, due 08/01/23		375,000		394,118
FelCor Lodging LP 6.000%, due 06/01/25		1,575,000		1,610,437
Gateway Casinos & Entertainment Ltd. 8.250%, due 03/01/243		225,000		238,500
GLP Capital LP/GLP Financing II, Inc. 5.250%, due 06/01/25		100,000		101,839
5.375%, due 04/15/26		100,000		101,610
KFC Holding Co./Pizza Hut Holdings LLC/ Taco Bell of America LLC 5.000%, due 06/01/243		300,000		297,000
LTF Merger Sub, Inc. 8.500%, due 06/15/233		1,217,000		1,268,722
NCL Corp. Ltd. 4.750%, due 12/15/213		50,000		50,063
Silversea Cruise Finance Ltd. 7.250%, due 02/01/253		200,000		216,500
The Enterprise Development Authority 12.000%, due 07/15/243		200,000		194,000
Thomas Cook Group PLC 6.250%, due 06/15/223	EUR	350,000		433,317
Viking Cruises Ltd. 5.875%, due 09/15/273		50,000		49,125
VOC Escrow Ltd. 5.000%, due 02/15/283		50,000		47,875

	Face amount1		Value
Corporate bonds—(continued)
Hotels, restaurants & leisure—(concluded)
Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. 5.250%, due 05/15/273		225,000	$	211,525
Wynn Macau Ltd. 4.875%, due 10/01/243		200,000		190,750
5.500%, due 10/01/272,3		400,000		383,080
				8,792,638
Insurance—1.14%
Acrisure LLC/Acrisure Finance, Inc. 7.000%, due 11/15/253		375,000		339,375
Ardonagh Midco 3 PLC 8.375%, due 07/15/233	GBP	525,000		696,324
8.625%, due 07/15/233		400,000		410,000
AssuredPartners, Inc. 7.000%, due 08/15/253		250,000		241,250
Fidelity & Guaranty Life Holdings, Inc. 5.500%, due 05/01/253		275,000		266,406
FWD Ltd. (fixed, converts to FRN on 01/24/22), 6.250%, due 01/24/224,5		800,000		782,051
Genworth Financial, Inc. 7.625%, due 09/24/21		50,000		52,000
Genworth Holdings, Inc. 7.700%, due 06/15/202		50,000		51,750
HUB International Ltd. 7.000%, due 05/01/263		75,000		75,281
MGIC Investment Corp. 5.750%, due 08/15/23		275,000		283,511
USIS Merger Sub, Inc. 6.875%, due 05/01/253		350,000		345,625
Wand Merger Corp. 8.125%, due 07/15/233		300,000		311,715
9.125%, due 07/15/263		175,000		183,750
				4,039,038
Lodging—0.33%
Caesars Resort Collection LLC/ CRC Finco, Inc. 5.250%, due 10/15/253		475,000		457,187
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp. 10.250%, due 11/15/223		250,000		270,938
NH Hotel Group SA 3.750%, due 10/01/234	EUR	350,000		428,521
				1,156,646
Machinery—0.42%
Orano SA 4.875%, due 09/23/24	EUR	750,000		933,141
Vertiv Group Corp. 9.250%, due 10/15/242,3		250,000		246,563
Welbilt, Inc. 9.500%, due 02/15/24		275,000		300,437
				1,480,141

143

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Machinery-construction & mining—0.15%
BlueLine Rental Finance Corp./ BlueLine Rental LLC 9.250%, due 03/15/243		350,000	$	369,687
BWX Technologies, Inc. 5.375%, due 07/15/263		100,000		101,500
Terex Corp. 5.625%, due 02/01/253		50,000		49,953
				521,140
Manufacturing-diversified—1.16%
Apergy Corp. 6.375%, due 05/01/263		75,000		76,500
Bombardier, Inc. 6.000%, due 10/15/223		675,000		679,219
6.125%, due 01/15/233		350,000		354,812
7.500%, due 12/01/243		375,000		398,906
7.500%, due 03/15/252,3		125,000		131,250
8.750%, due 12/01/213		275,000		303,531
Cloud Crane LLC 10.125%, due 08/01/243		350,000		378,000
CMF SpA 9.000%, due 06/15/224	EUR	200,000		208,144
FXI Holdings, Inc. 7.875%, due 11/01/243		150,000		146,250
Galapagos SA 5.375%, due 06/15/214	EUR	275,000		273,336
JPW Industries Holding Corp. 9.000%, due 10/01/243		150,000		152,813
Koppers, Inc. 6.000%, due 02/15/253		75,000		75,150
Mueller Water Products, Inc. 5.500%, due 06/15/263		75,000		75,469
Norican A/S 4.500%, due 05/15/234	EUR	350,000		376,756
SPX FLOW, Inc. 5.625%, due 08/15/243		175,000		173,687
5.875%, due 08/15/262,3		175,000		175,000
Tennant Co. 5.625%, due 05/01/25		125,000		124,375
				4,103,198
Media—3.29%
AMC Entertainment Holdings, Inc. 5.750%, due 06/15/252		75,000		73,969
5.875%, due 02/15/222		75,000		76,313
6.125%, due 05/15/272		300,000		291,000
6.375%, due 11/15/24	GBP	600,000		797,374
Carmike Cinemas, Inc. 6.000%, due 06/15/233		300,000		304,500
Cinemark USA, Inc. 5.125%, due 12/15/22		375,000		376,875
Clear Channel Worldwide Holdings, Inc. 6.500%, due 11/15/22		278,000		283,560
7.625%, due 03/15/20		1,323,000		1,325,911
7.625%, due 03/15/202		127,000		126,365

	Face amount1		Value
Corporate bonds—(continued)
Media—(concluded)
CSC Holdings LLC 8.625%, due 02/15/19		150,000	$	153,937
DISH DBS Corp. 5.000%, due 03/15/232		475,000		410,875
5.125%, due 05/01/20		200,000		198,500
5.875%, due 11/15/24		25,000		20,844
7.750%, due 07/01/262		550,000		480,562
Gray Television, Inc. 5.125%, due 10/15/242,3		225,000		216,000
5.875%, due 07/15/262,3		525,000		513,187
iHeartCommunications, Inc. 12.000% Cash, 2.000% PIK, 14.000%, due 02/01/216,8,11		415,467		55,049
Meredith Corp. 6.875%, due 02/01/263		25,000		25,188
National CineMedia LLC 5.750%, due 08/15/26		75,000		69,563
Nexstar Broadcasting, Inc. 5.625%, due 08/01/243		500,000		492,500
Quebecor Media, Inc. 5.750%, due 01/15/23		450,000		462,375
Salem Media Group, Inc. 6.750%, due 06/01/243		75,000		67,875
Sinclair Television Group, Inc. 5.125%, due 02/15/272,3		150,000		139,125
5.875%, due 03/15/263		225,000		221,766
6.125%, due 10/01/22		142,000		144,485
Sirius XM Radio, Inc. 3.875%, due 08/01/222,3		350,000		339,937
4.625%, due 05/15/233		25,000		24,625
5.000%, due 08/01/273		25,000		23,750
6.000%, due 07/15/243		50,000		51,688
TEGNA, Inc. 6.375%, due 10/15/23		125,000		129,063
Tele Columbus AG 3.875%, due 05/02/253	EUR	400,000		449,685
Telenet Finance Luxembourg Notes Sarl 3.500%, due 03/01/283	EUR	300,000		335,405
3.500%, due 03/01/284	EUR	200,000		223,603
5.500%, due 03/01/283		200,000		182,500
Telenet Finance VI Luxembourg SCA 4.875%, due 07/15/274	EUR	90,000		111,686
The EW Scripps Co. 5.125%, due 05/15/253		225,000		211,711
Townsquare Media, Inc. 6.500%, due 04/01/232,3		300,000		275,250
Univision Communications, Inc. 6.750%, due 09/15/222,3		226,000		230,802
Urban One, Inc. 9.250%, due 02/15/202,3		150,000		146,625
VTR Finance BV 6.875%, due 01/15/244		400,000		413,460
Ziggo Bond Finance BV 4.625%, due 01/15/254	EUR	600,000		697,225
6.000%, due 01/15/273		500,000		457,500
				11,632,213

144

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Metals—0.73%
Cia Brasileira de Aluminio 4.750%, due 06/17/244		1,100,000	$	1,064,250
Coeur Mining, Inc. 5.875%, due 06/01/24		150,000		144,000
Constellium NV 4.250%, due 02/15/263	EUR	125,000		145,835
6.625%, due 03/01/252,3		500,000		509,845
Ferroglobe PLC/Globe Specialty Metals, Inc. 9.375%, due 03/01/222,3		150,000		154,313
Vedanta Resources PLC 6.375%, due 07/30/223		300,000		294,750
8.250%, due 06/07/213		250,000		262,862
				2,575,855
Metals & mining—2.86%
AK Steel Corp. 7.625%, due 10/01/21		175,000		178,062
Alcoa Nederland Holding BV 6.125%, due 05/15/282,3		200,000		206,000
7.000%, due 09/30/263		600,000		648,000
Aleris International, Inc. 10.750%, due 07/15/232,3		125,000		132,969
Anglo American Capital PLC 4.125%, due 09/27/223		400,000		400,221
ArcelorMittal 6.125%, due 06/01/25		100,000		108,320
6.750%, due 03/01/419		75,000		83,344
Baffinland Iron Mines Corp./ Baffinland Iron Mines LP 8.750%, due 07/15/263		175,000		175,219
Big River Steel LLC/BRS Finance Corp. 7.250%, due 09/01/253		175,000		182,000
Cleveland-Cliffs, Inc. 5.750%, due 03/01/252		350,000		339,500
First Quantum Minerals Ltd. 6.500%, due 03/01/243		1,000,000		973,750
6.875%, due 03/01/262,3		200,000		195,250
7.000%, due 02/15/213		75,000		75,750
7.250%, due 04/01/233		200,000		201,250
Fortune Star BVI Ltd. 5.250%, due 03/23/224		300,000		283,751
Freeport-McMoRan, Inc. 3.100%, due 03/15/20		75,000		74,063
5.400%, due 11/14/34		100,000		91,750
5.450%, due 03/15/43		400,000		355,200
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, due 12/15/233		175,000		182,437
GTL Trade Finance, Inc./Gerdau Holdings, Inc. 5.893%, due 04/29/244		400,000		413,500
Hecla Mining Co. 6.875%, due 05/01/21		275,000		276,719
Hudbay Minerals, Inc. 7.250%, due 01/15/232,3		125,000		128,594
7.625%, due 01/15/252,3		100,000		103,375
IAMGOLD Corp. 7.000%, due 04/15/253		225,000		229,725

	Face amount1		Value
Corporate bonds—(continued)
Metals & mining—(concluded)
Kinross Gold Corp. 5.125%, due 09/01/212		175,000	$	180,852
Metinvest BV 7.750%, due 04/23/233		600,000		580,458
Mountain Province Diamonds, Inc. 8.000%, due 12/15/223		100,000		101,500
Northwest Acquisitions ULC/ Dominion Finco, Inc. 7.125%, due 11/01/223		25,000		24,938
Novelis Corp. 5.875%, due 09/30/263		125,000		119,844
6.250%, due 08/15/243		150,000		150,375
Park-Ohio Industries, Inc. 6.625%, due 04/15/272		100,000		101,000
Petra Diamonds US Treasury PLC 7.250%, due 05/01/223		200,000		191,000
Teck Resources Ltd. 3.750%, due 02/01/232		125,000		123,437
4.500%, due 01/15/21		100,000		101,500
4.750%, due 01/15/222		350,000		360,500
5.200%, due 03/01/42		25,000		23,063
6.000%, due 08/15/40		475,000		479,750
6.125%, due 10/01/35		25,000		26,063
6.250%, due 07/15/41		50,000		52,250
United States Steel Corp. 6.250%, due 03/15/262		175,000		175,000
6.875%, due 08/15/25		250,000		255,617
Vale Overseas Ltd. 5.875%, due 06/10/21		250,000		264,250
Vallourec SA 2.250%, due 09/30/244	EUR	200,000		190,312
6.375%, due 10/15/233	EUR	125,000		145,343
6.625%, due 10/15/223	EUR	375,000		453,024
				10,138,825
Oil & gas—11.80%
Aker BP ASA 5.875%, due 03/31/253		150,000		153,750
Alta Mesa Holdings LP/ Alta Mesa Finance Services Corp. 7.875%, due 12/15/24		250,000		260,000
American Midstream Partners LP/ American Midstream Finance Corp. 9.250%, due 12/15/213,9		175,000		173,250
Antero Midstream Partners LP/ Antero Midstream Finance Corp. 5.375%, due 09/15/24		275,000		276,031
Ascent Resources Utica Holdings LLC/ ARU Finance Corp. 10.000%, due 04/01/223		450,000		497,250
Blue Racer Midstream LLC/ Blue Racer Finance Corp. 6.125%, due 11/15/223		325,000		329,160
6.625%, due 07/15/263		75,000		75,563
Bristow Group, Inc. 8.750%, due 03/01/232,3		125,000		122,500

145

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Bruin E&P Partners LLC 8.875%, due 08/01/233		350,000	$	352,933
Calfrac Holdings LP 8.500%, due 06/15/263		250,000		241,562
California Resources Corp. 8.000%, due 12/15/223		425,000		380,375
Callon Petroleum Co. 6.125%, due 10/01/24		475,000		482,125
6.375%, due 07/01/263		200,000		201,750
Carrizo Oil & Gas, Inc. 6.250%, due 04/15/232		150,000		152,625
7.500%, due 09/15/20		343,000		343,429
Chaparral Energy, Inc. 8.750%, due 07/15/233		200,000		200,750
Cheniere Corpus Christi Holdings LLC 5.875%, due 03/31/252		75,000		78,938
7.000%, due 06/30/24		300,000		328,312
Cheniere Energy Partners LP 5.250%, due 10/01/25		150,000		149,250
Chesapeake Energy Corp. 5.500%, due 09/15/269		75,000		74,913
6.625%, due 08/15/202		675,000		702,000
6.875%, due 11/15/202		150,000		156,375
8.000%, due 01/15/252		475,000		486,875
CNX Resources Corp. 5.875%, due 04/15/22		175,000		175,352
Crestwood Midstream Partners LP/ Crestwood Midstream Finance Corp. 5.750%, due 04/01/25		50,000		50,500
6.250%, due 04/01/239		1,345,000		1,371,900
CrownRock LP/CrownRock Finance, Inc. 5.625%, due 10/15/253		350,000		337,750
DCP Midstream Operating LP 5.375%, due 07/15/252		100,000		102,125
Delek Logistics Partners LP/ Delek Logistics Finance Corp. 6.750%, due 05/15/252		200,000		200,000
Denbury Resources, Inc. 6.375%, due 08/15/21		325,000		305,500
9.000%, due 05/15/213		485,000		515,919
9.250%, due 03/31/222,3		140,000		148,400
Diamond Offshore Drilling, Inc. 7.875%, due 08/15/252		150,000		156,187
Diamondback Energy, Inc. 5.375%, due 05/31/253		100,000		99,500
Eclipse Resources Corp. 8.875%, due 07/15/23		75,000		71,813
Energy Transfer Equity LP 4.250%, due 03/15/23		175,000		170,187
7.500%, due 10/15/20		825,000		880,687
Ensco PLC 5.750%, due 10/01/442		75,000		54,563
7.750%, due 02/01/26		100,000		97,000
EP Energy LLC/ Everest Acquisition Finance, Inc. 6.375%, due 06/15/23		512,000		345,600

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
8.000%, due 02/15/253		25,000	$	19,063
9.375%, due 05/01/20		742,000		730,870
9.375%, due 05/01/243		786,000		646,485
Exterran Energy Solutions LP/ EES Finance Corp. 8.125%, due 05/01/25		325,000		341,250
Extraction Oil & Gas, Inc. 5.625%, due 02/01/263		100,000		97,000
7.375%, due 05/15/242,3		100,000		105,000
Ferrellgas LP/Ferrellgas Finance Corp. 6.500%, due 05/01/212		430,000		392,375
6.750%, due 06/15/232,9		225,000		194,625
Ferrellgas Partners LP/ Ferrellgas Partners Finance Corp. 8.625%, due 06/15/20		100,000		96,875
FTS International, Inc. 6.250%, due 05/01/22		375,000		373,954
Gazprom OAO Via Gaz Capital SA 4.950%, due 07/19/224		400,000		405,080
Genesis Energy LP/ Genesis Energy Finance Corp. 6.250%, due 05/15/26		75,000		70,500
6.500%, due 10/01/25		125,000		120,938
Global Marine, Inc. 7.000%, due 06/01/28		100,000		101,000
Gulfport Energy Corp. 6.000%, due 10/15/242		100,000		96,500
6.375%, due 05/15/25		150,000		146,250
6.375%, due 01/15/26		150,000		145,125
Halcon Resources Corp. 6.750%, due 02/15/252		175,000		162,312
Hess Infrastructure Partners LP/ Hess Infrastructure Partners Finance Corp. 5.625%, due 02/15/263		225,000		226,125
HighPoint Operating Corp. 7.000%, due 10/15/22		125,000		125,469
Holly Energy Partners LP/ Holly Energy Finance Corp. 6.000%, due 08/01/243		175,000		179,163
Indigo Natural Resources LLC 6.875%, due 02/15/263		200,000		193,500
Jonah Energy LLC/ Jonah Energy Finance Corp. 7.250%, due 10/15/252,3		150,000		124,125
Jones Energy Holdings LLC/ Jones Energy Finance Corp. 9.250%, due 03/15/23		200,000		126,000
9.250%, due 03/15/233		125,000		126,562
KazMunayGas National Co. JSC 4.400%, due 04/30/234		850,000		853,641
4.750%, due 04/19/274		625,000		626,750
KCA Deutag UK Finance PLC 9.625%, due 04/01/233		200,000		200,750
Laredo Petroleum, Inc. 5.625%, due 01/15/22		275,000		274,656

146

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp. 6.000%, due 08/01/263		275,000	$	276,636
McDermott Technology Americas, Inc./ McDermott Technology US, Inc. 10.625%, due 05/01/243		175,000		181,562
MEG Energy Corp. 6.375%, due 01/30/233		750,000		676,875
7.000%, due 03/31/243		250,000		225,625
Moss Creek Resources Holdings, Inc. 7.500%, due 01/15/263		525,000		511,875
Murphy Oil Corp. 4.450%, due 12/01/222,9		1,050,000		1,037,809
Nabors Industries, Inc. 4.625%, due 09/15/212		75,000		73,688
5.000%, due 09/15/202		225,000		226,125
Noble Holding International Ltd. 6.200%, due 08/01/40		50,000		36,750
7.750%, due 01/15/242		750,000		727,500
7.875%, due 02/01/262,3		175,000		179,812
8.950%, due 04/01/459		25,000		23,000
Oasis Petroleum, Inc. 6.250%, due 05/01/262,3		125,000		125,625
6.500%, due 11/01/21		375,000		381,562
Paramount Resources Ltd. 6.875%, due 06/30/233		275,000		284,625
Parker Drilling Co. 6.750%, due 07/15/222		125,000		101,875
7.500%, due 08/01/202		75,000		67,313
Parkland Fuel Corp. 6.000%, due 04/01/263		75,000		73,969
Parsley Energy LLC/Parsley Finance Corp. 5.625%, due 10/15/273		100,000		99,250
6.250%, due 06/01/243		175,000		182,000
PDC Energy, Inc. 6.125%, due 09/15/24		225,000		225,844
Petrobras Global Finance BV 4.375%, due 05/20/23		1,225,000		1,180,287
5.299%, due 01/27/254		600,000		574,500
5.999%, due 01/27/284		300,000		283,800
6.125%, due 01/17/22		720,000		746,424
6.250%, due 12/14/26	GBP	100,000		135,834
7.250%, due 03/17/44		370,000		363,525
7.375%, due 01/17/27		685,000		711,715
Precision Drilling Corp. 5.250%, due 11/15/24		75,000		71,625
6.500%, due 12/15/21		67,906		69,094
7.125%, due 01/15/262,3		200,000		205,250
7.750%, due 12/15/232		75,000		79,313
QEP Resources, Inc. 5.625%, due 03/01/262		125,000		120,313
Range Resources Corp. 5.000%, due 08/15/22		75,000		73,500
5.000%, due 03/15/232		125,000		119,844
5.750%, due 06/01/21		275,000		281,187
5.875%, due 07/01/22		500,000		502,500

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Resolute Energy Corp. 8.500%, due 05/01/20		475,000	$	475,891
Rowan Cos., Inc. 7.375%, due 06/15/252		325,000		313,219
Sanchez Energy Corp. 6.125%, due 01/15/232		825,000		568,219
7.750%, due 06/15/212		575,000		497,375
Sandridge Energy, Inc. 7.500%, due 03/15/218,10,11,13,15		1,425,000		0
SESI LLC 7.125%, due 12/15/21		125,000		126,875
7.750%, due 09/15/24		275,000		283,937
Seven Generations Energy Ltd. 5.375%, due 09/30/253		200,000		192,000
Shelf Drilling Holdings Ltd. 8.250%, due 02/15/253		175,000		177,625
SM Energy Co. 5.625%, due 06/01/252		175,000		170,625
6.125%, due 11/15/222		425,000		435,625
6.500%, due 01/01/232		200,000		203,000
6.750%, due 09/15/262		275,000		279,812
Southwestern Energy Co. 4.100%, due 03/15/222		475,000		451,250
6.200%, due 01/23/252,9		25,000		24,656
7.500%, due 04/01/262		25,000		25,938
State Oil Co. of the Azerbaijan Republic 4.750%, due 03/13/234		800,000		796,000
Summit Midstream Holdings LLC/ Summit Midstream Finance Corp. 5.500%, due 08/15/22		675,000		668,250
5.750%, due 04/15/25		175,000		168,875
Summit Midstream Partners LP (fixed, converts to FRN on 12/15/22), 9.500%, due 12/15/225		350,000		348,250
Sunoco LP/Sunoco Finance Corp. 4.875%, due 01/15/232,3		300,000		294,816
5.500%, due 02/15/263		50,000		47,563
Tallgrass Energy Partners LP/ Tallgrass Energy Finance Corp. 5.500%, due 09/15/243		75,000		76,875
Targa Resources Partners LP/ Targa Resources Partners Finance Corp. 5.125%, due 02/01/25		50,000		50,125
6.750%, due 03/15/242		50,000		52,750
Transocean Guardian Ltd. 5.875%, due 01/15/243		50,000		50,563
Transocean Pontus Ltd. 6.125%, due 08/01/253		75,000		76,407
Transocean, Inc. 5.800%, due 10/15/222,9		175,000		172,594
7.500%, due 01/15/263		350,000		357,875
9.000%, due 07/15/233		375,000		405,000
9.350%, due 12/15/419		450,000		448,875
Trinidad Drilling Ltd. 6.625%, due 02/15/253		200,000		194,000

147

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Tullow Oil PLC 6.250%, due 04/15/223		400,000	$	397,000
7.000%, due 03/01/253		200,000		194,750
USA Compression Partners LP/ USA Compression Finance Corp. 6.875%, due 04/01/263		225,000		231,469
Vermilion Energy, Inc. 5.625%, due 03/15/253		225,000		222,050
Vine Oil & Gas LP/ Vine Oil & Gas Finance Corp. 8.750%, due 04/15/233		275,000		254,375
Weatherford International LLC 6.800%, due 06/15/372		75,000		59,438
9.875%, due 03/01/252,3		125,000		126,250
Weatherford International Ltd. 5.125%, due 09/15/20		100,000		101,000
7.750%, due 06/15/212		125,000		128,437
8.250%, due 06/15/232		100,000		99,250
9.875%, due 02/15/242		425,000		431,375
Whiting Petroleum Corp. 5.750%, due 03/15/212		550,000		561,000
WildHorse Resource Development Corp. 6.875%, due 02/01/253		125,000		126,562
6.875%, due 02/01/25		350,000		354,375
WPX Energy, Inc. 5.750%, due 06/01/26		150,000		150,375
6.000%, due 01/15/22		37,000		38,388
				41,753,632
Oil services—0.26%
Citgo Holding, Inc. 10.750%, due 02/15/202,3		250,000		266,013
CITGO Petroleum Corp. 6.250%, due 08/15/222,3		655,000		659,912
				925,925
Paper & forest products—0.37%
Appvion, Inc. 9.000%, due 06/01/203,8,11		650,000		9,750
Mercer International, Inc. 6.500%, due 02/01/24		175,000		178,938
Suzano Austria GmbH 7.000%, due 03/16/473		600,000		640,500
7.000%, due 03/16/474		450,000		480,375
				1,309,563
Pipelines—1.09%
Andeavor Logistics LP/ Tesoro Logistics Finance Corp. 5.250%, due 01/15/25		50,000		51,684
CNX Midstream Partners LP/ CNX Midstream Finance Corp. 6.500%, due 03/15/263		125,000		122,500
Martin Midstream Partners LP/ Martin Midstream Finance Corp. 7.250%, due 02/15/21		450,000		443,250

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(concluded)
NGPL PipeCo LLC 4.375%, due 08/15/223		250,000	$	250,625
PBF Logistics LP/PBF Logistics Finance Corp. 6.875%, due 05/15/23		400,000		407,000
Plains All American Pipeline LP (fixed, converts to FRN on 11/15/22), 6.125%, due 11/15/225		150,000		145,875
Rockies Express Pipeline LLC 6.875%, due 04/15/403		75,000		87,000
SemGroup Corp. 7.250%, due 03/15/26		200,000		199,500
SemGroup Corp./Rose Rock Finance Corp. 5.625%, due 07/15/22		475,000		467,875
Targa Resources Partners LP/ Targa Resources Partners Finance Corp. 5.875%, due 04/15/263		125,000		127,500
The Williams Cos., Inc. 3.700%, due 01/15/23		425,000		416,105
4.550%, due 06/24/24		100,000		100,500
7.875%, due 09/01/21		325,000		360,750
TransMontaigne Partners LP/ TLP Finance Corp. 6.125%, due 02/15/26		100,000		98,750
Transportadora de Gas del Sur SA 6.750%, due 05/02/253		600,000		563,820
				3,842,734
Real estate investment trusts—3.82%
ADLER Real Estate AG 1.500%, due 12/06/214	EUR	325,000		382,469
China Aoyuan Property Group Ltd. 5.375%, due 09/13/224		300,000		264,159
6.350%, due 01/11/204		200,000		197,196
6.525%, due 04/25/194		250,000		250,375
China Evergrande Group 7.500%, due 06/28/234		500,000		460,472
8.750%, due 06/28/254		200,000		185,615
9.500%, due 03/29/244		850,000		824,912
China SCE Property Holdings Ltd. 5.875%, due 03/10/224		200,000		181,561
10.000%, due 07/02/204		600,000		626,386
CIFI Holdings Group Co. Ltd. 5.500%, due 01/23/224,8		900,000		832,752
Country Garden Holdings Co. Ltd. 4.750%, due 07/25/224		300,000		283,878
Crescent Communities LLC/ Crescent Ventures, Inc. 8.875%, due 10/15/213		319,000		337,885
Equinix, Inc. 5.750%, due 01/01/25		100,000		103,125
Fantasia Holdings Group Co. Ltd. 7.375%, due 10/04/214		400,000		333,006
Greystar Real Estate Partners LLC 5.750%, due 12/01/253		50,000		48,500
iStar, Inc. 4.625%, due 09/15/20		175,000		173,469
5.250%, due 09/15/222		50,000		48,750

148

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Jababeka International BV 6.500%, due 10/05/234		400,000	$	346,193
Kennedy-Wilson, Inc. 5.875%, due 04/01/24		525,000		511,875
Logan Property Holdings Co. Ltd. 5.750%, due 01/03/224		200,000		185,055
MPT Operating Partnership LP/ MPT Finance Corp. 6.375%, due 03/01/24		325,000		341,250
New Metro Global Ltd. 5.000%, due 08/08/224		500,000		445,181
6.500%, due 04/23/214		300,000		292,576
Realogy Group LLC/Realogy Co-Issuer Corp. 4.500%, due 04/15/193		225,000		225,562
4.875%, due 06/01/233		500,000		465,500
RKI Overseas Finance Ltd. 4.700%, due 09/06/214		300,000		276,075
SBA Communications Corp. 4.000%, due 10/01/22		325,000		314,541
Shimao Property Holdings Ltd. 8.375%, due 02/10/224		500,000		525,032
Starwood Property Trust, Inc. 4.750%, due 03/15/252,3		125,000		123,437
Summit Germany Ltd. 2.000%, due 01/31/253	EUR	450,000		495,489
Tesco Property Finance 3 PLC 5.744%, due 04/13/404	GBP	631,803		954,549
The GEO Group, Inc. 6.000%, due 04/15/26		200,000		195,000
Times China Holdings Ltd. 5.750%, due 04/26/224		200,000		177,564
6.250%, due 01/23/204		600,000		594,796
Uniti Group LP/Uniti Fiber Holdings, Inc./ CSL Capital LLC 7.125%, due 12/15/242,3		250,000		227,500
Yanlord Land HK Co. Ltd. 5.875%, due 01/23/224		500,000		495,127
Yuzhou Properties Co. Ltd. 6.000%, due 01/25/224		650,000		601,431
6.375%, due 03/06/214		200,000		194,111
				13,522,354
Retail—2.62%
1011778 BC ULC/New Red Finance, Inc. 5.000%, due 10/15/253		150,000		143,812
Arcos Dorados Holdings, Inc. 5.875%, due 04/04/273		475,000		460,949
6.625%, due 09/27/234		200,000		209,920
Asbury Automotive Group, Inc. 6.000%, due 12/15/24		100,000		99,500
Beacon Roofing Supply, Inc. 4.875%, due 11/01/253		125,000		116,444
6.375%, due 10/01/23		250,000		258,750
Carrols Restaurant Group, Inc. 8.000%, due 05/01/22		25,000		26,094

	Face amount1		Value
Corporate bonds—(continued)
Retail—(concluded)
Cumberland Farms, Inc. 6.750%, due 05/01/253		75,000	$	75,469
EVOCA SpA 7.000%, due 10/15/234	EUR	400,000		494,812
FirstCash, Inc. 5.375%, due 06/01/243		125,000		124,375
Golden Nugget, Inc. 6.750%, due 10/15/243		600,000		598,500
8.750%, due 10/01/252,3		225,000		233,437
Group 1 Automotive, Inc. 5.250%, due 12/15/233		175,000		170,625
Grupo Unicomer Co. Ltd. 7.875%, due 04/01/244		850,000		906,312
7.875%, due 04/01/243		250,000		266,562
H&E Equipment Services, Inc. 5.625%, due 09/01/25		300,000		296,250
IRB Holding Corp. 6.750%, due 02/15/263		275,000		261,250
JC Penney Corp., Inc. 6.375%, due 10/15/36		150,000		82,875
8.625%, due 03/15/252,3		200,000		168,500
Lithia Motors, Inc. 5.250%, due 08/01/253		125,000		119,375
Matalan Finance PLC 6.750%, due 01/31/233	GBP	450,000		550,513
9.500%, due 01/31/243	GBP	150,000		179,951
Nathan's Famous, Inc. 6.625%, due 11/01/253		125,000		125,625
Neiman Marcus Group Ltd. LLC 8.000%, due 10/15/213		75,000		47,250
8.750% Cash or 9.500% PIK, 8.750%, due 10/15/213,6		125,000		79,063
Party City Holdings, Inc. 6.625%, due 08/01/263,12		75,000		75,188
Penske Automotive Group, Inc. 3.750%, due 08/15/20		125,000		123,437
Rite Aid Corp. 7.700%, due 02/15/27		75,000		64,969
rue21, Inc. 9.000%, due 10/15/213,8,11,13		250,000		313
Shop Direct Funding PLC 7.750%, due 11/15/223	GBP	425,000		490,887
Sonic Automotive, Inc. 6.125%, due 03/15/27		275,000		257,125
Suburban Propane Partners LP/ Suburban Energy Finance Corp. 5.500%, due 06/01/24		1,800,000		1,746,000
The Hillman Group, Inc. 6.375%, due 07/15/222,3		200,000		191,194
The Scotts Miracle-Gro Co. 6.000%, due 10/15/23		225,000		231,750
				9,277,076

149

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(continued)
Software—0.06%
MSCI, Inc. 4.750%, due 08/01/263		175,000	$	172,812
5.375%, due 05/15/272,3		25,000		25,188
				198,000
Software & services—0.03%
Ascend Learning LLC 6.875%, due 08/01/253		100,000		101,250
Specialty retail—0.31%
CBR Fashion Finance BV 5.125%, due 10/01/223	EUR	275,000		285,791
L Brands, Inc. 5.250%, due 02/01/282		50,000		44,094
6.750%, due 07/01/36		225,000		190,125
Takko Luxembourg 2 SCA 5.375%, due 11/15/233	EUR	150,000		160,569
3 mo. Euribor + 5.375%, 5.375%, due 11/15/233,7	EUR	275,000		298,659
Takko Luxembourg 2 SCA MTN 5.375%, due 11/15/234	EUR	100,000		107,046
				1,086,284
Telecom-integrated/services—0.22%
Hughes Satellite Systems Corp. 6.625%, due 08/01/26		300,000		285,750
Intelsat Luxembourg SA 8.125%, due 06/01/23		590,000		505,925
				791,675
Telecommunication services—1.95%
Altice Financing SA 7.500%, due 05/15/263		200,000		194,720
Altice Finco SA 4.750%, due 01/15/284	EUR	750,000		761,508
Altice Luxembourg SA 6.250%, due 02/15/254	EUR	700,000		795,012
7.750%, due 05/15/222,3		1,600,000		1,592,000
Block Communications, Inc. 6.875%, due 02/15/253		250,000		248,750
CommScope Technologies LLC 6.000%, due 06/15/253		725,000		746,750
Digicel Ltd. 6.000%, due 04/15/212,3		125,000		115,625
6.750%, due 03/01/234		500,000		431,250
eircom Finance DAC 4.500%, due 05/31/224	EUR	425,000		507,560
Embarq Corp. 7.995%, due 06/01/36		375,000		352,500
Level 3 Parent LLC 5.750%, due 12/01/22		175,000		175,656
Matterhorn Telecom Holding SA 4.875%, due 05/01/234	EUR	550,000		650,539
Nokia of America Corp. Alcatel-Lucent USA Inc, 6.450%, due 03/15/29		100,000		102,500

	Face amount1		Value
Corporate bonds—(continued)
Telecommunication services—(concluded)
Qualitytech LP/QTS Finance Corp. 4.750%, due 11/15/253		125,000	$	118,437
Xplornet Communications, Inc. 9.625% Cash or 10.625% PIK, 9.625%, due 06/01/223,6		110,938		113,157
				6,905,964
Telecommunications equipment—0.07%
CDW LLC/CDW Finance Corp. 5.000%, due 09/01/25		250,000		247,421
Telephone-integrated—1.87%
Frontier Communications Corp. 8.500%, due 04/01/262,3		150,000		144,000
10.500%, due 09/15/222		1,150,000		1,043,625
11.000%, due 09/15/252		225,000		182,250
Level 3 Financing, Inc. 5.375%, due 08/15/22		125,000		125,313
5.625%, due 02/01/23		250,000		251,875
Sprint Capital Corp. 8.750%, due 03/15/32		2,170,000		2,335,462
Telecom Italia Finance SA 7.750%, due 01/24/33	EUR	500,000		807,631
Virgin Media Finance PLC 5.750%, due 01/15/253		200,000		187,750
6.000%, due 10/15/243		400,000		390,000
6.375%, due 04/15/233		200,000		205,500
Virgin Media Receivables Financing Notes I DAC 5.500%, due 09/15/244	GBP	725,000		944,415
				6,617,821
Trading companies & distributors—0.28%
Eagle Intermediate Global Holding BV/ Ruyi US Finance LLC 5.375%, due 05/01/233	EUR	300,000		350,472
Golden Legacy Pte Ltd. 6.875%, due 03/27/243		250,000		228,877
8.250%, due 06/07/214		400,000		403,085
				982,434
Transportation services—0.20%
XPO Logistics, Inc. 6.125%, due 09/01/233		225,000		231,188
6.500%, due 06/15/222,3		469,000		481,897
				713,085
Wireless telecommunication services—2.88%
Avaya, Inc. 7.000%, due 04/01/193,8,10,11,13		500,000		0
9.000%, due 04/01/193,8,10,11,13		225,000		0
CenturyLink, Inc. 5.625%, due 04/01/202		100,000		102,250
5.800%, due 03/15/22		50,000		49,938
6.750%, due 12/01/232		200,000		205,000
7.600%, due 09/15/39		1,000,000		830,000

150

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Corporate bonds—(concluded)
Wireless telecommunication services—(concluded)
Cogent Communications Group, Inc. 5.375%, due 03/01/223		150,000	$	153,000
Digicel Group Ltd. 8.250%, due 09/30/203		1,550,000		1,127,625
eDreams ODIGEO SA 8.500%, due 08/01/214	EUR	160,230		194,901
Intelsat Jackson Holdings SA 7.250%, due 10/15/20		275,000		276,031
9.750%, due 07/15/253		375,000		400,781
Match Group, Inc. 6.375%, due 06/01/24		425,000		449,438
Netflix, Inc. 3.625%, due 05/15/27	EUR	500,000		574,735
4.875%, due 04/15/283		350,000		331,188
5.375%, due 02/01/21		125,000		128,281
5.500%, due 02/15/22		50,000		51,563
5.875%, due 02/15/252		150,000		153,780
5.875%, due 11/15/283		50,000		50,125
Nokia OYJ 3.375%, due 06/12/22		75,000		72,375
Radiate Holdco LLC/Radiate Finance, Inc. 6.625%, due 02/15/252,3		200,000		187,000
Sable Intrenational Finance Ltd. 6.875%, due 08/01/223		400,000		418,000
Sprint Communications, Inc. 9.250%, due 04/15/22		225,000		253,125
Sprint Corp. 7.875%, due 09/15/23		450,000		479,812
T-Mobile USA, Inc. 4.000%, due 04/15/222		175,000		173,031
4.500%, due 02/01/262		175,000		164,500
4.750%, due 02/01/28		125,000		115,900
5.125%, due 04/15/25		25,000		25,110
6.000%, due 03/01/23		225,000		231,750
United Group BV 4.875%, due 07/01/244	EUR	900,000		1,073,779
Windstream Services LLC/ Windstream Finance Corp. 6.375%, due 08/01/232,3		54,000		31,320
7.750%, due 10/15/20		300,000		270,000
7.750%, due 10/01/21		46,000		36,800
8.625%, due 10/31/253		102,000		95,370
WTT Investment Ltd. 5.500%, due 11/21/224		500,000		481,502
Yell Bondco PLC 8.500%, due 05/02/233	GBP	250,000		321,575
Zayo Group LLC/Zayo Capital, Inc. 5.750%, due 01/15/273		500,000		495,000
6.000%, due 04/01/23		175,000		178,938
				10,183,523
Total corporate bonds (cost—$335,757,188)				331,736,621
Non-US government obligations—0.59%
Argentine Republic Government International Bond 5.875%, due 01/11/28		150,000		125,702

	Face amount1		Value
Non-US government obligations—(concluded)
Qatar Government International Bond 3.875%, due 04/23/234		300,000	$	301,110
Russian Foreign Bond 4.875%, due 09/16/234		1,600,000		1,668,000
Total non-US government obligations (cost—$2,081,139)				2,094,812
Loan assignments—2.67%
Auto manufacturers—0.10%
Navistar International Corp. 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 3.500%, 5.600%, due 11/06/247		348,063		348,063
Building & construction—0.02%
Ply Gem Industries, Inc. 2018 Term Loan, 3 mo. USD LIBOR + 3.750%, 6.087%, due 04/12/257		75,000		75,070
Building materials—0.01%
Forterra Finance LLC 2017 Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.077%, due 10/25/237		24,686		23,010
Chemicals—0.09%
Consolidated Energy Finance SA Term Loan B, 1 mo. USD LIBOR + 2.500%, 4.597%, due 05/07/257		225,000		224,437
Venator Materials Corp. Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.077%, due 08/08/247		99,250		98,878
				323,315
Commercial services—0.13%
National Intergovernmental Purchasing Alliance Co. 1st Lien Term Loan, 3 mo. USD LIBOR + 3.750%, 6.084%, due 05/23/257		100,000		99,625
Parexel International Corp. Term Loan B, 1 mo. USD LIBOR + 2.750%, 4.827%, due 09/27/247		148,875		148,354
PSAV Holdings LLC 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%, 5.350%, due 03/01/257		24,938		24,735
USS Ultimate Holdings, Inc. 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%, 5.827%, due 08/25/247		173,875		174,962
				447,676
Computer software & services—0.13%
Everi Payments, Inc. Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.077%, due 05/09/247		272,250		273,102

151

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Computer software & services—(concluded)
Tempo Acquisition LLC Term Loan,
1 mo. USD LIBOR + 3.000%, 5.077%, due 05/01/247		198,000	$	198,107
				471,209
Containers & packaging—0.14%
Consolidated Container Co. LLC 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 2.750%, 4.827%, due 05/22/247		148,877		148,908
Flex Acquisition Co., Inc. 1st Lien Term Loan, 3 mo. USD LIBOR + 3.000%, 5.337%, due 12/29/237		345,625		344,948
				493,856
Entertainment—0.18%
Caesars Entertainment Operating Co. Exit Term Loan, 1 mo. USD LIBOR + 2.000%, 4.077%, due 10/06/247		273,625		273,198
Delta 2 (LUX) S.a.r.l. 2018 USD Term Loan, 1 mo. USD LIBOR + 2.500%, 4.577%, due 02/01/247		21,971		21,829
Gateway Casinos & Entertainment Ltd. 2018 Term Loan B, 6 mo. USD LIBOR + 3.000%, 5.473%, due 12/01/237		200,000		200,562
Lions Gate Entertainment Corp. 2018 Term Loan B, 1 mo. USD LIBOR + 2.250%, 4.314%, due 03/24/257		124,688		124,999
				620,588
Financial services—0.09%
Air Methods Corp. 2017 Term Loan B, 3 mo. USD LIBOR + 3.500%, 5.834%, due 04/21/247		196,688		180,314
Seminole Tribe of Florida 2018 Term Loan B, 1 mo. USD LIBOR + 1.750%, 3.827%, due 07/08/247		48,628		48,795
Werner Co. 2017 Term Loan, 1 mo. USD LIBOR + 4.000%, 6.092%, due 07/24/247		74,438		72,762
				301,871
Food-wholesale—0.02%
Aramark Services, Inc. 2018 Term Loan B3, 3 mo. USD LIBOR + 1.750%, 4.084%, due 03/11/257		74,813		74,875

	Face amount1		Value
Loan assignments—(continued)
Gaming—0.02%
Scientific Games International, Inc. 2018 Term Loan B5,
2 mo. USD LIBOR + 2.750%, 4.921%, due 08/14/247		74,438	$	74,449
Health care providers & services—0.02%
MPH Acquisition Holdings LLC 2016 Term Loan B, 0.000%, due 06/07/2314		75,000		74,981
Healthcare-services—0.08%
Davis Vision, Inc. 1st Lien Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.077%, due 12/02/247		149,250		148,616
Surgery Center Holdings, Inc. 2017 Term Loan B, 1 mo. USD LIBOR + 3.250%, 5.330%, due 09/02/247		124,063		124,036
				272,652
Hotels, restaurants & leisure—0.19%
LTF Merger Sub, Inc. 2017 Term Loan B, 3 mo. USD LIBOR + 2.750%, 5.057%, due 06/10/227		687,006		687,198
Insurance—0.29%
Asurion LLC 2017 Term Loan B4, 1 mo. USD LIBOR + 3.000%, 5.077%, due 08/04/227		825,584		825,139
Genworth Financial, Inc. Term Loan, 1 mo. USD LIBOR + 4.500%, 6.578%, due 03/07/237		124,688		126,948
Hub International Ltd. 2018 Term Loan B, 0.000%, due 04/25/2514		75,000		74,925
				1,027,012
Lodging—0.08%
Golden Nugget, Inc. 2017 Incremental Term Loan, 1 mo. USD LIBOR + 2.750%, 4.827%, due 10/04/237		98,992		99,253
RHP Hotel Properties LP 2017 Term Loan B, 3 mo. USD LIBOR + 2.000%, 4.340%, due 05/11/247		172,064		171,892
				271,145
Machinery-construction & mining—0.02%
Terex Corp. 2018 Term Loan B, 3 mo. USD LIBOR + 2.000%, 4.334%, due 02/03/257		74,063		74,063

152

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Face amount1		Value
Loan assignments—(continued)
Machinery-diversified—0.01%
Engineered Machinery Holdings, Inc. USD 1st Lien Term Loan, 3 mo. USD LIBOR + 3.250%, 5.584%, due 07/19/247		49,750	$	49,688
Media—0.15%
Altice France SA 2018 Term Loan B13, 0.000%, due 07/13/2614		550,000		537,537
Media-publishing—0.05%
Meredith Corp. Term Loan B, 1 mo. USD LIBOR + 3.000%, 5.077%, due 01/31/257		174,563		174,974
Metals & mining—0.14%
Aleris International, Inc. 2018 Term Loan, 1 mo. USD LIBOR + 4.750%, 6.827%, due 02/08/237		175,000		176,458
Big River Steel LLC Term Loan B, 3 mo. USD LIBOR + 5.000%, 7.334%, due 08/23/237		74,251		75,365
Covia Holdings Corp. Term Loan, 3 mo. USD LIBOR + 3.750%, 6.050%, due 06/01/257		100,000		100,000
Neenah Foundry Co. 2017 Term Loan, 2 mo. USD LIBOR + 6.500%, 8.671%, due 12/13/227		146,250		144,787
				496,610
Oil & gas—0.39%
California Resources Corp. 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 4.750%, 6.831%, due 12/31/227		675,000		685,685
Second Out Term Loan, 1 mo. USD LIBOR + 10.375%, 12.439%, due 12/31/217		75,000		82,688
Chesapeake Energy Corp. Term Loan, 1 mo. USD LIBOR + 7.500%, 9.577%, due 08/23/217		250,000		261,125
Keane Group Holdings LLC 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 3.750%, 5.822%, due 05/25/257		75,000		74,250
McDermott Technology Americas, Inc. 2018 1st Lien Term Loan, 1 mo. USD LIBOR + 5.000%, 7.077%, due 05/10/257		199,500		200,597
Peabody Energy Corp. 2018 Term Loan,

	Face amount1		Value
Loan assignments—(concluded)
Oil & gas—(concluded)
1 mo. USD LIBOR + 2.750%, 4.827%, due 03/31/257		81,954	$	81,954
				1,386,299
Packaging & containers—0.04%
Berry Plastics Group, Inc. Term Loan R, 1 mo. USD LIBOR + 2.000%, 4.086%, due 01/19/247		123,438		123,540
Pipelines—0.08%
BCP Renaissance Parent LLC 2017 Term Loan B, 3 mo. USD LIBOR + 3.500%, 5.842%, due 10/31/247		275,000		276,031
Retail—0.06%
IRB Holding Corp. 1st Lien Term Loan, 2 mo. USD LIBOR + 3.250%, 5.347%, due 02/05/257		49,875		50,166
LSF9 Cypress Holdings LLC 2018 Term Loan B, 0.000%, due 05/10/2514		175,000		174,673
				224,839
Retail-restaurants—0.06%
1011778 B.C. Unlimited Liability Co. Term Loan B3, 1 mo. USD LIBOR + 2.250%, 4.327%, due 02/16/247		148,121		147,967
Tacala LLC 1st Lien Term Loan, 1 mo. USD LIBOR + 3.250%, 5.327%, due 01/31/257		74,813		74,925
				222,892
Wireless telecommunication services—0.08%
Radiate Holdco LLC 1st Lien Term Loan, 1 mo. USD LIBOR + 3.000%, 5.077%, due 02/01/247		296,250		293,400
Total loan assignments (cost—$9,400,638)				9,446,843
	Number of shares
Common stocks—0.44%
Energy-exploration & production—0.10%
Chaparral Energy, Inc.*		16,834		307,220
Chaparral Energy, Inc.*,8,10		3,605		65,359
				372,579
Metals & mining—0.01%
Aleris International*,8,13		795		19,080
Oil, gas & consumable fuels—0.25%
Bonanza Creek Energy, Inc.*		11,869		441,527

153

PACE High Yield Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(concluded)
Oil, gas & consumable fuels—(concluded)
Denbury Resources, Inc.*		28,906	$	130,366
Halcon Resources Corp.*,2		52,786		206,393
Linn Energy, Inc.*,8		2,353		97,885
Midstates Petroleum Co., Inc.*,13		404		5,296
SandRidge Energy, Inc.*		1,102		17,985
				899,452
Software—0.08%
Avaya Holdings Corp.*,2		13,087		269,331
Total common stocks (cost—$1,788,438)				1,560,442
Preferred stock—0.08%
Transportation infrastructure—0.08%
Seaspan Corp. 6.375%, due 04/30/19 (cost—$284,308)		11,327		285,893
	Number of warrants
Warrants—0.00%†
Oil & Gas—0.00%†
SandRidge Energy, Inc. strike price $41.34, expires 10/04/22*		2,784		779
SandRidge Energy, Inc. strike price $42.03, expires 10/04/22*,8		1,172		293
				1,072

	Number of shares		Value
Warrants—(concluded)
Oil, gas & consumable fuels—0.00%†
Midstates Petroleum Co., Inc. strike price $24.00, expires 04/21/20*,8		2,872	$	1
Total warrants (cost—$0)				1,073
Short-term investment—0.99%
Investment companies—0.99%
State Street Institutional U.S. Government Money Market Fund (cost—$3,487,096)		3,487,096		3,487,096
Investment of cash collateral from securities loaned—10.71%
Money market fund—10.71%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$37,901,428)		37,901,428		37,901,428
Total investments (cost—$390,700,235)—109.20%				386,514,208
Liabilities in excess of other assets—(9.20)%				(32,574,224	)
Net assets—100.00%			$	353,939,984

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	USD	151,000	EUR	128,897	08/01/18	$	(275	)
SSC	USD	91,035	EUR	77,870	08/01/18		22
SSC	USD	219,619	EUR	189,058	08/01/18		1,456
SSC	USD	123,000	EUR	105,174	08/01/18		(15	)
SSC	USD	242,170	EUR	206,298	09/04/18		(362	)
SSC	EUR	565,528	GBP	500,000	08/01/18		(5,025	)
SSC	EUR	55,876,282	USD	65,010,155	08/01/18		(328,772	)
SSC	EUR	62,617	USD	72,616	08/01/18		(605	)
SSC	EUR	56,268,256	USD	65,745,969	09/04/18		(207,739	)
SSC	GBP	8,192,047	USD	10,794,522	08/01/18		42,054
SSC	GBP	9,224	USD	12,078	08/01/18		(29	)
SSC	GBP	7,720,316	USD	10,136,049	09/04/18		(10,759	)
						$	(510,049	)

154

PACE High Yield Investments

Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Corporate bonds	$	—	$	331,732,433		$	4,188	$	331,736,621
Non-US government obligations		—		2,094,812			—		2,094,812
Loan assignments		—		9,446,843			—		9,446,843
Common stocks		1,476,003		65,359			19,080		1,560,442
Preferred stock		285,893		—			—		285,893
Warrants		1,072		1			—		1,073
Short-term investment		—		3,487,096			—		3,487,096
Investment of cash collateral from securities loaned		—		37,901,428			—		37,901,428
Forward foreign currency contracts		—		43,532			—		43,532
Total	$	1,762,968	$	384,771,504		$	23,268	$	386,557,740
Liabilities
Forward foreign currency contracts	$	—	$	(553,581	)	$	—	$	(553,581	)

At July 31, 2018, there were transfers between Level 1 and Level 2.

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investments that was valued using unobservable inputs for the year ended July 31, 2018:

	Corporate bonds		Common stocks			Loan assignments			Total
Beginning balance	$	—	$	20,670		$	147,931		$	168,601
Purchases		—		—			—			—
Sales		—		—			(149,334	)		(149,334	)
Accrued discounts/(premiums)		—		—			9			9
Total realized gain/(loss)		—		—			(47,801	)		(47,801	)
Net change in unrealized appreciation/depreciation		3,875		(1,590	)		49,195			51,480
Transfers into Level 3		313		—			—			313
Transfers out of Level 3		—		—			—			—
Ending balance	$	4,188	$	19,080		$	—		$	23,268

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at July 31, 2018, was $(227,938).

Portfolio footnotes

^†  Amount represents less than 0.005%.

*  Non-income producing security.

¹  In US dollars unless otherwise indicated.

²  Security, or portion thereof, was on loan at the period end.

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $142,263,047, represented 40.19% of the Portfolio's net assets at period end.

155

PACE High Yield Investments

Portfolio of investments—July 31, 2018

Portfolio footnotes—(concluded)

⁴  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁵  Perpetual investment. Date shown reflects the next call date.

⁶  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

⁷  Variable or floating rate security. The interest rate shown is the current rate at the period end and changes periodically.

⁸  Illiquid investment at period end. Illiquid assets, in the amount of $1,165,308, represented 0.33% of the Portfolio's net assets at period end.

⁹  Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate at the period end; the maturity date disclosed is the ultimate maturity date.

¹⁰  Security is being fair valued by a valuation committee under the direction of the board of trustees.

¹¹  Bond interest in default.

¹²  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

¹³  Significant unobservable inputs were used in the valuation of this security; i.e. a Level 3 security.

¹⁴  Position is unsettled. Contract rate was not determined at July 31, 2018 and does not take effect until settlement.

¹⁵  These securities are considered illiquid and restricted. At period end, the value of these securities was $0, representing 0.00% of the Portfolio's net assets. The table below provides further information:

Illiquid & restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 7/31/18		Value as a percentage of net assets
Peabody Energy Corp., 10.000%, due 03/15/22	04/03/17	$	0		0.00	%	$	0		0.00	%
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC, 10.750%, due 10/01/20	11/10/16		0		0.00			0		0.00
Sandridge Energy, Inc., 7.500%, due 03/15/21	10/04/16		0		0.00			0		0.00

See accompanying notes to financial statements.
156

PACE Large Co Value Equity Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned 9.06% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Value Index (the "benchmark") gained 9.54%, and the Lipper Large-Cap Value Funds category posted a median return of 10.15%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 159. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments (unaudited)²

The Portfolio underperformed its benchmark during the reporting period. Stock selection overall was negative, particularly within the financials, health care and consumer discretionary sectors, offsetting positive stock selection within consumer staples and energy. Allocation across sectors was additive to performance overall. The highest returning sectors in the benchmark were energy and information technology, with both sectors returning over 22% during the fiscal year. Underweights to more defensive sectors, including consumer staples, telecommunication services and utilities, aided relative returns, as did an overweight to information technology. From a style perspective, overweights to momentum and beta were positives while an overweight to earnings yield was modestly negative. (Beta is a measure of volatility or risk relative to the market as a whole.)

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross of fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Large Co Value Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Pzena Investment Management, LLC ("Pzena");

Boston Partners Global Investors, Inc. ("Boston Partners");

Los Angeles Capital Management and Equity Research, Inc. ("Los Angeles Capital");

River Road Asset Management, LLC ("River Road")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA and Fred Lee, CFA, assisted by Vincent Russo and Mayoor Joshi

Pzena: Richard S. Pzena, John J. Flynn and Benjamin Silver;

Boston Partners: Martin P. MacDonnell, CFA and Mark Donovan, CFA;

Los Angeles Capital: Thomas D. Stevens, CFA, Hal W. Reynolds, CFA and Daniel E. Allen, CFA;

River Road: Henry W. Sanders III, Thomas S. Forsha, James C. Shircliff, Andrew R. McIntosh

Objective:

Capital appreciation and dividend income

Investment process:

The main strategies of the subadvisors include:

• A "deep value" strategy which follows a disciplined investment process.

(continued on next page)

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PACE Large Co Value Equity Investments

Investment process
(concluded)

• A "long/short" or "130/30" equity strategy in which the subadvisor invests in companies with attractive valuations, business fundamentals and business momentum implemented using a blend of quantitative and fundamental analysis.

• A "long/short" or "130/30" equity strategy in which the subadvisor employs a dynamic, quantitative factor based approach to investing.

• A "dividend all cap value" strategy in which the subadvisor invests in a diversified, all-capitalization portfolio of income-producing equity securities.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation and dividend income and who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		8.83	%		9.50	%		8.56	%
Class C2		8.00			8.65			7.71
Class Y3		9.08			9.77			8.85
Class P4		9.06			9.76			8.83
After deducting maximum sales charge
Class A1		2.84			8.27			7.95
Class C2		7.00			8.65			7.71
Russell 1000 Value Index5		9.54			10.04			8.95
Lipper Multi-Cap Value Funds median		10.15			9.40			8.42

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		6.23	%		9.84	%		8.11	%
Class C2		5.43			8.99			7.26
Class Y3		6.48			10.11			8.40
Class P4		6.50			10.10			8.38
After deducting maximum sales charge
Class A1		0.39			8.60			7.50
Class C2		4.46			8.99			7.26

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.46% and 1.46%; Class C—2.25% and 2.23%; Class Y—1.21% and 1.21%; and Class P—1.24% and 1.23%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.14%; Class C—1.89%; Class Y—0.89%; and Class P—0.89%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

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PACE Large Co Value Equity Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Large Co Value Equity Investments Class P shares versus the Russell 1000 Value Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Large Co Value Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Large Co Value Equity Investments

160

PACE Large Co Value Equity Investments

Portfolio statistics—July 31, 2018 (unaudited)

Top ten holdings (long holdings)1	Percentage of net assets
Wells Fargo & Co.		2.5	%
JPMorgan Chase & Co.		2.4
Bank of America Corp.		2.3
Cisco Systems, Inc.		2.1
Citigroup, Inc.		2.0
State Street Institutional U.S. Government Money Market Fund		1.9
Berkshire Hathaway, Inc., Class B		1.8
Chevron Corp.		1.7
Marathon Petroleum Corp.		1.7
Oracle Corp.		1.6
Total		20.0	%
Top ten holdings (short holdings)1	Percentage of net assets
Flowserve Corp.		(0.3	)%
Willis Towers Watson PLC		(0.2	)
Johnson Controls International PLC		(0.2	)
National Oilwell Varco, Inc.		(0.2	)
DXC Technology Co.		(0.2	)
Hormel Foods Corp.		(0.2	)
Ashland Global Holdings, Inc.		(0.2	)
Micron Technology, Inc.		(0.2	)
Owens Corning		(0.2	)
Molson Coors Brewing Co., Class B		(0.1	)
Total		(2.0	)%
Top five Issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
United States		104.0	%
United Kingdom		3.2
Bermuda		1.9
Ireland		1.5
Switzerland		1.2
Total		111.8	%
Sectors (long holdings)1	Percentage of net assets
Financials		32.8	%
Energy		13.6
Information Technology		12.9
Industrials		12.0
Consumer Discretionary		11.8
Health Care		11.3
Consumer Staples		6.9
Materials		5.1
Utilities		3.3
Telecommunication Services		1.7
Total		111.4	%
Top five Issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
United States		(11.7	)%
Ireland		(0.4	)
Canada		(0.4	)
Netherlands		(0.2	)
United Kingdom		(0.1	)
Total		(12.8	)%
Sectors (short holdings)1	Percentage of net assets
Financials		(3.5	)%
Information Technology		(2.3	)
Consumer Discretionary		(1.9	)
Industrials		(1.4	)
Materials		(1.3	)
Energy		(1.2	)
Consumer Staples		(0.7	)
Utilities		(0.4	)
Health Care		(0.3	)
Total		(13.0	)%

¹  The Portfolio is actively managed and its composition will vary over time.

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PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—111.43%
Aerospace & defense—1.72%
Curtiss-Wright Corp.		16,030	$	2,132,471
General Dynamics Corp.		9,924		1,982,418
Hexcel Corp.		24,950		1,721,800
Lockheed Martin Corp.		1,910		622,851
Raytheon Co.		7,942		1,572,754
The Boeing Co.		17,763		6,328,957
United Technologies Corp.		61,934		8,406,921
				22,768,172
Air freight & logistics—0.78%
Expeditors International of Washington, Inc.		14,450		1,100,657
United Parcel Service, Inc., Class B		76,523		9,174,342
				10,274,999
Airlines—0.83%
Copa Holdings SA, Class A		6,110		594,747
Delta Air Lines, Inc.		114,848		6,250,028
Southwest Airlines Co.		70,955		4,126,743
				10,971,518
Auto components—0.10%
BorgWarner, Inc.		19,199		883,538
Gentex Corp.		21,340		495,088
				1,378,626
Automobiles—0.71%
Ford Motor Co.		931,422		9,351,477
Banks—7.29%
BB&T Corp.		277,038		14,076,301
Citizens Financial Group, Inc.		35,289		1,403,796
Commerce Bancshares, Inc.1		46,175		3,084,490
East West Bancorp, Inc.		40,612		2,629,221
Fifth Third Bancorp		104,129		3,081,177
First Hawaiian, Inc.		26,740		755,672
KeyCorp2		178,759		3,730,700
Lloyds Banking Group PLC, ADR2		724,376		2,404,928
Popular, Inc.		34,304		1,702,508
Regions Financial Corp.		261,989		4,875,615
Synovus Financial Corp.1		65,580		3,240,964
The PNC Financial Services Group, Inc.		39,955		5,786,683
US Bancorp		295,827		15,681,789
Webster Financial Corp.		5,330		343,945
Wells Fargo & Co.1		570,373		32,676,669
Western Alliance Bancorp*		18,790		1,065,769
				96,540,227
Beverages—1.00%
Coca-Cola European Partners PLC		77,138		3,181,171
PepsiCo, Inc.		78,018		8,972,070
The Coca-Cola Co.		24,228		1,129,752
				13,282,993
Biotechnology—1.82%
Alnylam Pharmaceuticals, Inc.*		4,150		394,250
Amgen, Inc.		83,687		16,448,680
Bluebird Bio, Inc.*,2		3,390		525,111
Gilead Sciences, Inc.		86,555		6,736,575
				24,104,616

	Number of shares		Value
Common stocks—(continued)
Building products—0.68%
Johnson Controls International PLC2		171,989	$	6,451,308
Owens Corning2		41,828		2,602,538
				9,053,846
Capital markets—3.71%
Affiliated Managers Group, Inc.		5,060		809,651
BlackRock, Inc.		4,540		2,282,530
Cboe Global Markets, Inc.		13,080		1,270,460
Franklin Resources, Inc.		172,523		5,920,989
Intercontinental Exchange, Inc.		18,050		1,334,075
KKR & Co., Inc., Class A		131,731		3,606,795
Morgan Stanley		159,521		8,065,382
State Street Corp.		13,550		1,196,601
TD Ameritrade Holding Corp.2		40,532		2,316,404
The Bank of New York Mellon Corp.		18,770		1,003,632
The Goldman Sachs Group, Inc.		63,479		15,071,819
Thomson Reuters Corp.2		151,583		6,275,536
				49,153,874
Chemicals—2.94%
Air Products & Chemicals, Inc.		8,610		1,413,504
Cabot Corp.		25,490		1,684,889
CF Industries Holdings, Inc.		22,530		1,000,783
Eastman Chemical Co.		8,070		836,213
FMC Corp.		21,110		1,897,367
LyondellBasell Industries N.V., Class A		42,569		4,716,219
Methanex Corp.		34,366		2,374,691
Nutrien Ltd.2		45,471		2,464,983
Praxair, Inc.		80,705		13,518,087
RPM International, Inc.		120,805		7,776,218
W. R. Grace & Co.		17,340		1,280,732
				38,963,686
Commercial services & supplies—1.07%
KAR Auction Services, Inc.		157,177		9,344,173
Republic Services, Inc.		14,520		1,052,409
Stericycle, Inc.*		28,450		1,987,517
Waste Management, Inc.		20,410		1,836,900
				14,220,999
Communications equipment—2.61%
Cisco Systems, Inc.1		645,837		27,312,447
Juniper Networks, Inc.		72,539		1,910,677
Motorola Solutions, Inc.		44,094		5,348,602
				34,571,726
Construction materials—0.30%
Cemex SAB de C.V., ADR*,2		246,371		1,835,464
CRH PLC, ADR2		63,497		2,177,312
				4,012,776
Consumer finance—1.75%
American Express Co.		41,809		4,160,832
Capital One Financial Corp.		126,857		11,965,152
Discover Financial Services		81,540		5,822,771
Synchrony Financial		44,047		1,274,720
				23,223,475

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Containers & packaging—0.80%
AptarGroup, Inc.2		16,151	$	1,654,347
Bemis Co., Inc.		38,070		1,747,794
Berry Global Group, Inc.*		12,285		600,122
Graphic Packaging Holding Co.		77,145		1,120,917
Sonoco Products Co.2		35,007		1,954,091
WestRock Co.		60,234		3,492,367
				10,569,638
Diversified consumer services—0.08%
H&R Block, Inc.2		40,300		1,013,948
Diversified financial services—7.88%
AXA Equitable Holdings, Inc.*		247,863		5,450,507
Bank of America Corp.1		967,312		29,870,594
Citigroup, Inc.1		367,281		26,403,831
CME Group, Inc.		14,238		2,265,551
Jefferies Financial Group, Inc.		48,291		1,171,057
JPMorgan Chase & Co.1		274,786		31,586,651
Voya Financial, Inc.		151,253		7,641,302
				104,389,493
Diversified telecommunication services—1.63%
AT&T, Inc.1		136,867		4,375,638
CenturyLink, Inc.		104,140		1,954,708
Verizon Communications, Inc.		295,546		15,261,995
				21,592,341
Electric utilities—1.08%
American Electric Power Co., Inc.		11,917		847,775
Edison International		169,801		11,313,841
The Southern Co.2		25,520		1,240,272
Xcel Energy, Inc.		18,665		874,642
				14,276,530
Electrical equipment—1.33%
ABB Ltd., ADR		70,229		1,616,671
AMETEK, Inc.		39,250		3,053,650
Eaton Corp. PLC		62,481		5,196,545
Emerson Electric Co.		107,157		7,745,308
				17,612,174
Electronic equipment, instruments & components—2.03%
Arrow Electronics, Inc.*		9,739		738,606
Avnet, Inc.2		25,600		1,122,560
Corning, Inc.2		409,583		13,589,964
Dolby Laboratories, Inc., Class A		14,480		933,236
FLIR Systems, Inc.		14,890		872,554
Jabil, Inc.		21,758		612,923
National Instruments Corp.		8,210		359,680
TE Connectivity Ltd.		81,576		7,633,066
Trimble, Inc.*		30,730		1,084,769
				26,947,358
Energy equipment & services—1.12%
Apergy Corp.*		43,001		1,763,041
Halliburton Co.		114,047		4,837,874
Helmerich & Payne, Inc.2		17,774		1,090,435

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—(concluded)
National Oilwell Varco, Inc.2		118,825	$	5,777,271
Patterson-UTI Energy, Inc.		25,450		437,740
Schlumberger Ltd.		13,280		896,666
				14,803,027
Equity real estate investment trusts—5.76%
American Homes 4 Rent, Class A		29,500		653,130
Apple Hospitality REIT, Inc.		89,930		1,617,841
Brandywine Realty Trust		67,080		1,106,149
Brixmor Property Group, Inc.		130,390		2,306,599
Camden Property Trust		7,790		721,276
Duke Realty Corp.		50,390		1,467,357
Equity Residential		67,152		4,393,755
Forest City Realty Trust, Inc., Class A		82,420		2,058,027
Highwoods Properties, Inc.		23,790		1,168,327
Iron Mountain, Inc.2		357,654		12,557,232
Park Hotels & Resorts, Inc.		36,760		1,149,853
Piedmont Office Realty Trust, Inc., Class A		57,117		1,129,774
Prologis, Inc.		28,830		1,891,825
Retail Value, Inc.*		3,410		112,666
Ryman Hospitality Properties, Inc.		88,176		7,495,842
Sabra Health Care REIT, Inc.2		315,426		6,816,356
SL Green Realty Corp.2		43,034		4,437,236
The GEO Group, Inc.		265,034		6,859,080
Ventas, Inc.		161,968		9,131,756
Weingarten Realty Investors		42,306		1,278,487
Weyerhaeuser Co.		209,765		7,169,768
WP Carey, Inc.		11,450		748,601
				76,270,937
Food & staples retailing—2.06%
Walgreens Boots Alliance, Inc.		109,242		7,386,944
Walmart, Inc.1		222,474		19,851,355
				27,238,299
Food products—0.88%
Lamb Weston Holdings, Inc.		22,780		1,600,751
Mondelez International, Inc., Class A		10,676		463,125
Nomad Foods Ltd.*		140,198		2,663,762
The Kraft Heinz Co.		115,445		6,955,561
				11,683,199
Gas utilities—0.94%
AmeriGas Partners LP		110,615		4,759,763
National Fuel Gas Co.2		143,960		7,730,652
				12,490,415
Health care equipment & supplies—0.57%
Baxter International, Inc.		15,120		1,095,444
Danaher Corp.		20,630		2,116,225
DENTSPLY SIRONA, Inc.		18,780		903,506
Medtronic PLC		23,120		2,086,118
The Cooper Cos., Inc.		5,010		1,305,105
				7,506,398

163

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Health care providers & services—4.08%
Anthem, Inc.1		34,173	$	8,645,769
Cardinal Health, Inc.		72,022		3,597,499
Centene Corp.*		15,470		2,016,205
Cigna Corp.		26,708		4,791,949
CVS Health Corp.		141,138		9,154,211
DaVita, Inc.*		7,150		502,502
Express Scripts Holding Co.*		89,448		7,107,538
HCA Healthcare, Inc.		12,450		1,546,664
Laboratory Corp. of America Holdings*		18,932		3,319,537
McKesson Corp.		89,405		11,229,268
UnitedHealth Group, Inc.		8,260		2,091,597
				54,002,739
Health care technology—0.04%
Cerner Corp.*		9,160		568,653
Hotels, restaurants & leisure—2.10%
Carnival Corp.		9,530		564,557
Cedar Fair LP		53,990		3,084,989
Extended Stay America, Inc.		502,837		10,705,400
International Game Technology PLC		1,390		35,139
Royal Caribbean Cruises Ltd.		9,530		1,074,603
Starbucks Corp.		116,796		6,118,942
Wyndham Destinations, Inc.		50,863		2,345,801
Wyndham Hotels & Resorts, Inc.		44,346		2,572,068
Yum China Holdings, Inc.		36,860		1,329,909
				27,831,408
Household durables—0.45%
Lennar Corp., Class A		16,030		837,888
Newell Brands, Inc.2		196,786		5,153,825
				5,991,713
Household products—1.06%
Kimberly-Clark Corp.		91,698		10,440,734
The Procter & Gamble Co.1		45,249		3,659,739
				14,100,473
Independent power and renewable electricity producers—0.24%
NRG Energy, Inc.		22,818		722,646
Vistra Energy Corp.*		109,076		2,465,118
				3,187,764
Industrial conglomerates—0.70%
General Electric Co.		517,754		7,056,987
Roper Technologies, Inc.		7,420		2,240,098
				9,297,085
Insurance—7.05%
American Financial Group, Inc.		12,044		1,357,238
American International Group, Inc.2		221,400		12,223,494
Assured Guaranty Ltd.		35,265		1,372,514
Axis Capital Holdings Ltd.		241,130		13,638,313
Berkshire Hathaway, Inc., Class B*,1		119,908		23,726,196
Brown & Brown, Inc.		34,940		1,022,344
Chubb Ltd.		30,590		4,274,035
CNA Financial Corp.		74,940		3,505,693

	Number of shares		Value
Common stocks—(continued)
Insurance—(concluded)
Everest Re Group Ltd.		10,881	$	2,375,866
First American Financial Corp.		30,380		1,701,280
Markel Corp.*		2,220		2,597,400
Mercury General Corp.		10,546		542,381
MetLife, Inc.2		244,437		11,180,548
Old Republic International Corp.		64,370		1,371,725
ProAssurance Corp.		25,109		1,037,002
RenaissanceRe Holdings Ltd.		15,430		2,034,445
The Allstate Corp.		63,389		6,029,562
The Hanover Insurance Group, Inc.		20,442		2,563,836
Torchmark Corp.		9,010		793,511
				93,347,383
Internet & catalog retail—0.26%
Booking Holdings, Inc.*		538		1,091,452
Qurate Retail Inc.*		111,801		2,380,243
				3,471,695
Internet software & services—0.76%
Akamai Technologies, Inc.*		14,130		1,063,424
Alphabet, Inc., Class A*		1,714		2,103,455
eBay, Inc.*		168,128		5,623,882
LogMeIn, Inc.		6,890		558,434
Zillow Group, Inc., Class C*,2		12,770		711,289
				10,060,484
IT services—1.54%
Alliance Data Systems Corp.		2,997		673,965
Cognizant Technology Solutions Corp., Class A		98,299		8,011,368
DXC Technology Co.2		77,466		6,564,469
Fidelity National Information Services, Inc.		16,720		1,724,334
Teradata Corp.*		12,260		469,435
Worldpay, Inc., Class A*		36,250		2,979,388
				20,422,959
Leisure products—0.33%
Hasbro, Inc.		6,858		683,125
Polaris Industries, Inc.2		35,524		3,744,940
				4,428,065
Life sciences tools & services—0.30%
Bio-Rad Laboratories, Inc., Class A*		5,410		1,658,976
QIAGEN NV*		18,706		675,661
Thermo Fisher Scientific, Inc.		7,184		1,684,864
				4,019,501
Machinery—1.74%
Crane Co.		23,180		2,099,413
Cummins, Inc.		48,838		6,974,555
Dover Corp.		123,770		10,270,434
Flowserve Corp.		100		4,433
Fortive Corp.		12,910		1,059,653
Gardner Denver Holdings, Inc.*		28,210		807,088
Ingersoll-Rand PLC		10,080		992,981
Terex Corp.		17,550		774,306
				22,982,863

164

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Media—5.37%
Cinemark Holdings, Inc.2		238,244	$	8,557,725
Comcast Corp., Class A		443,738		15,876,946
Discovery, Inc., Class C*		24,900		611,295
GCI Liberty, Inc., Class A*		14,540		699,519
Liberty Broadband Corp., Class A*		10,757		853,460
Liberty Broadband Corp., Class C*		32,120		2,552,576
Liberty Media Corp.-Liberty Formula One, Class A*,2		9,820		329,068
Liberty Media Corp.-Liberty Formula One, Class C*		26,010		916,853
Liberty Media Corp.-Liberty SiriusXM, Class A*		33,330		1,571,176
Liberty Media Corp.-Liberty SiriusXM, Class C*		40,000		1,889,200
Meredith Corp.2		87,912		4,672,523
News Corp., Class A		159,317		2,400,907
Omnicom Group, Inc.2		209,268		14,403,916
The Interpublic Group of Cos., Inc.2		583,168		13,150,438
The Madison Square Garden Co., Class A*		4,620		1,442,272
The Walt Disney Co.		10,610		1,204,872
				71,132,746
Metals & mining—0.55%
Newmont Mining Corp.		24,826		910,618
Rio Tinto PLC, ADR		33,735		1,872,293
Steel Dynamics, Inc.		95,994		4,520,357
				7,303,268
Mortgage real estate investment trusts—0.38%
Annaly Capital Management, Inc.		93,240		999,533
MFA Financial, Inc.		157,040		1,264,172
New Residential Investment Corp.		102,750		1,838,197
Starwood Property Trust, Inc.		42,850		978,694
				5,080,596
Multi-utilities—0.74%
Ameren Corp.		11,084		687,873
Black Hills Corp.2		88,176		5,287,915
CenterPoint Energy, Inc.		31,228		889,374
Dominion Energy, Inc.		9,985		716,024
MDU Resources Group, Inc.		77,200		2,238,800
				9,819,986
Multiline retail—1.24%
Dollar General Corp.		7,400		726,310
Macy's, Inc.		12,720		505,366
Nordstrom, Inc.		15,869		831,964
Target Corp.		177,993		14,360,475
				16,424,115
Oil, gas & consumable fuels—12.73%
Anadarko Petroleum Corp.		16,430		1,201,854
Andeavor1		64,275		9,645,106
BP PLC, ADR		128,864		5,810,478
Cabot Oil & Gas Corp.		89,466		2,102,451
Cenovus Energy, Inc.2		480,632		4,825,545
Cheniere Energy, Inc.*		21,380		1,357,630
Chevron Corp.1		176,654		22,306,101
Cimarex Energy Co.		24,440		2,409,784
Concho Resources, Inc.*		11,440		1,668,524

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—(concluded)
ConocoPhillips		103,345	$	7,458,409
Continental Resources, Inc.*,2		14,800		945,276
Devon Energy Corp.		15,203		684,287
Diamondback Energy, Inc.2		14,216		1,875,801
Energen Corp.*		29,632		2,198,102
EOG Resources, Inc.		19,280		2,485,963
EQT Corp.		66,095		3,283,600
Exxon Mobil Corp.1		248,980		20,294,360
Gulfport Energy Corp.*		34,220		393,872
Jagged Peak Energy, Inc.*,2		52,655		752,967
Kinder Morgan, Inc.		97,348		1,730,847
Magellan Midstream Partners LP		117,367		8,422,256
Marathon Oil Corp.		176,040		3,717,965
Marathon Petroleum Corp.		273,989		22,146,531
Occidental Petroleum Corp.		114,202		9,584,974
Parsley Energy, Inc., Class A*		21,351		671,062
Peabody Energy Corp.		24,782		1,052,987
Phillips 66		10,314		1,272,129
Pioneer Natural Resources Co.		2,840		537,527
Royal Dutch Shell PLC, Class A, ADR2		231,063		15,797,777
Spectra Energy Partners LP		173,473		6,413,297
Targa Resources Corp.		10,990		561,259
The Williams Cos., Inc.		21,424		637,364
Valero Energy Corp.		33,880		4,009,698
World Fuel Services Corp.		15,870		441,662
				168,697,445
Personal products—0.98%
Coty, Inc., Class A2		267,251		3,583,836
Nu Skin Enterprises, Inc., Class A		15,044		1,095,955
Unilever PLC, ADR2		144,653		8,246,668
				12,926,459
Pharmaceuticals—5.30%
Abbott Laboratories		21,504		1,409,372
Allergan PLC		7,120		1,310,721
Bristol-Myers Squibb Co.		20,870		1,226,113
Johnson & Johnson1		153,585		20,353,084
Merck & Co., Inc.1		287,336		18,926,822
Mylan N.V.*		234,824		8,761,283
Novartis AG, ADR		30,508		2,559,621
Perrigo Co. PLC2		20,326		1,636,650
Pfizer, Inc.1		351,566		14,038,030
				70,221,696
Professional services—0.52%
Equifax, Inc.		12,230		1,534,865
Nielsen Holdings PLC		173,147		4,079,344
The Dun & Bradstreet Corp.		10,480		1,319,327
				6,933,536
Real estate management & development—0.07%
CBRE Group, Inc., Class A*		19,049		948,640
Road & rail—0.81%
CSX Corp.		10,890		769,705
Kansas City Southern		6,710		780,172
Union Pacific Corp.		61,220		9,176,266
				10,726,143

165

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(concluded)
Semiconductors & semiconductor equipment—1.80%
Intel Corp.1		195,793	$	9,417,643
Marvell Technology Group Ltd.		86,460		1,842,463
QUALCOMM, Inc.		196,196		12,574,202
				23,834,308
Software—2.44%
Autodesk, Inc.*		5,930		761,649
CDK Global, Inc.		15,998		999,262
Dell Technologies, Inc., Class V*		5,560		514,411
Microsoft Corp.		56,282		5,970,395
Oracle Corp.1		439,391		20,950,163
Symantec Corp.		39,940		807,587
Synopsys, Inc.*		26,160		2,339,489
				32,342,956
Specialty retail—0.51%
Best Buy Co., Inc.		7,670		575,480
Burlington Stores, Inc.*		9,830		1,502,122
Dick's Sporting Goods, Inc.		11,840		404,218
Lowe's Cos., Inc.		23,923		2,376,511
The Home Depot, Inc.		6,818		1,346,691
Tiffany & Co.		4,400		605,264
				6,810,286
Technology hardware, storage & peripherals—1.73%
Hewlett Packard Enterprise Co.2		538,514		8,314,656
HP, Inc.		363,576		8,391,334
NetApp, Inc.		65,276		5,060,196
Western Digital Corp.		15,434		1,082,695
				22,848,881
Textiles, apparel & luxury goods—0.19%
Columbia Sportswear Co.		6,970		606,251
Ralph Lauren Corp.		9,920		1,339,001
Skechers U.S.A., Inc., Class A*		20,460		567,151
				2,512,403
Tobacco—0.20%
Philip Morris International, Inc.		30,874		2,664,426
Trading companies & distributors—1.65%
Aircastle Ltd.		174,922		3,626,133
Fastenal Co.2		271,597		15,462,017
HD Supply Holdings, Inc.*		22,977		1,010,529
MSC Industrial Direct Co., Inc., Class A		13,060		1,105,268
WESCO International, Inc.*		9,770		595,970
				21,799,917
Water utilities—0.05%
Aqua America, Inc.		17,060		630,196
Wireless telecommunication services—0.05%
Telephone & Data Systems, Inc.		28,440		718,110
Total common stocks (cost—$1,268,955,144)				1,476,355,665

	Number of shares			Value
Short-term investment—1.92%
Investment companies—1.92%
State Street Institutional U.S. Government Money Market Fund (cost—$25,465,071)		25,465,071		$	25,465,071
Investment of cash collateral from securities loaned—1.13%
Money market fund—1.13%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$14,983,370)		14,983,370			14,983,370
Total investments before investments sold short (cost—$1,309,403,585)—114.48%					1,516,804,106
Investments sold short—(13.04)%
Common stocks—(13.04)%
Aerospace & defense—(0.09)%
TransDigm Group, Inc.		(3,147	)		(1,181,824	)
Airlines—(0.04)%
Alaska Air Group, Inc.		(9,420	)		(591,859	)
Auto components—(0.26)%
Adient PLC		(10,860	)		(517,262	)
Autoliv, Inc.		(9,154	)		(937,919	)
The Goodyear Tire & Rubber Co.		(61,510	)		(1,489,157	)
Veoneer, Inc.		(9,154	)		(478,754	)
					(3,423,092	)
Automobiles—(0.13)%
General Motors Co.		(16,940	)		(642,195	)
Harley-Davidson, Inc.		(25,639	)		(1,099,657	)
					(1,741,852	)
Banks—(1.21)%
CIT Group, Inc.		(19,560	)		(1,035,311	)
Community Bank System, Inc.		(21,629	)		(1,368,034	)
Cullen/Frost Bankers, Inc.		(4,747	)		(524,496	)
CVB Financial Corp.		(41,072	)		(982,442	)
First Financial Bankshares, Inc.		(28,254	)		(1,599,177	)
First Republic Bank		(13,048	)		(1,289,925	)
FNB Corp.		(84,670	)		(1,086,316	)
Glacier Bancorp, Inc.		(13,019	)		(555,911	)
KeyCorp		(83,620	)		(1,745,149	)
People's United Financial, Inc.		(41,119	)		(749,599	)
Prosperity Bancshares, Inc.		(16,591	)		(1,163,859	)
SVB Financial Group		(3,880	)		(1,194,575	)
Trustmark Corp.		(17,761	)		(625,010	)
United Bankshares, Inc.		(22,695	)		(838,580	)
Westamerica BanCorp.		(21,015	)		(1,261,320	)
					(16,019,704	)
Beverages—(0.13)%
Molson Coors Brewing Co., Class B		(26,270	)		(1,760,090	)
Building products—(0.40)%
AAON, Inc.		(28,752	)		(1,085,388	)
Johnson Controls International PLC		(59,170	)		(2,219,466	)
Owens Corning		(31,540	)		(1,962,419	)
					(5,267,273	)

166

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Portfolio of investments—July 31, 2018

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Capital markets—(0.42)%
Ameriprise Financial, Inc.		(5,320	)	$	(774,964	)
FactSet Research Systems, Inc.		(2,219	)		(446,818	)
MarketAxess Holdings, Inc.		(8,197	)		(1,588,333	)
TD Ameritrade Holding Corp.		(19,063	)		(1,089,451	)
Thomson Reuters Corp.		(39,703	)		(1,643,704	)
					(5,543,270	)
Chemicals—(0.75)%
Ashland Global Holdings, Inc.		(25,700	)		(2,110,227	)
Balchem Corp.		(14,981	)		(1,502,444	)
Celanese Corp., Series A		(14,410	)		(1,701,965	)
HB Fuller Co.		(22,153	)		(1,255,632	)
NewMarket Corp.		(3,679	)		(1,506,330	)
Quaker Chemical Corp.		(3,371	)		(598,487	)
RPM International, Inc.		(18,610	)		(1,197,926	)
					(9,873,011	)
Commercial services & supplies—(0.31)%
Cimpress NV		(10,758	)		(1,571,421	)
Ritchie Bros Auctioneers, Inc.		(40,733	)		(1,355,187	)
Rollins, Inc.		(21,387	)		(1,175,002	)
					(4,101,610	)
Communications equipment—(0.09)%
ViaSat, Inc.		(16,419	)		(1,154,912	)
Construction & engineering—(0.05)%
Jacobs Engineering Group, Inc.		(10,584	)		(715,796	)
Construction materials—(0.10)%
Vulcan Materials Co.		(11,210	)		(1,255,520	)
Consumer finance—(0.07)%
Synchrony Financial		(32,930	)		(952,994	)
Containers & packaging—(0.30)%
AptarGroup, Inc.		(9,668	)		(990,293	)
Ball Corp.		(39,930	)		(1,556,072	)
International Paper Co.		(16,640	)		(894,067	)
Sonoco Products Co.		(9,853	)		(549,995	)
					(3,990,427	)
Diversified consumer services—(0.08)%
Chegg, Inc.		(36,805	)		(1,019,498	)
Diversified financial services—(0.07)%
Voya Financial, Inc.		(18,050	)		(911,886	)
Electric utilities—(0.20)%
El Paso Electric Co.		(13,163	)		(820,055	)
Entergy Corp.		(14,510	)		(1,179,373	)
IDACORP, Inc.		(7,059	)		(665,240	)
					(2,664,668	)
Electronic equipment, instruments & components—(0.39)%
Avnet, Inc.		(13,450	)		(589,782	)
Corning, Inc.		(42,490	)		(1,409,818	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Electronic equipment, instruments & components—(concluded)
Fitbit, Inc., Class A		(89,104	)	$	(528,387	)
Keysight Technologies, Inc.		(24,160	)		(1,401,280	)
National Instruments Corp.		(27,963	)		(1,225,059	)
					(5,154,326	)
Energy equipment & services—(0.45)%
Baker Hughes a GE Co.		(15,610	)		(539,794	)
Core Laboratories N.V.		(5,811	)		(651,529	)
Helmerich & Payne, Inc.		(15,440	)		(947,244	)
National Oilwell Varco, Inc.		(45,554	)		(2,214,836	)
Oceaneering International, Inc.		(42,530	)		(1,163,621	)
Weatherford International PLC		(122,465	)		(415,156	)
					(5,932,180	)
Equity real estate investment trusts—(0.38)%
Extra Space Storage, Inc.		(9,192	)		(863,772	)
Iron Mountain, Inc.		(23,346	)		(819,678	)
Lamar Advertising Co., Class A		(12,277	)		(903,956	)
Public Storage		(4,387	)		(955,620	)
Realty Income Corp.		(9,921	)		(553,294	)
Washington Prime Group, Inc.		(111,710	)		(897,031	)
					(4,993,351	)
Food & staples retailing—(0.10)%
Casey's General Stores, Inc.		(6,635	)		(725,737	)
PriceSmart, Inc.		(7,307	)		(597,347	)
					(1,323,084	)
Food products—(0.40)%
Hormel Foods Corp.		(60,212	)		(2,165,826	)
Lancaster Colony Corp.		(5,183	)		(751,690	)
McCormick & Co., Inc.		(2,509	)		(294,908	)
Post Holdings, Inc.		(10,930	)		(946,101	)
The Hain Celestial Group, Inc.		(16,379	)		(465,819	)
Tyson Foods, Inc., Class A		(10,860	)		(626,079	)
					(5,250,423	)
Health care equipment & supplies—(0.04)%
West Pharmaceutical Services, Inc.		(5,275	)		(578,404	)
Health care providers & services—(0.09)%
Envision Healthcare Corp.		(14,130	)		(625,394	)
Premier, Inc., Class A		(16,230	)		(607,002	)
					(1,232,396	)
Health care technology—(0.13)%
Medidata Solutions, Inc.		(13,958	)		(1,037,219	)
Teladoc, Inc.		(10,427	)		(624,056	)
					(1,661,275	)
Hotels, restaurants & leisure—(0.44)%
Chipotle Mexican Grill, Inc.		(3,240	)		(1,405,058	)
International Game Technology PLC		(38,180	)		(965,191	)
MGM Resorts International		(44,622	)		(1,399,792	)
Norwegian Cruise Line Holdings Ltd.		(12,694	)		(635,081	)

167

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Hotels, restaurants & leisure—(concluded)
Shake Shack, Inc., Class A		(11,173	)	$	(696,413	)
Texas Roadhouse, Inc.		(12,173	)		(764,951	)
					(5,866,486	)
Household durables—(0.22)%
D.R. Horton, Inc.		(17,120	)		(748,144	)
Garmin Ltd.		(13,904	)		(868,305	)
Newell Brands, Inc.		(26,730	)		(700,059	)
PulteGroup, Inc.		(23,190	)		(660,683	)
					(2,977,191	)
Household products—(0.07)%
Spectrum Brands Holdings, Inc.		(10,078	)		(880,515	)
Insurance—(1.40)%
Aflac, Inc.		(26,650	)		(1,240,291	)
American International Group, Inc.		(31,070	)		(1,715,375	)
Athene Holding Ltd., Class A		(20,020	)		(918,317	)
Cincinnati Financial Corp.		(20,312	)		(1,536,196	)
Erie Indemnity Co., Class A		(7,091	)		(880,986	)
Lincoln National Corp.		(11,570	)		(787,917	)
Loews Corp.		(23,650	)		(1,200,947	)
MetLife, Inc.		(11,280	)		(515,947	)
Principal Financial Group, Inc.		(23,360	)		(1,356,749	)
Prudential Financial, Inc.		(11,280	)		(1,138,265	)
RLI Corp.		(20,322	)		(1,519,273	)
The Hartford Financial Services Group, Inc.		(17,261	)		(909,655	)
Unum Group		(34,260	)		(1,361,150	)
White Mountains Insurance Group Ltd.		(890	)		(812,596	)
Willis Towers Watson PLC		(16,350	)		(2,606,517	)
					(18,500,181	)
Internet & catalog retail—(0.13)%
Liberty Expedia Holdings, Inc., Class A		(11,750	)		(565,997	)
Wayfair, Inc., Class A		(10,379	)		(1,129,443	)
					(1,695,440	)
Internet software & services—(0.21)%
MercadoLibre, Inc.		(4,617	)		(1,583,215	)
MINDBODY, Inc., Class A		(17,382	)		(649,218	)
Shopify, Inc., Class A		(4,288	)		(592,645	)
					(2,825,078	)
IT services—(0.46)%
Acxiom Corp.		(21,694	)		(879,475	)
Conduent, Inc.		(71,130	)		(1,277,495	)
DXC Technology Co.		(26,030	)		(2,205,782	)
Gartner, Inc.		(5,972	)		(808,788	)
International Business Machines Corp.		(6,750	)		(978,277	)
					(6,149,817	)
Leisure products—(0.04)%
Mattel, Inc.		(35,923	)		(570,098	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Machinery—(0.39)%
Flowserve Corp.		(75,425	)	$	(3,343,590	)
John Bean Technologies Corp.		(7,239	)		(800,634	)
Wabtec Corp.		(9,566	)		(1,055,321	)
					(5,199,545	)
Media—(0.18)%
Altice USA, Inc., Class A		(42,933	)		(735,442	)
Cinemark Holdings, Inc.		(17,630	)		(633,270	)
Omnicom Group, Inc.		(6,090	)		(419,175	)
The Interpublic Group of Cos., Inc.		(26,820	)		(604,791	)
					(2,392,678	)
Metals & mining—(0.11)%
Alcoa Corp.		(17,540	)		(758,956	)
Compass Minerals International, Inc.		(10,835	)		(735,155	)
					(1,494,111	)
Multi-utilities—(0.17)%
NiSource, Inc.		(50,110	)		(1,311,880	)
Public Service Enterprise Group, Inc.		(18,510	)		(954,375	)
					(2,266,255	)
Oil, gas & consumable fuels—(0.80)%
Antero Resources Corp.		(36,470	)		(749,094	)
Apache Corp.		(36,652	)		(1,685,992	)
Cenovus Energy, Inc.		(119,889	)		(1,203,686	)
Continental Resources, Inc.		(18,814	)		(1,201,650	)
Hess Corp.		(23,304	)		(1,529,442	)
Kosmos Energy Ltd.		(49,256	)		(373,360	)
Murphy Oil Corp.		(21,311	)		(708,804	)
Oasis Petroleum, Inc.		(52,041	)		(635,941	)
PBF Energy, Inc., Class A		(20,380	)		(951,746	)
Range Resources Corp.		(53,053	)		(818,608	)
SM Energy Co.		(27,950	)		(768,904	)
					(10,627,227	)
Personal products—(0.04)%
Coty, Inc., Class A		(35,774	)		(479,729	)
Professional services—(0.10)%
CoStar Group, Inc.		(1,768	)		(735,223	)
Verisk Analytics, Inc.		(5,251	)		(580,865	)
					(1,316,088	)
Road & rail—(0.14)%
Heartland Express, Inc.		(45,775	)		(878,422	)
Ryder System, Inc.		(11,710	)		(916,893	)
					(1,795,315	)
Semiconductors & semiconductor equipment—(0.25)%
Cree, Inc.		(28,823	)		(1,359,004	)
Micron Technology, Inc.		(37,540	)		(1,981,737	)
					(3,340,741	)

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PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Software—(0.55)%
ACI Worldwide, Inc.		(45,578	)	$	(1,177,736	)
Blackbaud, Inc.		(12,305	)		(1,228,162	)
Guidewire Software, Inc.		(12,487	)		(1,076,379	)
HubSpot, Inc.		(13,425	)		(1,666,042	)
Proofpoint, Inc.		(10,872	)		(1,239,952	)
Workday, Inc., Class A		(6,830	)		(847,057	)
					(7,235,328	)
Specialty retail—(0.30)%
At Home Group, Inc.		(13,549	)		(491,422	)
CarMax, Inc.		(19,105	)		(1,426,761	)
Floor & Decor Holdings, Inc., Class A		(14,614	)		(697,819	)
Monro, Inc.		(10,874	)		(733,451	)
Penske Automotive Group, Inc.		(12,650	)		(660,330	)
					(4,009,783	)
Technology hardware, storage & peripherals—(0.13)%
Hewlett Packard Enterprise Co.		(60,699	)		(937,193	)
Xerox Corp.		(29,764	)		(772,971	)
					(1,710,164	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
Textiles, apparel & luxury goods—(0.06)%
Under Armour, Inc., Class A		(41,764	)	$	(834,027	)
Thrifts & mortgage finance—(0.07)%
New York Community Bancorp, Inc.		(90,970	)		(979,747	)
Trading companies & distributors—(0.06)%
Air Lease Corp.		(17,980	)		(790,401	)
Transportation infrastructure—(0.04)%
Macquarie Infrastructure Corp.		(10,990	)		(499,056	)
Total investments sold short (proceeds—$152,807,307)					(172,729,726	)
Liabilities in excess of other assets—(1.44)%					(19,114,812	)
Net assets—100.00%				$	1,324,959,568

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,476,355,665		$	—	$	—	$	1,476,355,665
Short-term investment		—			25,465,071		—		25,465,071
Investment of cash collateral from securities loaned		—			14,983,370		—		14,983,370
Total	$	1,476,355,665		$	40,448,441	$	—	$	1,516,804,106
Liabilities
Investments sold short	$	(172,729,726	)	$	—	$	—	$	(172,729,726	)

169

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2018

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs for the year ended July 31, 2018:

	Rights
Beginning balance	$	9,940
Purchases		—
Issuances		—
Sales		(33,252	)
Accrued discounts/(premiums)		—
Total realized gain/(loss)		(3,774	)
Net change in unrealized appreciation/depreciation		27,086
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance	$	—

The change in net unrealized appreciation/depreciation relating to the Level 3 investments held at July 31, 2017 was $27,086.

Portfolio footnotes

*  Non-income producing security.

¹  Security, or portion thereof, pledged as collateral for investments sold short.

²  Security, or portion thereof, was on loan at the period end.

See accompanying notes to financial statements.
170

PACE Large Co Growth Equity Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares gained 19.03% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Growth Index (the "benchmark") gained 22.84%, and the Lipper Large-Cap Growth Funds category posted a median return of 21.63%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 173. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisors' Comments (unaudited)²

The Portfolio underperformed the benchmark during the reporting period. The primary detractor from performance was stock selection, particularly within health care and information technology. In terms of individual holdings, the largest detractor from performance was Allergan plc. We sold out of the position during the reporting period. Positive stock selection in industrials partially offset difficulty in the aforementioned sectors. XPO Logistics, Inc. was a significant individual contributor to performance. Sector allocation was a modest headwind for returns, partially due to the Portfolio's overweight to financials.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Large Co Growth Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Jackson Square Partners, LLC ("Jackson Square");

Mar Vista Investment Partners ("Mar Vista");

J.P. Morgan Investment Management Inc. ("J.P. Morgan")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA and Fred Lee, CFA, assisted by Vincent Russo and Mayoor Joshi

Jackson Square: Jeffrey Van Harte, Christopher Bonavico, Daniel Prislin and Christopher Ericksen;

Mar Vista: Brian L. Massey and Silas A. Myers;

J.P. Morgan: Giri Devulapally and Joseph Wilson

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A strategy in which the subadvisor seeks to identify companies with secular business models and opportunities to generate consistent, long-term growth of intrinsic business value.

• A strategy in which the subadvisor seeks to identify companies with sustainable competitive advantages and ample opportunities to grow

(continued on next page)

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PACE Large Co Growth Equity Investments

Investment process
(concluded)

and reinvest capital at high rates of return.

• A strategy in which the subadvisor employs a concentrated, fundamentally driven sustainable growth strategy.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. Also, to the extent the Portfolio invests a large portion of its assets in a particular sector, the Portfolio may experience greater volatility and risk of loss due to unfavorable developments in that sector. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

172

PACE Large Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		18.72	%		13.81	%		10.52	%
Class C2		17.79			12.88			9.63
Class Y3		19.03			14.09			10.83
Class P4		19.03			14.09			10.81
After deducting maximum sales charge
Class A1		12.17			12.53			9.90
Class C2		16.79			12.88			9.63
Russell 1000 Growth Index5		22.84			15.83			12.37
Lipper Large-Cap Growth Funds median		21.63			14.73			11.03

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		19.00	%		14.35	%		9.89	%
Class C2		18.00			13.41			8.99
Class Y3		19.29			14.65			10.19
Class P4		19.24			14.64			10.17
After deducting maximum sales charge
Class A1		12.44			13.06			9.26
Class C2		17.00			13.41			8.99

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.18% and 1.18%; Class C—1.99% and 1.93%; Class Y—0.92% and 0.92%; and Class P—0.93% and 0.93%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.13%; Class C—1.88%; Class Y—0.88%; and Class P—0.88%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

173

PACE Large Co Growth Equity Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Large Co Growth Equity Investments Class P shares versus the Russell 1000 Growth Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Large Co Growth Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Large Co Growth Equity Investments

174

PACE Large Co Growth Equity Investments

Portfolio statistics—July 31, 2018 (unaudited)

Top ten holdings1	Percentage of net assets
Alphabet, Inc. Class C		3.9	%
Microsoft Corp.		3.6
MasterCard, Inc., Class A		3.4
Visa, Inc., Class A		3.0
Berkshire Hathaway, Inc., Class B		2.9
Markel Corp.		2.8
Amazon.com, Inc.		2.8
XPO Logistic, Inc.		2.7
Apple, Inc.		2.6
Honeywell International, Inc.		2.5
Total		30.2	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		95.2	%
Curacao		1.7
United Kingdom		1.5
Netherlands		1.5
Cayman Islands		0.7
Total		100.6	%
Sectors1	Percentage of net assets
Information Technology		40.9	%
Financials		18.3
Consumer Discretionary		11.7
Industrials		10.4
Health Care		10.1
Consumer Staples		3.3
Energy		1.7
Materials		1.6
Total		98.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

175

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—98.00%
Aerospace & defense—2.13%
Northrop Grumman Corp.		8,465	$	2,543,648
The Boeing Co.		17,472		6,225,273
TransDigm Group, Inc.1		55,683		20,911,194
				29,680,115
Air freight & logistics—4.19%
FedEx Corp.		87,321		21,469,614
XPO Logistics, Inc.*,1		370,635		36,959,722
				58,429,336
Airlines—0.14%
Delta Air Lines, Inc.		5,778		314,439
Southwest Airlines Co.		27,511		1,600,040
				1,914,479
Automobiles—0.11%
Tesla, Inc.*,1		5,114		1,524,688
Banks—1.77%
SVB Financial Group*		7,264		2,236,440
US Bancorp		422,658		22,405,101
				24,641,541
Beverages—0.40%
Constellation Brands, Inc., Class A		14,575		3,064,102
Monster Beverage Corp.*		40,795		2,448,516
				5,512,618
Biotechnology—2.23%
Alnylam Pharmaceuticals, Inc.*		8,265		785,175
Biogen, Inc.*		80,901		27,050,867
Regeneron Pharmaceuticals, Inc.*		336		123,651
Vertex Pharmaceuticals, Inc.*		17,590		3,079,130
				31,038,823
Capital markets—5.57%
Intercontinental Exchange, Inc.		309,332		22,862,728
KKR & Co., Inc., Class A		843,655		23,099,274
Morgan Stanley		44,740		2,262,054
S&P Global, Inc.		29,058		5,824,386
The Charles Schwab Corp.		462,900		23,635,674
				77,684,116
Chemicals—1.77%
Ecolab, Inc.		157,838		22,207,806
The Sherwin-Williams Co.		5,542		2,442,526
				24,650,332
Communications equipment—0.81%
Arista Networks, Inc.*		44,027		11,259,025
Diversified financial services—3.78%
Berkshire Hathaway, Inc., Class B*		203,394		40,245,571
CME Group, Inc.		77,804		12,380,172
				52,625,743

	Number of shares		Value
Common stocks—(continued)
Electrical equipment—0.14%
Rockwell Automation, Inc.		10,118	$	1,897,732
Electronic equipment, instruments & components—0.07%
Amphenol Corp., Class A		10,125		946,789
Energy equipment & services—1.69%
Schlumberger Ltd.		348,209		23,511,072
Equity real estate investment trusts—4.37%
American Tower Corp.		234,842		34,812,978
Crown Castle International Corp.		142,222		15,762,464
Equinix, Inc.		23,561		10,349,876
				60,925,318
Food products—1.10%
Mondelez International, Inc., Class A		354,895		15,395,345
Health care equipment & supplies—2.60%
ABIOMED, Inc.*		4,244		1,504,625
Becton Dickinson and Co.		23,008		5,760,513
Boston Scientific Corp.*		108,560		3,648,702
DENTSPLY SIRONA, Inc.		238,863		11,491,699
DexCom, Inc.*		16,058		1,527,598
Intuitive Surgical, Inc.*		24,176		12,286,001
				36,219,138
Health care providers & services—1.77%
UnitedHealth Group, Inc.		97,598		24,713,766
Hotels, restaurants & leisure—0.04%
Las Vegas Sands Corp.		8,093		581,887
Industrial conglomerates—4.82%
Honeywell International, Inc.		218,896		34,946,747
Roper Industries, Inc.		106,646		32,196,427
				67,143,174
Insurance—2.83%
Markel Corp.*		33,707		39,437,190
Internet & catalog retail—4.87%
Amazon.com, Inc.*		22,104		39,288,534
Booking Holdings, Inc.*		1,024		2,077,409
Netflix, Inc.*		24,467		8,256,389
TripAdvisor, Inc.*,1		302,244		17,527,130
Wayfair, Inc., Class A*,1		6,473		704,392
				67,853,854
Internet software & services—9.31%
Alibaba Group Holding Ltd., ADR*		54,764		10,253,464
Alphabet, Inc., Class A*		17,777		21,816,290
Alphabet, Inc., Class C*		45,044		54,830,260
eBay, Inc.*		414,306		13,858,536
Facebook, Inc., Class A*		119,604		20,641,258
GrubHub, Inc.*		11,874		1,447,322
Match Group, Inc.*		23,477		847,989
MercadoLibre, Inc.1		9,629		3,301,880
Shopify, Inc., Class A*		9,719		1,343,263
Twitter, Inc.*		42,915		1,367,701
				129,707,963

176

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
IT services—9.13%
MasterCard, Inc., Class A		235,816	$	46,691,568
PayPal Holdings, Inc.*		407,078		33,437,387
Square, Inc., Class A*		30,950		2,000,917
Visa, Inc., Class A		307,558		42,055,481
Worldpay, Inc., Class A*		37,515		3,083,358
				127,268,711
Leisure products—1.22%
Hasbro, Inc.		170,388		16,972,349
Life sciences tools & services—3.82%
Illumina, Inc.*		49,235		15,969,864
IQVIA Holdings, Inc.*		208,248		25,393,761
Mettler-Toledo International, Inc.*		17,992		10,660,440
Thermo Fisher Scientific, Inc.		5,277		1,237,615
				53,261,680
Media—1.44%
Liberty Global PLC, Class A*		136,865		3,863,699
Liberty Global PLC, Series C*		598,038		16,230,751
				20,094,450
Multiline retail—1.26%
Dollar General Corp.		179,107		17,579,352
Personal products—1.80%
The Estee Lauder Cos., Inc., Class A		31,626		4,267,612
Unilever N.V.		361,798		20,788,913
				25,056,525
Professional services—0.10%
CoStar Group, Inc.*		3,400		1,413,890
Semiconductors & semiconductor equipment—3.36%
Applied Materials, Inc.		370,555		18,020,090
Broadcom, Inc.		2,920		647,568
Microchip Technology, Inc.1		234,452		21,904,850
NVIDIA Corp.		25,546		6,255,194
				46,827,702

	Number of shares		Value
Common stocks—(concluded)
Software—15.59%
Activision Blizzard, Inc.		90,191	$	6,621,823
Adobe Systems, Inc.*		117,898		28,847,283
Atlassian Corp. PLC, Class A*		16,279		1,178,762
Autodesk, Inc.*		117,410		15,080,140
Electronic Arts, Inc.*		175,036		22,535,885
Intuit, Inc.		129,073		26,361,869
Microsoft Corp.		477,710		50,675,477
Oracle Corp.		707,988		33,756,868
Salesforce.com, Inc.*		44,139		6,053,664
ServiceNow, Inc.*		41,020		7,217,879
Take-Two Interactive Software, Inc.*		166,580		18,826,872
				217,156,522
Specialty retail—0.86%
Ross Stores, Inc.		36,025		3,149,666
The Home Depot, Inc.		44,746		8,838,230
				11,987,896
Technology hardware, storage & peripherals—2.63%
Apple, Inc.		192,645		36,658,417
Textiles, apparel & luxury goods—0.12%
Lululemon Athletica, Inc.*		14,303		1,715,645
Trading companies & distributors—0.16%
United Rentals, Inc.*		14,769		2,197,627
Total common stocks (cost—$970,868,771)				1,365,484,810
Short-term investment—2.05%
Investment companies—2.05%
State Street Institutional U.S. Government Money Market Fund (cost—$28,533,871)		28,533,871		28,533,871
Investment of cash collateral from securities loaned—0.66%
Money market fund—0.66%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$9,167,476)		9,167,476		9,167,476
Total investments (cost—$1,008,570,118)—100.71%				1,403,186,157
Liabilities in excess of other assets—(0.71)%				(9,914,918	)
Net assets—100.00%			$	1,393,271,239

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

177

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,365,484,810	$	—	$	—	$	1,365,484,810
Short-term investment		—		28,533,871		—		28,533,871
Investment of cash collateral from securities loaned		—		9,167,476		—		9,167,476
Total	$	1,365,484,810	$	37,701,347	$	—	$	1,403,186,157

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

¹  Security, or portion thereof, was on loan at the period end.

See accompanying notes to financial statements.
178

PACE Small/Medium Co Value Equity Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares gained 13.07% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Value Index (the "benchmark") rose 12.83%, and the Lipper Small-Cap Value Funds category posted a median return of 13.33% and Lipper Small-Cap Core Funds category posted a median return of 15.62%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 181. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments (unaudited)²

The Portfolio outperformed its benchmark during the reporting period. Allocation across sectors was the most additive to performance. Stock selection was also beneficial for returns. Overall, energy and health care performed the best, as these two sectors posted returns near 22% in the benchmark during the period. An overweight to industrials and underweight to real estate investment trusts ("REITs") were additive on a relative basis, but partially offset by a cash drag. Stock selection was the strongest within information technology, particularly within the software and communications equipment industries, offsetting weak stock selection within the consumer discretionary sector. From a style perspective, underweights to the value factor and book-to-price were positive, while an underweight to dividend yield was negative.

Please note that no derivatives were used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Small/Medium Co Value Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Systematic Financial Management, L.P. ("Systematic");

Kayne Anderson Rudnick, LLC ("Kayne Anderson Rudnick"); Sapience Investments, LLC ("Sapience");
Huber Capital Management LLC ("Huber")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA and Fred Lee, CFA, assisted by Vincent Russo and Mayoor Joshi

Systematic: Ronald M. Mushock, D. Kevin McCreesh and Aman Patel;

Kayne Anderson Rudnick: Julie Kutasov and Craig Stone Sapience: Samir Sikka;

Huber Capital: Joseph Huber

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A "value equity" strategy in which the subadvisor targets smaller capitalization companies with sustainable business models selling below their value.

• A strategy that employs a two-pronged investment approach that utilizes quantitative screening and fundamental research to identify

(continued on next page)

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PACE Small/Medium Co Value Equity Investments

Investment process
(concluded)

value companies with strong potential for positive earnings revisions.

• A strategy that employs a fundamental, bottom-up, research-driven investment style and follows a disciplined investment process to identify high-quality companies.

• A "deep value" strategy that seeks long-term total investment return through capital appreciation, generally investing in common stocks of US companies that are considered to be undervalued.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. In addition, small- and mid-cap companies are typically subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they are considered to have a higher level of volatility and risk.

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PACE Small/Medium Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		12.93	%		9.86	%		9.69	%
Class C2		12.09			9.03			8.87
Class Y3		13.26			10.03			9.92
Class P4		13.07			9.99			9.85
After deducting maximum sales charge
Class A1		6.70			8.62			9.07
Class C2		11.12			9.03			8.87
Russell 2500 Value Index5		12.83			9.99			10.12
Lipper Small-Cap Value Funds median6		13.33			9.03			9.55
Lipper Small-Cap Core Funds median6		15.62			10.23			9.98

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		10.78	%		10.79	%		9.76	%
Class C2		9.93			9.94			8.93
Class Y3		11.10			10.96			9.98
Class P4		10.93			10.93			9.93
After deducting maximum sales charge
Class A1		4.70			9.54			9.14
Class C2		8.97			9.94			8.93

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.23% and 1.23%; Class C—1.99% and 1.99%; Class Y—1.13% and 1.04%; and Class P—1.09% and 1.04%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.29%; Class C—2.04%; Class Y—1.04%; and Class P—1.04%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect value characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

⁶  On April 18, 2018, Lipper changed the peer group classification for PACE Small/Medium Co Value Equity Investments from the Small-Cap Core Funds category to the Small-Cap Value Funds category.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

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PACE Small/Medium Co Value Equity Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Small/Medium Co Value Equity Investments Class P shares versus the Russell 2500 Value Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Small/Medium Co Value Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Small/Medium Co Value Equity Investments

182

PACE Small/Medium Co Value Equity Investments

Portfolio statistics—July 31, 2018 (unaudited)

Top ten holdings1	Percentage of net assets
TransUnion		1.9	%
The Cheesecake Factory, Inc.		1.8
Lamar Advertising Co., Class A		1.8
Broadridge Financial Solutions, Inc.		1.8
RBC Bearings, Inc.		1.7
Expeditors International of Washington, Inc.		1.5
HFF, Inc., Class A		1.5
W.R. Berkley Corp.		1.5
The Scotts Miracle-Gro Co., Class A		1.5
Snap-on, Inc.		1.4
Total		16.4	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		92.0	%
Bermuda		6.5
Netherlands		1.3
Puerto Rico		1.3
Canada		1.2
Total		102.3	%
Sectors1	Percentage of net assets
Financials		29.7	%
Industrials		20.3
Information Technology		12.2
Consumer Discretionary		11.4
Energy		8.5
Materials		5.8
Health Care		4.7
Consumer Staples		2.4
Utilities		1.7
Total		96.7	%

¹  The Portfolio is actively managed and its composition will vary over time.

183

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—96.73%
Aerospace & defense—0.14%
Arconic, Inc.		16,800	$	364,392
Wesco Aircraft Holdings, Inc.*		34,600		413,470
				777,862
Air freight & logistics—1.77%
Echo Global Logistics, Inc.*		37,145		1,279,645
Expeditors International of Washington, Inc.		108,600		8,272,062
				9,551,707
Automobiles—0.93%
Thor Industries, Inc.		52,900		5,017,565
Banks—9.86%
Atlantic Capital Bancshares, Inc.*		27,700		494,445
Bank of Hawaii Corp.1		80,216		6,456,586
Cadence BanCorp		49,650		1,351,970
Cathay General Bancorp		45,200		1,879,868
Citizens Financial Group, Inc.		86,950		3,458,871
Comerica, Inc.		21,065		2,042,041
First Citizens BancShares Inc., Class A		2,400		976,368
First Hawaiian, Inc.		133,200		3,764,232
First Horizon National Corp.		104,600		1,871,294
Glacier Bancorp, Inc.		62,800		2,681,560
Hancock Whitney Corp.		54,450		2,736,112
KeyCorp		90,425		1,887,170
PacWest Bancorp		20,580		1,033,528
Pinnacle Financial Partners, Inc.		7,740		483,750
Popular, Inc.		52,450		2,603,093
Regions Financial Corp.		24,400		454,084
Signature Bank		46,770		5,131,137
Sterling Bancorp		282,175		6,264,285
SunTrust Banks, Inc.		11,500		828,805
The Bank of NT Butterfield & Son Ltd.		60,440		2,989,362
United Community Banks, Inc.		36,150		1,085,585
Wintrust Financial Corp.		30,736		2,696,469
				53,170,615
Building products—0.61%
Continental Building Products, Inc.*		102,400		3,266,560
Capital markets—2.87%
Artisan Partners Asset Management, Inc., Class A		68,100		2,346,045
BrightSphere Investment Group PLC		31,700		451,725
E*TRADE Financial Corp.*		9,105		544,570
Lazard Ltd., Class A		17,250		936,675
MSCI, Inc.		44,750		7,437,003
Stifel Financial Corp.		24,510		1,351,236
Uranium Participation Corp.*		159,000		540,247
Virtus Investment Partners, Inc.		13,900		1,852,175
				15,459,676
Chemicals—3.73%
Axalta Coating Systems Ltd.*		162,258		4,908,304
FMC Corp.		14,145		1,271,352
Huntsman Corp.		56,605		1,897,966
Innospec, Inc.		25,392		2,055,482
The Mosaic Co.		34,090		1,026,450
The Scotts Miracle-Gro Co., Class A1		99,790		7,926,320

	Number of shares		Value
Common stocks—(continued)
Chemicals—(concluded)
Venator Materials PLC*		69,530	$	1,016,529
				20,102,403
Commercial services & supplies—1.75%
Herman Miller, Inc.		17,465		661,050
KAR Auction Services, Inc.		68,150		4,051,517
Ritchie Bros Auctioneers, Inc.		86,550		2,879,519
Steelcase, Inc., Class A		134,650		1,851,438
				9,443,524
Communications equipment—0.66%
ARRIS International PLC*		17,800		449,628
Comtech Telecommunications Corp.		92,477		3,107,227
				3,556,855
Construction & engineering—1.44%
EMCOR Group, Inc.		18,845		1,450,123
Granite Construction, Inc.		12,665		683,277
Jacobs Engineering Group, Inc.		20,910		1,414,143
KBR, Inc.		210,525		4,206,289
				7,753,832
Consumer finance—0.91%
Ally Financial, Inc.		12,500		334,500
Enova International, Inc.*		19,426		602,206
EZCORP, Inc., Class A*		64,310		736,350
Navient Corp.		221,150		2,921,391
Nelnet, Inc., Class A		5,600		329,168
				4,923,615
Containers & packaging—0.83%
Silgan Holdings, Inc.		109,650		3,016,471
WestRock Co.		25,270		1,465,155
				4,481,626
Diversified financial services—0.60%
FGL Holdings*,1		324,800		2,929,696
Voya Financial, Inc.		6,400		323,328
				3,253,024
Electric utilities—0.79%
Entergy Corp.		42,850		3,482,848
Evergy, Inc.		7,894		442,774
Portland General Electric Co.		7,000		317,520
				4,243,142
Electronic equipment, instruments & components—1.72%
CDW Corp.		77,700		6,533,793
Control4 Corp.*		33,010		839,444
Orbotech Ltd.*		4,740		304,498
Zebra Technologies Corp., Class A*		11,675		1,610,333
				9,288,068
Energy equipment & services—5.29%
Cactus, Inc., Class A*		61,350		2,007,372
Core Laboratories N.V.1		64,550		7,237,346
Dril-Quip, Inc.*,1		80,000		4,124,000
Ensco PLC, Class A		51,100		379,673

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PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—(concluded)
Forum Energy Technologies, Inc.*		338,050	$	4,445,358
McDermott International, Inc.*		49,130		884,831
NCS Multistage Holdings, Inc.*,1		200,823		3,185,053
Precision Drilling Corp.*		581,645		2,111,371
Superior Energy Services, Inc.*		43,200		425,088
TETRA Technologies, Inc.*		77,900		335,749
Weatherford International PLC*,1		1,009,600		3,422,544
				28,558,385
Equity real estate investment trusts—8.03%
CatchMark Timber Trust, Inc., Class A		24,337		302,266
CoreCivic, Inc.		100,350		2,572,974
Cousins Properties, Inc.		131,050		1,221,386
Gaming and Leisure Properties, Inc.		38,080		1,383,066
Government Properties Income Trust		68,600		1,033,802
Granite Real Estate Investment Trust		25,900		1,071,224
Host Hotels & Resorts, Inc.		76,650		1,605,051
Lamar Advertising Co., Class A		133,250		9,811,197
Liberty Property Trust		57,065		2,445,806
Medical Properties Trust, Inc.		183,875		2,649,639
Outfront Media, Inc.		184,630		3,923,387
Physicians Realty Trust		173,900		2,740,664
Piedmont Office Realty Trust, Inc., Class A		82,173		1,625,382
QTS Realty Trust, Inc., Class A		115,800		4,950,450
Redwood Trust, Inc.		210,650		3,541,026
Ryman Hospitality Properties, Inc.		11,365		966,139
Sabra Health Care REIT, Inc.		37,360		807,350
SL Green Realty Corp.		6,255		644,953
				43,295,762
Food & staples retailing—0.16%
US Foods Holding Corp.*		25,645		867,057
Food products—1.91%
Conagra Brands, Inc.		9,000		330,390
Lamb Weston Holdings, Inc.		6,600		463,782
Nomad Foods Ltd.*		64,210		1,219,990
Pinnacle Foods, Inc.		7,285		483,870
Post Holdings, Inc.*,1		59,533		5,153,176
TreeHouse Foods, Inc.*		50,633		2,404,561
Tyson Foods, Inc., Class A		4,500		259,425
				10,315,194
Health care equipment & supplies—1.89%
Anika Therapeutics, Inc.*		116,600		4,667,498
CONMED Corp.		6,400		473,600
Hill-Rom Holdings, Inc.		17,245		1,624,479
Natus Medical, Inc.*		94,200		3,438,300
				10,203,877
Health care providers & services—1.44%
Acadia Healthcare Co., Inc.*,1		64,000		2,526,720
Amedisys, Inc.*		14,950		1,399,769
Encompass Health Corp.		12,540		948,400
Hanger, Inc.*		30,400		532,000
Tenet Healthcare Corp.*		16,100		605,843
WellCare Health Plans, Inc.*		6,670		1,783,691
				7,796,423

	Number of shares		Value
Common stocks—(continued)
Hotels, restaurants & leisure—3.34%
Brinker International, Inc.		14,835	$	699,767
Caesars Entertainment Corp.*		166,565		1,882,185
Darden Restaurants, Inc.		4,000		427,760
Dave & Buster's Entertainment, Inc.*,1		102,950		5,059,992
The Cheesecake Factory, Inc.1		177,300		9,934,119
				18,003,823
Household durables—1.04%
Lennar Corp., Class B		10,750		464,400
Tupperware Brands Corp.		28,100		1,031,551
Whirlpool Corp.		31,220		4,092,942
				5,588,893
Household products—0.71%
WD-40 Co.1		24,100		3,859,615
Independent power and renewable electricity producers—0.31%
NRG Energy, Inc.		16,515		523,030
Vistra Energy Corp.*		52,095		1,177,347
				1,700,377
Insurance—5.02%
Argo Group International Holdings Ltd.		74,272		4,645,714
Aspen Insurance Holdings Ltd.		154,030		6,230,513
Assured Guaranty Ltd.		56,700		2,206,764
Athene Holding Ltd., Class A*		23,965		1,099,275
Brighthouse Financial, Inc.*		13,000		564,590
CNA Financial Corp.		40,025		1,872,370
CNO Financial Group, Inc.		39,237		798,473
Old Republic International Corp.		74,720		1,592,283
W.R. Berkley Corp.		106,150		8,047,231
				27,057,213
Internet software & services—0.91%
Cars.com, Inc.*		172,200		4,885,314
IT services—5.35%
Broadridge Financial Solutions, Inc.		86,000		9,716,280
Cass Information Systems, Inc.		101,895		6,862,628
EVERTEC, Inc.		184,450		4,297,685
Jack Henry & Associates, Inc.		47,000		6,330,900
Perficient, Inc.*		47,195		1,242,172
Science Applications International Corp.		5,400		455,598
				28,905,263
Life sciences tools & services—1.05%
ICON PLC*		2,730		379,907
PerkinElmer, Inc.		16,725		1,324,285
Syneos Health, Inc.*		80,200		3,951,855
				5,656,047
Machinery—7.53%
Altra Industrial Motion Corp.		67,085		2,945,031
Donaldson Co., Inc.		93,800		4,474,260
EnPro Industries, Inc.		40,600		3,101,434
Graco, Inc.		130,100		6,002,814
Meritor, Inc.*		65,990		1,359,394
RBC Bearings, Inc.*		61,100		8,882,718

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Machinery—(concluded)
Snap-on, Inc.		45,600	$	7,733,304
Terex Corp.		80,075		3,532,909
The Greenbrier Cos, Inc.		18,485		1,047,175
The Timken Co.		13,715		675,464
Trinity Industries, Inc.		23,115		880,682
				40,635,185
Media—1.42%
Cinemark Holdings, Inc., Class A1		151,800		5,452,656
Liberty Latin America Ltd., Class A*		116,370		2,220,340
				7,672,996
Metals & mining—0.56%
Alcoa Corp.*		16,570		716,984
Carpenter Technology Corp.		7,100		388,867
Commercial Metals Co.		58,760		1,312,698
Kaiser Aluminum Corp.		5,500		613,910
				3,032,459
Multi-utilities—0.56%
NorthWestern Corp.		50,998		3,025,711
Oil, gas & consumable fuels—3.21%
Chesapeake Energy Corp.*		154,700		730,184
Delek US Holdings, Inc.		25,260		1,346,863
Energen Corp.*		46,605		3,457,159
Euronav N.V.*		10,500		88,725
Golar LNG Ltd.		22,070		574,041
Golar LNG Partners LP		85,400		1,401,414
HighPoint Resources Corp.*		80,900		529,086
Oasis Petroleum, Inc.*		348,690		4,260,992
Teekay Tankers Ltd., Class A		427,091		405,096
WPX Energy, Inc.*		242,395		4,549,754
				17,343,314
Paper & forest products—0.20%
KapStone Paper and Packaging Corp.		14,100		490,398
Louisiana-Pacific Corp.		21,390		575,819
				1,066,217
Personal products—0.33%
elf Beauty, Inc.*,1		124,400		1,796,336
Pharmaceuticals—0.27%
Jazz Pharmaceuticals PLC*		8,275		1,432,237
Professional services—2.51%
ICF International, Inc.		11,010		810,887
Resources Connection, Inc.		151,420		2,407,578
TransUnion		142,500		10,317,000
				13,535,465
Real estate management & development—1.83%
CBRE Group, Inc., Class A*		31,940		1,590,612
HFF, Inc., Class A		183,650		8,266,087
				9,856,699

	Number of shares		Value
Common stocks—(concluded)
Road & rail—2.58%
Genesee & Wyoming, Inc., Class A*		39,450	$	3,392,700
Knight-Swift Transportation Holdings, Inc.1		118,642		3,861,797
Landstar System, Inc.		60,200		6,691,230
				13,945,727
Semiconductors & semiconductor equipment—0.64%
Ichor Holdings Ltd.*		24,430		513,030
MKS Instruments, Inc.		7,430		700,649
Rudolph Technologies, Inc.*		30,670		877,162
SMART Global Holdings, Inc.*		27,115		827,821
SolarEdge Technologies, Inc.*		10,165		541,286
				3,459,948
Software—1.97%
American Software, Inc., Class A		408,580		6,112,357
CA, Inc.		30,000		1,326,300
Synopsys, Inc.*		19,300		1,725,999
Verint Systems, Inc.*		32,440		1,456,556
				10,621,212
Specialty retail—3.63%
Ascena Retail Group, Inc.*		1,021,360		3,758,605
Burlington Stores, Inc.*		3,195		488,228
Dick's Sporting Goods, Inc.		53,680		1,832,635
Foot Locker, Inc.		29,725		1,450,877
Party City Holdco, Inc.*		113,600		1,789,200
Signet Jewelers Ltd.1		59,390		3,429,179
The Michaels Cos. Inc.*		334,595		6,829,084
				19,577,808
Technology hardware, storage & peripherals—0.75%
Diebold Nixdorf, Inc.1		324,900		3,687,615
Hewlett Packard Enterprise Co.		22,800		352,032
				4,039,647
Textiles, apparel & luxury goods—0.34%
PVH Corp.		7,667		1,177,038
Ralph Lauren Corp.		4,860		656,003
				1,833,041
Thrifts & mortgage finance—1.16%
Essent Group Ltd.*		93,850		3,603,840
Washington Federal, Inc.		78,869		2,646,055
				6,249,895
Trading companies & distributors—2.18%
Air Lease Corp.		51,300		2,255,148
Beacon Roofing Supply, Inc.*		152,400		6,412,992
Titan Machinery, Inc.*		74,730		1,131,412
Triton International Ltd.		55,230		1,944,096
				11,743,648
Total common stocks (cost—$440,314,972)				521,850,862

186

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Short-term investment—3.47%
Investment companies—3.47%
State Street Institutional U.S. Government Money Market Fund (cost—$18,732,789)		18,732,789	$	18,732,789
Investment of cash collateral from securities loaned—4.75%
Money market fund—4.75%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$25,616,918)		25,616,918		25,616,918
Total investments (cost—$484,664,679)—104.95%				566,200,569
Liabilities in excess of other assets—(4.95)%				(26,728,900	)
Net assets—100.00%			$	539,471,669

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	521,850,862	$	—	$	—	$	521,850,862
Short-term investment		—		18,732,789		—		18,732,789
Investment of cash collateral from securities loaned		—		25,616,918		—		25,616,918
Total	$	521,850,862	$	44,349,707	$	—	$	566,200,569

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

¹  Security, or portion thereof, was on loan at the period end.

See accompanying notes to financial statements.
187

PACE Small/Medium Co Growth Equity Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares gained 23.46% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Growth Index (the "benchmark") returned 22.18%, and the Lipper Small-Cap Growth Funds category posted a median return of 23.67%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 190. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor comments (unaudited)²

The Portfolio outperformed the benchmark during the reporting period. The primary contributor was sector allocation, largely due to underweights to materials and real estate, along with an overweight to information technology. Stock selection was additive due to strong performance within the consumer discretionary sector. Grand Canyon Education, Inc. was a top individual contributor. Stock selection in the industrials and information technology sectors detracted from performance. Meanwhile, the Portfolio's tilt towards growth was additive during the period.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Small/Medium Co Growth Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Riverbridge Partners, LLC ("Riverbridge"); LMCG Investments, LLC, formerly Lee Munder Capital Group ("LMCG"); Timpani Capital Management LLC ("Timpani")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA and Fred Lee, CFA, assisted by Vincent Russo and Mayoor Joshi

Riverbridge: Mark Thompson;

LMCG: Andrew Morey;

Timpani: Brandon Nelson

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A growth strategy that focuses on companies viewed as building their earnings power and intrinsic value.

• A growth strategy that involves seeking to achieve competitive returns in small/medium capitalization companies by identifying unrecognized growth potential.

• A strategy in which the subadvisor seeks to identify and exploit the perception gap that exits between a company's business strength and the market's expectation of that strength.

188

PACE Small/Medium Co Growth Equity Investments

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. In addition, small- and mid-cap companies are typically subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they are considered to have a higher level of volatility and risk. Also, to the extent the Portfolio invests a large portion of its assets in a particular sector, the Portfolio may experience greater volatility and risk of loss due to unfavorable developments in that sector.

189

PACE Small/Medium Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		23.29	%		10.20	%		10.49	%
Class C2		22.33			9.36			9.64
Class Y3		23.97			10.40			10.70
Class P4		23.46			10.32			10.65
After deducting maximum sales charge
Class A1		16.49			8.95			9.86
Class C2		21.33			9.36			9.64
Russell 2500 Growth Index5		22.18			12.67			11.62
Lipper Small-Cap Growth Funds median		23.67			11.82			11.20

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		23.68	%		11.60	%		10.21
Class C2		22.71			10.74			9.36
Class Y3		24.23			11.77			10.41
Class P4		23.83			11.72			10.37
After deducting maximum sales charge
Class A1		16.90			10.34			9.59
Class C2		21.71			10.74			9.36

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.23% and 1.23%; Class C—2.00% and 2.00%; Class Y—1.24% and 1.08%; and Class P—1.11% and 1.08%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.33%; Class C—2.08%; Class Y—1.08%; and Class P—1.08%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

190

PACE Small/Medium Co Growth Equity Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Small/Medium Co Growth Equity Investments Class P shares versus the Russell 2500 Growth Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Small/Medium Co Growth Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Small/Medium Co Growth Equity Investments

191

PACE Small/Medium Co Growth Equity Investments

Portfolio statistics—July 31, 2018 (unaudited)

Top ten holdings1	Percentage of net assets
Proto Labs, Inc.		2.4	%
Five Below, Inc.		2.1
Paylocity Holding Corp.		2.0
Chemed Corp.		2.0
Grand Canyon Education, Inc.		2.0
Ritchie Brothers Auctioneers, Inc.		1.7
LHC Group, Inc.		1.6
2U, Inc.		1.6
GTT Communications, Inc.		1.5
Ultimate Software Group, Inc.		1.5
Total		18.4	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		98.5	%
Canada		1.8
Luxembourg		1.2
Jersey		0.9
Bermuda		0.5
Total		102.9	%
Sectors1	Percentage of net assets
Information Technology		32.6	%
Health Care		21.7
Industrials		17.8
Consumer Discretionary		14.6
Financials		4.5
Consumer Staples		2.9
Telecommunication Services		2.1
Materials		0.6
Energy		0.1
Total		96.9	%

¹  The Portfolio is actively managed and its composition will vary over time.

192

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—96.91%
Aerospace & defense—2.33%
Curtiss-Wright Corp.		33,526	$	4,459,964
HEICO Corp.		103,480		7,902,767
Mercury Systems, Inc.*		8,444		352,368
				12,715,099
Auto components—2.24%
Dorman Products, Inc.*		81,957		6,120,549
Gentex Corp.		264,104		6,127,213
				12,247,762
Banks—1.74%
Cadence BanCorp		23,067		628,115
Home Bancshares, Inc.		82,702		1,917,859
Pinnacle Financial Partners, Inc.		14,501		906,313
SVB Financial Group*		6,039		1,859,287
Texas Capital Bancshares, Inc.*		8,953		812,932
Western Alliance Bancorp*		59,257		3,361,057
				9,485,563
Beverages—0.05%
Primo Water Corp.*		14,542		255,212
Biotechnology—3.55%
Agios Pharmaceuticals, Inc.*,1		33,326		2,879,700
Alkermes PLC*,1		21,423		939,399
AnaptysBio, Inc.*,1		11,526		902,716
Bluebird Bio, Inc.*,1		13,269		2,055,368
Blueprint Medicines Corp.*		15,931		948,532
CareDx, Inc.*		27,971		376,490
Immunomedics, Inc.*,1		56,282		1,346,828
Ligand Pharmaceuticals, Inc.*,1		15,955		3,483,455
Loxo Oncology, Inc.*,1		3,032		508,133
Myriad Genetics, Inc.*		19,612		858,025
Natera, Inc.*		14,179		325,550
Neurocrine Biosciences, Inc.*		5,790		581,837
REGENXBIO, Inc.*,1		3,238		227,631
Sarepta Therapeutics, Inc.*,1		24,886		2,892,749
Veracyte, Inc.*		33,715		365,133
Vericel Corp.*		69,841		729,838
				19,421,384
Building products—0.66%
PGT Innovations, Inc.*		54,629		1,311,096
Trex Co., Inc.*		29,306		2,278,248
				3,589,344
Capital markets—0.20%
Blucora, Inc.*		14,181		492,790
LPL Financial Holdings, Inc.		8,838		585,871
				1,078,661
Chemicals—0.61%
Ingevity Corp.*		24,664		2,458,261
KMG Chemicals, Inc.		12,105		869,139
				3,327,400

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—4.52%
Healthcare Services Group, Inc.1		194,713	$	7,839,145
Mobile Mini, Inc.		181,606		7,745,496
Ritchie Brothers Auctioneers, Inc.		273,624		9,103,471
				24,688,112
Communications equipment—0.42%
Digi International, Inc.*		170,927		2,307,515
Construction & engineering—1.11%
MasTec, Inc.*		72,660		3,382,323
NV5 Global, Inc.*,1		8,151		613,770
Quanta Services, Inc.*		60,797		2,071,354
				6,067,447
Consumer finance—1.58%
Green Dot Corp., Class A*		29,619		2,349,379
PRA Group, Inc.*,1		159,781		6,263,415
				8,612,794
Diversified consumer services—3.05%
Aspen Group, Inc.*,1		14,350		99,589
Chegg, Inc.*,1		119,117		3,292,987
Grand Canyon Education, Inc.*		92,792		10,813,052
Weight Watchers International, Inc.*		27,421		2,455,002
				16,660,630
Diversified telecommunication services—1.00%
Zayo Group Holdings, Inc.*		146,702		5,441,177
Electrical equipment—0.31%
TPI Composites, Inc.*		55,170		1,700,339
Electronic equipment, instruments & components—1.78%
FLIR Systems, Inc.		14,367		841,906
Littelfuse, Inc.		3,711		804,619
National Instruments Corp.		184,897		8,100,338
				9,746,863
Energy equipment & services—0.06%
Profire Energy, Inc.*		93,705		326,093
Food & staples retailing—0.29%
United Natural Foods, Inc.*		49,254		1,585,979
Food products—1.87%
Calavo Growers, Inc.1		61,935		5,728,988
Freshpet, Inc.*,1		154,254		4,473,366
				10,202,354
Health care equipment & supplies—4.28%
AxoGen, Inc.*		12,197		547,950
Heska Corp.*		53,940		5,407,485
Inogen, Inc.*		9,991		1,990,707
iRadimed Corp.*		12,155		279,565
iRhythm Technologies, Inc.*		20,636		1,559,050
Merit Medical Systems, Inc.*		41,316		2,243,459
Neogen Corp.*		63,562		5,237,509

193

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Health care equipment & supplies—(concluded)
Neuronetics, Inc.*		2,984	$	74,451
Penumbra, Inc.*		6,057		861,608
Tactile Systems Technology, Inc.*,1		32,294		1,552,372
The Cooper Cos., Inc.		13,898		3,620,429
				23,374,585
Health care providers & services—7.01%
Addus HomeCare Corp.*		18,629		1,232,308
AMN Healthcare Services, Inc.*,1		66,289		4,010,484
Chemed Corp.		35,235		11,135,317
Encompass Health Corp.		23,595		1,784,490
LHC Group, Inc.*		102,968		8,863,485
PetIQ, Inc.*,1		32,619		893,761
R1 RCM, Inc.*		58,228		466,989
US Physical Therapy, Inc.		69,120		7,240,320
WellCare Health Plans, Inc.*		10,056		2,689,176
				38,316,330
Health care technology—5.07%
athenahealth, Inc.*		48,163		7,258,646
Evolent Health, Inc., Class A*,1		239,394		4,835,759
HealthStream, Inc.		157,564		4,424,397
Inovalon Holdings, Inc., Class A*,1		144,860		1,542,759
Omnicell, Inc.*		10,072		599,284
Tabula Rasa HealthCare, Inc.*		19,386		1,129,040
Teladoc, Inc.*		132,347		7,920,968
				27,710,853
Hotels, restaurants & leisure—3.03%
BJ's Restaurants, Inc.		30,901		1,954,488
Chuy's Holdings, Inc.*		8,798		278,457
Marriott Vacations Worldwide Corp.1		33,647		4,007,694
Noodles & Co.*,1		87,110		910,299
Planet Fitness, Inc., Class A*		31,834		1,512,752
Red Rock Resorts, Inc., Class A		72,331		2,556,178
Ruth's Hospitality Group, Inc.		23,164		670,598
Texas Roadhouse, Inc.		9,000		565,560
The Cheesecake Factory, Inc.1		57,980		3,248,619
Wingstop, Inc.		16,934		835,693
				16,540,338
Household durables—0.15%
Century Communities, Inc.*		20,550		626,775
The Lovesac Co.*		10,669		213,380
				840,155
Household products—0.70%
Central Garden & Pet Co.*,1		18,920		816,776
Central Garden and Pet Co., Class A*		75,015		3,009,602
				3,826,378
Insurance—0.94%
Health Insurance Innovations, Inc., Class A*,1		61,911		2,058,541
Trupanion, Inc.*,1		73,567		3,060,387
				5,118,928

	Number of shares		Value
Common stocks—(continued)
Internet software & services—9.66%
2U, Inc.*		113,026	$	8,551,547
Alarm.com Holdings, Inc.*,1		165,633		7,100,687
Apptio, Inc., Class A*,1		100,126		3,361,230
Carbonite, Inc.*		122,885		4,214,955
Coupa Software, Inc.*		7,918		485,453
Dropbox, Inc., Class A*,1		53,381		1,429,009
Envestnet, Inc.*		37,367		2,189,706
Five9, Inc.*		42,260		1,348,094
GrubHub, Inc.*		5,655		689,288
GTT Communications, Inc.*,1		186,004		8,267,878
Instructure, Inc.*		7,445		288,121
Mimecast Ltd.*		111,421		4,001,128
ShotSpotter, Inc.*,1		37,058		1,581,265
SPS Commerce, Inc.*		89,225		7,654,613
TechTarget, Inc.*		13,217		375,627
Twilio, Inc., Class A*		7,574		438,459
Zillow Group, Inc., Class A*,1		14,546		819,958
				52,797,018
IT services—3.28%
Cass Information Systems, Inc.		53,306		3,590,159
EPAM Systems, Inc.*		8,423		1,096,759
Euronet Worldwide, Inc.*		20,734		1,906,284
ExlService Holdings, Inc.*		68,005		4,055,818
Gartner, Inc.*,1		6,180		836,958
MAXIMUS, Inc.		87,010		5,639,118
WNS Holdings Ltd., ADR*		16,999		827,171
				17,952,267
Life sciences tools & services—1.15%
Bio-Techne Corp.		39,165		6,291,466
Machinery—2.72%
DMC Global, Inc.		18,976		778,965
Proto Labs, Inc.*		106,684		13,298,160
Spartan Motors, Inc.		51,604		761,159
				14,838,284
Media—1.83%
Gray Television, Inc.*		203,499		3,144,060
Nexstar Media Group, Inc., Class A		14,687		1,093,447
Sinclair Broadcast Group, Inc., Class A		223,285		5,760,753
				9,998,260
Multiline retail—0.47%
Ollie's Bargain Outlet Holdings, Inc.*		36,742		2,553,569
Pharmaceuticals—0.66%
Intersect ENT, Inc.*		53,934		1,744,765
Jazz Pharmaceuticals PLC*		5,623		973,229
Supernus Pharmaceuticals, Inc.*		17,029		901,685
				3,619,679
Professional services—3.35%
Barrett Business Services, Inc.		9,139		839,691
BG Staffing, Inc.		27,941		734,848
CoStar Group, Inc.*		7,950		3,306,008
Exponent, Inc.		102,552		5,014,793

194

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Professional services—(concluded)
Insperity, Inc.		21,171	$	2,013,362
TransUnion		24,950		1,806,380
WageWorks, Inc.*		86,486		4,566,461
				18,281,543
Road & rail—1.16%
Knight-Swift Transportation Holdings, Inc.		107,769		3,507,881
Old Dominion Freight Line, Inc.		7,228		1,061,070
Saia, Inc.*		23,236		1,750,833
				6,319,784
Semiconductors & semiconductor equipment—2.82%
ACM Research, Inc.*		20,397		264,345
Adesto Technologies Corp.*,1		66,031		363,171
Advanced Micro Devices, Inc.*,1		44,175		809,728
Cabot Microelectronics Corp.		33,823		4,073,980
Diodes, Inc.*		9,000		334,440
Marvell Technology Group Ltd.		123,011		2,621,365
Mellanox Technologies Ltd.*		12,184		956,444
Monolithic Power Systems, Inc.		10,290		1,365,277
Nova Measuring Instruments Ltd.*		13,075		365,969
Power Integrations, Inc.		59,770		4,273,555
				15,428,274
Software—14.79%
Altair Engineering, Inc., Class A*		62,242		2,184,694
Asure Software, Inc.*,1		15,943		224,637
Blackline, Inc.*,1		138,836		5,928,297
Bottomline Technologies de, Inc.*		26,555		1,431,315
Cadence Design Systems, Inc.*		31,323		1,381,031
Ellie Mae, Inc.*,1		57,126		5,668,042
Everbridge, Inc.*,1		43,520		1,957,530
Fair Isaac Corp.*		6,564		1,322,383
Globant SA*		113,954		6,317,610
HubSpot, Inc.*		4,613		572,473
NICE Systems Ltd., ADR*		7,382		807,591
Paylocity Holding Corp.*		192,863		11,186,054
Pegasystems, Inc.		141,419		7,862,896
PROS Holdings, Inc.*		183,145		6,802,005
PTC, Inc.*		9,035		830,407
RealPage, Inc.*		91,094		5,019,279
RingCentral, Inc., Class A*		37,126		2,738,043
Tyler Technologies, Inc.*		2,403		540,651
Ultimate Software Group, Inc.*,1		29,525		8,175,177
Varonis Systems, Inc.*		27,868		1,665,810
Verint Systems, Inc.*		80,420		3,610,858
Workiva, Inc.*		181,360		4,579,340
				80,806,123
Specialty retail—3.69%
At Home Group, Inc.*,1		118,823		4,309,710
Boot Barn Holdings, Inc.*		52,651		1,231,507
Five Below, Inc.*		115,211		11,193,901

	Number of shares		Value
Common stocks—(concluded)
Specialty retail—(concluded)
Floor & Decor Holdings, Inc., Class A*,1		56,411	$	2,693,625
National Vision Holdings, Inc.*		121		4,920
The Children's Place, Inc.1		5,825		715,892
				20,149,555
Technology hardware, storage & peripherals—0.33%
USA Technologies, Inc.*,1		134,065		1,803,174
Textiles, apparel & luxury goods—0.18%
Canada Goose Holdings, Inc.*,1		17,414		1,000,086
Thrifts & mortgage finance—0.04%
LendingTree, Inc.*,1		889		212,293
Trading companies & distributors—1.60%
Beacon Roofing Supply, Inc.*		146,009		6,144,059
SiteOne Landscape Supply, Inc.*,1		29,352		2,617,024
				8,761,083
Wireless telecommunication services—0.63%
Boingo Wireless, Inc.*		148,541		3,432,783
Total common stocks (cost—$415,173,095)				529,432,536
	Number of rights
Right—0.02%
Dyax Corp.*,2,3,4 (cost—$80,090)		72,153		126,268
	Number of shares
Short-term investment—2.13%
Investment companies—2.13%
State Street Institutional U.S. Government Money Market Fund (cost—$11,599,856)		11,599,856		11,599,856
Investment of cash collateral from securities loaned—4.51%
Money market fund—4.51%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$24,656,399)		24,656,399		24,656,399
Total investments (cost—$451,509,440)—103.57%				565,815,059
Liabilities in excess of other assets—(3.57)%				(19,477,374	)
Net assets—100.00%			$	546,337,685

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

195

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	529,432,536	$	—	$	—	$	529,432,536
Right		—		—		126,268		126,268
Short-term investment		—		11,599,856		—		11,599,856
Investment of cash collateral from securities loaned		—		24,656,399		—		24,656,399
Total	$	529,432,536	$	36,256,255	$	126,268	$	565,815,059

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Level 3 rollforward disclosure

The following is a rollforward of the Portfolio's investment that was valued using unobservable inputs for the year ended July 31, 2018:

	Right
Beginning balance	$	90,191
Purchases		—
Issuances		—
Sales		—
Accrued discounts/(premiums)		—
Total realized gain/(loss)		—
Net change in unrealized appreciation/depreciation		36,077
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance	$	126,268

The change in net unrealized appreciation/depreciation relating to the Level 3 investment held at July 31, 2018 was $36,077.

Portfolio footnotes

*  Non-income producing security.

¹  Security, or portion thereof, was on loan at the period end.

²  Illiquid investment at period end. Illiquid assets, in the amount of $126,268, represented 0.02% of the Portfolio's net assets at period end.

³  Significant unobservable inputs were used in the valuation of this security; i.e. a Level 3 security.

⁴  Security is being fair valued by a valuation committee under the direction of the board of trustees.

See accompanying notes to financial statements.
196

PACE International Equity Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares gained 7.14% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI EAFE Index (net) (the "benchmark") returned 6.40% and the Lipper International Multi-Cap Growth Funds category had a median return of 7.02%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 199. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor Comments (unaudited)²

The Portfolio outperformed the benchmark during the reporting period. From a sector perspective, the key driver of performance was stock selection in the financials and information technology sectors. Positive performance was partially offset by negative stock selection in health Care and industrials. Sector allocation provided a tailwind, as the Portfolio benefited from overweights to information technology and energy. From a country perspective, stock selection was additive in Germany and the Netherlands, as well as the UK.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust –
PACE International Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Mondrian Investment Partners Limited ("Mondrian");

Chautauqua Capital Management, a division of Robert W. Baird & Co. Incorporated ("Baird");

Los Angeles Capital Management and Equity Research, Inc. ("Los Angeles Capital")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA and Fred Lee, CFA, assisted by Vincent Russo and Mayoor Joshi

Mondrian: Elizabeth A. Desmond, Nigel Bliss and Steve Dutaut;

Baird: Brian M. Beitner, CFA;
Los Angeles Capital: Thomas D. Stevens, CFA, Hal W. Reynolds, CFA and Daniel E. Allen, CFA

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A strategy that invests in durable large-cap franchises that can grow excess returns on capital well into the future and trade at a significant discount to the subadvisor's estimate of the true worth of these operations.

• A "long/short" or "130/30" equity strategy in which the

(continued on next page)

197

PACE International Equity Investments

Investment process
(concluded)

subadvisor will buy securities "long" that it believes will outperform the market or decrease portfolio risk, sells securities "short" that it believes will underperform the market and may invest the proceeds from those sales in additional securities.

• A strategy that involves achieving consistent risk adjusted excess returns by managing a concentrated portfolio of quality, growth companies generally headquartered outside of the United States.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social, and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries.

198

PACE International Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		6.88	%		6.02	%		2.86	%
Class C2		6.12			5.20			2.02
Class Y3		7.24			6.32			3.16
Class P4		7.14			6.31			3.12
After deducting maximum sales charge
Class A1		1.03			4.83			2.28
Class C2		5.12			5.20			2.02
MSCI EAFE Index (net)5		6.40			5.86			3.43
Lipper International Multi-Cap Growth Funds median		7.02			6.16			3.72

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		7.95	%		6.56	%		2.27	%
Class C2		7.07			5.71			1.44
Class Y3		8.20			6.85			2.57
Class P4		8.22			6.85			2.54
After deducting maximum sales charge
Class A1		2.04			5.36			1.69
Class C2		6.07			5.71			1.44

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, were as follows: Class A—1.79% and 1.74%; Class C—2.58% and 2.49%; Class Y—1.51% and 1.49%; and Class P—1.51% and 1.49%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.35%; Class C—2.10%; Class Y—1.10%; and Class P—1.10%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The MSCI EAFE Index (net) is an index of stocks designed to measure the investment returns of developed economies outside of North America. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

199

PACE International Equity Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE International Equity Investments Class P shares versus the MSCI EAFE Index (net) over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE International Equity Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE International Equity Investments

200

PACE International Equity Investments

Portfolio statistics—July 31, 2018 (unaudited)

Top ten holdings (long holdings)1	Percentage of net assets
ENI SpA		1.8	%
Sanofi SA		1.6
Temenos AG		1.5
Tesco PLC		1.5
ASML Holding N.V., NY Registered Shares		1.3
Enel SpA		1.3
Wirecard AG		1.3
Takeda Pharmaceutical Co. Ltd.		1.3
Royal Dutch Shell PLC, B Shares		1.2
GlaxoSmithKline PLC		1.2
Total		14.0	%
Top ten holdings (short holdings)1	Percentage of net assets
Inpex Corp.		(0.4	)%
TDK Corp.		(0.4	)
Daimler AG		(0.3	)
Tabcorp Holdings Ltd.		(0.3	)
Yahoo Japan Corp.		(0.3	)
EXOR N.V.		(0.3	)
Vifor Pharma AG		(0.3	)
Dufry AG		(0.3	)
EDP—Energias de Portugal SA		(0.3	)
SBI Holdings, Inc.		(0.3	)
Total		(3.2	)%
Top five issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
Japan		23.6	%
United Kingdom		14.8
Switzerland		10.1
Germany		8.7
France		6.9
Total		64.1	%
Top five issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
Japan		(5.2	)%
Germany		(1.5	)
Australia		(1.2	)
France		(1.0	)
Hong Kong		(0.8	)
Total		(9.7	)%

¹  The Portfolio is actively managed and its composition will vary over time.

201

PACE International Equity Investments

Industry diversification—(unaudited)

As a percentage of net assets as of July 31, 2018

Common stocks
Aerospace & defense	0.19	%
Air freight & logistics	0.26
Airlines	0.12
Auto components	0.75
Automobiles	2.83
Banks	10.91
Beverages	1.48
Biotechnology	1.41
Building products	0.97
Capital markets	2.63
Chemicals	2.52
Commercial services & supplies	2.30
Communications equipment	0.02
Construction & engineering	0.44
Construction materials	0.09
Consumer finance	0.14
Containers & packaging	0.13
Diversified consumer services	0.41
Diversified financial services	0.93
Diversified telecommunication services	2.94
Electric utilities	4.76
Electrical equipment	2.69
Electronic equipment, instruments & components	1.66
Energy equipment & services	1.52
Equity real estate investment trusts	1.44
Food & staples retailing	3.18
Food products	1.29
Gas utilities	0.47
Health care equipment & supplies	1.19
Health care providers & services	0.96
Health care technology	0.06
Hotels, restaurants & leisure	2.38
Household durables	0.71
Household products	1.36
Independent power and renewable electricity producers	0.08
Industrial conglomerates	0.63
Insurance	5.79
Internet & catalog retail	0.35
Internet software & services	0.39
IT services	2.65
Leisure products	0.69
Life sciences tools & services	0.10
Machinery	2.47

Common stocks—(concluded)
Marine	0.13	%
Media	1.75
Metals & mining	1.73
Multi-utilities	0.59
Multiline retail	0.24
Oil, gas & consumable fuels	6.92
Paper & forest products	0.92
Personal products	1.33
Pharmaceuticals	10.83
Professional services	2.07
Real estate management & development	2.67
Road & rail	0.70
Semiconductors & semiconductor equipment	4.07
Software	2.59
Specialty retail	1.09
Technology hardware, storage & peripherals	0.73
Textiles, apparel & luxury goods	2.49
Tobacco	0.18
Trading companies & distributors	0.94
Transportation infrastructure	0.06
Wireless telecommunication services	1.18
Total common stocks	111.50
Preferred stocks
Automobiles	0.62
Chemicals	0.03
Household products	0.12
Total preferred stocks	0.77
Investment companies	1.09
Investment of cash collateral from securities loaned	3.18
Total investments before investments sold short	116.54
Investments sold short Common stocks
Aerospace & defense	(0.21	)
Air freight & logistics	(0.16	)
Airlines	(0.09	)
Auto components	(0.05	)
Automobiles	(0.51	)
Banks	(0.25	)
Beverages	(0.09	)
Biotechnology	(0.03	)

202

PACE International Equity Investments

Industry diversification—(unaudited) (concluded)

As a percentage of net assets as of July 31, 2018

Investments sold short—(continued) Common stocks—(continued)
Capital markets	(0.27	)%
Chemicals	(0.88	)
Commercial services & supplies	(0.28	)
Communications equipment	(0.05	)
Construction & engineering	(0.48	)
Consumer finance	(0.05	)
Containers & packaging	(0.09	)
Diversified financial services	(0.45	)
Diversified telecommunication services	(0.57	)
Electric utilities	(0.35	)
Electronic equipment, instruments & components	(0.54	)
Energy equipment & services	(0.16	)
Equity real estate investment trusts	(0.39	)
Food & staples retailing	(0.32	)
Food products	(0.17	)
Hotels, restaurants & leisure	(0.94	)
Household durables	(0.31	)
Industrial conglomerates	(0.06	)
Insurance	(0.40	)
Internet software & services	(0.45	)
Life sciences tools & services	(0.08	)

Investments sold short—(concluded) Common stocks—(concluded)
Machinery	(0.25	)%
Marine	(0.17	)
Media	(0.17	)
Metals & mining	(0.78	)
Multi-utilities	(0.35	)
Oil, gas & consumable fuels	(0.57	)
Pharmaceuticals	(0.47	)
Real estate management & development	(0.78	)
Road & rail	(0.29	)
Semiconductors & semiconductor equipment	(0.02	)
Software	(0.19	)
Specialty retail	(0.54	)
Technology hardware, storage & peripherals	(0.07	)
Textiles, apparel & luxury goods	(0.09	)
Tobacco	(0.11	)
Trading companies & distributors	(0.01	)
Transportation infrastructure	(0.05	)
Total investments sold short	(13.59	)
Liabilities in excess of other assets	(2.95	)
Net assets	100.00	%

203

PACE International Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—111.50%
Australia—5.20%
AGL Energy Ltd.		100,562	$	1,642,928
Alumina Ltd.		684,908		1,440,052
Amcor Ltd.		139,927		1,566,658
Aristocrat Leisure Ltd.		73,476		1,757,765
ASX Ltd.		31,666		1,545,439
Aurizon Holdings Ltd.		213,643		722,204
Australia & New Zealand Banking Group Ltd.		79,758		1,736,206
BHP Billiton Ltd.		35,456		918,283
BlueScope Steel Ltd.		27,940		366,587
Brambles Ltd.		243,831		1,789,803
Caltex Australia Ltd.		19,459		470,722
CIMIC Group Ltd.		52,302		1,877,996
Coca-Cola Amatil Ltd.		112,826		803,035
Cochlear Ltd.		2,936		443,589
Computershare Ltd.		120,250		1,625,089
Crown Ltd.		178,356		1,788,879
CSL Ltd.		13,461		1,966,267
Dexus		7,149		53,538
Incitec Pivot Ltd.		67,161		189,111
Insurance Australia Group Ltd.		59,931		357,987
Macquarie Group Ltd.		39,805		3,632,170
Medibank Pvt Ltd.		679,440		1,569,896
Mirvac Group		194,177		328,921
Newcrest Mining Ltd.1		460,212		7,395,609
Origin Energy Ltd.*,1		707,353		5,134,406
QBE Insurance Group Ltd.1		1,354,349		10,162,754
Ramsay Health Care Ltd.		37,467		1,565,502
Sonic Healthcare Ltd.		60,485		1,171,965
South32 Ltd.		154,420		409,573
Stockland		114,167		352,005
The GPT Group		84,150		322,599
Westpac Banking Corp.		4,367		95,582
Woolworths Ltd.1		289,590		6,473,888
Total Australia common stocks				61,677,008
Austria—1.34%
ams AG*,2		132,393		9,554,920
Erste Group Bank AG*		25,343		1,095,303
OMV AG1		91,674		5,184,143
Total Austria common stocks				15,834,366
Belgium—0.87%
Anheuser-Busch InBev SA/NV		22,693		2,297,757
KBC Group N.V.1		77,194		5,935,945
Proximus SADP		6,163		150,836
UCB SA		22,165		1,903,984
Total Belgium common stocks				10,288,522
Bermuda—0.82%
Hongkong Land Holdings Ltd.1		786,700		5,719,309
Jardine Matheson Holdings Ltd.		58,900		3,975,750
Total Bermuda common stocks				9,695,059

	Number of shares		Value
Common stocks—(continued)
Canada—1.56%
CI Financial Corp.		345,215	$	6,032,007
The Toronto-Dominion Bank		209,247		12,413,108
Total Canada common stocks				18,445,115
Cayman Islands—3.02%
Alibaba Group Holding Ltd., ADR*,2		20,340		3,808,258
CK Asset Holdings Ltd.		546,000		4,177,232
CK Hutchison Holdings Ltd.		1,095,500		11,905,409
Ctrip.com International Ltd., ADR*		120,471		4,957,382
Sands China Ltd.		466,800		2,402,675
TAL Education Group, ADR*		142,207		4,549,202
WH Group Ltd.3		5,033,500		4,040,113
Total Cayman Islands common stocks				35,840,271
China—0.31%
BYD Co. Ltd., Class H2		535,622		3,029,872
Sinopharm Group Co., Class H		158,265		669,431
Total China common stocks				3,699,303
Denmark—3.86%
Danske Bank A/S		38,423		1,116,956
DSV A/S		28,559		2,394,949
Genmab A/S*		75,122		12,872,904
H. Lundbeck A/S		19,706		1,426,490
ISS A/S		233,563		8,730,368
Novo Nordisk A/S, ADR		200,117		9,959,823
Novo Nordisk A/S, Class B1		122,854		6,133,494
Novozymes A/S, B Shares		36,144		1,902,898
Vestas Wind Systems A/S		6,491		418,741
William Demant Holding A/S*		15,714		751,110
Total Denmark common stocks				45,707,733
Finland—1.87%
Neste Oyj		22,937		1,894,126
Nokian Renkaat Oyj		78,273		3,394,793
Orion Oyj, Class B2		29,118		1,003,087
Sampo Oyj, A Shares1		135,501		6,886,154
Stora Enso Oyj, R Shares		64,921		1,073,064
UPM-Kymmene Oyj1		224,353		7,964,860
Total Finland common stocks				22,216,084
France—6.92%
Accor SA		50,118		2,583,329
Arkema SA		6,453		809,289
Atos SE		11,656		1,565,399
Bureau Veritas SA		43,639		1,124,175
Capgemini SE		6,133		787,444
Cie de Saint-Gobain		150,294		6,691,540
Cie Generale des Etablissements Michelin SCA		5,522		710,932
CNP Assurances		43,936		1,027,531
Dassault Aviation SA		100		184,757
Dassault Systemes SE		15,570		2,326,826
Eiffage SA		2,194		245,575
Engie SA		71,167		1,149,672
Essilor International SA1		54,171		7,994,121

204

PACE International Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
France—(concluded)
Hermes International		3,904	$	2,472,481
Ipsen SA		6,933		1,152,425
Kering SA		4,322		2,304,592
Klepierre SA		53,755		2,028,441
LVMH Moet Hennessy Louis Vuitton SE1		22,007		7,690,571
Orange SA		97,805		1,671,492
Pernod Ricard SA		11,621		1,874,605
Publicis Groupe SA		9,208		588,545
Sanofi SA		223,336		19,422,316
SCOR SE		24,374		947,683
Societe Generale SA2		105,775		4,713,749
Teleperformance		288		52,806
Thales SA		7,542		991,723
Total SA		49,937		3,261,879
Unibail-Rodamco-Westfield		25,561		5,674,570
Total France common stocks				82,048,468
Germany—7.90%
adidas AG1		35,396		7,828,977
Allianz SE		45,371		10,034,743
BASF SE		23,152		2,224,300
Bayer AG		28,259		3,147,834
Bayerische Motoren Werke AG		37,835		3,658,400
Beiersdorf AG		21,043		2,450,820
Brenntag AG		22,640		1,357,591
Continental AG		5,315		1,224,374
Daimler AG		144,499		9,994,569
Deutsche Post AG		75,304		2,658,433
Deutsche Telekom AG*		454,263		7,516,373
Evonik Industries AG		165,591		6,128,511
Fraport AG Frankfurt Airport Services Worldwide		4,216		420,922
Fresenius Medical Care AG & Co. KGaA		46,682		4,560,248
Fresenius SE & Co. KGaA		16,891		1,303,993
Hannover Rueck SE		4,580		610,541
Hochtief AG		10,743		1,930,830
Infineon Technologies AG		67,363		1,784,949
Muenchener Rueckversicherungs-Gesellschaft AG1		34,296		7,609,739
Puma SE		386		193,637
SAP SE		6,571		767,227
United Internet AG		14,940		803,624
Vonovia SE		10,829		524,370
Wirecard AG		79,681		14,884,702
Total Germany common stocks				93,619,707
Hong Kong—2.31%
AIA Group Ltd.		136,200		1,188,641
BOC Hong Kong Holdings Ltd.		226,000		1,094,145
China Mobile Ltd.		890,000		8,027,978
CLP Holdings Ltd.		101,500		1,159,309
Galaxy Entertainment Group Ltd.		478,000		3,839,688
Hang Lung Group Ltd.		213,000		629,579
Hang Seng Bank Ltd.		79,023		2,150,491
HKT Trust & HKT Ltd.		58,000		77,441
Hong Kong Exchanges & Clearing Ltd.		14,300		421,947
Hysan Development Co. Ltd.		55,000		300,960
Power Assets Holdings Ltd.		197,000		1,394,226

	Number of shares		Value
Common stocks—(continued)
Hong Kong—(concluded)
Sun Hung Kai Properties Ltd.		182,000	$	2,852,065
Swire Pacific Ltd., Class A		185,500		2,011,205
Swire Properties Ltd.		322,800		1,270,793
Wheelock & Co. Ltd.		134,000		949,211
Total Hong Kong common stocks				27,367,679
India—1.06%
HDFC Bank Ltd., ADR		121,494		12,555,190
Indonesia—0.11%
PT Bank Rakyat Indonesia Persero Tbk		6,254,867		1,331,653
Ireland—0.82%
Allergan PLC		41,871		7,708,032
DCC PLC		21,788		2,016,147
Total Ireland common stocks				9,724,179
Israel—0.36%
Bank Leumi Le-Israel B.M.		264,459		1,656,380
Check Point Software Technologies Ltd.*		17,644		1,987,949
Nice Ltd.*		5,799		632,139
Total Israel common stocks				4,276,468
Italy—4.43%
Enel SpA		2,739,937		15,282,818
ENI SpA1		1,087,309		20,933,066
Mediobanca Banca di Credito Finanziario SpA		373,694		3,882,122
Moncler SpA		15,866		699,816
Prysmian SpA		80,100		2,055,945
Recordati SpA		67,584		2,527,358
Snam SpA		731,123		3,141,899
Terna Rete Elettrica Nazionale SpA		707,622		3,963,523
Total Italy common stocks				52,486,547
Japan—23.64%
Aeon Co. Ltd.		29,300		593,914
Amada Holdings Co. Ltd.		145,600		1,455,805
Aozora Bank Ltd.		15,300		571,278
Astellas Pharma, Inc.1		297,800		4,840,598
Benesse Holdings, Inc.		7,700		279,931
Brother Industries Ltd.		37,300		758,243
Canon, Inc.1		221,700		7,171,568
Chubu Electric Power Co., Inc.		55,800		858,596
Concordia Financial Group Ltd.		165,000		885,391
Credit Saison Co. Ltd.		104,300		1,622,123
Daifuku Co. Ltd.		3,700		161,646
Daiichi Sankyo Co. Ltd.		8,800		363,758
Daikin Industries Ltd.		20,900		2,489,720
Daito Trust Construction Co. Ltd.		2,000		333,855
Daiwa Securities Group, Inc.		240,000		1,396,879
Disco Corp.		4,000		678,621
Eisai Co. Ltd.1		58,000		4,970,317
Electric Power Development Co. Ltd.		36,700		992,868
FANUC Corp.		31,145		6,105,607
Fast Retailing Co. Ltd.		8,800		3,836,694
Fuji Electric Holdings Co. Ltd.		115,000		845,414
FUJIFILM Holdings Corp.		175,600		7,225,646

205

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Fujitsu Ltd.		177,000	$	1,203,692
Hamamatsu Photonics KK		35,200		1,489,031
Hirose Electric Co. Ltd.		6,404		778,342
Hitachi High-Technologies Corp.		17,700		721,835
Honda Motor Co. Ltd.		382,000		11,461,879
Hoshizaki Corp.		1,500		151,053
Hoya Corp.		16,100		964,718
Isuzu Motors Ltd.		200,000		2,698,207
Japan Airport Terminal Co. Ltd.		4,900		232,259
Japan Exchange Group, Inc.		177,500		3,151,075
Japan Post Bank Co. Ltd.		84,200		1,009,813
Japan Post Holdings Co. Ltd.		119,300		1,314,471
Japan Real Estate Investment Corp.		383		2,003,801
Japan Retail Fund Investment Corp.		131		238,885
Kao Corp.		54,800		3,987,905
Keikyu Corp.		49,000		801,511
Keyence Corp.		25,883		13,636,520
Kintetsu Group Holdings Co. Ltd.		19,300		766,373
Kirin Holdings Co. Ltd.		171,000		4,369,244
Koito Manufacturing Co. Ltd.		21,100		1,353,012
Konami Holdings Corp.		36,500		1,713,768
Kubota Corp.		99,500		1,663,598
Kuraray Co. Ltd.		26,300		370,456
Kurita Water Industries Ltd.		70,100		2,043,787
Kyocera Corp.		29,500		1,711,720
Kyowa Hakko Kirin Co. Ltd.		29,100		550,952
Kyushu Electric Power Co., Inc.		180,200		2,117,630
Kyushu Railway Co.		116,500		3,573,715
Lion Corp.		106,900		1,932,164
M3, Inc.		18,700		709,936
Marubeni Corp.		206,200		1,568,975
McDonald's Holdings Co. Japan Ltd.		11,800		563,538
Mebuki Financial Group, Inc.		364,500		1,297,420
Medipal Holdings Corp.		52,300		1,060,359
MEIJI Holdings Co. Ltd.		34,000		2,669,767
MINEBEA MITSUMI, Inc.		46,000		820,731
Mitsubishi Corp.		83,200		2,319,317
Mitsubishi Electric Corp.		338,500		4,575,797
Mitsubishi Tanabe Pharma Corp.		2,500		46,774
Mizuho Financial Group, Inc.1		3,022,300		5,259,934
Namco Bandai Holdings, Inc.		46,600		1,860,833
NH Foods Ltd.		13,500		536,064
Nikon Corp.		145,200		2,443,915
Nintendo Co. Ltd.		8,000		2,630,059
Nippon Building Fund, Inc.		201		1,118,115
Nippon Yusen K.K.		81,700		1,570,212
Nomura Holdings, Inc.		725,900		3,431,008
Nomura Research Institute Ltd.		30,200		1,447,677
NTT DOCOMO, Inc.		68,100		1,749,777
Olympus Corp.		17,000		687,967
Ono Pharmaceutical Co. Ltd.		4,400		103,669
Oracle Corp. Japan		6,400		536,887
Otsuka Corp.		21,200		826,651
Otsuka Holdings Co. Ltd.		64,200		2,956,938

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Panasonic Corp.		54,600	$	702,185
Pola Orbis Holdings, Inc.		41,800		1,618,692
Rakuten, Inc.		394,800		2,778,412
Recruit Holdings Co. Ltd.		416,592		11,382,091
Renesas Electronics Corp.*		58,500		521,093
Resona Holdings, Inc.		197,700		1,124,334
Ricoh Co. Ltd.		63,200		614,959
Rinnai Corp.		3,600		311,014
Rohm Co. Ltd.		12,200		1,036,534
Sankyo Co. Ltd.		32,200		1,267,093
Secom Co. Ltd.		92,100		7,026,007
Sega Sammy Holdings, Inc.		58,300		928,087
Sekisui Chemical Co. Ltd.		337,300		6,027,147
Seven & I Holdings Co. Ltd.		22,800		928,802
Shimano, Inc.		11,800		1,693,780
Shin-Etsu Chemical Co. Ltd.1		86,400		8,708,384
Shinsei Bank Ltd.		66,500		1,046,134
Shionogi & Co. Ltd.		68,000		3,695,103
Shiseido Co. Ltd.		33,200		2,437,705
Showa Shell Sekiyu K.K.		14,000		229,379
SoftBank Group Corp.		23,900		1,979,287
Sohgo Security Services Co. Ltd.		5,400		246,783
Stanley Electric Co. Ltd.		10,400		364,137
Start Today Co. Ltd.		35,200		1,411,904
SUMCO Corp.		33,200		707,558
Sumitomo Corp.		121,700		1,997,223
Sumitomo Electric Industries Ltd.		417,900		6,405,944
Sumitomo Mitsui Financial Group, Inc.1		120,100		4,774,355
Sumitomo Mitsui Trust Holdings, Inc.		70,300		2,788,989
Sumitomo Rubber Industries Ltd.		85,500		1,411,555
Sundrug Co. Ltd.		12,700		507,705
Suntory Beverage & Food Ltd.		39,900		1,696,771
Suzuki Motor Corp.		8,700		509,714
Taisei Corp.		20,400		1,132,979
Takeda Pharmaceutical Co. Ltd.2		353,500		14,779,882
The Chugoku Electric Power Co., Inc.		15,500		203,774
The Kansai Electric Power Co., Inc.		174,800		2,482,515
THK Co. Ltd.		12,400		335,465
Tohoku Electric Power Co., Inc.		145,300		1,843,945
Tokio Marine Holdings, Inc.		211,800		10,041,155
Tokyo Gas Co. Ltd.		15,700		382,408
Toyo Suisan Kaisha Ltd.		22,200		802,111
Toyoda Gosei Co. Ltd.		19,400		489,272
Trend Micro, Inc.		36,700		2,162,975
UniCharm Corp.		80,900		2,457,786
United Urban Investment Corp.		261		404,752
USS Co. Ltd.		29,500		558,261
Yakult Honsha Co. Ltd.		29,500		2,121,182
Yamaha Motor Co. Ltd.		41,700		1,096,809
Yamato Holdings Co. Ltd.		14,500		419,251
Yokogawa Electric Corp.		21,500		380,910
Total Japan common stocks				280,216,500

206

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Jersey—1.05%
Experian PLC		13,084	$	321,830
Ferguson PLC		12,643		997,333
Glencore PLC*		624,471		2,741,726
Shire PLC		7,198		411,071
WPP PLC		512,373		8,016,378
Total Jersey common stocks				12,488,338
Luxembourg—0.10%
Eurofins Scientific SE		2,079		1,134,341
Netherlands—4.56%
AerCap Holdings N.V.*		38,900		2,183,457
ASML Holding N.V.		19,909		4,271,988
ASML Holding N.V., NY Registered Shares		73,299		15,685,986
CNH Industrial N.V.		290,556		3,409,508
Core Laboratories N.V.2		93,644		10,499,365
Ferrari N.V.		8,475		1,127,785
Heineken N.V.2		12,600		1,275,064
Koninklijke Ahold Delhaize N.V.		389,774		9,915,542
Koninklijke DSM N.V.		15,739		1,677,377
Randstad N.V.		43,351		2,750,575
STMicroelectronics N.V.		59,967		1,304,627
Total Netherlands common stocks				54,101,274
New Zealand—0.15%
Fletcher Building Ltd.		229,092		1,097,728
Ryman Healthcare Ltd.2		81,535		676,339
Total New Zealand common stocks				1,774,067
Norway—0.57%
DNB ASA		113,915		2,298,090
Equinor ASA		34,274		910,147
Norsk Hydro ASA		359,539		2,049,685
Orkla ASA		181,342		1,534,036
Total Norway common stocks				6,791,958
Papua New Guinea—0.24%
Oil Search Ltd.		428,867		2,861,267
Portugal—0.21%
Galp Energia, SGPS SA		32,764		673,918
Jeronimo Martins, SGPS SA		122,452		1,822,799
Total Portugal common stocks				2,496,717
Singapore—3.38%
Ascendas Real Estate Investment Trust		2,090,100		4,222,114
DBS Group Holdings Ltd.		661,766		13,003,446
Genting Singapore Ltd.		2,591,800		2,436,922
Oversea-Chinese Banking Corp. Ltd.		34,500		293,213
Singapore Exchange Ltd.		122,800		671,122
Singapore Telecommunications Ltd.		2,295,900		5,413,625
United Overseas Bank Ltd.		672,098		13,339,764
Yangzijiang Shipbuilding Holdings Ltd.		909,200		631,134
Total Singapore common stocks				40,011,340

	Number of shares		Value
Common stocks—(continued)
South Africa—0.75%
Naspers Ltd., N Shares		36,228	$	8,919,778
South Korea—0.45%
Amorepacific Corp.		22,113		5,287,827
Spain—4.99%
Amadeus IT Holding SA1		105,875		9,037,759
Banco Bilbao Vizcaya Argentaria SA		558,721		4,106,897
Banco Santander SA2		1,205,253		6,792,423
CaixaBank SA		559,972		2,591,056
Enagas SA		72,042		2,015,076
Endesa SA1		231,295		5,349,794
Iberdrola SA		1,447,855		11,258,777
Iberdrola SA*,2		40,098		311,809
Red Electrica Corp. SA		109,484		2,322,375
Repsol SA1		381,735		7,577,331
Telefonica SA		866,559		7,793,373
Total Spain common stocks				59,156,670
Sweden—2.71%
Alfa Laval AB		22,489		618,176
Assa Abloy AB, B Shares		12,746		252,733
Atlas Copco AB, A Shares		52,841		1,513,185
Boliden AB		71,887		2,141,988
Epiroc AB, Class A*		51,150		612,431
Hexagon AB, B Shares		19,837		1,209,673
Industrivarden AB, C Shares		26,131		550,974
Investor AB, B Shares		87,326		3,807,685
Kinnevik AB, B Shares		15,044		519,605
Sandvik AB		26,652		487,547
SKF AB, B Shares		162,216		3,335,474
Swedish Match AB		15,196		830,920
Tele2 AB, B Shares		105,621		1,418,018
Telefonaktiebolaget LM Ericsson, B Shares		27,709		217,060
Telia Co. AB		2,530,508		12,173,444
Volvo AB, B Shares		135,909		2,382,633
Total Sweden common stocks				32,071,546
Switzerland—10.07%
ABB Ltd.		452,494		10,378,366
Adecco Group SA		50,322		3,099,162
Cie Financiere Richemont SA1		64,509		5,668,114
Coca-Cola HBC AG*		76,350		2,739,828
EMS-Chemie Holding AG		2,009		1,288,406
Geberit AG		4,607		2,055,155
Julius Baer Group Ltd.*		129,217		7,104,553
Nestle SA1		62,359		5,082,433
Novartis AG1		166,447		13,992,878
Pargesa Holding SA		3,932		329,206
Partners Group Holding AG1		6,478		4,923,188
Roche Holding AG1		47,836		11,742,201
Schindler Holding AG		9,786		2,281,077
SGS SA		1,558		4,069,068
Sika AG1		36,660		5,216,779
Straumann Holding AG		4,824		3,751,432
Swiss Prime Site AG*		10,911		1,001,126
Swiss Re AG1		64,597		5,922,452

207

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Switzerland—(concluded)
Temenos AG*		110,397	$	17,783,489
The Swatch Group AG		7,433		3,339,839
Zurich Insurance Group AG		24,594		7,568,340
Total Switzerland common stocks				119,337,092
Taiwan—1.07%
Taiwan Semiconductor Manufacturing Co. Ltd.		921,000		7,400,732
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		128,702		5,303,809
Total Taiwan common stocks				12,704,541
United Kingdom—14.80%
3i Group PLC		371,769		4,623,959
Admiral Group PLC		62,415		1,622,890
Antofagasta PLC		85,391		1,124,162
Ashtead Group PLC		1,728		53,096
Associated British Foods PLC		28,567		920,517
AstraZeneca PLC		15,726		1,210,604
Barclays PLC		1,249,536		3,181,095
Barratt Developments PLC		82,055		575,125
BP PLC		1,757,496		13,224,888
British American Tobacco PLC		22,833		1,259,016
Bunzl PLC		23,300		692,691
Burberry Group PLC		60,347		1,668,922
Carnival PLC		69,241		4,021,539
Coca-Cola European Partners PLC		51,300		2,115,612
Compass Group PLC		50,230		1,080,912
Croda International PLC		48,791		3,291,687
Diageo PLC		9,513		349,866
easyJet PLC		64,172		1,363,666
G4S PLC		2,629,996		9,527,520
GlaxoSmithKline PLC		689,328		14,309,956
HSBC Holdings PLC		236,037		2,263,164
Informa PLC		31,067		321,893
InterContinental Hotels Group PLC		45,832		2,831,579
Intertek Group PLC		21,954		1,694,364
John Wood Group PLC		887,492		7,569,372
Kingfisher PLC		2,192,945		8,540,061
Legal & General Group PLC		273,758		943,936
Lloyds Banking Group PLC		14,005,594		11,467,338
Mondi PLC		69,694		1,918,269
National Grid PLC		389,498		4,157,878
Next PLC		7,189		560,116
NMC Health PLC		6,668		332,229
Persimmon PLC		24,873		810,300
Prudential PLC		13,410		317,703
Reckitt Benckiser Group PLC		131,528		11,734,138
RELX PLC		68,374		1,491,998
Rio Tinto PLC		17,594		969,098
Rolls-Royce Holdings PLC*,4		84,182		1,094,986
Royal Dutch Shell PLC, A Shares1,5		151,538		5,201,265
Royal Dutch Shell PLC, B Shares4		411,264		14,420,874
RSA Insurance Group PLC		53,309		450,751
Sky PLC		70,367		1,407,107

	Number of shares			Value
Common stocks—(concluded)
United Kingdom—(concluded)
Smith & Nephew PLC		25,107		$	435,160
SSE PLC		482,547			7,917,086
Standard Chartered PLC		166,450			1,503,100
Tesco PLC1		5,112,734			17,467,996
The British Land Co. PLC		36,836			319,201
The Sage Group PLC		21,555			175,976
Vodafone Group PLC		354,991			866,654
Total United Kingdom common stocks					175,401,315
Total common stocks (cost—$1,213,935,704)					1,321,567,923
Preferred stocks—0.77%
Germany—0.77%
Bayerische Motoren Werke AG		7,036			582,510
FUCHS PETROLUB SE		5,881			332,019
Henkel AG & Co. KGaA Vorzug		11,220			1,407,132
Porsche Automobil Holding SE1		100,767			6,822,466
Total preferred stocks (cost—$9,267,603)					9,144,127
Short-term investment—1.09%
Investment companies—1.09%
State Street Institutional U.S. Government Money Market Fund (cost—$12,954,076)		12,954,076			12,954,076
Investment of cash collateral from securities loaned—3.18%
Money market fund—3.18%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$37,718,542)		37,718,542			37,718,542
Total investments before investments sold short (cost—$1,273,875,925)—116.54%					1,381,384,668
Investments sold short—(13.59)%
Common stocks—(13.59)%
Australia—(1.18)%
AusNet Services		(812,319	)		(983,725	)
Bendigo & Adelaide Bank Ltd.		(24,564	)		(213,705	)
Challenger Ltd.		(182,345	)		(1,685,286	)
Domino's Pizza Enterprises Ltd.		(24,171	)		(896,994	)
Fortescue Metals Group Ltd.		(493,473	)		(1,602,154	)
Orica Ltd.		(52,718	)		(688,553	)
Scentre Group		(164,035	)		(517,947	)
Tabcorp Holdings Ltd.		(1,071,342	)		(3,717,102	)
Telstra Corp. Ltd.		(599,979	)		(1,265,942	)
TPG Telecom Ltd.		(253,456	)		(1,084,637	)
Treasury Wine Estates Ltd.		(51,418	)		(703,662	)
Vicinity Centres		(295,560	)		(584,100	)
					(13,943,807	)

208

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Portfolio of investments—July 31, 2018

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Austria—(0.10)%
voestalpine AG		(23,592	)	$	(1,182,668	)
Bermuda—(0.06)%
Li & Fung Ltd.		(398,000	)		(134,880	)
Yue Yuen Industrial Holdings Ltd.		(225,500	)		(606,194	)
					(741,074	)
Cayman Islands—(0.23)%
ASM Pacific Technology Ltd.		(22,100	)		(265,936	)
Melco Resorts & Entertainment Ltd., ADR		(30,200	)		(780,972	)
MGM China Holdings Ltd.		(508,800	)		(1,094,215	)
Minth Group Ltd.		(168,000	)		(633,554	)
					(2,774,677	)
Denmark—(0.22)%
AP Moller—Maersk A/S, Class B		(1,396	)		(2,007,070	)
ISS A/S		(8,341	)		(311,779	)
Pandora A/S		(4,013	)		(285,268	)
					(2,604,117	)
Finland—(0.05)%
Nokia Oyj		(114,665	)		(622,952	)
France—(0.99)%
Bollore SA		(380,816	)		(1,773,213	)
Carrefour SA		(106,349	)		(1,910,157	)
Casino Guichard Perrachon SA		(25,246	)		(1,028,526	)
Electricite de France SA		(3,954	)		(59,182	)
Getlink		(41,350	)		(546,143	)
Iliad SA		(4,494	)		(712,060	)
Ingenico Group SA		(3,458	)		(286,935	)
JCDecaux SA		(35,234	)		(1,151,152	)
Sodexo SA		(18,606	)		(2,059,946	)
Suez		(24,966	)		(353,393	)
Unibail-Rodamco-Westfield		(80,233	)		(1,224,968	)
Veolia Environnement SA		(16,574	)		(378,604	)
Wendel SA		(1,787	)		(260,577	)
					(11,744,856	)
Germany—(1.46)%
Daimler AG		(58,296	)		(4,032,162	)
Deutsche Telekom AG		(130,218	)		(2,154,626	)
Deutsche Wohnen AG		(22,983	)		(1,119,620	)
E.ON SE		(83,693	)		(943,824	)
GEA Group AG		(32,376	)		(1,264,486	)
KION Group AG		(13,583	)		(932,984	)
LANXESS AG		(24,449	)		(2,009,837	)
RWE AG		(96,379	)		(2,529,006	)
Telefonica Deutschland Holding AG		(97,344	)		(426,518	)
thyssenkrupp AG		(72,823	)		(1,943,250	)
					(17,356,313	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Hong Kong—(0.79)%
MTR Corp. Ltd.		(525,659	)	$	(2,946,725	)
New World Development Co. Ltd.		(1,025,321	)		(1,460,443	)
SJM Holdings Ltd.		(1,444,000	)		(1,753,247	)
The Bank of East Asia Ltd.		(75,797	)		(301,293	)
Wharf Holdings Ltd.		(884,000	)		(2,922,621	)
					(9,384,329	)
Ireland—(0.08)%
Kerry Group PLC, Class A		(6,304	)		(668,603	)
Paddy Power Betfair PLC		(2,613	)		(284,926	)
					(953,529	)
Italy—(0.06)%
Assicurazioni Generali SpA		(13,288	)		(236,182	)
Leonardo SpA		(10,032	)		(120,242	)
Telecom Italia SpA		(515,564	)		(397,536	)
					(753,960	)
Japan—(5.22)%
AEON Financial Service Co. Ltd.		(26,800	)		(551,987	)
Alps Electric Co. Ltd.		(15,600	)		(448,545	)
Casio Computer Co. Ltd.		(27,100	)		(442,315	)
Coca-Cola Bottlers Japan, Inc.		(9,400	)		(338,371	)
Dai-ichi Life Holdings, Inc.		(93,100	)		(1,750,178	)
Daicel Corp.		(133,400	)		(1,465,056	)
Daiwa House Industry Co. Ltd.		(33,400	)		(1,215,143	)
DeNA Co. Ltd.		(62,900	)		(1,184,139	)
FamilyMart UNY Holdings Co. Ltd.		(900	)		(83,710	)
Hitachi Metals Ltd.		(88,800	)		(959,356	)
Idemitsu Kosan Co. Ltd.		(34,900	)		(1,569,977	)
Iida Group Holdings Co. Ltd.		(104,700	)		(2,049,710	)
Inpex Corp.		(418,300	)		(4,603,301	)
Japan Airlines Co. Ltd.		(29,400	)		(1,084,078	)
Japan Tobacco, Inc.		(44,700	)		(1,269,662	)
JFE Holdings, Inc.		(50,000	)		(1,013,057	)
JGC Corp.		(141,100	)		(2,729,502	)
JSR Corp.		(74,400	)		(1,424,589	)
Kakaku.com, Inc.		(25,400	)		(534,283	)
Kansai Paint Co. Ltd.		(47,100	)		(1,080,880	)
LINE Corp.		(5,900	)		(257,497	)
Maruichi Steel Tube Ltd.		(35,500	)		(1,220,744	)
Mitsubishi Chemical Holdings Corp.		(9,500	)		(82,812	)
Mitsubishi Heavy Industries Ltd.		(21,900	)		(820,063	)
Mitsubishi Materials Corp.		(12,700	)		(360,050	)
Nexon Co. Ltd.		(107,600	)		(1,544,498	)
Nippon Paint Holdings Co. Ltd.		(15,900	)		(691,088	)
Nissan Motor Co. Ltd.		(207,800	)		(1,961,570	)
Nomura Real Estate Holdings, Inc.		(50,700	)		(1,104,096	)
Park24 Co. Ltd.		(48,300	)		(1,356,365	)
SBI Holdings, Inc.		(115,400	)		(3,142,628	)
Seiko Epson Corp.		(44,500	)		(801,131	)
Sekisui House Ltd.		(25,500	)		(433,647	)
Seven Bank Ltd.		(114,500	)		(346,116	)
SG Holdings Co. Ltd.		(2,600	)		(56,853	)

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Portfolio of investments—July 31, 2018

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
Sumitomo Dainippon Pharma Co. Ltd.		(116,000	)	$	(2,243,957	)
Sumitomo Metal Mining Co. Ltd.		(25,300	)		(908,460	)
Sumitomo Realty & Development Co. Ltd.		(12,000	)		(438,725	)
Suruga Bank Ltd.		(91,400	)		(818,239	)
T&D Holdings, Inc.		(187,800	)		(2,796,467	)
TDK Corp.		(38,600	)		(4,118,392	)
Teijin Ltd.		(40,300	)		(749,667	)
Tokyu Corp.		(27,000	)		(464,106	)
Tosoh Corp.		(94,400	)		(1,536,538	)
Toyo Seikan Group Holdings Ltd.		(56,800	)		(1,042,379	)
Yahoo Japan Corp.		(948,800	)		(3,606,314	)
Yamada Denki Co. Ltd.		(452,600	)		(2,242,458	)
Yamaguchi Financial Group, Inc.		(81,000	)		(917,104	)
					(61,859,803	)
Luxembourg—(0.24)%
RTL Group SA		(2,391	)		(178,240	)
SES SA		(34,737	)		(694,394	)
Tenaris SA		(104,583	)		(1,911,457	)
					(2,784,091	)
Mauritius—(0.05)%
Golden Agri-Resources Ltd.		(2,799,400	)		(575,775	)
Netherlands—(0.60)%
AerCap Holdings N.V.		(1,100	)		(61,743	)
Airbus SE		(18,961	)		(2,350,237	)
EXOR N.V.		(51,978	)		(3,420,725	)
Koninklijke Ahold Delhaize N.V.		(29,664	)		(754,628	)
Koninklijke Vopak N.V.		(11,261	)		(530,409	)
					(7,117,742	)
New Zealand—(0.05)%
a2 Milk Co. Ltd.		(82,089	)		(585,257	)
Portugal—(0.27)%
EDP—Energias de Portugal SA		(770,441	)		(3,143,293	)
Singapore—(0.48)%
CapitaLand Mall Trust		(926,100	)		(1,469,406	)
Sembcorp Industries Ltd.		(377,200	)		(742,569	)
Suntec Real Estate Investment Trust		(591,900	)		(800,012	)
UOL Group Ltd.		(176,800	)		(931,176	)
Venture Corp. Ltd.		(124,400	)		(1,524,216	)
Wilmar International Ltd.		(85,000	)		(195,431	)
					(5,662,810	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
Spain—(0.31)%
Ferrovial SA		(120,091	)	$	(2,482,774	)
Grifols SA		(13,978	)		(406,177	)
Telefonica SA		(84,282	)		(757,988	)
					(3,646,939	)
Sweden—(0.19)%
Electrolux AB, Series B		(30,660	)		(719,693	)
Hennes & Mauritz AB, B Shares		(42,939	)		(668,042	)
Nordea Bank AB		(29,999	)		(319,063	)
Skanska AB		(27,324	)		(514,600	)
Svenska Handelsbanken AB, A Shares		(4,859	)		(60,040	)
					(2,281,438	)
Switzerland—(0.71)%
Clariant AG		(29,350	)		(702,218	)
Credit Suisse Group AG		(3,412	)		(55,032	)
Dufry AG		(25,008	)		(3,311,164	)
Lonza Group AG		(3,273	)		(1,009,187	)
Vifor Pharma AG		(17,766	)		(3,367,852	)
					(8,445,453	)
United Kingdom—(0.25)%
Babcock International Group PLC		(179,632	)		(1,684,855	)
Hammerson PLC		(7,641	)		(52,332	)
Kingfisher PLC		(37,534	)		(146,170	)
Micro Focus International PLC		(25,963	)		(425,971	)
Royal Mail PLC		(8,623	)		(53,071	)
Whitbread PLC		(11,612	)		(596,698	)
					(2,959,097	)
Total investments sold short (proceeds—$162,759,811)					(161,123,980	)
Liabilities in excess of other assets—(2.95)%					(34,977,364	)
Net assets—100.00%				$	1,185,283,324

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

210

PACE International Equity Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized depreciation
DB	USD	108,822	JPY	12,085,192	08/02/18	$	(740	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	1,321,567,923		$	—		$	—	$	1,321,567,923
Preferred stocks		9,144,127			—			—		9,144,127
Short-term investment		—			12,954,076			—		12,954,076
Investment of cash collateral from securities loaned		—			37,718,542			—		37,718,542
Total	$	1,330,712,050		$	50,672,618		$	—	$	1,381,384,668
Liabilities
Investments sold short		(161,123,980	)		—			—		(161,123,980	)
Forward foreign currency contracts		—			(740	)		—		(740	)
Total	$	(161,123,980	)	$	(740	)	$	—	$	(161,124,720	)

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

¹  Security, or portion thereof, pledged as collateral for investments sold short.

²  Security, or portion thereof, was on loan at the period end.

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $4,040,113, represented 0.34% of the Portfolio's net assets at period end.

⁴  Security is traded on the London Exchange.

⁵  Security is traded on the Amsterdam Exchange.

See accompanying notes to financial statements.
211

PACE International Emerging Markets Equity Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares gained 1.42% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI Emerging Markets Index (net) (the "benchmark") returned 4.36%, and the Lipper Emerging Markets Funds category posted a median return of 3.12%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 214. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments (unaudited)²

The Portfolio underperformed its benchmark during the reporting period. Stock selection was the primary detractor from results. Stock selection was the weakest within the materials sector, particularly the mining and metals industry, as well as the information technology sector. This offset positive stock selection within the consumer discretionary sector. Energy returned over 17% in the benchmark and was the best performing sector as the price of crude recovered. Conversely, industrials returned -14%, selling off on escalated trade war concerns. From a country perspective, the most significant detractors were weak stock selection within India and an overweight to and stock selection within Brazil. The latter recently sold off sharply due to geopolitical concerns. An underweight to China, which drove nearly half the returns of the benchmark, was also a detractor. From a style perspective, an overweight to momentum was additive, but offset by stock specific exposures.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE International Emerging Markets Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Mondrian Investment Partners Limited ("Mondrian"); William Blair & Company L.L.C. ("William Blair");

LMCG Investments, LLC, formerly Lee Munder Capital Group ("LMCG")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA and Fred Lee, CFA, assisted by Vincent Russo and Mayoor Joshi

Mondrian: Ginny Chong, Gregory Halton and Andrew Miller;

William Blair: Todd M. McClone and Jack Murphy;

LMCG: Gordon Johnson and Shannon Ericson

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A strategy using fundamental research to identify companies that are attractive based on a value-oriented dividend discount model and market analysis.

• A strategy that invests in mid and large cap companies with a quality growth orientation.

• A strategy that uses a bottom-up quantitative approach.

212

PACE International Emerging Markets Equity Investments

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries.

213

PACE International Emerging Markets Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.11	%		2.66	%		0.91	%
Class C2		0.41			1.92			0.17
Class Y3		1.41			2.92			1.18
Class P4		1.42			2.89			1.03
After deducting maximum sales charge
Class A1		(4.45	)		1.50			0.34
Class C2		(0.59	)		1.92			0.17
MSCI Emerging Markets Index (net)5		4.36			5.25			2.87
Lipper Emerging Markets Funds median		3.12			4.63			2.57

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		4.87	%		2.41	%		0.34	%
Class C2		4.03			1.66			(0.40	)
Class Y3		5.15			2.66			0.61
Class P4		5.10			2.63			0.46
After deducting maximum sales charge
Class A1		(0.89	)		1.26			(0.22	)
Class C2		3.03			1.66			(0.40	)

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, supplemented from time to time, were as follows: Class A—1.80% and 1.70%; Class C—2.55% and 2.45%; Class Y—1.54% and 1.45%; and Class P—1.59% and 1.45%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.70%; Class C—2.45%; Class Y—1.45%; and Class P—1.45%. "Management fee waiver/expense reimbursements" are based on estimated amounts for the current fiscal year. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 1%imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁴  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁵  The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to nonresident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

214

PACE International Emerging Markets Equity Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE International Emerging Markets Equity Investments Class P shares versus the MSCI Emerging Markets Index (net) over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE International Emerging Markets Equity Investments is a professionally managed portfolio while the Index is not available for investment and are unmanaged. The comparison is shown for illustration purposes only.

PACE International Emerging Markets Equity Investments

215

PACE International Emerging Markets Equity Investments

Portfolio statistics—July 31, 2018 (unaudited)

Top ten holdings1	Percentage of net assets
Samsung Electronics Co. Ltd.		4.3	%
Alibaba Group Holding Ltd., ADR		3.8
Tencent Holdings Ltd.		3.7
Taiwan Semiconductor Manufacturing Co. Ltd.		2.9
Ping An Insurance (Group) Co. of China Ltd., Class H		1.9
Housing Development Finance Corp.		1.9
Naspers Ltd., N Shares		1.9
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1.8
China Construction Bank Corp., Class H		1.6
Grupo Financiero Banorte SAB de C.V., Series O		1.2
Total		25.0	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
Cayman Islands		14.7	%
India		13.9
South Korea		11.8
Taiwan		10.5
China		10.0
Total		60.9	%

¹  The Portfolio is actively managed and its composition will vary over time.

216

PACE International Emerging Markets Equity Investments

Industry diversification—(unaudited)

As a percentage of net assets as of July 31, 2018

Common stocks
Aerospace & defense	0.84	%
Auto components	0.64
Automobiles	2.66
Banks	15.26
Beverages	0.73
Capital markets	0.49
Chemicals	1.95
Construction & engineering	1.14
Construction materials	0.45
Consumer finance	0.55
Diversified consumer services	0.96
Diversified financial services	0.42
Diversified telecommunication services	0.67
Electric utilities	0.73
Electronic equipment, instruments & components	1.67
Equity real estate investment trusts	0.91
Food & staples retailing	2.40
Food products	2.49
Gas utilities	0.42
Health care equipment & supplies	0.20
Health care providers & services	0.31
Hotels, restaurants & leisure	2.89
Household durables	1.42
Household products	1.08
Independent power and renewable electricity producers	0.77
Industrial conglomerates	0.52
Insurance	3.86
Internet software & services	9.32
IT services	1.61
Machinery	0.74
Media	1.87

Common stocks—(concluded)
Metals & mining	4.17	%
Multi-utilities	0.18
Multiline retail	0.22
Oil, gas & consumable fuels	4.97
Paper & forest products	1.02
Personal products	1.16
Pharmaceuticals	2.42
Real estate management & development	0.62
Semiconductors & semiconductor equipment	6.20
Software	0.53
Specialty retail	0.39
Technology hardware, storage & peripherals	5.11
Textiles, apparel & luxury goods	0.83
Thrifts & mortgage finance	3.01
Transportation infrastructure	1.48
Wireless telecommunication services	3.26
Total common stocks	95.54
Preferred stocks
Banks	1.34
Insurance	0.20
Metals & mining	0.07
Oil, gas & consumable fuels	0.25
Total preferred stocks	1.86
Short-term investment
Investment companies	2.56
Investment of cash collateral from securities loaned	1.20
Total investments	101.16
Liabilities in excess of other assets	(1.16	)
Net assets	100.00	%

217

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—95.54%
Argentina—0.34%
Grupo Financiero Galicia SA, ADR		15,603	$	555,935
YPF SA, ADR		57,733		958,368
Total Argentina common stocks				1,514,303
Bermuda—1.57%
Brilliance China Automotive Holdings Ltd.		986,000		1,286,352
Credicorp Ltd.		17,258		3,948,113
Haier Electronics Group Co. Ltd.*		635,000		1,852,644
Total Bermuda common stocks				7,087,109
Brazil—5.60%
AMBEV SA, ADR		264,016		1,357,042
B3 SA—Brasil Bolsa Balcao		243,300		1,542,138
Banco Santander Brasil SA		126,900		1,233,398
Companhia de Concessoes Rodoviarias (CCR)		581,545		1,631,543
Embraer SA, ADR		183,928		3,761,328
Hypera SA		351,400		2,598,074
Itau Unibanco Holdings SA, ADR		147,686		1,770,755
Kroton Educacional SA		553,900		1,667,618
MRV Engenharia e Participacoes SA		258,200		908,753
Raia Drogasil SA		95,100		1,884,111
Suzano Papel e Celulose SA		304,700		3,616,653
TIM Participacoes SA		277,500		916,793
Vale SA		156,056		2,280,156
Total Brazil common stocks				25,168,362
Cayman Islands—14.70%
58.com, Inc., ADR*		24,682		1,660,111
Agile Group Holdings Ltd.		962,000		1,478,105
Alibaba Group Holding Ltd., ADR*		90,637		16,969,966
Anta Sports Products Ltd.		256,000		1,304,616
Autohome, Inc., ADR		15,562		1,505,624
Baidu, Inc., ADR*		3,458		854,748
China Medical System Holdings Ltd.		1,013,000		1,731,988
China State Construction International Holdings Ltd.		1,557,750		1,855,634
Ctrip.com International Ltd., ADR*		33,407		1,374,698
ENN Energy Holdings Ltd.		185,000		1,882,043
Hengan International Group Co. Ltd.		150,500		1,339,325
Huazhu Group Ltd.1		47,597		1,904,356
Momo, Inc., ADR*		49,101		2,014,123
Sands China Ltd.		418,400		2,153,555
Shenzhou International Group Holdings Ltd.		199,000		2,440,263
Shimao Property Holdings Ltd.		456,500		1,294,058
Sunny Optical Technology Group Co. Ltd.		48,000		791,943
TAL Education Group, ADR*		27,066		865,841
Tencent Holdings Ltd.		371,800		16,825,394
Tingyi Cayman Islands Holding Corp.		644,000		1,488,353
Tongda Group Holdings Ltd.1		5,760,000		1,159,478
WH Group Ltd.2		4,000,000		3,210,580
Total Cayman Islands common stocks				66,104,802
Chile—0.27%
Sociedad Quimica y Minera de Chile SA, ADR1		24,861		1,200,040
China—10.00%
Agricultural Bank of China Ltd., Class H		3,274,000		1,585,058
Anhui Conch Cement Co. Ltd., Class H		317,500		2,032,650

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
Bank of China Ltd., Class H		2,706,000	$	1,268,699
China CITIC Bank Corp. Ltd., Class H		2,108,000		1,350,895
China Construction Bank Corp., Class H		8,076,000		7,315,581
China Huarong Asset Management Co. Ltd., Class H2		2,613,000		665,813
China International Travel Service Corp. Ltd., Class A		153,900		1,583,300
China Longyuan Power Group Corp., Class H		1,403,000		1,306,646
China Merchants Bank Co. Ltd., Class H		370,500		1,446,777
China Pacific Insurance Group Co. Ltd., Class H		199,600		778,153
China Petroleum & Chemical Corp., Class H		1,892,000		1,824,735
China Shenhua Energy Co. Ltd., Class H		592,500		1,336,117
Dongfeng Motor Group Co. Ltd., Class H		600,000		601,601
Industrial & Commercial Bank of China Ltd., Class H		2,450,000		1,813,532
Jiangsu Expressway Co. Ltd., Class H		826,000		1,003,948
Jiangsu Hengrui Medicine Co. Ltd., Class A		164,204		1,656,593
Kweichow Moutai Co. Ltd., Class A		18,000		1,915,465
Midea Group Co. Ltd., Class A		346,300		2,415,197
New Oriental Education & Technology Group, Inc., ADR		20,728		1,783,437
Ping An Insurance (Group) Co. of China Ltd., Class H		940,000		8,718,507
SAIC Motor Corp. Ltd., Class A		367,497		1,716,762
Sinopec Shanghai Petrochemical Co. Ltd., Class H		1,440,000		864,105
Total China common stocks				44,983,571
Hong Kong—4.18%
China Mobile Ltd.		591,500		5,335,448
China Resources Power Holdings Co. Ltd.		1,124,911		2,169,836
China Traditional Chinese Medicine Holdings Co. Ltd.		1,714,000		1,262,181
CITIC Ltd.		792,000		1,118,016
CNOOC Ltd.		2,833,000		4,735,472
CSPC Pharmaceutical Group Ltd.		1,600,000		4,178,850
Total Hong Kong common stocks				18,799,803
Hungary—0.84%
OTP Bank Nyrt		100,021		3,763,125
India—13.81%
Asian Paints Ltd.		63,301		1,339,555
Bajaj Auto Ltd.		61,367		2,415,848
Bajaj Finance Ltd.		62,981		2,477,413
Bharat Forge Ltd.		97,549		911,185
Britannia Industries Ltd.		13,918		1,327,589
Dewan Housing Finance Corp. Ltd.		137,724		1,205,829
Eicher Motors Ltd.		2,520		1,021,376
HCL Technologies Ltd.		183,547		2,582,751
HDFC Bank Ltd.		75,769		2,407,750
HDFC Standard Life Insurance Co. Ltd.2		211,746		1,551,983
Hindalco Industries Ltd.		425,559		1,324,089
Hindustan Petroleum Corp. Ltd.		200,893		834,195
Hindustan Unilever Ltd.		143,974		3,635,023
Housing Development Finance Corp.		296,407		8,621,079

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
India—(concluded)
Indiabulls Housing Finance Ltd.		196,773	$	3,721,219
IndusInd Bank Ltd.		60,428		1,757,829
Infosys Ltd.		161,552		3,215,435
JSW Steel Ltd.		306,600		1,476,982
Jubilant Foodworks Ltd.		77,696		1,591,501
Larsen & Toubro Ltd.		69,109		1,312,226
Lupin Ltd.		171,364		2,059,779
Mahindra & Mahindra Ltd.		127,734		1,743,099
Maruti Suzuki India Ltd.		30,323		4,209,177
MRF Ltd.		1,707		1,978,385
NIIT Technologies Ltd.		75,004		1,341,703
Power Grid Corp. of India Ltd.		488,848		1,299,342
Tech Mahindra Ltd.		147,459		1,463,598
Vedanta Ltd.		1,016,319		3,292,585
Total India common stocks				62,118,525
Indonesia—1.99%
PT Bank Mandiri (Persero) Tbk		2,290,100		1,056,114
PT Bank Rakyat Indonesia (Persero) Tbk		16,505,300		3,513,958
Telekomunikasi Indonesia Persero Tbk PT		7,869,700		1,948,324
Unilever Indonesia Tbk PT		404,500		1,213,220
United Tractors Tbk PT		507,000		1,239,372
Total Indonesia common stocks				8,970,988
Malaysia—2.49%
AMMB Holdings Berhad		1,161,500		1,148,642
Genting Berhad		445,100		958,087
Genting Malaysia Berhad		1,676,600		2,086,985
Malayan Banking Berhad		1,071,158		2,585,009
Public Bank Berhad		258,700		1,531,199
Tenaga Nasional Berhad		513,200		1,979,576
Top Glove Corp. Berhad		368,600		919,460
Total Malaysia common stocks				11,208,958
Mexico—2.53%
Fibra Uno Administracion SA de C.V.		1,899,450		2,735,375
Grupo Aeroportuario del Pacifico SAB de C.V.		178,300		1,684,870
Grupo Financiero Banorte SAB de C.V., Series O		791,653		5,520,153
Wal-Mart de Mexico SAB de C.V.		491,339		1,434,915
Total Mexico common stocks				11,375,313
Netherlands—0.46%
Yandex N.V.*		57,902		2,082,156
Philippines—0.26%
PLDT, Inc.		46,741		1,176,777
Poland—0.26%
Powszechna Kasa Oszczednosci Bank Polski SA*		103,162		1,177,075
Qatar—0.46%
Qatar Electricity & Water Co.		15,491		808,374
Qatar National Bank		26,433		1,270,468
Total Qatar common stocks				2,078,842
Romania—0.09%
Societatea Nationala de Gaze Naturale ROMGAZ SA, GDR3		52,750		398,262

	Number of shares		Value
Common stocks—(continued)
Russia—2.74%
Gazprom PAO, ADR1,4		631,244	$	2,865,848
Gazprom PAO, ADR5		345,340		1,548,159
Lukoil PJSC, ADR4		22,630		1,624,382
Lukoil PJSC, ADR1,5		26,163		1,870,655
MMC Norilsk Nickel PJSC, ADR1		91,509		1,584,478
MMC Norilsk Nickel PJSC, ADR		38,331		663,126
Mobile TeleSystems, ADR		142,486		1,249,602
Severstal PJSC, GDR		57,325		935,544
Total Russia common stocks				12,341,794
South Africa—4.96%
Bid Corp. Ltd.		56,643		1,133,591
Capitec Bank Holdings Ltd.1		29,091		2,102,218
Clicks Group Ltd.		78,951		1,158,767
FirstRand Ltd.		361,480		1,901,630
Growthpoint Properties Ltd.		686,102		1,362,564
Naspers Ltd., N Shares		34,130		8,403,225
Rand Merchant Investment Holdings Ltd.		447,744		1,357,089
Sappi Ltd.		135,575		966,297
Sasol Ltd.		43,103		1,696,296
The Bidvest Group Ltd.		85,888		1,221,707
Woolworths Holdings Ltd.		254,028		986,981
Total South Africa common stocks				22,290,365
South Korea—11.81%
Daelim Industrial Co. Ltd.		16,045		1,124,505
DB Insurance Co. Ltd.		14,183		817,775
Doosan Infracore Co. Ltd.*,1		118,629		1,065,768
Douzone Bizon Co. Ltd.		21,048		1,021,684
Hanwha Life Insurance Co. Ltd.		142,875		660,317
Hotel Shilla Co. Ltd.		12,506		1,115,719
Hyundai Marine & Fire Insurance Co. Ltd.		24,362		798,165
Industrial Bank of Korea		85,763		1,199,831
Kangwon Land, Inc.		57,249		1,330,598
KB Financial Group, Inc.		29,033		1,391,113
Korea Zinc Co. Ltd.		5,647		2,082,320
LG Chem Ltd.		8,130		2,725,383
LG Electronics, Inc.		17,942		1,199,715
LG Household & Health Care Ltd.		1,187		1,283,932
LG Uplus Corp.		76,823		1,057,591
POSCO		6,331		1,870,465
Samsung Electronics Co. Ltd.		465,378		19,240,810
Samsung SDI Co. Ltd.		14,985		3,067,595
Shinhan Financial Group Co. Ltd.		70,943		2,761,872
Shinsegae, Inc.		3,553		1,054,482
SK Hynix, Inc.		33,999		2,622,906
SK Telecom Co. Ltd.		16,284		3,646,486
Total South Korea common stocks				53,139,032
Taiwan—10.51%
ASE Technology Holding Co. Ltd.		646,000		1,654,354
Catcher Technology Co. Ltd.		139,000		1,709,463
Cathay Financial Holding Co. Ltd.		759,000		1,306,569
Chinatrust Financial Holding Co. Ltd.		3,828,934		2,595,230
Far EasTone Telecommunications Co. Ltd.		381,000		903,528
Formosa Chemicals & Fibre Corp.		353,000		1,389,446

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Taiwan—(concluded)
Gigabyte Technology Co. Ltd.		550,000	$	1,103,090
Mega Financial Holding Co. Ltd.		2,085,118		1,855,996
Nan Ya Plastics Corp.		443,000		1,228,546
Nanya Technology Corp.		612,000		1,571,281
Novatek Microelectronics Corp.		266,000		1,285,948
President Chain Store Corp.		98,000		1,077,187
Shin Kong Financial Holding Co. Ltd.		3,630,000		1,375,449
Synnex Technology International Corp.		686,000		978,111
Taiwan Semiconductor Manufacturing Co. Ltd.		1,597,156		12,834,010
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		191,682		7,899,215
Tripod Technology Corp.		261,000		719,553
Uni-President Enterprises Corp.		1,524,000		4,022,317
Unimicron Technology Corp.		1,519,000		806,290
Wistron Corp.		1,217,011		940,168
Total Taiwan common stocks				47,255,751
Thailand—3.35%
Advanced Info Service PCL		237,600		1,442,597
Airports of Thailand PCL		1,176,200		2,342,148
Bangkok Dusit Medical Services PCL		1,764,700		1,405,607
Beauty Community PCL, NVDR		2,755,900		646,108
CP ALL PCL		1,031,700		2,325,744
IRPC PCL		4,025,400		780,398
Kasikornbank Public Co. Ltd., NVDR		343,900		2,243,051
PTT Exploration and Production PCL, NVDR		455,200		1,894,956
Thai Union Group PCL		2,342,300		1,154,605
Thanachart Capital PCL		528,700		814,424
Total Thailand common stocks				15,049,638
Turkey—1.48%
BIM Birlesik Magazalar A.S.		49,452		710,832
Eregli Demir ve Celik Fabrikalari TAS		655,458		1,469,141
Tekfen Holding A.S.		210,269		832,453
Turkiye Garanti Bankasi A.S.		1,104,837		1,594,841
Turkiye Halk Bankasi A.S.		952,783		1,340,531
Yapi ve Kredi Bankasi A.S.*		1,618,366		696,566
Total Turkey common stocks				6,644,364

	Number of shares		Value
Common stocks—(concluded)
United Arab Emirates—0.45%
First Abu Dhabi Bank PJSC		543,127	$	2,010,952
United States—0.39%
Southern Copper Corp.		35,638		1,759,092
Total common stocks (cost—$389,953,941)				429,698,999
Preferred stocks—1.86%
Brazil—1.79%
Itau Unibanco Holding SA		193,180		2,316,122
Itausa—Investimentos Itau SA		1,330,230		3,693,016
Petroleo Brasileiro SA, ADR		210,900		1,108,077
Sul America SA		156,800		922,009
Total Brazil preferred stocks				8,039,224
India—0.07%
Vedanta Ltd. 7.500%, due 10/28/183		2,205,616		329,623
Total preferred stocks (cost—$8,031,070)				8,368,847
Short-term investment—2.56%
Investment companies—2.56%
State Street Institutional U.S. Government Money Market Fund (cost—$11,522,132)		11,522,132		11,522,132
Investment of cash collateral from securities loaned—1.20%
Money market fund—1.20%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$5,422,498)		5,422,498		5,422,498
Total investments (cost—$414,929,641)—101.16%				455,012,476
Liabilities in excess of other assets—(1.16)%				(5,238,912	)
Net assets—100.00%			$	449,773,564

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to 273.

220

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Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	429,698,999	$	—	$	—	$	429,698,999
Preferred stocks		8,368,847		—		—		8,368,847
Short-term investment		—		11,522,132		—		11,522,132
Investment of cash collateral from securities loaned		—		5,422,498		—		5,422,498
Total	$	438,067,846	$	16,944,630	$	—	$	455,012,476

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

¹  Security, or portion thereof, was on loan at the period end.

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,428,376, represented 1.21% of the Portfolio's net assets at period end.

³  Illiquid investment at period end. Illiquid assets, in the amount of $727,885, represented 0.16% of the Portfolio's net assets at period end.

⁴  Security is traded on the Turquoise Exchange.

⁵  Security is traded on the over-the-counter ("OTC") market.

See accompanying notes to financial statements.
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PACE Global Real Estate Securities Investments

Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned 3.68% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE EPRA Nareit Developed Index (the "benchmark") returned 5.67%, while the Lipper Global Real Estate Funds category posted a median return of 4.84%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 224. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments (unaudited)²

The Portfolio underperformed its benchmark during the reporting period. By sector, data centers was the leading detractor from relative performance, driven by stock selection and an overweight position. Stock selection within residential also detracted, as did a combination of stock selection and an underweight position in self storage. Conversely, retail was the leading contributor to results, due to stock selection. An underweight allocation to health care also contributed to relative returns, as did an overweight position and stock selection within specialty.

The leading regional detractor from relative performance was Japan, driven by stock selection and an overweight position. Zero allocation to Canada was also a headwind for results. Conversely, China/Hong Kong was the leading contributor due to stock selection. An overweight allocation to the US was also beneficial.

By security, an overweight position in CBL & Associates Properties (retail, US) was the leading detractor during the period. The stock declined meaningfully after reporting disappointing quarterly results in November 2017. Rent spreads declined from prior-quarter levels due to the company using more aggressive rental rates to maintain occupancy. This decline in rent spreads was greater than the company's mall peers. We sold out of the position during the reporting period. Overweight positions to QTS Realty Trust, Inc. (data centers, US) and Land Securities Group PLC (diversified, U.K.) detracted from returns as well. We sold out of the QTR Realty Trust, Inc. position during the reporting period. We continue to hold our position in Land Securities Group PLC. Partially offsetting these negatives were overweight positions in Great Portland Estates plc (office, UK), Simon Property Group, Inc. (retail, US) and Westfield Corporation Limited (retail, U.S.).

The Portfolio did not hold derivatives during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust –
PACE Global Real Estate Securities Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

Brookfield Investment Management Inc. ("Brookfield")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA and Fred Lee, CFA

Brookfield: Jason Baine and Bernhard Krieg

Objective:

Total Return

Investment process:

The subadvisor utilizes a strategy that involves achieving total returns by investing in a diversified portfolio of global securities of companies primarily in the real estate industry.

222

PACE Global Real Estate Securities Investments

Special considerations

The Portfolio may be appropriate for long-term investors seeking to diversify a portion of their assets into real estate related investments. Investors should be willing to withstand short-term fluctuations in the equity and real estate markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies or issuers in whose securities the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social, and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries. There are certain risks associated with investing in real estate-related investments, including sensitivity to economic downturns, interest rates, declines in property values and variation in property management.

223

PACE Global Real Estate Securities Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		3.50	%		5.91	%		3.66	%
Class C2		2.84			5.13			2.88
Class P3		3.68			6.18			3.92
After deducting maximum sales charge
Class A1		(2.22	)		4.72			3.07
Class C2		1.85			5.13			2.88
FTSE EPRA Nareit Developed Index4		5.67			6.82			5.74
Lipper Global Real Estate Funds median		4.84			5.86			4.99

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		4.73	%		6.21	%		3.60	%
Class C2		3.98			5.43			2.82
Class P3		4.95			6.48			3.87
After deducting maximum sales charge
Class A1		(1.01	)		5.03			3.02
Class C2		2.98			5.43			2.82

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, were as follows: Class A—1.54% and 1.45%; Class C—2.22% and 2.20%; and Class P—1.58% and 1.20%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.45%; Class C—2.20%; and Class P—1.20%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The FTSE EPRA Nareit Developed Index is designed to measure the stock performance of companies engaged in special real estate activities of the North American, European and Asian real estate markets. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

224

PACE Global Real Estate Securities Investments

Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Global Real Estate Securities Investments Class P shares versus the FTSE EPRA Nareit Developed Index over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Global Real Estate Securities Investments is a professionally managed portfolio while the Index is not available for investment and is unmanaged. The comparison is shown for illustration purposes only.

PACE Global Real Estate Securities Investments

*  The performance graph has been changed from Class A to Class P as Class P shares hold the most assets out of the Portfolio.

225

PACE Global Real Estate Securities Investments

Portfolio statistics—July 31, 2018 (unaudited)

Top ten equity holdings1	Percentage of net assets
Simon Property Group, Inc.		8.2	%
Mitsui Fudosan Co. Ltd.		4.9
Land Securities Group PLC		4.8
Mitsubishi Estate Co. Ltd.		4.0
Mid-America Apartment Communities, Inc.		3.8
Public Storage		3.5
AvalonBay Communities, Inc.		3.0
Merlin Properties Socimi SA		2.8
Dexus		2.6
Vonovia SE		2.5
Total		40.1	%
Top five issuer breakdown by country or territory of origin1	Percentage of net assets
United States		55.3	%
Japan		12.5
United Kingdom		10.3
Australia		4.1
France		3.8
Total		86.0	%

¹  The Portfolio is actively managed and its composition will vary over time.

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Industry diversification—(unaudited)

As a percentage of net assets as of July 31, 2018

Common stocks
Apartments	10.66	%
Diversified	24.93
Health care	9.08
Hotels	4.62
Hotels & motels	4.79
Office property	10.68
Real estate management/service	8.16
Real estate operations/development	11.55
Regional malls	8.16
Shopping centers	2.35
Storage	4.50
Warehouse/industrial	0.74
Total common stocks	100.22
Investment companies	1.30
Investment of cash collateral from securities loaned	0.71
Total investments	102.23
Liabilities in excess of other assets	(2.23	)
Net assets	100.00	%

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Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—100.22%
Australia—4.10%
Dexus		469,196	$	3,513,778
The GPT Group		555,900		2,131,110
Total Australia common stocks				5,644,888
Bermuda—2.42%
Hongkong Land Holdings Ltd.		458,300		3,331,841
Cayman Islands—2.67%
Soho China Ltd.		2,399,200		1,127,913
Wharf Real Estate Investment Co. Ltd.		349,456		2,544,437
Total Cayman Islands common stocks				3,672,350
France—3.85%
Accor SA		48,400		2,494,775
Gecina SA		16,400		2,797,974
Total France common stocks				5,292,749
Germany—3.44%
Alstria Office REIT-AG		87,192		1,354,002
Vonovia SE		69,815		3,380,636
Total Germany common stocks				4,734,638
Hong Kong—0.42%
Hysan Development Co. Ltd.		105,100		575,107
Japan—12.52%
Activia Properties, Inc.		232		1,035,353
Hulic Reit, Inc.		411		635,531
Invincible Investment Corp.		4,560		2,012,574
Mitsubishi Estate Co. Ltd.		317,689		5,511,932
Mitsui Fudosan Co. Ltd.		283,300		6,754,709
Nippon Accommodations Fund, Inc.		272		1,286,840
Total Japan common stocks				17,236,939
Luxembourg—1.13%
Grand City Properties SA		59,800		1,553,781
Singapore—2.48%
CapitaLand Commercial Trust		1,006,600		1,293,973
City Developments Ltd.		287,500		2,113,986
Total Singapore common stocks				3,407,959
Spain—2.83%
Merlin Properties Socimi SA		263,500		3,897,765
United Kingdom—10.34%
Great Portland Estates PLC		294,092		2,763,448
Land Securities Group PLC		531,200		6,573,450
The British Land Co. PLC		363,500		3,149,892
Tritax Big Box REIT PLC		511,300		1,022,095
Tritax EuroBox PLC*,1		529,100		726,415
Total United Kingdom common stocks				14,235,300

	Number of shares		Value
Common stocks—(concluded)
United States—54.02%
American Homes 4 Rent, Class A		105,700	$	2,340,198
AvalonBay Communities, Inc.		23,000		4,067,550
Cousins Properties, Inc.		179,500		1,672,940
CubeSmart		46,200		1,402,632
DDR Corp.		131,850		1,806,345
Duke Realty Corp.		108,300		3,153,696
Empire State Realty Trust, Inc., Class A		77,500		1,291,925
EPR Properties		23,900		1,589,111
Equinix, Inc.		6,300		2,767,464
Essex Property Trust, Inc.		8,600		2,067,870
Extended Stay America, Inc.		93,100		1,982,099
Federal Realty Investment Trust		11,400		1,430,700
HCP, Inc.		128,200		3,320,380
Highwoods Properties, Inc.		45,000		2,209,950
Hudson Pacific Properties, Inc.		93,400		3,199,884
Kilroy Realty Corp.		44,400		3,238,980
MGM Growth Properties LLC, Class A2		86,600		2,623,980
Mid-America Apartment Communities, Inc.		52,000		5,240,560
Park Hotels & Resorts, Inc.		53,822		1,683,552
Physicians Realty Trust		177,200		2,792,672
Public Storage		22,000		4,792,260
RLJ Lodging Trust		90,800		2,051,172
Simon Property Group, Inc.		63,691		11,222,991
Ventas, Inc.		59,700		3,365,886
Welltower, Inc.		48,200		3,017,320
Total United States common stocks				74,332,117
Total common stocks (cost—$136,135,356)				137,915,434
Short-term investment—1.30%
Investment companies—1.30%
State Street Institutional U.S. Government Money Market Fund (cost—$1,783,896)		1,783,896		1,783,896
Investment of cash collateral from securities loaned—0.71%
Money market fund—0.71%
State Street Navigator Securities Lending Government Money Market Portfolio (cost—$971,695)		971,695		971,695
Total investments (cost—$138,890,947)—102.23%				140,671,025
Liabilities in excess of other assets—(2.23)%				(3,063,137	)
Net assets—100.00%			$	137,607,888

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

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Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	137,915,434	$	—	$	—	$	137,915,434
Short-term investment		—		1,783,896		—		1,783,896
Investment of cash collateral from securities loaned		—		971,695		—		971,695
Total	$	137,915,434	$	2,755,591	$	—	$	140,671,025

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

¹  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $726,415, represented 0.53% of the Portfolio's net assets at period end.

²  Security, or portion thereof, was on loan at the period end.

See accompanying notes to financial statements.
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Performance (unaudited)

For the 12 months ended July 31, 2018, the Portfolio's Class P shares returned 1.32% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE Three-Month US Treasury Bill Index (the "benchmark") returned 1.41%, the Bloomberg Barclays Global Aggregate Index returned -0.48%, the MSCI World Index (net) returned 11.88%, the HFRI Fund of Funds Composite Index (net) returned 4.18%, and the Lipper Alternative Multi-Strategy Funds category posted a median return of 1.65%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 234. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Advisor's comments (unaudited)²

The Portfolio underperformed its benchmark during the reporting period. The primary detractors from returns were certain currency exposures within our allocations to systematic currency and managed futures strategies. This was partially offset by exposures to equity markets and positive stock selection from allocations to fundamental and systematic long-short equity, equity market neutral and certain global macro allocations, as equity markets posted strong results over the period.

While the systematic currency allocation experienced several months of positive performance, the second half of the period proved to be more challenging. This was due to the heightened volatility in the currency markets over the latter part of period. During this time, markets became decoupled from changes in underlying fundamentals, creating a misalignment between macroeconomic forecasts and market valuations. Positioning in the US dollar, (both long and short) and the Canadian dollar proved to be most costly. Several factors caused reversals in the US dollar, including NAFTA renegotiations, trade tensions and rising interest rates. Collectively, this caused the US dollar to reverse its long-term bearish trend. Elsewhere, early in the reporting period the Bank of Canada unexpectedly raised interest rates, despite lackluster inflation. This caused the Canadian dollar to appreciate, negatively impacting the Portfolio's short position. Positioning in the New Zealand dollar also significantly detracted from returns, largely due to negative performance in the first half of the reporting period. Partial offsets included positive

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross of fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

³  When a long position is taken, a security is purchased with the expectation that it will rise in value. A short position is taken when we believe, based on our research, that securities are overpriced, and, therefore, we hope to make a profit when the security falls in value. When shorting an investment, we borrow the security, sell it, and then buy an equal number of shares later—hopefully at a lower price—to replace those we borrowed.

PACE Select Advisors Trust –
PACE Alternative Strategies Investments

Investment Manager and Subadvisor:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Analytic Investors, LLC ("Analytic Investors"); First Quadrant L.P. ("First Quadrant"); Standard Life Investments (Corporate Funds) Limited ("Standard Life Investments"); AQR Capital Management, LLC ("AQR"); Sirios Capital Management, L.P. ("Sirios");

Principal Global Investors, LLC d/b/a Macro Currency Group ("MCG");

Aviva Investors Americas, LLC ("Aviva");

PCJ Investment Counsel LTD ("PCJ")

Kettle Hill Capital Management, LLC ("Kettle Hill")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA and Fred Lee, CFA

Analytic Investors: Dennis Bein, David Krider and Harindra de Silva;

First Quadrant: Dori Levanoni and Jeppe Ladekarl;

Standard Life Investments: Guy Stern and Roger Sadewsky;

AQR: Clifford Asness, John Liew, Brian Hurst, Yao Hua Ooi and Ari Levine;

MCG: Mark Farrington and David Petitcolin;

(continued on next page)

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PACE Alternative Strategies Investments

Advisor's comments (unaudited) – concluded

performance from positioning in the Swedish krona, as a short view on the currency delivered sizable gains in the second half of the reporting period. Positioning in the euro also contributed to performance.

Similar to the systematic currency strategy, the Portfolio's allocation to managed futures struggled. The was largely due to positioning in currencies, again due to reversals not only in the US dollar, but also in the euro and Japanese yen. Positioning in equities and fixed income contributed to results. By signal horizon, short-term and over-extended signals detracted from performance, whereas long-term signals performed well.

Our fundamental and systematic long-short equity and market neutral allocations added to returns, driven by exposure to the broad market and specific stock selection. Holdings in the energy/industrials, consumer, health care and financials/real estate sectors broadly contributed to performance, while allocations to the technology/telecom sector generally detracted from performance during the period.

Our fundamental global macro allocations generally contributed to performance due to exposures to US and European equity markets. Short positioning in US interest rates and holdings in US Treasury Inflation-Protected Securities ("TIPS") also contributed to returns. Positioning in these strategies largely reflected the subadvisers' constructive view for global growth and subsequent expectation for tighter financial conditions among developed economies. Currency positioning was among the largest detractors from performance, particularly in the Japanese yen.

In general, derivatives were used in the Portfolio to gain economic exposure and for hedging or risk management purposes, mostly across currencies, fixed income and equity markets. Derivatives are the primary instrument to implement currency and managed futures strategies because of their high degree of liquidity, low cost and trading efficiency. The instruments utilized in the Portfolio over the period primarily included currency forwards, both deliverable and non-deliverable, exchanged-traded futures in global developed and emerging markets, swaps and options across equities, fixed income and currencies.

Investment process
(continued)

Aviva: Peter Fitzgerald, Ian Pizer and James McAlevey
PCJ: Nereo Piticco, Adam Posman, Aly Alladina, Heiki Altosaar, Bryan Rock and Jenny Yan

Kettle Hill: Andrew Y. Kurita

UBS AM sleeve: Mabel Lung, Gina Toth and Fred Lee;

Sirios: John F. Brennan, Jr.

Objective:

Long-term capital appreciation

Investment process:

The main strategies of the subadvisors include:

• An "opportunistic strategy" in which UBS AM allocates a portion of the fund's assets primarily to unaffiliated actively- and passively-managed pooled investment vehicles that UBS AM believes are suitable for return generation, risk management or both.

• A "long/short global equity" strategy in which the subadvisor buys securities "long" that the subadvisor believes will out-perform the market, and sells securities "short" that the subadvisor believes will underperform the market.

• A "currency strategy" that seeks to produce absolute return from investing in currency markets.

• A "global multi-asset strategy" that involves achieving a total return by delivering a diversified global portfolio that makes use of multiple strategies across various asset classes.

(continued on next page)

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PACE Alternative Strategies Investments

Investment process
(continued)

• A "managed futures strategy" in which the subadvisor takes both long and short positions in a portfolio of futures contracts, futures related instruments, forward contracts and swaps across different asset classes.

• A "liquid alternative long/short equity strategy" in which the subadvisor generally utilizes long positions that the subadvisor believes are attractively-valued, growth-oriented companies of mid to large capitalization and short positions that the subadvisor believes have deteriorating fundamentals or appear overvalued.

• A "global unconstrained multi-strategy" strategy that identifies and pursues diverse strategies across asset classes, sectors, currencies, interest rates, inflation and volatility that are expected to work well together whether markets are rising or falling.

• An "absolute return equity market neutral" strategy that aims to earn a positive absolute and attractive risk-adjusted return while demonstrating low correlation with, and lower volatility than, traditional long only investment portfolios.

• A "diversified currency strategy" that seeks to produce absolute returns from a blend of a fundamental discretionary process and a fundamental systematic process by investing in developed market currency instruments.

(continued on next page)

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PACE Alternative Strategies Investments

Investment process
(concluded)

• A "long/short US, small cap equity" strategy in which the subadvisor primarily buys securities of US small capitalization companies "long" that the subadvisor believes will out-perform the market, and sells securities of US small capitalization companies "short" that the subadvisor believes will underperform the market.

Special considerations

The Portfolio may be appropriate for investors seeking long-term capital appreciation who are able to withstand short-term fluctuations in the equity markets and fixed income markets in return for potentially higher returns over the long term. The Portfolio may employ investment strategies that involve greater risks than the strategies used by many other mutual funds, including increased use of short sales (which involve the risk of an unlimited increase in the market value of the security sold short, which could result in a theoretically unlimited loss), leverage and derivative transactions, and hedging strategies. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers of securities in which the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

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Performance at a glance (unaudited)

Average annual total returns for periods ended 07/31/18	1 year			5 years			10 years			Since Inception1
Before deducting maximum sales charge
Class A2		1.21	%		2.04	%		1.05	%		1.45	%
Class C3		0.40			1.29			0.32			0.75
Class Y4		1.41			2.31			1.31			1.29
Class P5		1.32			2.28			1.30			1.70
After deducting maximum sales charge
Class A2		(4.32	)		0.90			0.47			0.99
Class C3		(0.60	)		1.29			0.32			0.75
FTSE Three-Month US Treasury Bill Index6		1.41			0.43			0.32			1.01
Bloomberg Barclays Global Aggregate Index7		(0.48	)		1.21			2.55			3.53
MSCI World Index (net)8		11.88			9.49			6.85			5.90
HFRI Fund of Funds Composite Index (net)9		4.18			3.27			1.68			2.03
Lipper Alternative Multi-Strategy Funds median		1.65			1.84			1.49			1.57

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 06/30/18	1 year			5 years			10 years			Since Inception1
Before deducting maximum sales charge
Class A2		0.37	%		1.95	%		0.72	%		1.36	%
Class C3		(0.30	)		1.23			0.00			0.66
Class Y4		0.66			2.25			N/A			1.18
Class P5		0.66			2.23			0.98			1.62
After deducting maximum sales charge
Class A2		(5.13	)		0.80			0.16			0.89
Class C3		(1.30	)		1.23			0.00			0.66

The annualized gross and net expense ratios, respectively, for each class of shares as in the November 28, 2017 prospectuses, were as follows: Class A—2.35% and 2.28%; Class C—3.12% and 3.05%; Class Y—2.18% and 2.11%; and Class P—2.13% and 2.06%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to: (1) waive its management fees through November 30, 2018 to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures; and (2) waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2018 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed Class A—1.88%; Class C—2.63%; Class Y—1.63%; and Class P—1.63%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses (pursuant to item (2)) to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM.

¹  Since inception returns are calculated as of commencement of issuance on April 10, 2006 for Class P and Class A shares, and April 11, 2006 for Class C shares. Class Y shares commenced issuance on April 3, 2006, and had fully redeemed by July 27, 2006 remaining inactive through July 22, 2008. The inception return of Class Y shares is calculated from July 23, 2008, which is the date the Class Y shares recommenced investment operations. Since inception returns for the Indices and Lipper median are shown as of April 30, 2006, which is the month-end after the inception date of the oldest share classes (Class P and Class A).

²  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

³  Maximum contingent deferred sales charge for Class C shares is 1% imposed on redemptions and is reduced to 0% after one year. Class C shares bear ongoing 12b-1 service and distribution fees of 0.25% and 0.75% annually, respectively. As of July 12, 2018, Class C shares ceased paying 12b-1 distribution fees. See notes to financial statements—Subsequent events for additional information.

⁴  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

⁵  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁶  The FTSE Three-Month US Treasury Bill Index is an unmanaged index reflecting monthly return equivalents of yield averages that are not marked to the market and an average of the last three 3-month T-bill month-end rates. 3-month T-bills are the short-term debt obligations of the US government. Investors should note that indices do not reflect the deduction of fees and expenses.

⁷  The Bloomberg Barclays Global Aggregate Index is an unmanaged broad-based, market capitalization weighted index which is designed to measure the broad global markets for US and non US corporate, government, governmental agency, supranational, mortgage-backed and asset-backed fixed income securities. Investors should note that indices do not reflect the deduction of fees and expenses.

⁸  The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁹  The HFRI Fund of Funds Composite Index is a Fund of Funds index with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a Fund of Funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers. Investors should note that indices do not reflect the deduction of fees and expenses.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

Lipper peer group data calculated by Lipper Inc.; used with permission. The Lipper median is the return of the fund that places in the middle of a Lipper peer group.

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Illustration of an assumed investment of $10,000 in Class P shares of the Portfolio (unaudited)

The following graph depicts the performance of PACE Alternative Strategies Investments Class P shares versus the FTSE Three-Month US Treasury Bill Index, the Bloomberg Barclays Global Aggregate Index, the MSCI World Index (net) and the HFRI Fund of Funds Composite Index (net) over the 10 years ended July 31, 2018. Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance. The performance of the other classes will vary based upon the different class specific expenses and sales charges. The performance provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Past performance is no guarantee of future results. Share price and returns will vary with market conditions; investors may realize a gain or loss upon redemption. It is important to note that PACE Alternative Strategies Investments is a professionally managed portfolio while the Indices are not available for investment and are unmanaged. The comparison is shown for illustration purposes only.

PACE Alternative Strategies Investments

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Portfolio statistics—July 31, 2018 (unaudited)

Top ten equity holdings (long holdings)1	Percentage of net assets
The Sherwin-Williams Co.		0.9	%
Becton, Dickinson and Co.		0.7
JPMorgan Chase & Co.		0.7
Airbus SE		0.6
Abbott Laboratories		0.5
Bank of America Corp.		0.5
Berkshire Hathaway, Inc., Class B		0.5
Boston Scientific Corp.		0.5
FedEx Corp.		0.5
Broadridge Financial Solutions, Inc.		0.4
Total		5.8	%
Top ten equity holdings (short holdings)1	Percentage of net assets
Nutrien Ltd.		(0.4	)%
BioMarin Pharmaceutical, Inc.		(0.3	)
Seattle Genetics, Inc.		(0.3	)
General Electric Co.		(0.3	)
Allergan PLC		(0.3	)
Devon Energy Corp.		(0.3	)
Zayo Group Holdings, Inc.		(0.3	)
Autodesk, Inc.		(0.2	)
Alnylam Pharmaceuticals, Inc.		(0.2	)
Accenture PLC, Class A		(0.2	)
Total		(2.8	)%
Top ten long-term fixed income holdings1	Percentage of net assets
French Republic Government Bond OAT, 1.850% due 07/25/27		1.3	%
US Treasury Inflation Index Bond (TIPS), 2.125% due 02/15/40		0.8
US Treasury Inflation Index Bond (TIPS), 0.875% due 02/15/47		0.6
Deutsche Bundesrepublik Inflation Linked Bond, 0.100% due 04/15/26		0.5
Brazil Letras do Tesouro Nacional, 0.010% due 07/01/21		0.4
Indonesia Treasury Bond, 8.250% due 07/15/21		0.4
Brazil Letras do Tesouro Nacional, 0.010% due 07/01/20		0.4
Brazil Notas do Tesouro Nacional, Series F, 10.000% due 01/01/27		0.3
Brazil Notas do Tesouro Nacional, Series F, 10.000% due 01/01/23		0.3
Indonesia Treasury Bond, 7.000% due 05/15/27		0.2
Total		5.2	%
Top five issuer breakdown by country or territory of origin (long holdings)1	Percentage of net assets
United States		25.9	%
Canada		5.8
Japan		4.0
Germany		1.4
United Kingdom		1.3
Total		38.4	%
Top five issuer breakdown by country or territory of origin (short holdings)1	Percentage of net assets
United States		(9.8	)%
Canada		(4.2	)
Ireland		(0.5	)
United Kingdom		(0.2	)
Luxembourg		(0.1	)
Total		(14.8	)%

¹  The Portfolio is actively managed and its composition will vary over time.

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Industry diversification—(unaudited)

As a percentage of net assets as of July 31, 2018

Common stocks
Aerospace & defense	2.17	%
Air freight & logistics	0.91
Airlines	0.59
Auto components	0.22
Banks	2.94
Beverages	0.87
Biotechnology	0.28
Building products	0.16
Capital markets	0.78
Chemicals	1.72
Commercial services & supplies	0.38
Communications equipment	0.29
Construction & engineering	0.32
Construction materials	0.14
Consumer finance	0.21
Containers & packaging	0.21
Distributors	0.01
Diversified financial services	0.71
Diversified telecommunication services	0.39
Electric utilities	0.74
Electrical equipment	0.12
Electronic equipment, instruments & components	0.36
Energy equipment & services	0.30
Energy-exploration & production	0.04
Equity real estate investment trusts	2.56
Food & staples retailing	0.36
Food products	0.46
Gas utilities	0.07
Health care equipment & supplies	1.66
Health care providers & services	0.94
Health care technology	0.01
Hotels, restaurants & leisure	1.98
Household durables	0.62
Independent power and renewable electricity producers	0.31
Industrial conglomerates	0.01
Insurance	0.88
Internet & catalog retail	0.42
Internet & Direct Marketing Retail	0.31
Internet software & services	1.17
IT services	1.98
Leisure products	0.02
Life sciences tools & services	0.03
Machinery	0.32
Media	0.93

Common stocks—(concluded)
Metals & mining	0.55	%
Mortgage Real estate investment trust	0.28
Multi-utilities	0.09
Multiline retail	0.48
Oil, gas & consumable fuels	3.63
Paper & forest products	0.46
Personal products	0.41
Pharmaceuticals	0.67
Professional services	1.07
Real estate management & development	0.45
Road & rail	2.02
Semiconductors & semiconductor equipment	1.16
Software	1.35
Specialty retail	0.81
Technology hardware, storage & peripherals	0.12
Textiles, apparel & luxury goods	1.59
Trading companies & distributors	0.50
Transportation infrastructure	0.03
Wireless telecommunication services	0.17
Total common stocks	45.74
Preferred stocks
Aerospace & defense	0.01
Automobiles	0.06
Banks	0.16
Diversified telecommunication services	0.01
Total preferred stocks	0.24
US government obligations	2.32
Corporate notes
Banks	2.26
Finance-captive automotive	0.56
International government obligations	1.19
Oil & gas	0.13
Real estate	0.07
Total corporate notes	4.21
Non-US government obligations	4.50
Certificates of deposit	3.10
Commercial paper	2.30
Time deposits	1.64
Short-term US government obligations	11.20
Investment companies	10.80

237

PACE Alternative Strategies Investments

Industry diversification—(unaudited) (concluded)

As a percentage of net assets as of July 31, 2018

Options purchased
Call options	0.39	%
Put options	0.05
Total options purchased	0.44
Swaptions purchased
Call swaptions	0.12
Put swaptions	0.62
Total swaptions purchased	0.74
Foreign exchange options purchased
Call option	0.00	†
Put options	0.06
Total foreign exchange options purchased	0.06
Short-term investment
Investment companies	18.47
Investments sold short Common stocks
Aerospace & defense	(0.07	)
Airlines	(0.16	)
Auto components	(0.10	)
Automobiles	(0.11	)
Banks	(0.11	)
Biotechnology	(1.10	)
Building products	(0.10	)
Capital markets	(1.09	)
Chemicals	(0.43	)
Commercial services & supplies	(0.18	)
Communications equipment	(0.05	)
Construction & engineering	(0.02	)
Construction materials	(0.01	)
Diversified telecommunication services	(0.44	)
Electric utilities	(0.17	)
Electrical equipment	(0.17	)
Electronic equipment, instruments & components	(0.07	)
Energy equipment & services	(0.20	)
Equity real estate investment trusts	(0.10	)

Investments sold short—(concluded) Common stocks—(concluded)
Food & staples retailing	(0.14	)%
Food products	(0.15	)
Gas utilities	(0.12	)
Health care equipment & supplies	(0.05	)
Health care providers & services	(0.08	)
Hotels, restaurants & leisure	(0.23	)
Household durables	(0.27	)
Household products	(0.14	)
Industrial conglomerates	(0.31	)
Internet & catalog retail	(0.05	)
Internet software & services	(0.21	)
IT services	(0.20	)
Leisure products	(0.04	)
Machinery	(0.12	)
Marine	(0.09	)
Media	(0.39	)
Metals & mining	(0.48	)
Multi-utilities	(0.10	)
Multiline retail	(0.01	)
Oil, gas & consumable fuels	(1.18	)
Paper & forest products	(0.32	)
Pharmaceuticals	(0.58	)
Professional services	(0.10	)
Road & rail	(0.12	)
Semiconductors & semiconductor equipment	(0.16	)
Software	(0.23	)
Specialty retail	(0.14	)
Textiles, apparel & luxury goods	(0.19	)
Trading companies & distributors	(0.08	)
Wireless telecommunication services	(0.09	)
Investment companies	(4.09	)
Total investments sold short	(15.14	)
Other assets in excess of liabilities	9.38
Net assets	100.00	%

^†  Weighting represents less than 0.005% of the Portfolio's net assets as of July 31, 2018.

238

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—45.74%
Australia—0.24%
Caltex Australia Ltd.		7,423	$	179,566
Coca-Cola Amatil Ltd.		13,015		92,634
Flight Centre Travel Group Ltd.		2,131		107,675
Newcrest Mining Ltd.		7,505		120,605
Sonic Healthcare Ltd.		2,771		53,691
Treasury Wine Estates Ltd.		61,589		842,854
Wesfarmers Ltd.		3,310		121,630
Total Australia common stocks				1,518,655
Austria—0.04%
OMV AG		2,089		118,132
Raiffeisen Bank International AG		1,974		65,856
voestalpine AG		1,633		81,862
Total Austria common stocks				265,850
Belgium—0.19%
Ageas		2,905		155,751
Groupe Bruxelles Lambert SA		1,181		125,505
KBC Groupe N.V.		1,897		145,872
Proximus SADP		2,290		56,047
Solvay SA		1,074		147,252
UCB SA		1,850		158,916
Umicore SA		7,260		424,474
Total Belgium common stocks				1,213,817
Bermuda—0.34%
Bunge Ltd.1		12,044		832,602
First Pacific Co. Ltd.		130,000		60,288
Kerry Properties Ltd.		39,000		197,508
Li & Fung Ltd.		134,000		45,412
Marvell Technology Group Ltd.		23,572		502,319
VEON Ltd., ADR		78,648		238,303
Yue Yuen Industrial Holdings Ltd.		92,500		248,661
Total Bermuda common stocks				2,125,093
British Virgin Islands—0.23%
Michael Kors Holdings Ltd.*,1		21,743		1,450,910
Canada—5.83%
Aecon Group, Inc.1		20,510		259,676
Agellan Commercial Real Estate Investment Trust1		6,480		68,693
Air Canada*,1		76,368		1,381,358
Alimentation Couche Tard, Inc., Class B1		14,220		653,146
ATS Automation Tooling Systems, Inc.*,1		53,120		798,729
Badger Daylighting Ltd.1		27,390		621,768
BlackPearl Resources, Inc.*,1		160,780		165,619
Bombardier, Inc., Class B*,1		68,310		257,308
Boralex, Inc., Class A1		18,800		287,307
Canadian Natural Resources Ltd.1		26,330		964,731
Canadian Pacific Railway Ltd.1		12,099		2,399,716
Canadian Tire Corp. Ltd., Class A		400		54,478
CCL Industries, Inc., Class B1		4,150		210,555
CGI Group, Inc., Class A*,1		13,713		882,431
CGI Group, Inc., Class A*		6,200		400,258
Chorus Aviation, Inc.1		58,550		330,816
CI Financial Corp.		6,600		115,323

	Number of shares		Value
Common stocks—(continued)
Canada—(concluded)
Colliers International Group, Inc.1		6,760	$	552,711
Cominar Real Estate Investment Trust1		51,370		497,174
Constellation Software, Inc.		2,600		1,884,828
Cott Corp.1		17,138		274,037
Detour Gold Corp.*,1		12,000		118,261
Dollarama, Inc.1		11,930		431,033
Dorel Industries, Inc., Class B1		9,970		182,792
Emera, Inc.		4,900		158,769
Empire Co. Ltd.		57,100		1,177,247
Enbridge, Inc.1		22,360		794,121
Encana Corp.1		17,100		229,824
Enerplus Corp.1		22,400		292,544
ERO Copper Corp.*,1		84,000		555,329
Fairfax Financial Holdings Ltd.		1,900		1,073,529
Finning International, Inc.1		31,820		833,139
Hardwoods Distribution, Inc.1		100,870		1,287,966
Interfor Corp.*,1		77,047		1,217,732
Kelt Exploration Ltd.*,1		42,370		323,756
Keyera Corp.1		13,710		396,909
Kinaxis, Inc.*,1		5,560		375,183
Knight Therapeutics, Inc.*,1		40,762		267,913
Magna International, Inc.		18,500		1,126,909
Major Drilling Group International, Inc.*,1		69,846		327,525
Martinrea International, Inc.1		7,520		81,336
Mav Beauty Brands, Inc.*,1		39,540		401,221
NFI Group, Inc.1		6,610		253,912
Northland Power, Inc.1		75,171		1,374,153
Parkland Fuel Corp.1		29,847		807,178
Pinnacle Renewable Holdings1		18,930		221,045
Power Corp. of Canada		90,900		2,067,672
Pure Multi-Family REIT LP1		31,900		226,587
Raging River Exploration, Inc.*,1		186,240		787,424
Restaurant Brands International, Inc.1		20,406		1,288,231
RioCan Real Estate Investment Trust		16,700		318,633
Rogers Communications, Inc., Class B1		8,600		437,482
SmartCentres Real Estate Investment Trust		2,200		51,311
SNC-Lavalin Group, Inc.1		17,818		789,096
Spin Master Corp.*,1,2		3,040		124,558
The Bank of Nova Scotia1		1,790		106,078
Tidewater Midstream and Infrastructure Ltd.1		167,237		164,556
Tree Island Steel Ltd.1		83,450		167,432
Tricon Capital Group, Inc.1		23,830		199,492
Trinidad Drilling Ltd.*,1		374,190		448,735
Troilus Gold Corp.*,1		122,880		118,077
Waste Connections, Inc.1		17,081		1,325,656
West Fraser Timber Co. Ltd.1		11,620		721,756
Total Canada common stocks				36,712,764
Cayman Islands—0.19%
Ctrip.com International Ltd., ADR*		9,280		381,872
Shenzhou International Group Holdings Ltd.		42,775		524,534
Tencent Holdings Ltd.		6,424		290,711
Total Cayman Islands common stocks				1,197,117

239

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Denmark—0.49%
Danske Bank A/S		8,053	$	234,101
DSV A/S		25,332		2,124,333
Pandora A/S		10,418		740,576
Total Denmark common stocks				3,099,010
Finland—0.18%
Elisa Oyj		2,203		95,753
Fortum Oyj		6,401		160,778
Kone Oyj, Class B		6,843		374,407
Neste Oyj		1,884		155,580
Nokian Renkaat Oyj		2,009		87,133
Stora Enso Oyj, R Shares		8,436		139,437
Wartsila Oyj Abd		6,650		143,781
Total Finland common stocks				1,156,869
France—0.98%
Accor SA		3,039		156,645
Aeroports de Paris		408		91,316
Alstom SA		2,338		104,929
Arkema SA		1,050		131,683
BNP Paribas SA		8,148		530,416
Bureau Veritas SA		3,878		99,900
Credit Agricole SA		10,591		148,801
Edenred		3,447		135,715
Eiffage SA		1,435		160,620
Electricite de France SA		7,036		105,313
Faurecia SA		1,074		73,017
Gecina SA		788		134,439
Getlink		6,805		89,879
Iliad SA		411		65,122
Ingenico Group SA		860		71,360
Ipsen SA		535		88,929
Klepierre		3,046		114,941
Natixis SA		21,629		155,545
Orpea		4,544		625,136
Rexel SA		4,424		69,243
Rubis SCA		1,243		73,329
SCOR SE		2,572		100,002
Societe Generale SA		7,743		345,058
Sodexho SA		1,334		147,693
Suez		5,620		79,551
Teleperformance		802		147,050
Thales SA		3,194		419,990
Total SA		20,403		1,332,722
Ubisoft Entertainment SA*		3,153		348,197
Total France common stocks				6,146,541
Germany—1.31%
Beiersdorf AG		4,677		544,717
Brenntag AG		2,262		135,639
Commerzbank AG*		20,099		217,072
Covestro AG2		18,901		1,814,565
Delivery Hero SE*,2		1,666		94,640
Deutsche Bank AG		27,127		354,894
Deutsche Lufthansa AG		62,203		1,745,690
Evonik Industries AG		2,179		80,645

	Number of shares		Value
Common stocks—(continued)
Germany—(concluded)
GEA Group AG		2,281	$	89,087
Hannover Rueck SE		879		117,176
HUGO BOSS AG		922		83,103
Infineon Technologies AG		20,559		544,761
Innogy SE*		1,888		81,344
K+S AG		2,788		73,647
KION Group AG		977		67,108
LANXESS AG		1,206		99,140
LEG Immobilien AG		925		104,098
MTU Aero Engines AG		762		161,279
OSRAM Licht AG		1,406		62,772
ProSiebenSat.1 Media SE		3,411		92,297
Rheinmetall AG		635		76,704
Scout24 AG2		6,053		314,974
Siemens Healthineers AG*,2		2,042		90,964
Siltronic AG		1,123		195,861
Symrise AG		1,786		161,396
TUI AG		13,114		280,740
Uniper SE		10,032		313,098
United Internet AG		1,830		98,436
Zalando SE*,2		2,117		121,449
Total Germany common stocks				8,217,296
Hong Kong—0.01%
Swire Pacific Ltd., Class A		6,500		70,473
Ireland—0.40%
Accenture PLC, Class A1		3,577		569,923
Allegion PLC		4,498		366,767
Bank of Ireland Group PLC		13,590		116,723
CRH PLC		14,533		497,589
Kingspan Group PLC		2,223		103,251
Paddy Power Betfair PLC		4,604		501,256
Ryanair Holdings PLC, ADR*		2,237		235,780
Smurfit Kappa Group PLC		3,228		132,415
Total Ireland common stocks				2,523,704
Israel—0.12%
Check Point Software Technologies Ltd.*		6,740		759,396
Italy—0.58%
Banco BPM SpA*		55,216		175,622
Eni SpA		52,814		1,016,785
Intesa Sanpaolo SpA		183,037		563,766
Leonardo SpA		5,878		70,453
Mediobanca Banca di Credito Finanziario SpA		9,274		96,343
Moncler SpA		2,562		113,004
Prysmian SpA		23,368		599,792
Snam SpA		32,564		139,939
Telecom Italia SpA*		169,207		130,470
Terna Rete Elettrica Nazionale SpA		20,633		115,569
UniCredit SpA		30,499		540,809
Unione di Banche Italiane SpA		20,212		83,715
Total Italy common stocks				3,646,267

240

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Japan—4.03%
Activia Properties, Inc.		70	$	312,391
Advance Residence Investment Corp.		142		369,430
AEON REIT Investment Corp.		146		156,035
Asahi Group Holdings Ltd.		5,588		270,967
Brother Industries Ltd.		2,500		50,821
Comforia Residential REIT, Inc.		59		138,141
CRE Logistics REIT, Inc.		16		15,855
CyberAgent, Inc.		4,500		236,238
Daiwa Office Investment Corp.		34		207,074
Dawa House REIT Investment Corp.		179		441,837
DeNA Co. Ltd.		31,606		595,006
Frontier Real Estate Investment Corp.		53		213,299
Fukuoka REIT Corp.		80		125,922
Global One Real Estate Investment Corp.		98		99,652
GLP J-Reit		319		340,639
Hankyu Reit, Inc.		67		81,492
Health Care & Medical Investment Corp.		19		18,963
Heiwa Real Estate REIT, Inc.		96		92,639
Hoshino Resorts REIT, Inc.		25		128,337
Hulic Reit, Inc.		105		162,362
Ichigo Hotel REIT Investment Corp.		24		30,007
Ichigo Office REIT Investment		119		98,337
Industrial & Infrastructure Fund Investment Corp.		179		193,064
Invesco Office J-Reit, Inc.		904		126,527
Invincible Investment Corp.		421		185,810
Japan Excellent, Inc.		138		177,352
Japan Hotel REIT Investment Corp.		443		324,480
Japan Logistics Fund, Inc.		103		198,971
Japan Prime Realty Investment Corp.		97		349,170
Japan Real Estate Investment Corp.		153		800,474
Japan Rental Housing Investments, Inc.		173		140,795
Japan Retail Fund Investment Corp.		290		528,829
JXTG Holdings, Inc.		331,845		2,432,115
Kenedix Realty Investment Corp.		48		291,052
Kenedix Residential Next Investment Corp.		78		115,798
Kenedix Retail REIT Corp.		56		122,252
Komatsu Ltd.		10,885		319,010
LaSalle Logiport REIT		116		114,325
Marimo Regional Revitalization REIT, Inc.		13		13,394
MCUBS MidCity Investment Corp.		172		126,445
Mirai Corp.		23		40,728
Mitsubishi Estate Logistics REIT Investment Corp.		15		36,140
Mitsui Fudosan Co. Ltd.		16,415		391,382
Mitsui Fudosan Logistics Park, Inc.		29		83,643
Mixi, Inc.		41,300		1,084,811
Mori Hills REIT Investment Corp.		165		203,787
Mori Trust Hotel Reit, Inc.		34		46,919
Mori Trust Sogo Reit, Inc.		110		159,469
Nippon Accommodations Fund, Inc.		51		241,282
Nippon Building Fund, Inc.		149		828,851
Nippon Express Co. Ltd.		19,700		1,286,142
Nippon Healthcare Investment Corp.		8		12,127
Nippon Prologis REIT, Inc.		205		414,528
NIPPON REIT Investment Corp.		48		148,746

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Nomura Real Estate Master Fund, Inc.		454	$	643,148
One REIT, Inc.		17		39,393
Ooedo Onsen Reit Investment Corp.		26		19,997
Orix JREIT, Inc.		305		475,169
Otsuka Corp.		5,700		222,260
Persol Holdings Co. Ltd.		23,100		502,843
Premier Investment Corp.		139		140,224
Rakuten, Inc.		341,700		2,404,720
Sakura Sogo REIT Investment Corp.		37		30,211
Samty Residential Investment Corp.		27		23,036
Sekisui House Reit, Inc.		385		248,598
Shimamura Co. Ltd.		500		46,774
Shionogi & Co. Ltd.		8,085		439,337
Star Asia Investment Corp.		36		34,643
Start Today Co. Ltd.		39,800		1,596,414
Starts Proceed Investment Corp.		25		37,763
Suzuken Co. Ltd.		1,200		52,426
TDK Corp.		3,188		340,141
Tokyo Electron Ltd.		9,200		1,576,050
Tokyu REIT, Inc.		103		140,478
Tosei Reit Investment Corp.		25		25,533
United Urban Investment Corp.		339		525,713
XYMAX REIT Investment Corp.*		15		15,347
Yamada Denki Co. Ltd.		9,400		46,573
Total Japan common stocks				25,350,653
Jersey—0.13%
Ferguson PLC		3,432		270,731
Glencore PLC*		78,762		345,803
Shire PLC		3,808		217,471
Total Jersey common stocks				834,005
Luxembourg—0.23%
Eurofins Scientific SE		160		87,299
Intelsat SA*		58,915		1,148,843
SES SA		5,614		112,224
Tenaris SA		6,833		124,886
Total Luxembourg common stocks				1,473,252
Netherlands—1.28%
ABN AMRO Group N.V.2		11,363		314,909
Aegon N.V.		26,261		173,256
Airbus SE		32,274		4,000,398
ASML Holding N.V.		2,189		469,706
ASR Nederland N.V.		17,386		778,651
EXOR N.V.		1,658		109,115
Heineken Holding N.V.		1,481		143,134
ING Groep N.V.		31,526		483,004
Koninklijke KPN N.V.		48,544		140,493
LyondellBasell Industries N.V., Class A1		495		54,841
QIAGEN N.V.*		3,383		122,594
Randstad N.V.		19,925		1,264,220
Total Netherlands common stocks				8,054,321
New Zealand—0.07%
a2 Milk Co. Ltd.*		58,572		417,591

241

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
Portugal—0.11%
EDP—Energias de Portugal SA		37,224	$	151,869
Galp Energia, SGPS SA		23,396		481,229
Jeronimo Martins, SGPS SA		3,563		53,038
Total Portugal common stocks				686,136
Singapore—0.17%
Genting Singapore Ltd.		1,122,200		1,055,141
Spain—0.70%
ACS, Actividades de Contruccion y Servicios SA		4,019		176,330
Banco Bilbao Vizcaya Argentaria SA		63,679		468,075
Banco de Sabadell SA		125,743		210,043
Banco Santander SA		209,364		1,179,909
Bankia SA		37,161		146,484
Bankinter SA		9,451		91,308
CaixaBank SA		48,398		223,943
Enagas SA		3,320		92,863
Endesa SA		23,983		554,721
Grifols SA		4,296		124,835
Naturgy Energy Group SA		5,199		140,922
Red Electrica Corp. SA		6,337		134,420
Repsol SA		44,379		880,910
Total Spain common stocks				4,424,763
Sweden—0.05%
Swedbank AB, A Shares		12,032		284,894
Switzerland—0.60%
Adecco Group AG		20,765		1,278,846
Chocoladefabriken Lindt & Spruengli AG		192		1,324,405
Credit Suisse Group AG*		20,236		326,384
The Swatch Group AG		6,154		507,473
Zurich Insurance Group AG		1,202		369,893
Total Switzerland common stocks				3,807,001
United Kingdom—1.31%
Anglo American PLC		16,467		374,523
Antofagasta PLC		21,702		285,704
BHP Billiton PLC		17,308		398,603
BP PLC		169,404		1,274,739
BP PLC, ADR		7,280		328,255
BrightSphere Investment Group PLC		25,516		363,603
Coca-Cola European Partners PLC1		15,351		633,075
Indivior PLC*		54,651		219,357
Next PLC		8,089		630,238
Prudential PLC		18,941		448,741
Rio Tinto PLC		6,974		384,136
Royal Dutch Shell PLC, A Shares		36,194		1,241,770
Royal Dutch Shell PLC, ADR		4,652		318,057
Royal Dutch Shell PLC, B Shares		9,386		329,118
TechnipFMC PLC		13,080		425,754
Tullow Oil PLC*		69,710		207,243
Vodafone Group PLC		149,796		365,704
Total United Kingdom common stocks				8,228,620

	Number of shares		Value
Common stocks—(continued)
United States—25.93%
Abbott Laboratories		50,198	$	3,289,977
ABIOMED, Inc.*,1		379		134,367
Adobe Systems, Inc.*		1,464		358,212
Advanced Disposal Services, Inc.*,1		28,710		706,266
Affiliated Managers Group, Inc.1		9,947		1,591,620
AGNC Investment Corp.1		90,822		1,768,304
Akamai Technologies, Inc.*,1		2,213		166,550
Alphabet, Inc., Class A*,1		537		659,017
Alphabet, Inc., Class C*		827		1,006,674
American International Group, Inc.		3,698		204,167
American Tower Corp.		4,813		713,479
Analog Devices, Inc.1		11,150		1,071,961
Andeavor		2,141		321,278
Apple, Inc.		3,669		698,174
Ball Corp.		17,103		666,504
Bank of America Corp.1		105,094		3,245,303
Baxter International, Inc.		7,123		516,061
BB&T Corp.1		6,840		347,540
Becton, Dickinson and Co.		18,742		4,692,435
Bemis Co., Inc.		7,328		336,429
Berkshire Hathaway, Inc., Class B*,1		16,234		3,212,222
Best Buy Co., Inc.1		18,681		1,401,635
BJ's Wholesale Club Holdings, Inc.*		10,211		253,131
Booking Holdings, Inc.*,1		52		105,493
Boston Scientific Corp.*,1		94,540		3,177,489
Broadcom, Inc.		3,382		750,026
Broadridge Financial Solutions, Inc.1		24,453		2,762,700
Builders FirstSource, Inc.*,1		30,900		554,037
C.H. Robinson Worldwide, Inc.1		3,883		358,129
Camping World Holdings, Inc., Class A		16,755		371,458
CarMax, Inc.*,1		10,970		819,240
Carrols Restaurant Group, Inc.*,1		35,982		521,739
Celanese Corp., Series A		4,629		546,731
Celgene Corp.*,1		498		44,865
Centene Corp.*,1		8,073		1,052,154
Chevron Corp.		6,915		873,157
Citigroup, Inc.		4,648		334,145
Citrix Systems, Inc.*,1		12,399		1,363,518
CME Group, Inc.		2,293		364,862
CMS Energy Corp.		7,580		366,417
Cognizant Technology Solutions Corp., Class A1		24,667		2,010,361
Commercial Metals Co.		7,518		167,952
Constellation Brands, Inc., Class A1		8,010		1,683,942
CSX Corp.1		28,205		1,993,529
D.R. Horton, Inc.1		50,270		2,196,799
Darden Restaurants, Inc.1		23,276		2,489,135
Dave & Buster's Entertainment, Inc.*		20,989		1,031,609
Del Frisco's Restaurant Group, Inc.*		1,559		13,340
DISH Network Corp., Class A*		37,148		1,172,391
Dollar General Corp.1		551		54,081
Dollar Tree, Inc.*		4,068		371,327
DowDuPont, Inc.		9,490		652,627
DTE Energy Co.1		641		69,574
DXC Technology Co.1		16,283		1,379,821
E*TRADE Financial Corp.*,1		22,225		1,329,277

242

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Electronic Arts, Inc.*		1,758	$	226,343
Entergy Corp.1		33,939		2,758,562
Equinix, Inc.		1,370		601,814
Expeditors International of Washington, Inc.1		33,274		2,534,481
Express Scripts Holding Co.*,1		2,917		231,785
Extended Stay America, Inc.		31,645		673,722
Exxon Mobil Corp.		10,570		861,561
F5 Networks, Inc.*,1		10,743		1,841,135
Facebook, Inc., Class A*		951		164,124
FedEx Corp.		11,529		2,834,635
First Republic Bank		5,304		524,353
Fortinet, Inc.*,1		28,406		1,787,021
Gaming and Leisure Properties, Inc.		27,154		986,233
General Dynamics Corp.1		10,138		2,025,167
Gilead Sciences, Inc.1		1,945		151,379
Gran Tierra Energy, Inc.*,1		110,860		370,712
Halliburton Co.		7,194		305,170
Herc Holdings, Inc.*		9,834		558,768
Hess Corp.		7,198		472,405
Hilton Grand Vacations, Inc.*		5,087		175,959
HollyFrontier Corp.1		18,081		1,348,481
Huntington Ingalls Industries, Inc.1		6,236		1,453,300
Imperva, Inc.*		8,682		401,543
Inspire Medical Systems, Inc.*		1,592		71,322
Instructure, Inc.*		23,231		899,040
Intel Corp.1		21,595		1,038,720
Intercontinental Exchange, Inc.		3,675		271,619
International Business Machines Corp.1		9,135		1,323,936
Intuit, Inc.1		4,871		994,853
Jefferies Financial Group, Inc.1		14,817		359,312
Jones Lang LaSalle, Inc.1		7,620		1,303,096
JPMorgan Chase & Co.1		38,417		4,416,034
Kansas City Southern1		16,301		1,895,317
KAR Auction Services, Inc.		4,156		247,074
Keysight Technologies, Inc.*,1		31,498		1,826,884
Kimco Realty Corp.		35,260		588,489
Kite Realty Group Trust		20,363		343,524
Knight-Swift Transportation Holdings, Inc.		5,652		183,973
Kohl's Corp.1		19,555		1,444,528
Lam Research Corp.1		2,984		568,870
Lattice Semiconductor Corp.*		49,591		381,355
LendingClub Corp.*		319,810		1,317,617
Lennar Corp., Class A1		10,220		534,199
Liberty Media Corp-Liberty Formula One., Class C*		36,673		1,292,723
Lockheed Martin Corp.1		2,987		974,061
Lululemon Athletica, Inc.*,1		21,104		2,531,425
ManpowerGroup, Inc.1		15,660		1,460,452
Martin Marietta Materials, Inc.		1,851		369,126
MasterCard, Inc., Class A1		10,690		2,116,620
McDonald's Corp.1		12,534		1,974,606
Mercer International, Inc.1		46,290		830,906
Mohawk Industries, Inc.*		2,013		379,169
NextEra Energy, Inc.		3,247		544,002
NIKE, Inc., Class B1		5,160		396,856

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Nordstrom, Inc.1		1,009	$	52,882
Northrop Grumman Corp.1		156		46,876
NVR, Inc.*,1		55		151,769
Occidental Petroleum Corp.		15,945		1,338,264
Old Dominion Freight Line, Inc.1		18,273		2,682,476
Owens & Minor, Inc.		9,659		182,265
Perspecta, Inc.		18,491		401,255
Phillips 661		2,900		357,686
Pioneer Natural Resources Co.		1,801		340,875
PPG Industries, Inc.		5,802		642,049
Ralph Lauren Corp.1		11,909		1,607,477
Rayonier Advanced Materials, Inc.1		25,760		464,710
Raytheon Co.1		11,926		2,361,706
Regeneron Pharmaceuticals, Inc.*,1		147		54,098
Regions Financial Corp.1		73,679		1,371,166
Robert Half International, Inc.1		26,211		1,985,745
Ross Stores, Inc.1		3,261		285,109
Schlumberger Ltd.		8,787		593,298
Scholastic Corp.		8,960		374,170
Spirit Aerosystems Holdings, Inc., Class A1		20,135		1,877,589
Tapestry, Inc.1		38,475		1,812,942
The Charles Schwab Corp.		9,006		459,846
The Children's Place, Inc.		4,887		600,612
The Coca-Cola Co.1		33,275		1,551,613
The Estee Lauder Cos., Inc., Class A1		12,130		1,636,822
The Gap, Inc.1		51,260		1,546,514
The Kraft Heinz Co.		5,810		350,053
The Madison Square Garden Co., Class A*		2,562		799,805
The PNC Financial Services Group, Inc.1		1,700		246,211
The Sherwin-Williams Co.		12,506		5,511,769
TRI Pointe Group, Inc.*,1		34,020		482,063
Twenty-First Century Fox, Inc., Class B1		11,399		506,344
Twitter, Inc.*,1		22,993		732,787
Ultra Clean Holdings, Inc.*		13,608		182,619
Union Pacific Corp.1		1,210		181,367
United Therapeutics Corp.*,1		5,025		617,623
UnitedHealth Group, Inc.1		4,984		1,262,049
Universal Health Services, Inc., Class B1		20,006		2,442,733
Unum Group1		1,302		51,728
Valero Energy Corp.1		11,515		1,362,800
Varian Medical Systems, Inc.*,1		15,837		1,828,382
VeriSign, Inc.*,1		8,733		1,268,294
Vertex Pharmaceuticals, Inc.*		1,493		261,350
Western Alliance Bancorp*		1,076		61,031
World Wrestling Entertainment, Inc., Class A1		15,844		1,253,419
Worldpay, Inc., Class A*		4,505		370,266
Wyndham Hotels & Resorts, Inc.		11,808		684,864
Yum! Brands, Inc.1		16,884		1,338,732
Zayo Group Holdings, Inc.*		22,452		832,745
Zions Bancorp.		25,770		1,332,309
Total United States common stocks				163,252,749
Total common stocks (cost—$271,391,324)				287,972,888

243

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares		Value
Preferred stocks—0.24%
France—0.01%
Safran SA3		461	$	57,168
Germany—0.06%
Bayerische Motoren Werke AG		2,884		238,766
Porsche Automobil Holding SE		2,242		151,796
Total Germany preferred stocks				390,562
Italy—0.17%
Intesa Sanpaolo SpA		320,316		1,022,179
Telecom Italia SpA		29,804		19,865
Total Italy preferred stocks				1,042,044
Total preferred stocks (cost—$1,496,676)				1,489,774
Investment companies—10.80%
AQR Style Premia Alternative Fund		2,660,908		25,597,939
ASG Managed Futures Strategy Fund		679,971		6,561,718
Boyd Group Income Fund1		5,160		467,349
Brookfield Business Partners LP1		5,120		200,612
Carillon Reams Unconstrained Bond Fund		2,382,120		27,584,952
Dream Hard Asset Alternatives Trust1		37,740		200,181
iShares MSCI Emerging Markets Small-Cap ETF		73,831		3,605,168
SPDR S&P Emerging Markets SmallCap ETF		78,983		3,814,879
Total investment companies (cost—$68,661,109)				68,032,798
	Face amount
US government obligations—2.32%
US Treasury Inflation Index Bonds (TIPS)
0.625%, due 02/15/43	USD	754,191		703,179
0.750%, due 02/15/42	USD	677,981		652,191
0.750%, due 02/15/45	USD	722,357		690,216
0.875%, due 02/15/47	USD	3,713,419		3,655,519
1.000%, due 02/15/46	USD	604,722		613,155
1.000%, due 02/15/48	USD	27,951		28,400
1.375%, due 02/15/44	USD	686,041		754,433
2.125%, due 02/15/40	USD	4,101,175		5,078,473
2.125%, due 02/15/41	USD	534,146		666,434
2.500%, due 01/15/29	USD	286,705		332,756
3.375%, due 04/15/32	USD	332,761		437,714
3.875%, due 04/15/291	USD	751,481		978,193
Total US government obligations (cost—$14,809,211)				14,590,663
Corporate notes—4.21%
Canada—0.20%
Alcanna, Inc.
4.700%, due 01/31/22	CAD	480,300		371,436
Delphi Energy Corp.
10.000%, due 07/15/211,2,4	CAD	610,000		465,407
Tricon Capital Group, Inc.
5.750%, due 03/31/221,2	USD	429,000		449,163
Total Canada corporate notes				1,286,006

	Face amount		Value
Corporate notes—(concluded)
Germany—1.19%
Kreditanstalt fuer Wiederaufbau 1.000%, due 09/07/18	USD	3,500,000	$	3,495,835
1.125%, due 08/06/18	USD	4,000,000		3,999,517
Total Germany corporate notes				7,495,352
Supranationals—2.76%
Asian Development Bank 1.750%, due 09/11/18	USD	2,500,000		2,498,625
1.875%, due 10/23/18	USD	4,270,000		4,265,709
European Investment Bank 1.875%, due 03/15/19	USD	4,000,000		3,986,754
Inter-American Development Bank 1.750%, due 08/24/18	USD	3,100,000		3,098,989
1 mo. USD LIBOR + 0.040%, 2.110%, due 11/26/185	USD	3,500,000		3,499,530
Total Supranationals corporate notes				17,349,607
United States—0.06%
SM Energy Co.
1.500%, due 07/01/211	USD	363,500		381,239
Total corporate notes (cost—$26,462,695)				26,512,204
Non-US government obligations—4.50%
Brazil—1.54%
Brazil Letras do Tesouro Nacional 0.010%, due 07/01/206	BRL	9,957,000		2,273,330
0.010%, due 07/01/216	BRL	13,745,000		2,825,073
Brazil Notas do Tesouro Nacional Series F, 10.000%, due 01/01/21	BRL	3,108,000		853,639
10.000%, due 01/01/23	BRL	5,924,000		1,578,676
10.000%, due 01/01/25	BRL	2,081,000		539,607
10.000%, due 01/01/27	BRL	6,323,000		1,606,714
Total Brazil				9,677,039
France—1.28%
French Republic Government Bond OAT 1.850%, due 07/25/274	EUR	5,447,056		8,029,155
Germany—0.53%
Deutsche Bundesrepublik Inflation Linked Bond 0.100%, due 04/15/264	EUR	2,585,110		3,329,652
Indonesia—0.84%
Indonesia Treasury Bond 7.000%, due 05/15/22	IDR	18,900,000,000		1,281,845
7.000%, due 05/15/27	IDR	21,040,000,000		1,376,778
8.250%, due 07/15/21	IDR	37,500,000,000		2,655,816
Total Indonesia				5,314,439
Sweden—0.31%
Sweden Government International Bond
1.125%, due 03/15/194	USD	2,000,000		1,983,502
Total non-US government obligations (cost—$28,842,333)				28,333,787

244

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
Certificates of deposit—3.10%
Belgium—0.48%
Sumitomo Mitsui Banking Corp. 2.270%, due 09/25/18	USD	3,000,000	$	3,000,000
Canada—0.48%
Bank of Montreal 2.080%, due 08/17/18	USD	3,000,000		2,999,985
France—0.63%
Natixis 2.350%, due 08/01/18	USD	4,000,000		4,000,000
Netherlands—0.55%
ING Bank N.V. 2.320%, due 09/20/18	USD	3,500,000		3,500,000
United Arab Emirates—0.48%
National Bank of Abu Dhabi 2.380%, due 09/18/18	USD	3,000,000		3,000,981
United Kingdom—0.48%
MUFG Bank Ltd. 2.100%, due 08/06/18	USD	3,000,000		3,000,000
Total certificates of deposit (cost—$19,500,000)				19,500,966
Commercial paper—2.30%
Bank Nederlandse Gemeenten 2.115%, due 08/20/18	USD	2,000,000		1,997,780
Caisse Des Depots Etconsignat 2.200%, due 10/26/18	USD	2,500,000		2,486,937
DGZ Dekabank 2.280%, due 10/24/18	USD	2,500,000		2,486,778
Nationwide Building Society 2.270%, due 08/14/18	USD	4,000,000		3,996,740
NRW Bank 2.000%, due 08/21/18	USD	3,500,000		3,496,118
Total commercial paper (cost—$14,464,353)				14,464,353
Time deposits—1.64%
BNP Paribas London 1.850%, due 08/01/18	USD	278,235		278,235
DBS Bank Ltd. 2.100%, due 08/23/18	USD	3,013,667		3,013,667
DZ Bank AG 1.920%, due 08/01/18	USD	4,020,494		4,020,494
KBC Bank N.V. 1.900%, due 08/01/18	USD	3,052,270		3,052,270
Total time deposits (cost—$10,364,666)				10,364,666
Short-term US government obligations7—11.20%
US Treasury Bills 1.687%, due 08/09/18	USD	622,000		621,745
1.822%, due 08/16/181	USD	9,504,000		9,496,625
1.855%, due 08/23/18	USD	1,250,000		1,248,570
1.873%, due 08/30/188	USD	859,000		857,687
1.881%, due 09/13/181	USD	20,500,000		20,453,905
1.940%, due 09/27/18	USD	6,668,000		6,648,099
1.947%, due 10/04/181	USD	6,952,000		6,928,301

	Face amount		Value
Short-term US government obligations7—(concluded)
1.990%, due 10/11/181	USD	14,309,000	$	14,254,287
2.020%, due 11/08/181	USD	2,400,000		2,386,841
2.033%, due 10/25/18	USD	5,161,000		5,137,116
2.050%, due 12/13/18	USD	2,500,000		2,481,063
Total short-term US government obligations (cost—$70,516,113)				70,514,239
	Number of shares
Short-term investment—18.47%
Investment companies—18.47%

State Street Institutional U.S. Government Money Market Fund (cost—$116,274,931)				116,274,931	116,274,931
	Number of contracts		Notional amount
Options purchased—0.44%
Call options—0.39%
ESTX Banks Index, strike @ 111, expires 09/21/18 (Counterparty: DB)		5,024	EUR	557,664	38,529
ESTX Banks Index, strike @ 112, expires 09/21/18 (Counterparty: BOA)		3,456	EUR	387,072	23,662
ESTX Banks Index, strike @ 115, expires 08/17/18		464	EUR	2,668,000	80,030
ESTX Banks Index, strike @ 118, expires 09/21/18		2,379	EUR	14,036,100	403,373
S&P 500 Index, strike @ 2,850, expires 12/18/20		28	USD	7,980,000	781,760
S&P 500 Index, strike @ 2,900, expires 12/20/19		70	USD	20,300,000	1,145,900
					2,473,254
Put options—0.05%
Euro STOXX 50 Index, strike @ 3,200, expires 12/20/19		150	EUR	48,000,000	298,009
Ibovespa Bank Index, strike @ 70,861, expires 08/15/18 (Counterparty: BNP)		50	BRL	3,543,050	270
Ibovespa Bank Index, strike @ 73,673, expires 08/15/18 (Counterparty: BNP)		29	BRL	2,136,517	711

245

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of contracts		Notional amount		Value
Options purchased—(concluded)
Put options—(concluded)
Swiss Market Index, strike @ 8,566, expires 09/21/18 (Counterparty: DB)		117	CHF	1,002,222	$	3,509
						302,499
Total options purchased (cost—$3,075,662)						2,775,753
Swaptions purchased—0.74%
Call swaptions—0.12%
3 Month USD LIBOR Interest Rate Swap, strike @ 1.000%, expires 05/09/31 (counterparty: CITI; receive fixed rate); underlying swap terminates 05/09/46		14,300,000	USD	14,300,000		261,214
3 Month USD LIBOR Interest Rate Swap, strike @ 2.870%, expires 05/17/19 (counterparty: GS; receive fixed rate); underlying swap terminates 05/21/21		83,004,000	USD	83,004,000		200,654
3 Month USD LIBOR Interest Rate Swap, strike @ 1.000%, expires 05/31/33 (counterparty: GS; receive fixed rate); underlying swap terminates 06/02/48		9,200,000	USD	9,200,000		281,966
						743,834
Put swaptions—0.62%
3 Month USD LIBOR Interest Rate Swap, strike @ 3.850%, expires 05/09/31 (counterparty: CITI; receive fixed rate); underlying swap terminates 05/09/46		32,700,000	USD	32,700,000		1,404,370
3 Month USD LIBOR Interest Rate Swap, strike @ 3.850%, expires 05/31/33 (counterparty: GS; receive fixed rate); underlying swap terminates 06/02/48		14,400,000	USD	14,400,000		881,809

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
6 Month USD LIBOR Interest Rate Swap, strike @ 0.983%, expires 06/21/28 (counterparty: GS; receive fixed rate); underlying swap terminates 06/23/38		4,000,000,000	JPY	4,000,000,000	$	1,638,253
						3,924,432
Total swaptions purchased (cost—$5,347,920)						4,668,266
Foreign exchange options purchased—0.06%
Call option—0.00%†
USD Call/SAR Put, strike @ 3.82, expires 02/12/19 (Counterparty: BNP)		16,350,000	USD	16,350,000		19,587
Put options—0.06%
EUR Put/USD Call, Strike @ 1.23, expires 04/03/19 (Counterparty: DB)		5,100,000	EUR	5,100,000		251,930
EUR Put/CHF Call, strike @ 1.16, expires 10/05/18 (Counterparty: CITI)		15,568,660	EUR	15,568,660		126,763
USD Put/TRY Call, strike @ 3.80, expires 06/19/19 (Counterparty: CITI)		1,004,465	USD	1,004,465		25
USD Put/TRY Call, strike @ 3.80, expires 06/27/19 (Counterparty: CITI)		500,000	USD	500,000		12
USD Put/TRY Call, strike @ 3.80, expires 07/10/19 (Counterparty: CITI)		1,006,696	USD	1,006,696		23
USD Put/TRY Call, strike @ 3.80, expires 07/17/19 (Counterparty: CITI)		502,232	USD	502,232		12
USD Put/TRY Call, strike @ 3.90, expires 03/21/19 (Counterparty: JPMCB)		5,645,000	USD	5,645,000		282
USD Put/TRY Call, strike @ 3.90, expires 04/05/19 (Counterparty: JPMCB)		3,878,000	USD	3,878,000		213

246

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of contracts		Notional amount		Value
Foreign exchange options purchased—(concluded)
Put options—(concluded)
USD Put/TRY Call, strike @ 4.00, expires 03/08/19 (Counterparty: BNP)		5,685,000	USD	5,685,000	$	563
USD Put/TRY Call, strike @ 4.00, expires 05/04/20 (Counterparty: CITI)		500,000	USD	500,000		124
USD Put/TRY Call, strike @ 4.00, expires 06/04/20 (Counterparty: CITI)		1,005,000	USD	1,005,000		274
						380,221
Total foreign exchange options purchased (cost—$1,436,632)						399,808
Total investments before investments sold short (cost—$652,643,625)—105.76%						665,895,096

	Number of shares
Investments sold short—(15.14)%
Common stocks—(11.05)%
Australia—(0.04)%
BHP Billiton Ltd., ADR		(5,108	)	(266,944	)
Canada—(3.43)%
AltaGas Ltd.		(38,180	)	(776,896	)
CAE, Inc.		(12,600	)	(262,490	)
Canaccord Genuity Group, Inc.		(91,980	)	(511,923	)
Canadian National Railway Co.		(5,951	)	(531,214	)
Canadian Utilities Ltd., Class A		(14,935	)	(372,557	)
Canfor Corp.		(8,590	)	(188,328	)
Cenovus Energy, Inc.		(68,230	)	(684,477	)
CI Financial Corp.		(33,952	)	(593,250	)
Cineplex, Inc.		(32,970	)	(740,580	)
Conifex Timber, Inc.		(17,610	)	(65,520	)
DHX Media Ltd.		(66,439	)	(133,813	)
Emera, Inc.		(13,672	)	(442,999	)
First Quantum Minerals Ltd.		(65,500	)	(1,021,636	)
Gildan Activewear, Inc.		(17,110	)	(440,755	)
Gluskin Sheff + Associates, Inc.		(14,490	)	(187,133	)
Goldcorp, Inc.		(90,300	)	(1,128,707	)
Hydro One Ltd.		(44,877	)	(655,466	)
IGM Financial, Inc.		(13,786	)	(413,840	)
Imperial Oil Ltd.		(28,920	)	(990,419	)
Inter Pipeline Ltd.		(19,020	)	(362,606	)
Just Energy Group, Inc.		(68,310	)	(258,358	)
Leon's Furniture Ltd.		(20,247	)	(284,674	)
Magna International, Inc.		(3,460	)	(210,762	)
Maple Leaf Foods, Inc.		(22,840	)	(546,924	)
Medical Facilities Corp.		(42,306	)	(474,818	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
MTY Food Group, Inc.		(10,250	)	$	(439,989	)
National Bank of Canada		(13,580	)		(665,716	)
Norbord, Inc.		(17,110	)		(615,557	)
Novagold Resources, Inc.		(61,752	)		(266,309	)
Nutrien Ltd.		(50,200	)		(2,726,394	)
Paramount Resources Ltd., Class A		(17,200	)		(193,043	)
Richelieu Hardware Ltd.		(5,130	)		(111,012	)
Ritchie Bros Auctioneers, Inc.		(26,120	)		(868,826	)
Saputo, Inc.		(5,140	)		(171,366	)
ShawCor Ltd.		(16,260	)		(331,237	)
Shopify, Inc., Class A		(1,000	)		(139,309	)
Sleep Country Canada Holdings, Inc.		(10,225	)		(243,039	)
Sprott, Inc.		(92,250	)		(213,455	)
Stantec, Inc.		(18,280	)		(477,358	)
Stella-Jones, Inc.		(11,316	)		(377,968	)
Thomson Reuters Corp.		(6,865	)		(284,870	)
TransCanada Corp.		(10,490	)		(471,822	)
Turquoise Hill Resources Ltd.		(17,200	)		(47,732	)
WestJet Airlines Ltd.		(49,143	)		(692,086	)
International Petroleum Corp.		(1	)		(7	)
Total Canada common stocks					(21,617,240	)
Denmark—(0.08)%
AP Moller—Maersk A/S, Class B		(377	)		(542,024	)
Germany—(0.05)%
thyssenkrupp AG		(11,636	)		(310,502	)
Ireland—(0.54)%
Accenture PLC, Class A		(7,901	)		(1,258,866	)
Adient PLC		(3,990	)		(190,044	)
Alkermes PLC		(1,148	)		(50,340	)
Allergan PLC		(10,204	)		(1,878,454	)
Total Ireland common stocks					(3,377,704	)
Japan—(0.09)%
SoftBank Group Corp.		(6,600	)		(546,581	)
Luxembourg—(0.14)%
Tenaris SA		(47,255	)		(863,677	)
Netherlands—(0.02)%
Mylan N.V.		(3,681	)		(137,338	)
Sweden—(0.03)%
Electrolux AB, Series B		(7,606	)		(178,538	)
Switzerland—(0.01)%
LafargeHolcim Ltd.		(922	)		(47,155	)
United Kingdom—(0.19)%
John Wood Group PLC		(10,499	)		(89,545	)
Melrose Industries PLC		(367,298	)		(1,040,847	)
Ocado Group PLC		(3,556	)		(51,622	)
Total United Kingdom common stocks					(1,182,014	)

247

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(6.43)%
Domtar Corp.		(16,230	)	$	(782,648	)
Acushnet Holdings Corp.		(522	)		(12,617	)
Alnylam Pharmaceuticals, Inc.		(13,510	)		(1,283,450	)
AMC Entertainment Holdings, Inc., Class A		(16,622	)		(270,939	)
AMC Networks, Inc., Class A		(3,374	)		(203,418	)
Amgen, Inc.		(3,660	)		(719,373	)
Armstrong World Industries, Inc.		(5,760	)		(391,104	)
AT&T, Inc.		(3,400	)		(108,698	)
Autodesk, Inc.		(11,020	)		(1,415,409	)
Axon Enterprise, Inc.		(2,424	)		(164,662	)
BioMarin Pharmaceutical, Inc.		(21,642	)		(2,176,320	)
BlueLinx Holdings, Inc.		(3,380	)		(115,157	)
Brinker International, Inc.		(6,224	)		(293,586	)
Callaway Golf Co.		(13,022	)		(250,543	)
CarMax, Inc.		(3,460	)		(258,393	)
Caterpillar, Inc.		(5,130	)		(737,694	)
CenturyLink, Inc.		(51,929	)		(974,707	)
Charter Communications, Inc., Class A		(190	)		(57,870	)
Choice Hotels International, Inc.		(4,554	)		(353,390	)
Cloudera, Inc.		(14,837	)		(198,667	)
Cognex Corp.		(5,769	)		(304,488	)
Cracker Barrel Old Country Store, Inc.		(1,142	)		(167,297	)
Cree, Inc.		(7,082	)		(333,916	)
Crocs, Inc.		(13,760	)		(249,194	)
D.R. Horton, Inc.		(10,080	)		(440,496	)
Delek US Holdings, Inc.		(5,323	)		(283,822	)
Devon Energy Corp.		(38,493	)		(1,732,570	)
Dycom Industries, Inc.		(1,186	)		(105,744	)
Eli Lilly & Co.		(8,112	)		(801,547	)
Ennis, Inc.		(12,520	)		(272,310	)
EQT Corp.		(21,522	)		(1,069,213	)
Equity Residential		(5,187	)		(339,385	)
Evercore, Inc., Class A		(3,515	)		(397,195	)
Exxon Mobil Corp.		(8,027	)		(654,281	)
FactSet Research Systems, Inc.		(1,670	)		(336,271	)
Federated Investors, Inc., Class B		(20,680	)		(500,456	)
Franklin Resources, Inc.		(21,468	)		(736,782	)
General Electric Co.		(145,159	)		(1,978,517	)
GoPro, Inc., Class A		(25,094	)		(146,549	)
Hawaiian Holdings, Inc.		(8,275	)		(331,827	)
Hortonworks, Inc.		(9,568	)		(166,675	)
Incyte Corp.		(10,344	)		(688,290	)
Insteel Industries, Inc.		6,059	)		(249,207	)
iRhythm Technologies, Inc.		(2,418	)		(182,680	)
j2 Global, Inc.		(1,188	)		(100,790	)
Kansas City Southern		(1,710	)		(198,822	)
KB Home		(18,860	)		(447,925	)
KEMET Corp.		(2,233	)		(58,218	)
Kimberly-Clark Corp.		(5,970	)		(679,744	)
Korn/Ferry International		(2,409	)		(158,946	)
Lam Research Corp.		(1,744	)		(332,303	)
Legg Mason, Inc.		(10,260	)		(350,174	)
Live Nation Entertainment, Inc.		(9,103	)		(448,596	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(concluded)
MercadoLibre, Inc.		(1,366	)	$	(468,415	)
Meritage Homes Corp.		(5,410	)		(233,441	)
Moelis & Co., Class A		(7,006	)		(445,582	)
Movado Group, Inc.		(3,547	)		(176,641	)
MSG Networks, Inc., Class A		(9,930	)		(233,851	)
Nasdaq, Inc.		(5,575	)		(509,555	)
Nektar Therapeutics		(16,239	)		(854,171	)
Neogen Corp.		(1,536	)		(126,566	)
NETGEAR, Inc.		(4,854	)		(319,636	)
Nordstrom, Inc.		(1,700	)		(89,097	)
PetMed Express, Inc.		(6,868	)		(255,009	)
Quotient Technology, Inc.		(14,078	)		(207,650	)
SBA Communications Corp.		(332	)		(52,539	)
Seattle Genetics, Inc.		(28,798	)		(2,027,379	)
SiteOne Landscape Supply, Inc.		(3,350	)		(298,686	)
TD Ameritrade Holding Corp.		(8,588	)		(490,804	)
Teradyne, Inc.		(8,374	)		(362,175	)
Tesla, Inc.		(2,206	)		(657,697	)
The Charles Schwab Corp.		(17,619	)		(899,626	)
The Cheesecake Factory, Inc.		(3,563	)		(199,635	)
The Hershey Co.		(1,967	)		(193,179	)
The Meet Group, Inc.		(14,064	)		(57,100	)
The New York Times Co., Class A		(14,931	)		(370,289	)
The Williams Cos., Inc.		(33,437	)		(994,751	)
Under Armour, Inc., Class C		(16,350	)		(306,399	)
Urban Outfitters, Inc.		(2,554	)		(113,398	)
Vishay Intertechnology, Inc.		(2,830	)		(70,934	)
Visteon Corp.		(1,960	)		(229,477	)
WalMart, Inc.		(10,095	)		(900,777	)
WD-40 Co.		(1,085	)		(173,763	)
Weyerhaeuser Co.		(8,640	)		(295,315	)
Whirlpool Corp.		(2,040	)		(267,444	)
Zayo Group Holdings, Inc.		(43,803	)		(1,624,653	)
Total United States common stocks					(40,518,509	)
Total common stocks (proceeds—$67,371,989)					(69,588,226	)
Investment companies—(4.09)%
Consumer Discretionary Select Sector SPDR Fund		12,194	)		(1,356,826	)
Industrial Select Sector SPDR Fund		(16,274	)		(1,251,796	)
Invesco CurrencyShares Japanese Yen Trust		(6,926	)		(592,727	)
Invesco QQQ Trust, Series 1		(8,599	)		(1,517,294	)
iShares Core S&P/TSX Capped Composite Index ETF		(120,695	)		(2,421,601	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		(7,741	)		(896,098	)
iShares Russell 1000 ETF		(17,901	)		(2,801,864	)
iShares Russell 2000 ETF		(9,426	)		(1,563,491	)
iShares S&P/TSX 60 Index ETF		(119,276	)		(2,258,345	)
SPDR Bloomberg Barclays High Yield Bond ETF		(34,266	)		(1,231,520	)

248

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

	Number of shares			Value
Investments sold short—(concluded)
Investment companies—(concluded)
SPDR Dow Jones Industrial Average ETF Trust		(2,200	)	$	(559,174	)
SPDR S&P 500 ETF Trust		(24,516	)		(6,897,086	)
Technology Select Sector SPDR Fund		(33,238	)		(2,357,239	)
Total investment companies (proceeds—$22,558,981)					(25,705,061	)

	Number of shares	Value
Total investments sold short (proceeds—$89,930,970)			(95,293,287	)
Other assets in excess of liabilities—9.38%			59,028,929
Net assets—100.00%		$	629,630,738

For a listing of defined portfolio acronyms, counterparty acronyms and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to page 273.

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	14,274,000		2,379	ESTX Banks Index, strike @ 120	JPMCB	09/21/18	$	207,919	$	(257,324	)	$	(49,405	)
EUR	1,079,262		306	Euro STOXX 50 Index, strike @ 3,527	BB	08/31/18		14,313		(14,313	)		—
BRL	2,136,517		29	Ibovespa Bank Index, strike @ 73,673	BNP	08/15/18		21,506		(44,902	)		(23,396	)
BRL	3,543,050		50	Ibovespa Bank Index, strike @ 70,861	BNP	08/15/18		32,776		(113,810	)		(81,034	)
KRW	938,520,000		3,160,000	Kospi 200 Index, strike @ 297	DB	08/31/18		11,313		(11,313	)		—
JPY	93,150,000		4,140	Nikkei 225 Index, strike @ 22,500	DB	08/31/18		12,292		(12,292	)		—
AUD	571,480		91	S&P 200 Index, strike @ 6,280	BNP	08/31/18		3,015		(3,015	)		—
USD	2,103,552		747	S&P 500 Index, strike @ 2,816	BNP	08/31/18		23,457		(23,457	)		—
CHF	412,875		45	Swiss Market Index, strike @ 9,175	BNP	08/31/18		4,552		(4,552	)		—
CHF	1,002,222		117	Swiss Market Index, strike @ 8,566	DB	09/21/18		24,345		(73,119	)		(48,774	)
							$	355,488	$	(558,097	)	$	(202,609	)
				Put options
EUR	2,668,000		464	ESTX Banks Index, strike @ 115	JPMCB	08/17/18	$	122,387	$	(32,555	)	$	89,832
EUR	2,610,300		462	ESTX Banks Index, strike @ 113	JPMCB	09/21/18		102,790		(45,921	)		56,869
EUR	557,664		5,024	ESTX Banks Index, strike @ 111	DB	09/21/18		29,557		(8,875	)		20,682
EUR	387,072		3,456	ESTX Banks Index, strike @ 112	BOA	09/21/18		22,429		(7,117	)		15,312
EUR	1,079,262		306	Euro STOXX 50 Index, strike @ 3,527	BB	08/31/18		15,301		(15,301	)		—
KRW	938,520,000		3,160,000	Kospi 200 Index, strike @ 297	DB	08/31/18		11,281		(11,281	)		—
JPY	93,150,000		4,140	Nikkei 225 Index, strike @ 22,500	DB	08/31/18		13,329		(13,329	)		—
AUD	571,480		91	S&P 200 Index, strike @ 6,280	BNP	08/31/18		5,882		(5,882	)		—

249

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Options written—(concluded)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	2,103,552		747	S&P 500 Index, strike @ 2,816	BNP	08/31/18	$	23,457	$	(23,457	)	$	—
CHF	412,875		45	Swiss Market Index, strike @ 9,175	BNP	08/31/18		4,884		(4,884	)		—
							$	351,297	$	(168,602	)	$	182,695
							$	706,785	$	(726,699	)	$	(19,914	)

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized depreciation
USD	18,549		18,549,000	3 Month USD LIBOR Interest Rate Swap, strike @ 2.860%, terminates 05/21/29	GS	Receive	05/17/19	$	203,270	$	(218,189	)	$	(14,919	)

Foreign exchange options written

Notional amount (000)		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation
EUR	510		510,000	EUR Call/USD Put, strike @ 1.33	DB	04/03/19	$	7,868	$	(729	)	$	7,139
EUR	585		585,225	EUR Call/USD Put, strike @ 1.33	DB	04/03/19		8,990		(837	)		8,153
EUR	689		688,500	EUR Call/USD Put, strike @ 1.33	DB	04/03/19		9,798		(985	)		8,813
EUR	630		630,000	EUR Call/USD Put, strike @ 1.33	DB	04/03/19		8,547		(901	)		7,646
EUR	516		516,275	EUR Call/USD Put, strike @ 1.33	DB	04/03/19		7,347		(738	)		6,609
EUR	630		630,000	EUR Call/USD Put, strike @ 1.33	DB	04/03/19		9,217		(901	)		8,316
EUR	755		755,000	EUR Call/USD Put, strike @ 1.33	DB	04/03/19		9,539		(1,079	)		8,460
EUR	785		785,000	EUR Call/USD Put, strike @ 1.33	DB	04/03/19		10,806		(1,123	)		9,683
							$	72,112	$	(7,293	)	$	64,819

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
Index futures buy contracts:
	10	AUD	ASX SPI 200 Index Futures	September 2018	$	1,135,411	$	1,154,916	$	19,505
	6	CAD	S&P TSX 60 Index Futures	September 2018		884,821		902,548		17,727
	2	EUR	Amsterdam Index Futures	August 2018		261,230		267,126		5,896
	20	EUR	CAC 40 Index Futures	August 2018		1,266,147		1,288,624		22,477

250

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Futures contracts—(continued)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts—(concluded)
	39	EUR	EURO STOXX 50 Index Futures	September 2018	$	1,575,315		$	1,607,564		$	32,249
	68	GBP	FTSE 100 Index Futures	September 2018		6,812,277			6,875,187			62,910
	21	JPY	NIKKEI 225 Index Futures	September 2018		4,189,210			4,225,730			36,520
	43	JPY	TOPIX Index Futures	September 2018		6,815,450			6,722,175			(93,275	)
	34	SEK	OMX 30 Index Futures	August 2018		604,998			625,541			20,543
	1	TWD	Taiex Futures Index Futures*	August 2018		69,756			71,797			2,041
	5	USD	Dow Jones E-Mini Index Futures	September 2018		635,074			634,875			(199	)
	92	USD	MSCI Emerging Markets E-Mini Index Futures	September 2018		5,196,610			5,042,980			(153,630	)
	21	USD	NASDAQ 100 E-Mini Index Futures	September 2018		3,047,648			3,042,795			(4,853	)
	41	USD	Russell 2000 Mini Index Futures	September 2018		3,451,313			3,428,420			(22,893	)
	46	USD	S&P 500 E-Mini Index Futures	September 2018		6,397,695			6,479,330			81,635
	17	USD	S&P Midcap 400 E-Mini Index Futures	September 2018		3,395,765			3,376,200			(19,565	)
	37	USD	XAF Financial Index Futures	September 2018		3,190,942			3,182,925			(8,017	)
Interest rate futures buy contracts:
	84	AUD	Australian Bond 3 Year Futures	September 2018		6,922,324			6,942,924			20,600
	3	CHF	3 month Euroswiss Interest Rate Futures	December 2018		763,042			763,066			24
	2	CHF	3 month Euroswiss Interest Rate Futures	March 2019		508,561			508,610			49
	1	CHF	3 month Euroswiss Interest Rate Futures	June 2019		254,003			254,179			176
	20	EUR	3 Month EURIBOR Futures	June 2019		5,862,101			5,861,366			(735	)
	25	EUR	3 Month EURIBOR Futures	September 2019		7,317,426			7,321,227			3,801
	19	EUR	3 Month EURIBOR Futures	December 2019		5,555,653			5,559,411			3,758
	18	EUR	3 Month EURIBOR Futures	March 2020		5,258,767			5,262,075			3,308
	15	EUR	3 Month EURIBOR Futures	June 2020		4,380,606			4,381,116			510
	27	EUR	German Euro BOBL Futures	September 2018		4,160,235			4,155,250			(4,985	)
	86	EUR	German Euro BOBL Futures*	September 2018		13,304,006			13,235,240			(68,766	)
	39	EUR	German Euro Bund Futures	September 2018		7,389,045			7,368,799			(20,246	)
	76	EUR	German Euro Bund Futures*	September 2018		14,458,547			14,359,711			(98,836	)
	23	EUR	Mid-Term Euro-OAT Futures*	September 2018		4,139,938			4,134,576			(5,362	)
	3	GBP	90-Day Sterling Pound Futures	March 2019		487,634			487,235			(399	)
	2	GBP	90-Day Sterling Pound Futures	June 2019		324,949			324,593			(356	)
	1	GBP	90-Day Sterling Pound Futures	March 2020		162,220			162,001			(219	)
	1	GBP	United Kingdom Long Gilt Bond Futures*	September 2018		163,059			161,024			(2,035	)
	90	GBP	United Kingdom Long Gilt Bond Futures	September 2018		14,325,770			14,492,121			166,351
					$	144,667,548		$	144,663,257		$	(4,291	)
US Treasury futures sell contracts:
	2	USD	Ultra Long US Treasury Bond Futures	September 2018		(315,183	)		(313,812	)		1,371
	96	USD	US Long Bond Futures	September 2018		(13,837,305	)		(13,725,000	)		112,305
	2	USD	US Long Bond Futures*	September 2018		(285,065	)		(285,938	)		(873	)
	41	USD	US Treasury Note 10 Year Futures	September 2018		(4,897,537	)		(4,896,297	)		1,240
	81	USD	US Treasury Note 10 Year Futures*	September 2018		(9,677,733	)		(9,673,172	)		4,561
	89	USD	US Treasury Note 2 Year Futures*	September 2018		(18,835,448	)		(18,812,375	)		23,073
	46	USD	US Treasury Note 5 Year Futures	September 2018		(5,201,910	)		(5,203,750	)		(1,840	)
	222	USD	US Treasury Note 5 Year Futures*	September 2018		(25,096,692	)		(25,113,750	)		(17,058	)

251

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Portfolio of investments—July 31, 2018

Futures contracts—(concluded)

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures sell contracts:
	9	AUD	ASX SPI 200 Index Futures	September 2018	$	(1,014,981	)	$	(1,039,424	)	$	(24,443	)
	116	EUR	EURO STOXX 50 Index Futures	September 2018		(4,708,624	)		(4,781,472	)		(72,848	)
	1	EUR	FTSE MIB Index Futures	September 2018		(126,932	)		(129,716	)		(2,784	)
	2	EUR	IBEX 35 Index Futures	August 2018		(229,142	)		(230,984	)		(1,842	)
	26	GBP	FTSE 100 Index Futures	September 2018		(2,606,440	)		(2,628,748	)		(22,308	)
	2	HKD	Hang Seng Index Futures	August 2018		(368,352	)		(362,210	)		6,142
	6	HKD	Hang Seng Index Futures	August 2018		(421,266	)		(420,624	)		642
	11	HKD	Hang Seng Index Futures***	August 2018		(773,569	)		(771,144	)		2,425
	22	KRW	Kospi 200 Index Futures	September 2018		(1,474,250	)		(1,464,913	)		9,337
	30	SEK	OMX 30 Index Futures	August 2018		(531,271	)		(551,948	)		(20,677	)
	2	SGD	MSCI Singapore Index Future	August 2018		(54,144	)		(54,196	)		(52	)
	14	USD	Mini MSCI Emerging Markets (EM) Index Futures	September 2018		(744,649	)		(767,410	)		(22,761	)
	2	USD	MSCI Taiwan Index Futures**	August 2018		(80,798	)		(81,560	)		(762	)
	148	USD	Russell 2000 Mini Index Futures	September 2018		(12,414,061	)		(12,375,760	)		38,301
	67	USD	S&P 500 E-Mini Index Futures	September 2018		(9,303,285	)		(9,437,285	)		(134,000	)
	22	USD	SGX FTSE China A50 Index Futures	August 2018		(260,323	)		(258,665	)		1,658
	2	USD	SGX FTSE China A50 Index Futures**	August 2018		(23,628	)		(23,515	)		113
Interest rate futures sell contracts:
	8	CAD	Canadian Bankers Acceptance Futures	March 2019		(1,502,151	)		(1,500,941	)		1,210
	81	EUR	German Euro BOBL Futures	September 2018		(12,465,853	)		(12,465,750	)		103
	51	EUR	German Euro Bund Futures	September 2018		(9,602,452	)		(9,636,122	)		(33,670	)
	57	EUR	Mid-Term Euro-OAT Futures	September 2018		(10,183,843	)		(10,246,557	)		(62,714	)
	59	USD	90-Day Eurodollar Futures	December 2018		(14,385,183	)		(14,354,700	)		30,483
	55	USD	90-Day Eurodollar Futures	March 2019		(13,392,474	)		(13,360,875	)		31,599
	54	USD	90-Day Eurodollar Futures	June 2019		(13,140,811	)		(13,102,425	)		38,386
	54	USD	90-Day Eurodollar Futures	September 2019		(13,128,361	)		(13,092,975	)		35,386
	54	USD	90-Day Eurodollar Futures	December 2019		(13,120,927	)		(13,086,900	)		34,027
	55	USD	90-Day Eurodollar Futures	March 2020		(13,340,823	)		(13,327,876	)		12,947
	48	USD	90-Day Eurodollar Futures	June 2020		(11,638,654	)		(11,631,601	)		7,053
					$	(239,184,120	)	$	(239,210,390	)	$	(26,270	)
											$	(30,561	)

**  Exposure to Futures Contracts is achieved through the use of a swap contract with Bank of America N.A.

***  Exposure to Futures Contracts is achieved through the use of a swap contract with Goldman Sachs.

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	AUD	10,521,800	USD	8,028,965	08/24/18	$	210,828
ANZ	AUD	5,144,100	USD	3,817,462	08/24/18		(4,818	)
ANZ	EUR	24,738,711	USD	29,096,261	08/24/18		122,224
ANZ	JPY	859,514,408	USD	7,740,375	08/24/18		42,546

252

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Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	USD	7,765,794	AUD	10,495,536	08/24/18	$	32,827
ANZ	USD	4,024,300	CAD	5,281,894	08/24/18		37,600
ANZ	USD	7,740,375	EUR	6,608,080	08/24/18		(975	)
ANZ	USD	19,986,592	JPY	2,197,328,672	08/24/18		(307,272	)
BB	AUD	9,604,511	USD	7,279,877	09/19/18		142,805
BB	AUD	10,214,842	USD	7,532,509	09/19/18		(58,098	)
BB	AUD	550,000	USD	408,216	11/01/18		(579	)
BB	BRL	3,950,000	USD	1,012,431	10/30/18		(30,952	)
BB	CAD	4,606,668	USD	3,560,054	09/19/18		15,885
BB	CAD	15,520,929	USD	11,761,458	09/19/18		(179,667	)
BB	CHF	770,000	USD	788,731	09/10/18		8,609
BB	CHF	527,500	USD	536,503	10/19/18		237
BB	CNY	1,200,000	USD	187,237	08/10/18		11,455
BB	DKK	1,360,000	USD	224,525	08/02/18		11,109
BB	DKK	1,270,000	USD	200,356	09/14/18		402
BB	EUR	10,637,993	USD	12,577,371	09/19/18		93,971
BB	EUR	7,233,506	USD	8,451,684	09/19/18		(36,641	)
BB	GBP	12,744,324	USD	17,005,886	09/19/18		245,040
BB	GBP	579,141	USD	757,216	09/19/18		(4,447	)
BB	JPY	217,000,000	USD	1,992,714	09/10/18		47,043
BB	JPY	1,941,725,359	USD	17,706,778	09/19/18		285,622
BB	JPY	115,957,168	USD	1,033,268	09/19/18		(7,099	)
BB	MXN	2,700,000	USD	140,959	08/02/18		(3,908	)
BB	MYR	420,000	USD	107,610	08/02/18		4,289
BB	MYR	420,000	USD	103,372	11/02/18		279
BB	NOK	163,117,257	USD	20,189,565	09/19/18		153,575
BB	NZD	12,246,753	USD	8,569,299	09/19/18		222,402
BB	NZD	13,615,640	USD	9,237,942	09/19/18		(41,935	)
BB	SEK	37,626,502	USD	4,325,153	09/19/18		30,542
BB	SEK	16,283,888	USD	1,849,398	09/19/18		(9,211	)
BB	SGD	20,429,876	USD	15,349,202	09/19/18		329,222
BB	SGD	4,812,003	USD	3,525,367	09/19/18		(12,402	)
BB	USD	408,064	AUD	550,000	08/01/18		559
BB	USD	12,575,363	AUD	16,432,095	09/19/18		(364,742	)
BB	USD	5,286,308	AUD	7,144,643	09/19/18		22,845
BB	USD	21,131,461	CAD	27,370,385	09/19/18		(73,882	)
BB	USD	1,429,124	CAD	1,875,024	09/19/18		13,437
BB	USD	231,655	COP	684,000,000	09/25/18		4,433
BB	USD	199,674	DKK	1,270,000	08/02/18		(381	)
BB	USD	36,070,823	EUR	30,537,919	09/19/18		(235,392	)
BB	USD	3,407,700	EUR	2,917,952	09/19/18		16,438
BB	USD	29,967,254	GBP	22,346,723	09/19/18		(577,703	)
BB	USD	1,083,616	GBP	825,282	09/19/18		1,763
BB	USD	816,794	IDR	11,770,000,000	09/25/18		(5,741	)
BB	USD	299,832	INR	20,680,000	09/25/18		(220	)

253

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Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	2,100,654	JPY	228,100,000	08/17/18	$	(58,708	)
BB	USD	1,350,107	JPY	147,735,000	09/13/18		(25,197	)
BB	USD	13,879,315	JPY	1,509,333,843	09/19/18		(337,572	)
BB	USD	2,076,423	JPY	232,556,642	09/19/18		10,075
BB	USD	103,614	MYR	420,000	08/02/18		(293	)
BB	USD	202,691	MYR	809,000	09/07/18		(3,889	)
BB	USD	267,289	MYR	1,076,000	09/25/18		(3,005	)
BB	USD	886	NOK	7,178	09/14/18		(5	)
BB	USD	10,386,372	NOK	83,839,664	09/19/18		(88,192	)
BB	USD	779,458	NOK	6,373,766	09/19/18		3,444
BB	USD	2,651,102	NZD	3,789,075	09/19/18		(68,619	)
BB	USD	1,288,523	NZD	1,901,773	09/19/18		7,650
BB	USD	315,169	RUB	20,250,000	09/25/18		7,102
BB	USD	16,969,202	SEK	146,409,790	09/19/18		(258,290	)
BB	USD	5,107,508	SEK	45,194,213	09/19/18		50,865
BB	USD	5,817,379	SGD	7,834,604	09/19/18		(57,403	)
BB	USD	880,309	SGD	1,204,044	09/19/18		4,900
BB	USD	513,765	ZAR	7,010,000	09/25/18		14,926
BNP	AUD	1,654,000	USD	1,238,335	08/01/18		9,496
BNP	AUD	1,654,000	USD	1,238,407	08/08/18		9,511
BNP	AUD	1,654,000	USD	1,238,477	08/15/18		9,537
BNP	AUD	1,654,000	USD	1,238,546	08/22/18		9,566
BNP	AUD	1,654,000	USD	1,238,616	08/29/18		9,597
BNP	BRL	2,000,000	USD	513,232	09/17/18		(16,953	)
BNP	BRL	3,900,000	USD	998,721	09/24/18		(34,452	)
BNP	BRL	3,550,000	USD	902,971	10/02/18		(36,767	)
BNP	CAD	1,467,300	USD	1,105,915	09/14/18		(22,869	)
BNP	CHF	877,000	USD	893,654	09/14/18		4,816
BNP	CNY	1,200,000	USD	186,957	08/10/18		11,175
BNP	EUR	1,336,036	USD	1,575,000	08/16/18		11,131
BNP	EUR	3,258,000	USD	3,862,621	10/17/18		31,141
BNP	EUR	4,009,000	USD	4,735,211	11/02/18		14,614
BNP	GBP	104,147	USD	141,695	08/16/18		4,920
BNP	GBP	3,986,000	USD	5,342,755	09/07/18		103,270
BNP	INR	13,500,000	USD	200,887	08/02/18		4,054
BNP	INR	13,500,000	USD	194,203	11/02/18		(487	)
BNP	JPY	680,335,470	USD	6,464,674	08/16/18		374,720
BNP	JPY	307,701,960	USD	2,821,698	09/14/18		61,983
BNP	NOK	690,000	USD	85,360	09/14/18		621
BNP	TWD	15,000,000	USD	501,533	09/11/18		10,474
BNP	TWD	183,790,638	USD	6,058,100	11/28/18		7,245
BNP	USD	125,368	ARS	3,405,000	09/07/18		(5,364	)
BNP	USD	361,493	CAD	480,000	08/02/18		7,502
BNP	USD	744,100	CAD	987,300	09/10/18		15,372
BNP	USD	62,691	CAD	82,265	09/14/18		595

254

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Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	USD	223,357	CHF	220,000	08/02/18	$	(1,169	)
BNP	USD	669,249	CHF	657,000	09/10/18		(3,612	)
BNP	USD	4,702,662	EUR	4,009,000	08/02/18		(14,738	)
BNP	USD	3,135,000	EUR	2,643,636	08/16/18		(40,548	)
BNP	USD	523,280	EUR	450,000	08/16/18		3,458
BNP	USD	196,478	INR	13,500,000	08/02/18		355
BNP	USD	215,614	INR	14,720,000	09/07/18		(1,890	)
BNP	USD	1,665,975	INR	113,200,000	09/12/18		(23,371	)
BNP	USD	3,848,100	INR	268,776,317	11/28/18		16,170
BNP	USD	1,454,031	JPY	159,000,000	08/02/18		(32,040	)
BNP	USD	1,356,174	JPY	147,735,000	09/05/18		(32,023	)
BNP	USD	1,317,614	JPY	143,700,000	09/10/18		(29,168	)
BNP	USD	116,358	JPY	13,000,000	10/24/18		571
BNP	USD	646,508	MXN	13,030,000	09/25/18		46,484
BNP	USD	85,216	NOK	690,000	08/02/18		(622	)
BNP	USD	160,006	PEN	526,500	09/07/18		675
BNP	USD	339,075	RUB	21,200,000	09/07/18		(1,101	)
BNP	USD	374,633	THB	11,940,000	09/07/18		(15,470	)
BNP	USD	529,777	THB	17,370,000	09/25/18		(7,016	)
BOA	BRL	1,820,000	USD	467,626	09/28/18		(14,338	)
BOA	BRL	730,000	USD	185,864	10/02/18		(7,378	)
BOA	EUR	2,690,181	USD	3,135,000	08/16/18		(13,934	)
BOA	EUR	8,935,000	USD	10,721,685	08/16/18		263,010
BOA	IDR	1,300,000,000	USD	91,938	08/02/18		1,785
BOA	JPY	125,714,397	USD	1,158,071	08/16/18		32,751
BOA	RUB	7,900,000	USD	124,209	11/02/18		(1,073	)
BOA	USD	3,892,935	EUR	3,350,000	08/16/18		28,337
BOA	USD	90,196	IDR	1,300,000,000	08/02/18		(44	)
BOA	USD	125,337	RUB	7,900,000	08/02/18		1,116
CITI	AUD	4,167,768	USD	3,200,000	08/16/18		103,290
CITI	AUD	3,489,457	USD	2,656,384	08/24/18		63,572
CITI	AUD	18,055,830	USD	13,278,526	08/24/18		(137,709	)
CITI	AUD	5,201,000	USD	3,933,962	09/19/18		69,121
CITI	AUD	4,977,000	USD	3,673,835	09/19/18		(24,553	)
CITI	BRL	1,409,250	USD	378,698	09/19/18		5,186
CITI	BRL	1,743,750	USD	452,814	09/19/18		(9,357	)
CITI	CAD	36,113,416	USD	27,555,047	08/24/18		(217,019	)
CITI	CAD	62,998	USD	47,793	09/14/18		(671	)
CITI	CAD	14,184,000	USD	10,729,347	09/19/18		(183,204	)
CITI	CHF	5,163,182	SEK	45,749,600	09/20/18		(13,440	)
CITI	CHF	220,000	USD	226,813	08/02/18		4,625
CITI	CHF	16,175,528	USD	16,479,241	08/24/18		114,497
CITI	CHF	24,267	USD	24,799	09/19/18		193
CITI	CHF	1,733	USD	1,756	09/19/18		(1	)
CITI	CHF	2,512,500	USD	2,550,484	10/25/18		(5,129	)

255

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Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	CLP	423,176,000	USD	652,777	09/20/18	$	(11,208	)
CITI	COP	372,943,000	USD	126,771	09/19/18		(1,991	)
CITI	COP	18,383,000	USD	6,373	09/19/18		26
CITI	EUR	3,437,204	USD	4,007,587	08/24/18		(18,074	)
CITI	EUR	241,000	USD	283,395	09/10/18		782
CITI	EUR	1,741,511	USD	2,039,808	09/14/18		(3,028	)
CITI	EUR	11,651,000	USD	13,754,724	09/19/18		82,586
CITI	EUR	3,787,000	USD	4,430,458	09/19/18		(13,484	)
CITI	GBP	2,977,147	USD	3,879,202	08/24/18		(31,922	)
CITI	GBP	1,270,000	USD	1,675,715	09/19/18		5,460
CITI	GBP	256,000	USD	336,436	09/19/18		(246	)
CITI	HKD	473,000	USD	60,344	09/19/18		19
CITI	HKD	96,000	USD	12,243	09/19/18		(1	)
CITI	HUF	81,220,000	USD	300,589	09/19/18		3,573
CITI	HUF	47,450,000	USD	171,523	09/19/18		(1,998	)
CITI	IDR	1,300,000,000	USD	90,196	08/02/18		44
CITI	IDR	1,049,204,828	USD	72,290	09/19/18		(67	)
CITI	IDR	3,243,972,484	USD	227,811	09/19/18		4,094
CITI	IDR	1,300,000,000	USD	88,798	11/02/18		(289	)
CITI	ILS	713,000	USD	198,237	09/20/18		3,447
CITI	INR	94,000,000	USD	1,367,273	08/06/18		(2,636	)
CITI	INR	51,886,972	USD	748,439	09/19/18		(3,843	)
CITI	JPY	121,000,000	USD	1,119,295	08/02/18		37,150
CITI	JPY	881,626,920	USD	8,049,177	08/24/18		153,309
CITI	JPY	844,665,992	USD	7,697,440	09/19/18		119,095
CITI	JPY	352,369,000	USD	3,141,664	09/19/18		(19,791	)
CITI	KRW	1,000,000,000	USD	897,706	09/10/18		3,034
CITI	KRW	2,664,681,008	USD	2,409,732	09/19/18		25,171
CITI	KRW	1,024,075,000	USD	910,928	09/19/18		(5,495	)
CITI	MXN	44,608,000	USD	2,190,647	09/19/18		(184,102	)
CITI	MXN	2,700,000	USD	142,409	11/05/18		(239	)
CITI	NOK	715,000	USD	88,527	09/19/18		702
CITI	NOK	349,000	USD	42,768	09/19/18		(100	)
CITI	NZD	14,973,125	USD	10,537,187	08/24/18		331,849
CITI	NZD	7,543,000	USD	5,214,388	09/19/18		73,379
CITI	NZD	4,538,000	USD	3,074,466	09/19/18		(18,455	)
CITI	PHP	4,408,250	USD	83,116	09/19/18		286
CITI	PHP	629,750	USD	11,817	09/19/18		(16	)
CITI	PLN	4,120,375	USD	1,118,765	09/19/18		(9,425	)
CITI	PLN	1,145,625	USD	315,393	09/19/18		1,710
CITI	SEK	2,400,000	USD	284,265	08/02/18		11,319
CITI	SEK	13,943,667	USD	1,607,689	09/19/18		16,189
CITI	SEK	10,643,333	USD	1,205,167	09/19/18		(9,641	)
CITI	SGD	450,000	USD	340,983	08/02/18		10,428
CITI	SGD	121,000	USD	89,116	09/19/18		157

256

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	SGD	760,000	USD	557,177	09/19/18	$	(1,572	)
CITI	SGD	6,365,708	USD	4,700,000	09/20/18		19,848
CITI	TRY	146,000	USD	28,771	09/19/18		(256	)
CITI	TRY	9,766,000	USD	1,993,355	09/19/18		51,741
CITI	TWD	183,953,158	USD	6,373,100	08/16/18		359,838
CITI	TWD	31,312,000	USD	1,049,745	09/19/18		24,149
CITI	TWD	4,143,000	USD	135,466	09/19/18		(235	)
CITI	USD	12,032,386	AUD	15,851,278	08/24/18		(254,225	)
CITI	USD	6,950,793	AUD	9,169,000	09/19/18		(137,347	)
CITI	USD	744,659	AUD	1,009,000	09/19/18		5,124
CITI	USD	1,794,755	BRL	6,700,000	08/10/18		(11,268	)
CITI	USD	1,880,233	BRL	7,100,000	09/10/18		3,179
CITI	USD	111,447	CAD	146,317	09/14/18		1,114
CITI	USD	4,298,525	CAD	5,543,000	09/19/18		(33,983	)
CITI	USD	1,790,253	CAD	2,334,000	09/19/18		5,425
CITI	USD	426,366	CHF	421,356	08/24/18		(81	)
CITI	USD	26,271	CHF	26,000	09/19/18		91
CITI	USD	273,724	CLP	171,697,008	09/20/18		(4,326	)
CITI	USD	8,452	CLP	5,397,000	09/20/18		17
CITI	USD	130,214	COP	375,004,000	09/19/18		(740	)
CITI	USD	7,540	COP	22,156,000	09/19/18		110
CITI	USD	136,882	CZK	3,025,000	09/25/18		1,722
CITI	USD	14,142	DKK	90,000	08/02/18		(19	)
CITI	USD	15,221,487	EUR	13,075,000	08/16/18		83,177
CITI	USD	15,654,276	EUR	13,430,536	08/24/18		75,600
CITI	USD	7,658,721	EUR	6,488,500	09/19/18		(44,639	)
CITI	USD	7,043,093	EUR	6,033,500	09/19/18		37,059
CITI	USD	13,691,896	GBP	10,297,811	08/24/18		(163,504	)
CITI	USD	746,192	GBP	562,000	09/19/18		(7,070	)
CITI	USD	80,127	GBP	61,000	09/19/18		98
CITI	USD	6,003	HKD	47,000	09/19/18		(8	)
CITI	USD	224,903	HUF	60,800,000	09/07/18		(2,741	)
CITI	USD	371,826	HUF	102,900,000	09/25/18		4,624
CITI	USD	90,059	IDR	1,300,000,000	08/02/18		94
CITI	USD	627,437	IDR	8,850,000,000	09/07/18		(16,135	)
CITI	USD	232,860	IDR	3,316,608,032	09/19/18		(4,133	)
CITI	USD	66,968	IDR	976,351,992	09/19/18		364
CITI	USD	196,197	ILS	713,000	09/20/18		(1,404	)
CITI	USD	1,392,180	INR	94,000,000	08/06/18		(22,271	)
CITI	USD	3,563,100	INR	235,431,833	08/16/18		(136,001	)
CITI	USD	690,274	INR	47,207,000	09/19/18		(5,845	)
CITI	USD	67,514	INR	4,680,000	09/19/18		339
CITI	USD	1,351,891	INR	94,000,000	11/05/18		3,244
CITI	USD	3,979,952	JPY	436,178,362	08/24/18		(73,529	)
CITI	USD	222,869	JPY	24,985,529	08/24/18		902

257

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	USD	302,740	JPY	33,344,897	09/14/18	$	(3,676	)
CITI	USD	9,882,439	JPY	1,081,437,000	09/19/18		(179,787	)
CITI	USD	244,743	KRW	270,000,000	09/10/18		(3,181	)
CITI	USD	1,131,729	KRW	1,211,553,136	09/19/18		(47,536	)
CITI	USD	1,223,196	KRW	1,385,414,976	09/19/18		16,581
CITI	USD	144,632	MXN	2,700,000	08/02/18		235
CITI	USD	431,035	MXN	8,655,000	09/07/18		30,617
CITI	USD	3,154,694	MXN	60,996,000	09/19/18		92,483
CITI	USD	264,302	MXN	4,941,000	09/19/18		(1,264	)
CITI	USD	7,750,631	NOK	62,965,165	08/24/18		(24,228	)
CITI	USD	84,236	NOK	682,822	09/14/18		(379	)
CITI	USD	115,318	NOK	931,000	09/19/18		(960	)
CITI	USD	16,179	NOK	133,000	09/19/18		158
CITI	USD	4,022,914	NZD	5,716,477	08/24/18		(126,694	)
CITI	USD	2,610,135	NZD	3,775,000	09/19/18		(37,246	)
CITI	USD	110,858	PEN	365,000	09/25/18		437
CITI	USD	85,162	PHP	4,513,000	09/19/18		(364	)
CITI	USD	9,709	PHP	517,000	09/19/18		5
CITI	USD	235,724	PLN	863,000	09/19/18		573
CITI	USD	279,173	PLN	1,016,000	09/19/18		(985	)
CITI	USD	194,040	RON	771,500	09/07/18		775
CITI	USD	312,092	RON	1,260,000	09/25/18		5,833
CITI	USD	2,545	SEK	22,000	09/19/18		(34	)
CITI	USD	655,487	SGD	878,000	09/19/18		(9,983	)
CITI	USD	2,200	SGD	3,000	09/19/18		6
CITI	USD	179,932	TRY	837,000	09/07/18		(12,664	)
CITI	USD	7,557	TRY	36,000	09/19/18		(399	)
CITI	USD	216,655	TRY	1,067,000	09/25/18		(5,066	)
CITI	USD	2,995	TWD	89,000	09/19/18		(80	)
CITI	USD	1,305,851	ZAR	16,700,000	09/19/18		(45,368	)
CITI	USD	996,875	ZAR	13,396,000	09/19/18		14,226
CITI	ZAR	2,100,000	USD	168,896	08/02/18		9,413
CITI	ZAR	3,972,000	USD	308,447	09/19/18		8,648
CITI	ZAR	25,918,000	USD	1,906,552	09/19/18		(49,686	)
DB	AUD	1,104,000	USD	819,839	11/01/18		(725	)
DB	BRL	6,400,000	USD	1,607,798	10/02/18		(86,377	)
DB	BRL	2,750,000	USD	711,422	10/11/18		(16,042	)
DB	BRL	4,000,000	USD	1,025,641	10/30/18		(30,949	)
DB	EUR	7,185,000	USD	8,836,551	08/02/18		434,772
DB	EUR	570,000	USD	663,812	09/10/18		(4,608	)
DB	EUR	3,600,000	USD	4,208,157	09/19/18		(16,346	)
DB	EUR	520,000	USD	611,250	09/19/18		1,044
DB	EUR	1,300,000	USD	1,517,814	09/25/18		(8,401	)
DB	JPY	38,000,000	USD	349,888	08/02/18		10,041
DB	JPY	32,619,651	USD	296,623	09/14/18		4,064

258

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
DB	RUB	7,900,000	USD	126,621	08/02/18	$	168
DB	SEK	1,843,000	USD	208,799	09/19/18		(1,558	)
DB	USD	819,528	AUD	1,104,000	08/01/18		689
DB	USD	447,402	AUD	604,873	09/14/18		2,073
DB	USD	831,803	BRL	3,170,000	09/25/18		7,902
DB	USD	312,344	EUR	267,000	09/19/18		974
DB	USD	127,995	EUR	109,000	09/19/18		(86	)
DB	USD	394,647	SEK	3,463,000	09/19/18		613
GSI	AUD	6,168,526	USD	4,590,000	08/16/18		6,699
GSI	AUD	216,110	USD	158,401	08/24/18		(2,178	)
GSI	CAD	596,064	USD	452,067	08/24/18		(6,321	)
GSI	CHF	2,614,939	SEK	23,150,400	09/20/18		(9,077	)
GSI	CHF	12,433,217	USD	12,507,363	08/24/18		(71,293	)
GSI	EUR	15,480,000	USD	19,233,619	08/16/18		1,113,833
GSI	EUR	13,774,241	USD	16,246,950	08/24/18		114,526
GSI	EUR	13,552,081	USD	15,779,423	08/24/18		(92,806	)
GSI	GBP	5,580,000	USD	7,701,061	08/16/18		372,897
GSI	GBP	11,375,618	USD	15,142,764	08/24/18		198,440
GSI	JPY	383,196,100	USD	3,500,000	08/16/18		69,859
GSI	JPY	4,260,951,149	USD	38,647,758	08/24/18		486,594
GSI	JPY	15,511,004	USD	138,752	08/24/18		(165	)
GSI	NOK	196,661,455	USD	24,341,096	08/24/18		208,933
GSI	SEK	105,744,270	USD	12,148,604	08/24/18		103,011
GSI	SEK	125,364,477	USD	14,184,147	08/24/18		(96,432	)
GSI	TRY	7,174,268	USD	1,560,000	08/16/18		112,747
GSI	TWD	183,438,493	USD	6,383,800	09/20/18		375,052
GSI	USD	3,058,000	AUD	4,109,663	08/16/18		(4,463	)
GSI	USD	12,160,469	AUD	16,387,415	08/24/18		16,063
GSI	USD	12,768,912	AUD	17,092,707	08/24/18		(68,318	)
GSI	USD	12,749,430	CAD	16,650,342	08/24/18		55,075
GSI	USD	15,693,396	CHF	15,574,729	08/24/18		63,521
GSI	USD	2,481,447	EUR	2,130,210	08/24/18		13,459
GSI	USD	16,409,150	EUR	13,994,562	08/24/18		(18,687	)
GSI	USD	5,570,508	GBP	4,230,000	08/16/18		(15,288	)
GSI	USD	37,568,197	GBP	28,256,072	08/24/18		(447,761	)
GSI	USD	11,766,030	GBP	8,971,293	08/24/18		19,695
GSI	USD	3,573,800	INR	236,789,267	09/19/18		(140,723	)
GSI	USD	29,739,268	JPY	3,249,197,054	08/24/18		(639,395	)
GSI	USD	7,750,631	JPY	869,379,754	08/24/18		35,551
GSI	USD	8,024,059	NOK	64,318,847	08/24/18		(131,546	)
GSI	USD	501,968	NOK	4,103,460	08/24/18		1,564
GSI	USD	8,222,891	NZD	11,684,725	08/24/18		(258,852	)
GSI	USD	6,865,371	NZD	10,171,448	08/24/18		67,255
GSI	USD	27,824,519	SEK	241,912,949	08/24/18		(267,614	)
JPMCB	AUD	1,480,000	USD	1,126,372	08/02/18		26,807

259

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	AUD	2,930,877	USD	2,241,643	08/24/18	$	63,879
JPMCB	AUD	5,165,308	USD	3,800,649	08/24/18		(37,390	)
JPMCB	AUD	1,113,000	USD	826,057	09/14/18		(1,003	)
JPMCB	AUD	367,000	USD	272,770	11/02/18		(10	)
JPMCB	BRL	975,000	USD	249,475	09/17/18		(8,990	)
JPMCB	BRL	1,400,000	USD	356,243	10/02/18		(14,358	)
JPMCB	BRL	4,500,000	USD	1,155,001	10/22/18		(34,391	)
JPMCB	CAD	480,000	USD	374,746	08/02/18		5,751
JPMCB	CAD	1,230,000	USD	954,611	09/10/18		8,443
JPMCB	CHF	28,089,354	USD	28,588,117	08/24/18		170,184
JPMCB	CHF	3,992,855	USD	4,024,342	08/24/18		(15,221	)
JPMCB	EUR	2,500,000	USD	3,047,073	08/16/18		120,751
JPMCB	EUR	188,000	USD	218,827	08/16/18		(1,232	)
JPMCB	EUR	6,769,070	USD	7,959,276	08/24/18		31,325
JPMCB	EUR	3,300,000	USD	3,898,821	09/10/18		29,020
JPMCB	EUR	3,176,000	USD	3,731,973	09/14/18		6,445
JPMCB	GBP	16,031,447	USD	21,441,219	08/24/18		380,461
JPMCB	GBP	2,671,429	USD	3,594,050	09/10/18		82,071
JPMCB	GBP	1,559,000	USD	2,078,331	09/14/18		28,442
JPMCB	HKD	11,800,000	USD	1,506,947	09/10/18		2,245
JPMCB	HKD	6,669,641	USD	851,038	09/14/18		471
JPMCB	JPY	2,341,116,474	USD	21,182,226	08/24/18		215,141
JPMCB	JPY	31,533,930	USD	286,734	09/14/18		3,913
JPMCB	KRW	5,191,150,000	USD	4,700,000	09/20/18		54,438
JPMCB	NOK	1,000,000	USD	127,200	08/02/18		4,600
JPMCB	NOK	28,167,651	USD	3,455,569	08/24/18		(860	)
JPMCB	NOK	310,000	USD	38,238	11/02/18		97
JPMCB	NZD	6,154,879	USD	4,205,709	08/24/18		10,685
JPMCB	NZD	11,737,582	USD	7,998,799	08/24/18		(1,268	)
JPMCB	SEK	141,046,782	USD	15,800,474	08/24/18		(266,515	)
JPMCB	SEK	1,800,000	USD	207,052	09/10/18		1,748
JPMCB	SEK	2,591,000	USD	293,612	09/14/18		(2,005	)
JPMCB	SGD	196,000	USD	144,091	09/14/18		8
JPMCB	SGD	2,043,040	USD	1,500,000	09/20/18		(2,069	)
JPMCB	SGD	254,000	USD	187,007	11/02/18		61
JPMCB	USD	106,531	ARS	3,255,000	09/25/18		6,070
JPMCB	USD	1,098,649	AUD	1,480,000	08/02/18		917
JPMCB	USD	11,930,853	AUD	15,599,210	08/24/18		(339,989	)
JPMCB	USD	190,639	AUD	258,309	09/14/18		1,308
JPMCB	USD	386,132	BRL	1,459,000	09/06/18		1,043
JPMCB	USD	19,905,038	CAD	26,454,861	08/24/18		439,372
JPMCB	USD	990,452	CAD	1,301,716	09/14/18		10,950
JPMCB	USD	9,086,372	CHF	8,916,229	08/24/18		(65,843	)
JPMCB	USD	1,085,886	CHF	1,080,969	08/24/18		7,728
JPMCB	USD	374,569	COP	1,087,000,000	09/07/18		948

260

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	USD	226,983	COP	658,000,000	09/25/18	$	131
JPMCB	USD	83,024	CZK	1,818,000	09/07/18		215
JPMCB	USD	3,719,955	EUR	3,176,000	08/02/18		(6,100	)
JPMCB	USD	900,000	EUR	745,179	08/16/18		(27,747	)
JPMCB	USD	2,770,073	EUR	2,363,830	08/24/18		(1,550	)
JPMCB	USD	15,496,093	EUR	13,277,718	08/24/18		54,802
JPMCB	USD	5,687,277	GBP	4,222,588	08/24/18		(139,998	)
JPMCB	USD	2,077,971	GBP	1,559,000	09/10/18		(28,441	)
JPMCB	USD	385,380	HKD	3,020,000	09/10/18		(278	)
JPMCB	USD	11,814,779	JPY	1,289,663,047	08/24/18		(264,532	)
JPMCB	USD	1,347,986	JPY	145,530,000	09/06/18		(43,504	)
JPMCB	USD	833,298	JPY	91,959,779	09/14/18		(8,530	)
JPMCB	USD	38,107	NOK	310,000	08/02/18		(101	)
JPMCB	USD	7,959,276	NOK	63,941,679	08/24/18		(113,046	)
JPMCB	USD	7,704,325	NZD	11,401,468	08/24/18		66,653
JPMCB	USD	109,290	PEN	360,000	09/25/18		481
JPMCB	USD	271,076	SEK	2,400,000	08/02/18		1,869
JPMCB	USD	10,612,631	SEK	92,135,416	08/24/18		(117,257	)
JPMCB	USD	21,637	SEK	191,000	09/10/18		148
JPMCB	USD	143,964	SGD	196,000	08/02/18		11
JPMCB	USD	186,613	SGD	254,000	08/02/18		(33	)
JPMCB	USD	143,702	SGD	195,998	09/14/18		379
JPMCB	USD	159,441	ZAR	2,100,000	08/02/18		43
JPMCB	USD	464,126	ZAR	5,865,000	09/07/18		(20,763	)
JPMCB	ZAR	2,100,000	USD	157,557	11/02/18		(60	)
MSCI	AUD	3,894,438	USD	2,921,748	09/19/18		27,807
MSCI	AUD	5,691,870	USD	4,207,808	09/19/18		(21,796	)
MSCI	CAD	2,920,516	USD	2,260,723	09/19/18		13,806
MSCI	CAD	5,725,175	USD	4,373,314	09/19/18		(31,386	)
MSCI	EUR	7,332,976	USD	8,639,947	09/19/18		34,895
MSCI	EUR	1,355,389	USD	1,575,703	09/19/18		(14,809	)
MSCI	GBP	3,336,518	USD	4,486,542	09/19/18		98,481
MSCI	GBP	7,783	USD	10,205	09/19/18		(31	)
MSCI	JPY	1,876,627,760	USD	17,092,169	09/19/18		255,068
MSCI	JPY	62,540,130	USD	556,361	09/19/18		(4,749	)
MSCI	NOK	136,230,095	USD	16,816,945	09/19/18		83,554
MSCI	NOK	33,045,394	USD	4,042,171	09/19/18		(16,855	)
MSCI	NZD	3,855,859	USD	2,655,971	09/19/18		27,972
MSCI	NZD	8,200,221	USD	5,565,341	09/19/18		(23,602	)
MSCI	SEK	408,990,726	USD	47,497,970	09/19/18		816,614
MSCI	SEK	13,590,673	USD	1,533,538	09/19/18		(17,674	)
MSCI	SGD	22,154,850	USD	16,610,118	09/19/18		321,943
MSCI	SGD	3,275,027	USD	2,405,256	09/19/18		(2,533	)
MSCI	USD	15,601,538	AUD	20,444,383	09/19/18		(409,402	)
MSCI	USD	3,851,838	AUD	5,202,135	09/19/18		13,846

261

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	USD	515,357	CAD	669,011	09/19/18	$	(650	)
MSCI	USD	232,095	CAD	305,619	09/19/18		3,035
MSCI	USD	4,881,923	EUR	4,135,663	09/19/18		(28,832	)
MSCI	USD	6,227,789	EUR	5,336,249	09/19/18		34,156
MSCI	USD	4,490,097	GBP	3,354,761	09/19/18		(78,044	)
MSCI	USD	6,483,359	JPY	706,334,909	09/19/18		(146,123	)
MSCI	USD	72,239	JPY	8,106,629	09/19/18		493
MSCI	USD	8,850,847	NOK	71,439,239	09/19/18		(75,834	)
MSCI	USD	956,528	NOK	7,806,534	09/19/18		2,362
MSCI	USD	22,980,574	NZD	32,981,598	09/19/18		(501,634	)
MSCI	USD	8,370,078	NZD	12,375,782	09/19/18		64,762
MSCI	USD	4,671,991	SEK	40,508,262	09/19/18		(48,462	)
MSCI	USD	3,200,395	SEK	28,345,324	09/19/18		34,882
MSCI	USD	11,696,603	SGD	15,653,504	09/19/18		(188,198	)
MSCI	USD	1,461,549	SGD	1,991,703	09/19/18		2,745
SG	AUD	9,946,403	USD	7,650,000	08/16/18		259,684
SG	CAD	5,214,742	USD	4,024,342	08/24/18		14,083
SG	EUR	8,284,537	USD	10,300,000	08/16/18		602,711
SG	GBP	305,853	USD	416,211	08/16/18		14,537
SG	KRW	3,493,393,000	USD	3,130,000	10/24/18		416
SG	USD	4,896,420	AUD	6,475,547	08/24/18		(84,819	)
SG	USD	2,658,059	CAD	3,490,829	08/24/18		26,470
SG	USD	8,107,609	JPY	888,593,985	08/24/18		(149,344	)
SG	USD	1,560,000	TRY	6,934,986	08/16/18		(161,016	)
						$	2,290,034

Variance swap agreements

Counterparty	Notional amount (000)		Maturity date	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BNP	EUR	5	12/20/19	Receive	DJ Euro Stoxx 50		21.40	%	$	—	$	(17,967	)	$	(17,967	)
BNP	EUR	5	12/20/19	Receive	DJ Euro Stoxx 50		21.55			—		(20,046	)		(20,046	)
BNP	EUR	6	12/20/19	Receive	DJ Euro Stoxx 50		21.60			—		(50,007	)		(50,007	)
BNP	EUR	3	12/20/19	Receive	DJ Euro Stoxx 50		21.65			—		(10,736	)		(10,736	)
BNP	EUR	4	12/20/19	Receive	DJ Euro Stoxx 50		21.70			—		(15,844	)		(15,844	)
BNP	EUR	3	12/20/19	Receive	DJ Euro Stoxx 50		22.05			—		(11,849	)		(11,849	)
BNP	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		22.50			—		(7,815	)		(7,815	)
BNP	EUR	3	12/20/19	Receive	DJ Euro Stoxx 50		22.70			—		(13,493	)		(13,493	)
BNP	GBP	10	12/21/18	Pay	FTSE 100 Index		20.15			—		91,597			91,597
BNP	HKD	95	12/28/18	Receive	Hang Seng China Enterprises Index		25.15			—		(56,258	)		(56,258	)
BNP	HKD	39	12/28/18	Receive	Hang Seng China Enterprises Index		25.45			—		(24,068	)		(24,068	)
BNP	HKD	23	12/28/18	Receive	Hang Seng China Enterprises Index		27.70			—		(17,434	)		(17,434	)
BNP	HKD	97	12/28/18	Receive	Hang Seng China Enterprises Index		29.30			—		(102,322	)		(102,322	)

262

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Variance swap agreements—(continued)

Counterparty	Notional amount (000)		Maturity date	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BNP	HKD	23	12/30/19	Receive	Hang Seng China Enterprises Index		26.35	%	$	—	$	(4,376	)	$	(4,376	)
BNP	JPY	999	12/14/18	Receive	Nikkei 225 Index		19.85			—		(30,165	)		(30,165	)
BNP	KRW	1,860	12/13/18	Receive	Kospi 200 Index		21.90			—		(11,173	)		(11,173	)
BNP	USD	9	12/21/18	Pay	S&P 500 Index		17.15			—		27,455			27,455
BNP	USD	12	12/21/18	Pay	S&P 500 Index		17.75			—		49,559			49,559
BNP	USD	5	12/21/18	Pay	S&P 500 Index		18.05			—		21,242			21,242
BNP	USD	3	12/21/18	Pay	S&P 500 Index		20.20			—		17,191			17,191
BNP	USD	2	12/21/18	Pay	S&P 500 Index		21.60			—		9,864			9,864
BNP	USD	3	12/20/19	Pay	S&P 500 Index		19.05			—		5,588			5,588
BNP	USD	6	12/20/19	Pay	S&P 500 Index		19.30			—		10,214			10,214
BNP	USD	6	12/20/19	Pay	S&P 500 Index		19.40			—		11,540			11,540
BNP	USD	8	12/20/19	Pay	S&P 500 Index		19.50			—		15,460			15,460
BNP	USD	3	12/20/19	Pay	S&P 500 Index		19.70			—		6,793			6,793
BNP	USD	3	12/20/19	Pay	S&P 500 Index		19.80			—		6,952			6,952
BNP	USD	5	12/20/19	Pay	S&P 500 Index		20.20			—		11,867			11,867
BNP	USD	7	12/20/19	Pay	S&P 500 Index		20.30			—		18,924			18,924
BNP	USD	2	12/20/19	Pay	S&P 500 Index		20.75			—		5,885			5,885
BNP	USD	3	12/20/19	Pay	S&P 500 Index		21.00			—		10,346			10,346
DB	EUR	1	12/20/19	Receive	DJ Euro Stoxx 50		21.50			—		(5,115	)		(5,115	)
DB	HKD	19	12/28/18	Receive	Hang Seng China Enterprises Index		25.80			—		(10,321	)		(10,321	)
DB	HKD	18	12/30/19	Receive	Hang Seng China Enterprises Index		26.50			—		(4,392	)		(4,392	)
DB	HKD	140	12/30/19	Receive	Hang Seng China Enterprises Index		27.75			—		(49,968	)		(49,968	)
DB	HKD	45	12/30/19	Receive	Hang Seng China Enterprises Index		28.60			—		(20,645	)		(20,645	)
DB	HKD	31	12/30/20	Receive	Hang Seng China Enterprises Index		26.85			—		(2,884	)		(2,884	)
DB	USD	3	12/21/18	Pay	S&P 500 Index		19.05			—		9,719			9,719
DB	USD	2	12/20/19	Pay	S&P 500 Index		19.45			—		3,443			3,443
DB	USD	2	12/20/19	Pay	S&P 500 Index		19.70			—		3,371			3,371
DB	USD	18	12/20/19	Pay	S&P 500 Index		20.50			—		54,172			54,172
DB	USD	6	12/20/19	Pay	S&P 500 Index		21.35			—		23,579			23,579
DB	USD	4	12/18/20	Pay	S&P 500 Index		19.60			—		3,639			3,639
GS	EUR	9	12/20/19	Receive	DJ Euro Stoxx 50		23.50			—		(54,402	)		(54,402	)
GS	USD	10	12/20/19	Pay	S&P 500 Index		20.60			—		49,133			49,133
JPMCB	EUR	9	12/20/19	Receive	DJ Euro Stoxx 50		21.60			—		(38,143	)		(38,143	)
JPMCB	EUR	7	12/20/19	Receive	DJ Euro Stoxx 50		22.90			—		(40,258	)		(40,258	)
JPMCB	EUR	1	12/20/19	Receive	DJ Euro Stoxx 50		23.05			—		(6,605	)		(6,605	)
JPMCB	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		23.15			—		(13,427	)		(13,427	)
JPMCB	EUR	2	12/20/19	Receive	DJ Euro Stoxx 50		23.20			—		(13,523	)		(13,523	)
JPMCB	GBP	4	12/21/18	Pay	FTSE 100 Index		19.68			—		35,888			35,888
JPMCB	GBP	1	12/21/18	Pay	FTSE 100 Index		19.87			—		10,687			10,687
JPMCB	GBP	20	12/21/18	Pay	FTSE 100 Index		22.55			—		226,016			226,016
JPMCB	HKD	190	12/21/18	Receive	Hang Seng China Enterprises Index		31.55			—		(244,530	)		(244,530	)
JPMCB	HKD	38	12/28/18	Receive	Hang Seng China Enterprises Index		25.07			—		(22,683	)		(22,683	)
JPMCB	HKD	37	12/28/18	Receive	Hang Seng China Enterprises Index		25.32			—		(17,061	)		(17,061	)
JPMCB	HKD	40	12/28/18	Receive	Hang Seng China Enterprises Index		25.40			—		(24,824	)		(24,824	)
JPMCB	HKD	73	12/28/18	Receive	Hang Seng China Enterprises Index		25.48			—		(35,327	)		(35,327	)

263

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Variance swap agreements—(continued)

Counterparty	Notional amount (000)		Maturity date	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	HKD	60	12/28/18	Receive	Hang Seng China Enterprises Index		25.49	%	$	—	$	(37,777	)	$	(37,777	)
JPMCB	HKD	40	12/28/18	Receive	Hang Seng China Enterprises Index		25.87			—		(27,583	)		(27,583	)
JPMCB	HKD	44	12/28/18	Receive	Hang Seng China Enterprises Index		26.41			—		(33,435	)		(33,435	)
JPMCB	HKD	19	12/28/18	Receive	Hang Seng China Enterprises Index		26.53			—		(11,570	)		(11,570	)
JPMCB	HKD	83	12/28/18	Receive	Hang Seng China Enterprises Index		27.09			—		(68,844	)		(68,844	)
JPMCB	HKD	100	12/28/18	Receive	Hang Seng China Enterprises Index		27.10			—		(82,625	)		(82,625	)
JPMCB	HKD	20	12/28/18	Receive	Hang Seng China Enterprises Index		27.87			—		(14,956	)		(14,956	)
JPMCB	HKD	63	12/28/18	Receive	Hang Seng China Enterprises Index		27.89			—		(57,357	)		(57,357	)
JPMCB	HKD	12	12/28/18	Receive	Hang Seng China Enterprises Index		29.26			—		(12,584	)		(12,584	)
JPMCB	HKD	40	12/28/18	Receive	Hang Seng China Enterprises Index		29.29			—		(42,044	)		(42,044	)
JPMCB	HKD	45	12/30/19	Reveive	Hang Seng China Enterprises Index		26.20			—		(9,361	)		(9,361	)
JPMCB	HKD	26	12/30/19	Receive	Hang Seng China Enterprises Index		26.50			—		(5,473	)		(5,473	)
JPMCB	HKD	52	12/30/19	Receive	Hang Seng China Enterprises Index		26.72			—		(12,278	)		(12,278	)
JPMCB	HKD	69	12/30/19	Receive	Hang Seng China Enterprises Index		26.76			—		(18,275	)		(18,275	)
JPMCB	HKD	22	12/30/19	Receive	Hang Seng China Enterprises Index		27.10			—		(6,652	)		(6,652	)
JPMCB	JPY	520	12/14/18	Receive	Nikkei 225 Index		19.80			—		(15,630	)		(15,630	)
JPMCB	JPY	1,030	12/14/18	Receive	Nikkei 225 Index		20.28			—		(34,551	)		(34,551	)
JPMCB	JPY	1,545	12/14/18	Receive	Nikkei 225 Index		20.51			—		(54,599	)		(54,599	)
JPMCB	JPY	517	12/14/18	Receive	Nikkei 225 Index		20.58			—		(17,764	)		(17,764	)
JPMCB	USD	5	12/21/18	Pay	S&P 500 Index		16.70			—		12,498			12,498
JPMCB	USD	5	12/21/18	Pay	S&P 500 Index		17.40			—		14,591			14,591
JPMCB	USD	9	12/21/18	Pay	S&P 500 Index		17.48			—		30,773			30,773
JPMCB	USD	5	12/21/18	Pay	S&P 500 Index		17.49			—		14,650			14,650
JPMCB	USD	14	12/21/18	Pay	S&P 500 Index		17.51			—		46,800			46,800
JPMCB	USD	9	12/21/18	Pay	S&P 500 Index		17.65			—		30,253			30,253
JPMCB	USD	5	12/21/18	Pay	S&P 500 Index		17.67			—		19,968			19,968
JPMCB	USD	5	12/21/18	Pay	S&P 500 Index		18.00			—		21,952			21,952
JPMCB	USD	8	12/21/18	Pay	S&P 500 Index		18.09			—		33,321			33,321
JPMCB	USD	5	12/21/18	Pay	S&P 500 Index		18.37			—		24,222			24,222
JPMCB	USD	6	12/21/18	Pay	S&P 500 Index		18.41			—		27,466			27,466
JPMCB	USD	11	12/21/18	Pay	S&P 500 Index		19.09			—		57,446			57,446
JPMCB	USD	13	12/21/18	Receive	S&P 500 Index		19.15			—		69,109			69,109
JPMCB	USD	10	12/21/18	Pay	S&P 500 Index		19.24			—		53,080			53,080
JPMCB	USD	3	12/21/18	Pay	S&P 500 Index		19.47			—		10,842			10,842
JPMCB	USD	3	12/21/18	Pay	S&P 500 Index		21.08			—		16,170			16,170
JPMCB	USD	3	12/20/19	Pay	S&P 500 Index		19.04			—		5,739			5,739
JPMCB	USD	6	12/20/19	Pay	S&P 500 Index		19.20			—		9,723			9,723
JPMCB	USD	4	12/20/19	Pay	S&P 500 Index		19.60			—		8,370			8,370
JPMCB	USD	9	12/20/19	Pay	S&P 500 Index		19.86			—		19,656			19,656
JPMCB	USD	3	12/20/19	Pay	S&P 500 Index		20.10			—		6,883			6,883
JPMCB	USD	11	12/20/19	Pay	S&P 500 Index		20.50			—		30,182			30,182
JPMCB	USD	6	12/20/19	Pay	S&P 500 Index		20.90			—		19,798			19,798
JPMCB	USD	7	12/20/19	Pay	S&P 500 Index		21.50			—		26,242			26,242
JPMCB	USD	3	12/20/19	Pay	S&P 500 Index		21.70			—		10,971			10,971
SG	HKD	38	12/28/18	Receive	Hang Seng China Enterprises Index		25.00			—		(22,615	)		(22,615	)

264

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Variance swap agreements—(concluded)

Counterparty	Notional amount (000)		Maturity date	Pay/ receive variance	Reference entity	Volatility strike price			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
SG	HKD	39	12/28/18	Receive	Hang Seng China Enterprises Index		26.05	%	$	—	$	(28,103	)	$	(28,103	)
SG	HKD	44	12/28/18	Receive	Hang Seng China Enterprises Index		27.60			—		(38,537	)		(38,537	)
SG	HKD	43	12/28/18	Receive	Hang Seng China Enterprises Index		27.85			—		(38,921	)		(38,921	)
SG	HKD	132	12/28/18	Receive	Hang Seng China Enterprises Index		27.90			—		(120,607	)		(120,607	)
SG	HKD	43	12/28/18	Receive	Hang Seng China Enterprises Index		27.95			—		(39,430	)		(39,430	)
SG	HKD	176	12/28/18	Receive	Hang Seng China Enterprises Index		28.05			—		(162,294	)		(162,294	)
SG	HKD	44	12/28/18	Receive	Hang Seng China Enterprises Index		28.15			—		(41,142	)		(41,142	)
SG	HKD	22	12/30/19	Receive	Hang Seng China Enterprises Index		26.65			—		(5,624	)		(5,624	)
SG	USD	5	12/21/18	Pay	S&P 500 Index		18.10			—		21,894			21,894
SG	USD	5	12/21/18	Pay	S&P 500 Index		18.30			—		23,837			23,837
SG	USD	23	12/21/18	Pay	S&P 500 Index		19.10			—		123,070			123,070
SG	USD	11	12/21/18	Pay	S&P 500 Index		19.20			—		61,233			61,233
SG	USD	6	12/21/18	Pay	S&P 500 Index		19.25			—		31,450			31,450
SG	USD	17	12/21/18	Pay	S&P 500 Index		19.30			—		94,736			94,736
SG	USD	6	12/21/18	Pay	S&P 500 Index		19.35			—		31,745			31,745
SG	USD	3	12/20/19	Pay	S&P 500 Index		19.65			—		(5,744	)		(5,744	)
									$	—	$	(315,242	)	$	(315,242	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9			Value			Unrealized appreciation (depreciation)
AUD	5,278	05/13/21	Semi-Annual	6 Month AUD Bank Bill Rate		2.565	%	$	13,691		$	13,691
AUD	5,278	05/15/21	Semi-Annual	6 Month AUD Bank Bill Rate		2.500			8,704			8,704
AUD	7,917	05/17/21	Semi-Annual	6 Month AUD Bank Bill Rate		2.486			11,378			11,378
AUD	7,917	05/20/21	Semi-Annual	6 Month AUD Bank Bill Rate		2.357			(3,342	)		(3,342	)
AUD	11,510	05/23/21	Semi-Annual	6 Month AUD Bank Bill Rate		2.385			(587	)		(587	)
AUD	51,590	06/19/21	Quarterly	3 Month AUD Bank Bill Rate		2.370			89,997			89,997
AUD	37,000	11/27/21	Semi-Annual	6 Month AUD Bank Bill Rate		2.430			(27,030	)		(27,030	)
CAD	5,364	10/18/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.879			(11,690	)		(11,657	)
CAD	3,576	10/19/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.840			(9,529	)		(9,510	)
CAD	1,788	10/26/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.830			(5,048	)		(5,048	)
CAD	5,364	11/02/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.775			(19,222	)		(19,222	)
CAD	3,576	11/03/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.800			(11,930	)		(11,930	)
CAD	3,576	11/06/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.795			(15,894	)		(15,894	)

CAD  5,364  11/07/19  Semi-Annual  3 Month Canadian Bankers  1.775  (25,146)  (25,146)
               Acceptance Rate            

265

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9			Value			Unrealized appreciation (depreciation)
CAD	1,788	11/09/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.780	%	$	(8,438	)	$	(8,438	)
CAD	1,788	11/10/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.800			(8,097	)		(8,097	)
CAD	5,364	11/14/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.810			(23,649	)		(23,649	)
CAD	1,788	11/28/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.760			(9,279	)		(9,270	)
CAD	1,788	11/29/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.763			(9,244	)		(9,235	)
CAD	1,788	12/01/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.835			(6,038	)		(6,007	)
CAD	1,788	12/04/19	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		1.871			(5,301	)		(5,301	)
CAD	5,037	06/17/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.531			(9,022	)		(9,022	)
CAD	5,037	06/18/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.525			(9,498	)		(9,498	)
CAD	2,195	07/03/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.505			(4,998	)		(4,998	)
CAD	3,766	07/05/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.504			(8,666	)		(8,666	)
CAD	3,766	07/08/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.503			(8,777	)		(8,777	)
CAD	7,533	07/09/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.510			(16,770	)		(16,770	)
CAD	3,766	07/10/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.503			(8,861	)		(8,861	)
CAD	1,883	07/11/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.520			(3,943	)		(3,943	)
CAD	2,228	07/12/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.500			(5,324	)		(5,324	)
CAD	3,766	07/22/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.500			(9,182	)		(9,182	)
CAD	1,020	07/23/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.500			(2,493	)		(2,493	)
CAD	8,080	07/26/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.609			(6,904	)		(6,904	)
CAD	6,060	07/29/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.620			(4,277	)		(4,277	)
CAD	6,060	07/30/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.639			(2,590	)		(2,590	)
CAD	4,040	07/31/21	Semi-Annual	3 Month Canadian Bankers Acceptance Rate		2.615			—			—
CAD	1,037	10/18/27	Semi-Annual	2.357 %		3 Month Canadian Bankers Acceptance Rate			20,516			20,497
CAD	691	10/19/27	Semi-Annual	2.325		3 Month Canadian Bankers Acceptance Rate			15,164			15,152

266

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9			Payments received by the Portfolio9			Value			Unrealized appreciation (depreciation)
CAD	346	10/26/27	Semi-Annual		2.356	%	3 Month Canadian Bankers Acceptance Rate			$	6,896		$	6,896
CAD	1,037	11/02/27	Semi-Annual		2.288		3 Month Canadian Bankers Acceptance Rate				25,480			25,480
CAD	691	11/03/27	Semi-Annual		2.301		3 Month Canadian Bankers Acceptance Rate				16,457			16,457
CAD	691	11/06/27	Semi-Annual		2.280		3 Month Canadian Bankers Acceptance Rate				18,827			18,827
CAD	1,037	11/07/27	Semi-Annual		2.257		3 Month Canadian Bankers Acceptance Rate				29,750			29,750
CAD	346	11/09/27	Semi-Annual		2.266		3 Month Canadian Bankers Acceptance Rate				9,732			9,732
CAD	346	11/10/27	Semi-Annual		2.297		3 Month Canadian Bankers Acceptance Rate				9,053			9,053
CAD	1,037	11/14/27	Semi-Annual		2.312		3 Month Canadian Bankers Acceptance Rate				26,172			26,172
CAD	346	11/28/27	Semi-Annual		2.195		3 Month Canadian Bankers Acceptance Rate				11,481			11,476
CAD	346	11/29/27	Semi-Annual		2.209		3 Month Canadian Bankers Acceptance Rate				11,176			11,171
CAD	346	12/01/27	Semi-Annual		2.268		3 Month Canadian Bankers Acceptance Rate				9,201			9,184
CAD	346	12/04/27	Semi-Annual		2.285		3 Month Canadian Bankers Acceptance Rate				8,825			8,825
EUR	12,500	03/16/48	Semi-Annual		1.892		6 Month EURIBOR				(91,023	)		(91,023	)
EUR	5,000	05/09/48	Semi-Annual		1.815		6 Month EURIBOR				7,775			7,775
GBP	5,411	06/29/47	Semi-Annual		1.643		6 Month GBP LIBOR				48,421			48,421
GBP	5,400	07/05/47	Semi-Annual		1.720		6 Month GBP LIBOR				(12,151	)		(12,151	)
GBP	5,100	10/06/47	Semi-Annual		1.765		6 Month GBP LIBOR				(50,300	)		(50,300	)
GBP	3,500	01/14/48	Semi-Annual		1.519		6 Month GBP LIBOR				86,864			86,864
GBP	1,035	02/15/48	Semi-Annual		1.798		6 Month GBP LIBOR				(16,458	)		(16,458	)
JPY	440,500	08/27/39	Semi-Annual		0.805		6 Month JPY LIBOR				12,313			12,313
JPY	440,500	09/02/39	Semi-Annual		0.800		6 Month JPY LIBOR				16,759			16,759
JPY	120,500	09/02/39	Semi-Annual		6 Month JPY LIBOR			0.800	%		(4,585	)		(7,095	)
SEK	33,480	10/20/19	Quarterly		0.213		3 Month SEK STIBOR				5,037			5,037
SEK	22,320	10/23/19	Quarterly		0.220		3 Month SEK STIBOR				3,317			9,357
SEK	11,160	10/30/19	Annual		3 Month SEK STIBOR			0.220			2,167			5,009
SEK	11,160	10/30/19	Quarterly		0.220		3 Month SEK STIBOR				(362	)		(362	)
SEK	33,480	11/06/19	Quarterly		0.247		3 Month SEK STIBOR				3,993			3,974
SEK	22,320	11/07/19	Quarterly		0.245		3 Month SEK STIBOR				2,583			2,580
SEK	22,320	11/08/19	Quarterly		0.257		3 Month SEK STIBOR				3,230			3,221
SEK	33,480	11/09/19	Quarterly		0.249		3 Month SEK STIBOR				4,390			4,386
SEK	11,160	11/13/19	Quarterly		0.234		3 Month SEK STIBOR				(1,142	)		(1,150	)
SEK	11,160	11/14/19	Quarterly		0.222		3 Month SEK STIBOR				779			766
SEK	33,480	11/16/19	Quarterly		0.255		3 Month SEK STIBOR				5,069			5,086
SEK	11,160	11/30/19	Quarterly		0.245		3 Month SEK STIBOR				1,473			2,934
SEK	11,160	12/01/19	Quarterly		0.236		3 Month SEK STIBOR				1,260			1,260

267

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9			Payments received by the Portfolio9			Value			Unrealized appreciation (depreciation)
SEK	11,160	12/04/19	Quarterly		0.212	%		3 Month SEK STIBOR		$	694		$	681
SEK	11,160	12/05/19	Quarterly		0.223			3 Month SEK STIBOR			991			951
SEK	6,324	10/20/27	Annual		3 Month SEK STIBOR			1.190	%		10,475			10,475
SEK	6,324	10/20/27	Quarterly		0.362			3 Month SEK STIBOR			86			59,507
SEK	4,216	10/23/27	Annual		3 Month SEK STIBOR			1.158			5,359			5,359
SEK	4,216	10/23/27	Quarterly		0.361			3 Month SEK STIBOR			43			39,222
SEK	2,108	10/30/27	Annual		3 Month SEK STIBOR			1.212			3,881			3,881
SEK	2,108	10/30/27	Quarterly		0.431			3 Month SEK STIBOR			5			19,088
SEK	6,324	11/06/27	Annual		3 Month SEK STIBOR			1.166			8,001			8,001
SEK	6,324	11/06/27	Quarterly		0.455			3 Month SEK STIBOR			638			56,365
SEK	4,216	11/07/27	Annual		3 Month SEK STIBOR			1.156			4,847			4,847
SEK	4,216	11/07/27	Quarterly		0.457			3 Month SEK STIBOR			420			37,427
SEK	4,216	11/08/27	Annual		3 Month SEK STIBOR			1.130			3,581			3,581
SEK	4,216	11/08/27	Quarterly		0.447			3 Month SEK STIBOR			415			37,277
SEK	6,324	11/09/27	Annual		3 Month SEK STIBOR			1.133			5,592			5,592
SEK	6,324	11/09/27	Quarterly		0.444			3 Month SEK STIBOR			611			55,686
SEK	2,108	11/13/27	Annual		3 Month SEK STIBOR			1.154			2,283			2,283
SEK	2,108	11/13/27	Quarterly		0.448			3 Month SEK STIBOR			197			18,266
SEK	2,108	11/14/27	Annual		3 Month SEK STIBOR			1.175			2,770			2,770
SEK	2,108	11/14/27	Quarterly		0.460			3 Month SEK STIBOR			195			18,191
SEK	6,324	11/16/27	Annual		3 Month SEK STIBOR			1.152			6,616			6,616
SEK	6,324	11/16/27	Quarterly		0.470			3 Month SEK STIBOR			568			54,123
SEK	2,108	11/30/27	Annual		3 Month SEK STIBOR			1.090			560			560
SEK	2,108	11/30/27	Quarterly		0.467			3 Month SEK STIBOR			170			17,008
SEK	2,108	12/01/27	Annual		3 Month SEK STIBOR			1.110			1,014			1,014
SEK	2,108	12/01/27	Quarterly		0.465			3 Month SEK STIBOR			165			16,930
SEK	2,108	12/04/27	Annual		3 Month SEK STIBOR			1.110			955			958
SEK	2,108	12/04/27	Quarterly		0.458			3 Month SEK STIBOR			155			16,703
SEK	2,108	12/05/27	Annual		3 Month SEK STIBOR			1.110			947			947
SEK	2,108	12/05/27	Quarterly		0.458			3 Month SEK STIBOR			152			152
USD	32,850	06/19/21	Semi-Annual		3.080			3 Month USD LIBOR			(4,572	)		(4,572	)
USD	168,900	06/19/21	Semi-Annual		3 Month USD LIBOR			3.095			23,294			134,471
USD	32,850	06/22/21	Quarterly		3.069			3 Month USD LIBOR			(1,439	)		(1,439	)
USD	33,541	09/18/24	Semi-Annual		3 Month USD LIBOR			3.035			(22,653	)		(22,653	)
USD	71,900	06/17/25	Quarterly		3.150			3 Month USD LIBOR			(340,752	)		(511,183	)
USD	17,000	06/17/25	Quarterly		3.150			3 Month USD LIBOR			(83,369	)		(123,665	)
USD	19,100	03/20/29	Semi-Annual		3 Month USD LIBOR			3.030			(70,333	)		(70,333	)
USD	8,100	03/20/49	Quarterly		3.052			3 Month USD LIBOR			1,585			1,585
USD	7,607	09/18/49	Quarterly		3.027			3 Month USD LIBOR			40,591			40,591
										$	(324,122	)	$	26,240

268

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Centrally cleared credit default swap agreements on credit indices—buy protection¹⁰

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9			Upfront payments received (made)		Value			Unrealized depreciation
CDX North American Investment Grade 30 Index	USD	15,213	06/20/23	Quarterly		1.000	%	$	283,707	$	(305,275	)	$	(21,568	)
iTraxx Europe Main Series 29 Index	EUR	13,100	06/20/23	Quarterly		1.000			281,330		(307,208	)		(25,878	)
								$	565,037	$	(612,483	)	$	(47,446	)

Centrally cleared credit default swap agreements on credit indices—sell protection¹¹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio9			Upfront payments received (made)			Value		Unrealized appreciation
CDX North America High Yield 30 Index	USD	6,139	06/20/23	Quarterly		5.000	%	$	(354,339	)	$	467,371	$	113,032

Interest rate swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BNP	KRW	6,336,684	03/20/21	Quarterly	3 Month KRW CD		2.425	%	$	—	$	32,676		$	32,676
BNP	KRW	1,624,919	03/20/29	Quarterly	2.563%		3 Month KRW CD			—		(35,351	)		(35,351	)
GS	BRL	9,522	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average		8.420			—		(11,505	)		(11,505	)
GS	BRL	4,750	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average		8.545			—		(2,679	)		(2,679	)
GS	BRL	4,813	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average		8.520			—		(3,349	)		(3,349	)
GS	BRL	48,250	01/04/21	Monthly	1 Month Brazilian Interbank Deposit Average		8.790			—		103,474			103,474
GS	KRW	1,927,800	03/19/21	Quarterly	3 Month KRW CD		2.095			—		(1,074	)		(1,074	)
GS	KRW	10,243,360	03/20/21	Quarterly	3 Month KRW CD		2.388			—		46,162			46,162
GS	KRW	4,933,732	03/20/21	Quarterly	3 Month KRW CD		2.415			—		24,586			24,586
GS	KRW	4,933,732	03/20/21	Quarterly	3 Month KRW CD		2.415			—		24,586			24,586
GS	KRW	404,600	03/20/29	Quarterly	2.255		3 Month KRW CD			—		1,036			1,036
GS	KRW	2,179,840	03/20/29	Quarterly	2.533		3 Month KRW CD			—		(42,253	)		(42,253	)
GS	KRW	1,041,385	03/20/29	Quarterly	2.560		3 Month KRW CD			—		(22,450	)		(22,450	)
GS	KRW	1,041,385	03/20/29	Quarterly	2.560		3 Month KRW CD			—		(22,450	)		(22,450	)
JPMCB	BRL	18,777	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average		8.310			—		(33,662	)		(33,662	)

269

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Interest rate swap agreements—(concluded)

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	BRL	9,375	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average	8.370%	$	—	$	(13,815	)	$	(13,815	)
JPMCB	BRL	4,754	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average	8.490		—		(4,061	)		(4,061	)
JPMCB	BRL	17,342	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average	10.053		—		114,492			114,492
JPMCB	BRL	5,785	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average	10.125		—		40,043			40,043
JPMCB	BRL	5,779	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average	10.140		—		41,263			41,263
JPMCB	BRL	2,901	01/04/21	Annual	1 Month Brazilian Interbank Deposit Average	10.000		—		18,316			18,316
JPMCB	BRL	49,340	01/04/21	Monthly	1 Month Brazilian Interbank Deposit Average	8.820		—		111,430			111,430
JPMCB	KRW	3,855,600	03/19/21	Quarterly	3 Month KRW CD	2.088		—		(2,648	)		(2,648	)
JPMCB	KRW	3,855,600	03/20/21	Quarterly	3 Month KRW CD	2.100		—		(1,843	)		(1,843	)
JPMCB	KRW	1,927,800	03/20/21	Quarterly	3 Month KRW CD	2.090		—		(1,256	)		(1,256	)
JPMCB	KRW	4,633,200	03/20/21	Quarterly	3 Month KRW CD	2.120		—		—			—
JPMCB	KRW	809,200	03/20/29	Quarterly	2.248%	3 Month KRW CD		—		2,552			2,552
JPMCB	KRW	809,200	03/20/29	Quarterly	2.260	3 Month KRW CD		—		1,752			1,752
JPMCB	KRW	404,600	03/20/29	Quarterly	2.250	3 Month KRW CD		—		1,196			1,196
JPMCB	KRW	972,400	03/20/29	Quarterly	2.280	3 Month KRW CD		—		—			—
							$	—	$	365,168		$	365,168

Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
BNP	USD	1,733	03/05/19	Monthly	1 Month USD LIBOR plus 67 bps	FTSE EPRA NAREIT Developed Total Return Index	$	—	$	(908	)	$	(908	)
BNP	USD	4,140	07/25/19	Monthly	1 Month USD LIBOR plus 49 bps	FTSE EPRA NAREIT Developed Total Return Index		—		30,098			30,098
BNP	USD	1,861	12/12/18	Quarterly	Ibovespa Brasil Sao Paulo Stock Exchange Index	3 Month USD LIBOR plus 35 bps		—		(135,430	)		(135,430	)

270

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Total return swap agreements—(concluded)

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio9	Payments received by the Portfolio9	Upfront payments received (made)		Value		Unrealized appreciation (depreciation)
BNP	USD	1,987	05/21/19	Quarterly	Ibovespa Brasil Sao Paulo Stock Exchange Index	1 Month USD LIBOR plus 15 bps	$	—	$	141,009	$	141,009
CITI	EUR	2,594	08/07/19	Quarterly	3 Month EURIBOR plus 10 bps	Euro STOXX Banks Index		—		148,668		148,668
							$	—	$	183,437	$	183,437

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio's of investments:

Assets Description	Investments measured at fair value using the net asset value per share (or its equivalent) practical expedient		Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	—	$	287,972,888	$	—	$	—	$	287,972,888
Preferred stocks		—		1,432,606		57,168		—		1,489,774
Investment companies		32,159,657		35,873,141		—		—		68,032,798
US government obligations		—		—		14,590,663		—		14,590,663
Corporate notes		—		—		26,512,204		—		26,512,204
Non-US government obligations		—		—		28,333,787		—		28,333,787
Certificates of deposit		—		—		19,500,966		—		19,500,966
Commercial paper		—		—		14,464,353		—		14,464,353
Time deposits		—		—		10,364,666		—		10,364,666
Short-term US government obligations		—		—		70,514,239		—		70,514,239
Short-term investment		—		—		116,274,931		—		116,274,931
Options purchased		—		2,709,072		66,681		—		2,775,753
Swaptions purchased		—		—		4,668,266		—		4,668,266
Foreign exchange options purchased		—		—		399,808		—		399,808
Futures contracts		—		892,442		—		—		892,442
Forward foreign currency contracts		—		—		13,906,633		—		13,906,633
Swap agreements		—		—		3,775,290		—		3,775,290
Total	$	32,159,657	$	328,880,149	$	323,429,655	$	—	$	684,469,461

271

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2018

Fair valuation summary—(concluded)

Description	Investments measured at fair value using the net asset value per share (or its equivalent) practical expedient		Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Liabilities
Investments sold short	$	—	$	(95,293,287	)	$	—		$	—	$	(95,293,287	)
Options written		—		(478,876	)		(247,823	)		—		(726,699	)
Swaptions written		—		—			(218,189	)		—		(218,189	)
Foreign exchange options written		—		—			(7,293	)		—		(7,293	)
Futures contracts		—		(923,003	)		—			—		(923,003	)
Forward foreign currency contracts		—		—			(11,616,599	)		—		(11,616,599	)
Swap agreements		—		—			(4,011,161	)		—		(4,011,161	)
Total	$	—	$	(96,695,166	)	$	(16,101,065	)	$	—	$	(112,796,231	)

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*  Non-income producing security.

^†  Amount represents less than 0.005%.

¹  Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,790,629, represented 0.60% of the Portfolio's net assets at period end.

³  Illiquid investment at period end. Illiquid assets, in the amount of $57,168, represented 0.01% of the Portfolio's net assets at period end.

⁴  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁵  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

⁶  Rate shown reflects annualized yield at the period end on zero coupon bond.

⁷  Rates shown is the discount rates at date of purchase.

⁸  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

⁹  Payments made/received are based on the notional amount.

¹⁰  If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional value of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

¹¹  If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

See accompanying notes to financial statements.
272

PACE Select Advisors Trust

Portfolio acronyms:

ABS  Asset-backed Security

ADR  American Depositary Receipt

AGM  Assured Guaranty Municipal

AMBAC  American Municipal Bond Assurance Corporation

AMT  Alternative Minimum Tax

ARM  Adjustable Rate Mortgage

BOBL  Bundesobligationen

CJSC  Closed Joint Stock Company

CLO  Collateralized Loan Obligation

CMT  Constant Maturity Treasury Index

COFI  Cost of Funds Index

DAC  Designated Activity Company

ETF  Exchange Traded Fund

EURIBOR  Euro Interbank Offered Rate

FHA  Federal Housing Administration

FHLB  Federal Home Loan Bank

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

FRN  Floating Rate Note

GDR  Global Depositary Receipt

GMAC  General Motors Acceptance Corporation

GMTN  Global Medium Term Note

GNMA  Government National Mortgage Association

GSAMP  Goldman Sachs Asset Mortgage Passthrough

GTD  Guaranteed

IO  Interest Only

JSC  Joint Stock Company

LIBOR  London Interbank Offered Rate

MGIC  Mortgage Guaranty Insurance Corporation

MTA  Monthly Treasury Average Index

MTN  Medium Term Note

NVDR  Non-Voting Depository Receipt

OAT  Obligation Assimilables du Trésor (French Government Bonds)

PJSC  Private Joint Stock Company

PO  Principal Only

PSF  Permanent School Fund

RASC  Retirement Administration Service Center

REIT  Real Estate Investment Trust

REMIC  Real Estate Mortgage Investment Conduit

SBA  Small Business Administration

SIFMA  Municipal Swap Index Yield

SPDR  Standard and Poor's Depository Receipts

STIBOR  Stockholm Interbank Offered Rate

STRIP  Separate Trading of Registered Interest and Principal of Securities

TBA  (To Be Announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/- 1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

TIPS  Treasury inflation protected securities ("TIPS") are debt securities issued by the US Treasury whose principal and/ or interest payments are adjusted for inflation, unlike debt that make fixed principal and interest payments. The interest rate paid by the TIPS is fixed, while the principal value rises or falls based on changes in a published Consumer Price Index ("CPI"). Thus, if inflation occurs, the principal and interest payments on TIPS are adjusted accordingly to protect investors from inflationary loss. During a deflationary period, the principal and interest payments decrease, although the TIPS principal amounts will not drop below their face amounts at maturity. In exchange for the inflation protection, the TIPS generally pay lower interest rates than typical US Treasury securities. Only if inflation occurs will TIPS offer a higher real yield than a conventional Treasury bond of the same maturity.

Currency type abbreviations:

ARS  Argentine Peso

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CLP  Chilean Peso

CNY  Chinese Yuan Renminbi

COP  Colombian Peso

CZK  Czech Koruna

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

HUF  Hungarian Forint

IDR  Indonesian Rupiah

ILS  Israeli Shekel

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

MYR  Malaysian Ringgit

NOK  Norwegian Krone

NZD  New Zealand Dollar

PEN  Peruvian Sol

PHP  Philippine Peso

PLN  Polish Zloty

RON  Romanian Leu

RUB  Russian Ruble

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thai Baht

TRY  Turkish Lira

TWD  Taiwan Dollar

USD  United States Dollar

ZAR  South African Rand

See accompanying notes to financial statements.
273

PACE Select Advisors Trust

Counterparty acronyms:

ANZ  Australia and New Zealand Banking Group

BB  Barclays Bank PLC

BNP  BNP Paribas

BOA  Bank of America

CITI  Citibank NA

CSI  Credit Suisse International

DB  Deutsche Bank AG

GS  Goldman Sachs

GSB  Goldman Sachs Bank USA

GSI  Goldman Sachs International

HSBC  HSBC Bank PLC

JPMCB  JPMorgan Chase Bank

MSCI  Morgan Stanley & Co. International PLC

NAB  National Australia Bank Ltd.

NTC  Northern Trust Company

RBC  Royal Bank of Canada

RBS  Royal Bank of Scotland PLC

SCB  Standard Chartered Bank

SG  Societe Generale

SSC  State Street Bank and Trust Co.

TD  Toronto-Dominion Bank

See accompanying notes to financial statements.
274

PACE Select Advisors Trust

Understanding your Portfolio's expenses (unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transactional costs (as applicable), including sales charges (loads), or ongoing program fees; and (2) ongoing Portfolio costs, including management fees; service and/or distribution (12b-1) fees (if applicable); and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, February 1, 2018 to July 31, 2018.

Actual expenses (unaudited)

The first line for each class of shares in the table below for each Portfolio provides information about its actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each class of shares for each respective Portfolio under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes (unaudited)

The second line for each class of shares in the table below for each Portfolio provides information about hypothetical account values and hypothetical expenses based on that Portfolio's actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not that Portfolio's actual return for each class of shares. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any transactional costs (as applicable), such as sales charges (loads), or program fees. Therefore, the second line in the table for each class of shares for each Portfolio is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs or program fees were included, your costs would have been higher.

275

PACE Select Advisors Trust

		Beginning account value February 1, 2018		Ending account value July 31, 2018		Expenses paid during period1 02/01/18 to 07/31/18		Expense ratio during the period
PACE Government Money Market Investments
Class P	Actual	$	1,000.00	$	1,005.50	$	2.98		0.60	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.82		3.01		0.60
PACE Mortgage-Backed Securities Fixed Income Investments
Class A	Actual		1,000.00		996.90		4.80		0.97
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.98		4.86		0.97
Class C	Actual		1,000.00		994.70		7.27		1.47
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.51		7.35		1.47
Class Y	Actual		1,000.00		998.90		3.57		0.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.22		3.61		0.72
Class P	Actual		1,000.00		998.90		3.57		0.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.22		3.61		0.72
PACE Intermediate Fixed Income Investments
Class A	Actual		1,000.00		992.90		4.60		0.93
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.18		4.66		0.93
Class C	Actual		1,000.00		990.20		7.06		1.43
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.70		7.15		1.43
Class Y	Actual		1,000.00		994.00		3.36		0.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.42		3.41		0.68
Class P	Actual		1,000.00		994.00		3.36		0.68
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.42		3.41		0.68
PACE Strategic Fixed Income Investments
Class A	Actual		1,000.00		992.30		5.19		1.05
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.59		5.26		1.05
Class C	Actual		1,000.00		989.40		7.65		1.55
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.11		7.75		1.55
Class Y	Actual		1,000.00		992.80		3.95		0.80
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.83		4.01		0.80
Class P	Actual		1,000.00		993.50		3.95		0.80
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.83		4.01		0.80
PACE Municipal Fixed Income Investments
Class A	Actual		1,000.00		1,006.40		4.08		0.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.73		4.11		0.82
Class C	Actual		1,000.00		1,004.50		6.56		1.32
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.25		6.61		1.32
Class Y	Actual		1,000.00		1,008.20		2.84		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.97		2.86		0.57
Class P	Actual		1,000.00		1,008.20		2.84		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.97		2.86		0.57

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PACE Select Advisors Trust

		Beginning account value February 1, 2018		Ending account value July 31, 2018		Expenses paid during period1 02/01/18 to 07/31/18		Expense ratio during the period
PACE Global Fixed Income Investments
Class A	Actual	$	1,000.00	$	964.90	$	5.16		1.06	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.54		5.31		1.06
Class C	Actual		1,000.00		961.80		7.49		1.54
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.16		7.70		1.54
Class Y	Actual		1,000.00		966.00		4.44		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.28		4.56		0.91
Class P	Actual		1,000.00		965.10		4.24		0.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.48		4.36		0.87
PACE High Yield Investments
Class A	Actual		1,000.00		1,002.20		5.26		1.06
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.54		5.31		1.06
Class C	Actual		1,000.00		999.90		7.74		1.56
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.06		7.80		1.56
Class Y	Actual		1,000.00		1,004.10		3.73		0.75
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.08		3.76		0.75
Class P	Actual		1,000.00		1,002.40		4.52		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.28		4.56		0.91
PACE Large Co Value Equity Investments
Class A	Actual		1,000.00		966.20		7.22		1.48
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.46		7.40		1.48
Class C	Actual		1,000.00		962.80		10.61		2.18
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.98		10.89		2.18
Class Y	Actual		1,000.00		967.50		6.00		1.23
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.70		6.16		1.23
Class P	Actual		1,000.00		967.40		6.10		1.25
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.60		6.26		1.25
PACE Large Co Growth Equity Investments
Class A	Actual		1,000.00		1,015.00		5.60		1.12
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.24		5.61		1.12
Class C	Actual		1,000.00		1,011.20		9.37		1.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.47		9.39		1.88
Class Y	Actual		1,000.00		1,015.80		4.30		0.86
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.53		4.31		0.86
Class P	Actual		1,000.00		1,016.30		4.40		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.43		4.41		0.88

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PACE Select Advisors Trust

		Beginning account value February 1, 2018		Ending account value July 31, 2018		Expenses paid during period1 02/01/18 to 07/31/18		Expense ratio during the period
PACE Small/Medium Co Value Equity Investments
Class A	Actual	$	1,000.00	$	1,023.80	$	6.02		1.20	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.84		6.01		1.20
Class C	Actual		1,000.00		1,020.20		9.47		1.89
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.42		9.44		1.89
Class Y	Actual		1,000.00		1,025.60		3.77		0.75
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.08		3.76		0.75
Class P	Actual		1,000.00		1,024.10		5.22		1.04
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.64		5.21		1.04
PACE Small/Medium Co Growth Equity Investments
Class A	Actual		1,000.00		1,087.90		6.11		1.18
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.94		5.91		1.18
Class C	Actual		1,000.00		1,083.80		9.66		1.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.52		9.35		1.87
Class Y	Actual		1,000.00		1,093.00		1.92		0.37
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.96		1.86		0.37
Class P	Actual		1,000.00		1,088.80		5.33		1.03
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.69		5.16		1.03
PACE International Equity Investments
Class A	Actual		1,000.00		945.10		9.60		1.99
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.93		9.94		1.99
Class C	Actual		1,000.00		941.80		13.10		2.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,011.31		13.56		2.72
Class Y	Actual		1,000.00		946.50		8.25		1.71
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.32		8.55		1.71
Class P	Actual		1,000.00		945.80		8.25		1.71
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.32		8.55		1.71
PACE International Emerging Markets Equity Investments
Class A	Actual		1,000.00		875.00		7.90		1.70
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.36		8.50		1.70
Class C	Actual		1,000.00		872.00		11.37		2.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,012.65		12.23		2.45
Class Y	Actual		1,000.00		875.60		6.74		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.60		7.25		1.45
Class P	Actual		1,000.00		875.60		6.74		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.60		7.25		1.45

278

PACE Select Advisors Trust

		Beginning account value February 1, 2018		Ending account value July 31, 2018		Expenses paid during period1 02/01/18 to 07/31/18		Expense ratio during the period
PACE Global Real Estate Securities Investments
Class A	Actual	$	1,000.00	$	1,002.60	$	7.20		1.45	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.60		7.25		1.45
Class C	Actual		1,000.00		1,000.00		10.91		2.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.89		10.99		2.20
Class P	Actual		1,000.00		1,004.10		5.96		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.84		6.01		1.20
PACE Alternative Strategies Investments
Class A	Actual		1,000.00		974.00		11.55		2.36
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.09		11.78		2.36
Class C	Actual		1,000.00		970.20		14.80		3.03
	Hypothetical (5% annual return before expenses)		1,000.00		1,009.77		15.10		3.03
Class Y	Actual		1,000.00		975.70		10.04		2.05
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.63		10.24		2.05
Class P	Actual		1,000.00		973.80		10.38		2.12
	Hypothetical (5% annual return before expenses)		1,000.00		1,014.28		10.59		2.12

¹  Expenses are equal to the Portfolios' annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

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Statement of assets and liabilities
July 31, 2018

	PACE Government Money Market Investments		PACE Mortgage-Backed Securities Fixed Income Investments		PACE Intermediate Fixed Income Investments		PACE Strategic Fixed Income Investments
Assets:
Investments, at value (cost—$152,117,361; $676,448,968; $417,703,026; $1,052,478,063; $350,869,329; $451,547,394 and $390,700,235, respectively)1	$	152,117,361	$	670,120,055	$	411,609,870	$	1,042,093,559
Repurchase agreements, at value (cost—$41,195,000; $0; $0; $0; $0; $0 and $0, respectively)		41,195,000		—		—		—
Total investments in securities, at value (cost—$193,312,361; $676,448,968; $417,703,026; $1,052,478,063; $350,869,329; $451,547,394 and $390,700,235, respectively)	$	193,312,361	$	670,120,055	$	411,609,870	$	1,042,093,559
Cash		800		13,029		—		42,113
Cash collateral on futures contracts		—		81,000		660,982		558,000
Cash collateral on swap agreements		—		1,557,000		391,529		3,434,634
Foreign currency, at value (cost—$0; $0; $568,190; $1,804,992; $0; $1,421,558 and $2,157,743, respectively)		—		—		570,906		1,820,504
Receivable for investments sold		—		—		1,385,437		344,674
Receivable for investments sold short		—		79,208,024		30,503,494		1,039,922
Receivable for shares of beneficial interest sold		250,379		343,313		224,913		505,857
Receivable for interest		67,093		1,631,447		2,416,235		6,248,300
Outstanding swap agreements, at value2		—		619		14,621		9,303
Due from broker		—		18,610		121,542		1,632,481
Receivable for when issued TBA securities		—		258,885,515		4,972,303		212,104,395
Unrealized appreciation on forward foreign currency contracts		—		—		102,170		2,240,966
Receivable for foreign tax reclaims		—		—		458		11,927
Receivable for variation margin on futures contracts		—		—		—		—
Receivable for variation margin on centrally cleared swap agreements		—		233,296		—		547,305
Other assets		10,803		113,710		20,693		24,655
Total assets		193,641,436		1,012,205,618		452,995,153		1,272,658,595
Liabilities:
Payable for investments purchased		3,983,881		16,043,213		4,931,912		4,730,267
Payable for fund shares redeemed		442,752		691,169		741,299		1,464,514
Dividends payable to shareholders		108,454		—		—		—
Payable to affiliate		33,942		172,113		163,345		389,427
Payable to custodian		204		66,638		142,220		112,115
Payable for variation margin on futures contracts		—		11,813		76,530		1,095,486
Payable for cash collateral from securities loaned		—		—		12,098,990		8,610,323
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		1,686		7,145
Investments sold short, at value (proceeds—$0; $38,135,164; $30,463,153; $0; $0; $0 and $0, respectively)		—		38,070,766		30,393,001		—
Outstanding swap agreements, at value2		—		25,024		—		17,480
Unrealized depreciation on forward foreign currency contracts		—		—		44,247		2,282,093
Options and swaptions written, at value (premiums received $0; $143,223; $1,425,758; $634,763; $0; $0 and $0, respectively)		—		68,170		1,279,932		297,939
Due to broker		—		490,000		270,000		1,502,000
Payable for dividend and interest expense on investments sold short		—		—		42,609		—
Payable for dollar roll transactions		—		7,796,041		—		74,182,510
Deferred payable for dollar roll transactions		—		106		—		1,696
Payable for variation margin on centrally cleared swap agreements		—		—		36,260		—
Payable for when issued TBA securities		—		555,838,420		34,111,081		397,704,538
Accrued expenses and other liabilities		278,217		315,469		267,982		342,105
Total liabilities		4,847,450		619,588,942		84,601,094		492,739,638
Net assets		188,793,986		392,616,676		368,394,059		779,918,957

¹  Includes $0; $0; $12,638,687; $8,428,681; $0; $5,154,378 and $40,949,792, respectively, of investments in securities on loan, at value plus accrued interest and dividends, if any.

²  Net upfront payments received by PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments were $1,709 and $373,628, respectively. Net upfront payment made by PACE Intermediate Fixed Income Investments was $14,913.

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	PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments		PACE High Yield Investments
Assets:
Investments, at value (cost—$152,117,361; $676,448,968; $417,703,026; $1,052,478,063; $350,869,329; $451,547,394 and $390,700,235, respectively)1	$	354,399,153	$	449,233,480	$	386,514,208
Repurchase agreements, at value (cost—$41,195,000; $0; $0; $0; $0; $0 and $0, respectively)		—		—		—
Total investments in securities, at value (cost—$193,312,361; $676,448,968; $417,703,026; $1,052,478,063; $350,869,329; $451,547,394 and $390,700,235, respectively)	$	354,399,153	$	449,233,480	$	386,514,208
Cash		—		406,796		22,895
Cash collateral on futures contracts		—		586,138		—
Cash collateral on swap agreements		—		—		—
Foreign currency, at value (cost—$0; $0; $568,190; $1,804,992; $0; $1,421,558 and $2,157,743, respectively)		—		1,427,926		2,162,672
Receivable for investments sold		—		789,419		887,408
Receivable for investments sold short		—		—		—
Receivable for shares of beneficial interest sold		579,186		178,736		196,122
Receivable for interest		4,110,097		2,869,983		5,606,198
Outstanding swap agreements, at value2		—		—		—
Due from broker		—		255,603		—
Receivable for when issued TBA securities		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		667,645		43,532
Receivable for foreign tax reclaims		—		20,852		4,532
Receivable for variation margin on futures contracts		—		69,391		—
Receivable for variation margin on centrally cleared swap agreements		—		—		—
Other assets		20,939		19,590		25,780
Total assets		359,109,375		456,525,559		395,463,347
Liabilities:
Payable for investments purchased		2,296,020		44,607,254		2,050,451
Payable for fund shares redeemed		268,617		402,075		480,965
Dividends payable to shareholders		—		—		—
Payable to affiliate		158,344		232,168		236,872
Payable to custodian		24,610		92,414		45,109
Payable for variation margin on futures contracts		—		—		—
Payable for cash collateral from securities loaned		—		4,661,150		37,901,428
Payable for foreign withholding taxes and foreign capital gains taxes		—		10,010		249
Investments sold short, at value (proceeds—$0; $38,135,164; $30,463,153; $0; $0; $0 and $0, respectively)		—		—		—
Outstanding swap agreements, at value2		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		701,469		553,581
Options and swaptions written, at value (premiums received $0; $143,223; $1,425,758; $634,763; $0; $0 and $0, respectively)		—		—		—
Due to broker		—		—		—
Payable for dividend and interest expense on investments sold short		—		—		—
Payable for dollar roll transactions		—		—		—
Deferred payable for dollar roll transactions		—		—		—
Payable for variation margin on centrally cleared swap agreements		—		—		—
Payable for when issued TBA securities		—		—		—
Accrued expenses and other liabilities		110,183		334,326		254,708
Total liabilities		2,857,774		51,040,866		41,523,363
Net assets		356,251,601		405,484,693		353,939,984

See accompanying notes to financial statements.
281

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2018

	PACE Government Money Market Investments			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments			PACE Strategic Fixed Income Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	188,795,684		$	421,986,125		$	378,948,892		$	815,243,591
Accumulated undistributed (distributions in excess of) net investment income (loss)		—			480,551			1,411,682			9,890,110
Accumulated net realized gain (loss)		(1,698	)		(25,036,510	)		(5,943,660	)		(35,929,909	)
Net unrealized appreciation (depreciation)		—			(4,813,490	)		(6,022,855	)		(9,284,835	)
Net assets	$	188,793,986		$	392,616,676		$	368,394,059		$	779,918,957
Class A
Net assets	$	—		$	30,488,997		$	14,254,136		$	13,652,325
Shares outstanding		—			2,470,034			1,198,142			1,025,212
Net asset value per share	$	—		$	12.34		$	11.90		$	13.32
Maximum offering price per share	$	—		$	12.82		$	12.36		$	13.84
Class C
Net assets	$	—		$	9,674,471		$	981,728		$	6,594,374
Shares outstanding		—			782,879			82,430			495,145
Net asset value and offering price per share	$	—		$	12.36		$	11.91		$	13.32
Class Y
Net assets	$	—		$	30,541,614		$	293,122		$	1,369,637
Shares outstanding		—			2,473,940			24,639			103,047
Net asset value, offering price and redemption value per share3	$	—		$	12.35		$	11.90		$	13.29
Class P
Net assets	$	188,793,986		$	321,911,594		$	352,865,073		$	758,302,621
Shares outstanding		188,794,482			26,066,667			29,651,253			56,975,513
Net asset value, offering price and redemption value per share3	$	1.00		$	12.35		$	11.90		$	13.31

³  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

282

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments			PACE High Yield Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	352,181,907	$	419,032,330		$	361,685,458
Accumulated undistributed (distributions in excess of) net investment income (loss)		—		(2,948,467	)		2,364,833
Accumulated net realized gain (loss)		539,870		(8,289,475	)		(5,626,908	)
Net unrealized appreciation (depreciation)		3,529,824		(2,309,695	)		(4,483,399	)
Net assets	$	356,251,601	$	405,484,693		$	353,939,984
Class A
Net assets	$	38,713,698	$	31,480,028		$	3,747,640
Shares outstanding		3,040,500		3,236,659			382,029
Net asset value per share	$	12.73	$	9.73		$	9.81
Maximum offering price per share	$	13.02	$	10.11		$	10.19
Class C
Net assets	$	7,594,880	$	2,327,410		$	2,293,638
Shares outstanding		596,656		239,152			234,064
Net asset value and offering price per share	$	12.73	$	9.73		$	9.80
Class Y
Net assets	$	64,877	$	2,323,757		$	534,304
Shares outstanding		5,094		239,917			54,209
Net asset value, offering price and redemption value per share3	$	12.74	$	9.69		$	9.86
Class P
Net assets	$	309,878,146	$	369,353,498		$	347,364,402
Shares outstanding		24,323,685		37,995,935			35,338,862
Net asset value, offering price and redemption value per share3	$	12.74	$	9.72		$	9.83

See accompanying notes to financial statements.
283

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
July 31, 2018

	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments
Assets:
Investments, at value (cost—$1,309,403,585; $1,008,570,118; $484,664,679; $451,509,440; $1,273,875,925; $414,929,641; $138,890,947 and $652,643,625, respectively)1	$	1,516,804,106	$	1,403,186,157	$	566,200,569	$	565,815,059
Cash		117,697		—		—		7,438
Cash collateral on options		—		—		—		—
Cash collateral for forward foreign currency contracts		—		—		—		—
Cash collateral on swap agreements		—		—		—		—
Cash collateral on futures contracts		—		—		—		—
Cash collateral on investments sold short		2,594,033		—		—		—
Foreign currency, at value (cost—$0; $0; $0; $0; $896,932; $412,710; $77,291 and $1,829,236, respectively)		—		—		—		—
Receivable for investments sold		9,151,864		1,554,041		1,764,537		11,733,693
Receivable for investments sold short		2,311,937		—		—		—
Receivable for shares of beneficial interest sold		599,122		536,442		286,743		327,083
Receivable for dividends and interest		903,529		225,133		216,072		49,553
Receivable for foreign tax reclaims		9,032		9,271		—		—
Outstanding swap agreements, at value		—		—		—		—
Due from broker		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—
Receivable for variation margin on futures contracts		—		—		—		—
Other assets		28,611		28,357		20,658		20,470
Total assets		1,532,519,931		1,405,539,401		568,488,579		577,953,296
Liabilities:
Investments sold short, at value (proceeds—$152,807,307; $0; $0; $0; $162,759,811; $0; $0 and $89,930,970, respectively)		172,729,726		—		—		—
Payable for investments purchased		14,404,413		610,387		2,036,980		5,761,999
Payable for cash collateral from securities loaned		17,577,403		9,167,476		25,616,918		24,656,399
Payable for fund shares redeemed		1,307,839		1,119,592		555,387		442,262
Payable to custodian		113,742		104,454		69,682		56,385
Payable to affiliate		852,960		935,273		386,716		389,072
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		6,004		—
Due to broker		—		—		—		—
Deferred foreign capital gain taxes payable		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—
Payable for variation margin on futures contracts		—		—		—		—
Payable for variation margin on centrally cleared swap agreements		—		—		—		—
Outstanding swap agreements, at value2		—		—		—		—
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $982,167, respectively)		—		—		—		—
Payable for dividend and interest expense on investments sold short		91,741		—		—		—
Accrued expenses and other liabilities		482,539		330,980		345,223		309,494
Total liabilities		207,560,363		12,268,162		29,016,910		31,615,611
Net assets		1,324,959,568		1,393,271,239		539,471,669		546,337,685

¹  Includes $98,240,574; $46,233,042; $64,071,439; $97,129,800; $46,107,649; $11,006,368; $1,241,664 and $0, respectively, of investments in securities on loan, at value plus accrued interest and dividends, if any.

²  Net upfront payments received by PACE Alternative Strategies Investments was $210,698.

284

PACE Select Advisors Trust

	PACE International Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Assets:
Investments, at value (cost—$1,309,403,585; $1,008,570,118; $484,664,679; $451,509,440; $1,273,875,925; $414,929,641; $138,890,947 and $652,643,625, respectively)1	$	1,381,384,668	$	455,012,476	$	140,671,025	$	665,895,096
Cash		—		—		61,193		—
Cash collateral on options		—		—		—		6,970,629
Cash collateral for forward foreign currency contracts		—		—		—		1,680,000
Cash collateral on swap agreements		—		—		—		5,125,262
Cash collateral on futures contracts		—		—		—		4,997,576
Cash collateral on investments sold short		4,058,687		—		—		48,592,213
Foreign currency, at value (cost—$0; $0; $0; $0; $896,932; $412,710; $77,291 and $1,829,236, respectively)		899,534		412,996		77,394		1,841,068
Receivable for investments sold		304,941		716,684		43,896		9,568,916
Receivable for investments sold short		—		—		—		—
Receivable for shares of beneficial interest sold		532,907		235,400		85,477		320,220
Receivable for dividends and interest		1,757,531		2,237,400		193,955		804,823
Receivable for foreign tax reclaims		3,355,287		8,845		31,127		131,225
Outstanding swap agreements, at value		—		—		—		2,632,133
Due from broker		—		—		—		193,006
Unrealized appreciation on forward foreign currency contracts		—		—		—		13,906,633
Receivable for variation margin on futures contracts		—		—		—		440,229
Other assets		100,859		21,214		10,882		179,746
Total assets		1,392,394,414		458,645,015		141,174,949		763,278,775
Liabilities:
Investments sold short, at value (proceeds—$152,807,307; $0; $0; $0; $162,759,811; $0; $0 and $89,930,970, respectively)		161,123,980		—		—		95,293,287
Payable for investments purchased		814,936		516,581		1,753,799		18,530,095
Payable for cash collateral from securities loaned		41,777,229		5,422,498		971,695		—
Payable for fund shares redeemed		1,495,093		848,100		390,122		1,692,571
Payable to custodian		178,806		287,140		34,407		509,287
Payable to affiliate		884,454		436,940		69,353		702,797
Payable for foreign withholding taxes and foreign capital gains taxes		106,569		307,702		67,774		28,427
Due to broker		—		—		—		855,987
Deferred foreign capital gain taxes payable		—		682,295		—		—
Unrealized depreciation on forward foreign currency contracts		740		—		—		11,616,599
Payable for variation margin on futures contracts		—		—		—		470,581
Payable for variation margin on centrally cleared swap agreements		—		—		—		135,659
Outstanding swap agreements, at value2		—		—		—		2,398,770
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $982,167, respectively)		—		—		—		952,181
Payable for dividend and interest expense on investments sold short		227,522		—		—		73,822
Accrued expenses and other liabilities		501,761		370,195		279,911		387,974
Total liabilities		207,111,090		8,871,451		3,567,061		133,648,037
Net assets		1,185,283,324		449,773,564		137,607,888		629,630,738

See accompanying notes to financial statements.
285

PACE Select Advisors Trust

Statement of assets and liabilities (concluded)
July 31, 2018

	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,061,712,333	$	831,616,149	$	435,216,646	$	375,835,450
Accumulated undistributed (distributions in excess of) net investment income (loss)		12,294,327		77,940		1,666,136		(3	)
Accumulated net realized gain (loss)		63,474,806		166,961,111		21,052,999		56,196,619
Net unrealized appreciation		187,478,102		394,616,039		81,535,888		114,305,619
Net assets	$	1,324,959,568	$	1,393,271,239	$	539,471,669	$	546,337,685
Class A
Net assets	$	111,758,696	$	47,549,470	$	18,341,856	$	24,749,147
Shares outstanding		4,703,823		1,757,293		871,507		1,266,300
Net asset value per share	$	23.76	$	27.06	$	21.05	$	19.54
Maximum offering price per share	$	25.14	$	28.63	$	22.28	$	20.68
Class C
Net assets	$	11,017,572	$	2,744,482	$	3,535,050	$	2,672,884
Shares outstanding		463,229		126,596		205,666		179,629
Net asset value and offering price per share	$	23.78	$	21.68	$	17.19	$	14.88
Class Y
Net assets	$	17,206,107	$	15,714,949	$	232,128	$	47,098
Shares outstanding		722,017		556,770		10,551		2,216
Net asset value, offering price and redemption value per share2	$	23.83	$	28.23	$	22.00	$	21.26
Class P
Net assets	$	1,184,977,193	$	1,327,262,338	$	517,362,635	$	518,868,556
Shares outstanding		49,986,929		47,393,333		23,850,383		24,885,183
Net asset value, offering price and redemption value per share2	$	23.71	$	28.01	$	21.69	$	20.85

²  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

286

PACE Select Advisors Trust

	PACE International Equity Investments			PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,078,638,776		$	438,958,733		$	138,672,252		$	633,797,636
Accumulated undistributed (distributions in excess of) net investment income (loss)		10,996,433			5,046,086			1,104,185			(11,442,213	)
Accumulated net realized gain (loss)		(13,421,300	)		(33,630,382	)		(3,946,843	)		(3,273,546	)
Net unrealized appreciation		109,069,415			39,399,127			1,778,294			10,548,861
Net assets	$	1,185,283,324		$	449,773,564		$	137,607,888		$	629,630,738
Class A
Net assets	$	31,164,522		$	3,810,600		$	370,425		$	7,207,964
Shares outstanding		1,829,790			280,040			48,391			664,396
Net asset value per share	$	17.03		$	13.61		$	7.65		$	10.85
Maximum offering price per share	$	18.02		$	14.40		$	8.10		$	11.48
Class C
Net assets	$	1,987,604		$	1,181,579		$	168,032		$	6,100,665
Shares outstanding		119,242			94,291			22,929			603,173
Net asset value and offering price per share	$	16.67		$	12.53		$	7.33		$	10.11
Class Y
Net assets	$	13,966,440		$	7,418,772		$	—		$	543,980
Shares outstanding		822,737			540,515			—			50,278
Net asset value, offering price and redemption value per share2	$	16.98		$	13.73		$	—		$	10.82
Class P
Net assets	$	1,138,164,758		$	437,362,613		$	137,069,431		$	615,778,129
Shares outstanding		67,208,529			32,031,483			18,588,239			57,135,601
Net asset value, offering price and redemption value per share2	$	16.93		$	13.65		$	7.37		$	10.78

See accompanying notes to financial statements.
287

PACE Select Advisors Trust

Statement of operations
For the year ended July 31, 2018

	PACE Government Money Market Investments			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments			PACE Strategic Fixed Income Investments
Investment income:
Dividends	$	—		$	—		$	—		$	—
Interest (net of foreign withholding taxes of $0; $39,688; $0; $3,640; $0; $43,711 and $309, respectively)		2,952,689			12,065,298			11,158,543			29,059,203
Securities lending		—			—			17,876			17,691
Total income		2,952,689			12,065,298			11,176,419			29,076,894
Expenses:
Investment management and administration fees		729,181			2,659,965			2,043,348			4,903,693
Service fees–Class A		—			83,142			39,109			35,323
Service and distribution fees–Class C		—			74,246			8,185			54,072
Transfer agency and related services fees		858,725			774,044			605,398			818,249
Professional services		113,675			183,664			147,654			170,784
Custody and fund accounting		12,057			144,621			118,199			310,773
Interest expense		—			5,090			1,356			411,754
Federal and state registration		29,364			59,945			59,016			64,054
Shareholder reports		34,178			45,684			47,224			50,944
Trustees' fees		21,157			26,477			25,900			32,197
Insurance expense		3,724			9,123			7,973			16,459
Other		43,999			27,207			35,470			46,605
Total expenses		1,846,060			4,093,208			3,138,832			6,914,907
Fee waivers and/or expense reimbursements by investment manager and administrator		(596,039	)		(886,117	)		(480,958	)		(646,500	)
Net expenses		1,250,021			3,207,091			2,657,874			6,268,407
Net investment income		1,702,668			8,858,207			8,518,545			22,808,487
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $19,999 and $0, respectively)		6			(7,254,044	)		(4,936,060	)		(990,940	)
Futures contracts		—			7,878			(1,711,970	)		(7,583,771	)
Options and swaptions written		—			709,903			1,578,494			1,188,247
Investments sold short		—			(157,989	)		(85,283	)		(79,612	)
Swap agreements		—			844,280			319,998			4,101,730
Forward foreign currency contracts		—			—			(616,737	)		(2,088,152	)
Foreign currency transactions		—			—			777,472			211,683
Net realized gain (loss)		6			(5,849,972	)		(4,674,086	)		(5,240,815	)
Change in net unrealized appreciation (depreciation) on:
Investments		—			(8,694,018	)		(8,633,158	)		(21,867,572	)
Futures contracts		—			(11,813	)		(70,776	)		(2,548,028	)
Options and swaptions written		—			36,572			(20,041	)		(363,901	)
Investments sold short		—			134,544			296,979			4,077
Swap agreements		—			1,725,121			(162,728	)		1,281,191
Forward foreign currency contracts		—			—			19,437			330,680
Translation of other assets and liabilities denominated in foreign currency		—			—			18			(109,613	)
Change in net unrealized appreciation (depreciation)		—			(6,809,594	)		(8,570,269	)		(23,273,166	)
Net realized and unrealized gain (loss)		6			(12,659,566	)		(13,244,355	)		(28,513,981	)
Net increase (decrease) in net assets resulting from operations	$	1,702,674		$	(3,801,359	)	$	(4,725,810	)	$	(5,705,494	)

288

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments			PACE High Yield Investments
Investment income:
Dividends	$	—		$	—		$	19,975
Interest (net of foreign withholding taxes of $0; $39,688; $0; $3,640; $0; $43,711 and $309, respectively)		12,519,023			8,693,910			23,261,673
Securities lending		—			13,902			222,809
Total income		12,519,023			8,707,812			23,504,457
Expenses:
Investment management and administration fees		1,963,166			3,225,437			2,957,777
Service fees–Class A		106,280			88,210			9,807
Service and distribution fees–Class C		59,130			17,993			18,589
Transfer agency and related services fees		132,015			754,901			609,812
Professional services		146,291			204,552			126,390
Custody and fund accounting		78,451			260,334			113,093
Interest expense		—			888			—
Federal and state registration		58,195			57,812			57,385
Shareholder reports		12,961			75,340			31,062
Trustees' fees		25,663			26,491			22,063
Insurance expense		7,510			9,296			7,975
Other		23,671			32,088			31,743
Total expenses		2,613,333			4,753,342			3,985,696
Fee waivers and/or expense reimbursements by investment manager and administrator		(350,329	)		(780,484	)		(581,299	)
Net expenses		2,263,004			3,972,858			3,404,397
Net investment income		10,256,019			4,734,954			20,100,060
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $19,999 and $0, respectively)		545,692			3,483,853			7,207,454
Futures contracts		—			916,795			—
Options and swaptions written		—			—			—
Investments sold short		—			—			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			532,718			1,630,248
Foreign currency transactions		—			217,413			(1,440,370	)
Net realized gain (loss)		545,692			5,150,779			7,397,332
Change in net unrealized appreciation (depreciation) on:
Investments		(9,714,421	)		(15,691,764	)		(18,977,692	)
Futures contracts		—			(236,118	)		—
Options and swaptions written		—			—			—
Investments sold short		—			—			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			(146,599	)		2,913,935
Translation of other assets and liabilities denominated in foreign currency		—			(140,538	)		(583,182	)
Change in net unrealized appreciation (depreciation)		(9,714,421	)		(16,215,019	)		(16,646,939	)
Net realized and unrealized gain (loss)		(9,168,729	)		(11,064,240	)		(9,249,607	)
Net increase (decrease) in net assets resulting from operations	$	1,087,290		$	(6,329,286	)	$	10,850,453

See accompanying notes to financial statements.
289

PACE Select Advisors Trust

Statement of operations (concluded)
For the year ended July 31, 2018

	PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments			PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments
Investment income:
Dividends (net of foreign withholding taxes of $176,878; $119,277; $48,733; $22,380; $3,833,072; $1,469,428; $196,798 and $354,370, respectively)	$	38,998,973		$	12,477,631		$	8,043,224		$	2,456,728
Interest (net of foreign withholding taxes of $0; $0; $0; $0; $0; $594; $0 and $68,362, respectively)		122,612			127,514			90,605			43,475
Securities lending		92,066			113,096			115,814			232,578
Total income		39,213,651			12,718,241			8,249,643			2,732,781
Expenses:
Investment management and administration fees		9,981,442			10,670,526			4,240,396			4,153,179
Service fees–Class A		288,554			116,620			44,553			59,050
Service and distribution fees–Class C		112,315			27,085			37,209			25,938
Dividend expense, interest expense and other borrowing costs for investments sold short		4,796,768			—			—			—
Transfer agency and related services fees		954,537			915,210			868,114			867,989
Custody and fund accounting		334,834			325,401			155,858			137,409
Professional services		153,729			155,738			184,209			140,196
Federal and state registration		64,070			63,454			57,643			57,472
Shareholder reports		66,344			58,975			72,419			45,752
Trustees' fees		39,717			40,040			27,915			27,739
Insurance expense		26,993			25,418			10,772			9,669
Interest expense		1,746			843			—			617
Other		66,163			49,658			33,517			37,926
Total expenses		16,887,212			12,448,968			5,732,605			5,562,936
Fee waivers and/or expense reimbursements by investment manager and administrator		(56,044	)		(33,676	)		(63,558	)		(72,219	)
Net expenses		16,831,168			12,415,292			5,669,047			5,490,717
Net investment income (loss)		22,382,483			302,949			2,580,596			(2,757,936	)
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $92,340; $0 and $1,955, respectively)		98,147,896			202,013,107			25,892,023			70,275,617
Futures contracts		—			—			—			—
Options and swaptions written		—			—			—			—
Investments sold short		(21,958,427	)		—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Foreign currency transactions		464			—			(944	)		—
Net realized gain (loss)		76,189,933			202,013,107			25,891,079			70,275,617
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $0; $0; $0; $0; $0; $314,411; $0 and 0, respectively)		18,944,387			36,043,130			36,843,710			42,104,817
Futures contracts		—			—			—			—
Options and swaptions written		—			—			—			—
Investments sold short		(830,183	)		—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currency		—			—			(16	)		—
Change in net unrealized appreciation (depreciation)		18,114,204			36,043,130			36,843,694			42,104,817
Net realized and unrealized gain		94,304,137			238,056,237			62,734,773			112,380,434
Net increase in net assets resulting from operations	$	116,686,620		$	238,359,186		$	65,315,369		$	109,622,498

290

PACE Select Advisors Trust

	PACE International Equity Investments			PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Investment income:
Dividends (net of foreign withholding taxes of $176,878; $119,277; $48,733; $22,380; $3,833,072; $1,469,428; $196,798 and $354,370, respectively)	$	38,046,819		$	12,358,385		$	5,894,400		$	8,062,065
Interest (net of foreign withholding taxes of $0; $0; $0; $0; $0; $594; $0 and $68,362, respectively)		151,022			41,237			5,804			6,004,605
Securities lending		581,461			86,364			5,526			—
Total income		38,779,302			12,485,986			5,905,730			14,066,670
Expenses:
Investment management and administration fees		10,570,817			5,292,714			1,103,661			9,198,204
Service fees–Class A		79,825			10,265			981			20,352
Service and distribution fees–Class C		19,971			12,801			1,752			73,497
Dividend expense, interest expense and other borrowing costs for investments sold short		6,527,859			—			—			3,360,283
Transfer agency and related services fees		887,184			800,533			622,808			469,111
Custody and fund accounting		647,431			658,050			71,186			483,045
Professional services		180,215			214,936			158,809			287,524
Federal and state registration		67,026			59,013			53,127			61,887
Shareholder reports		6,674			47,749			32,251			71,712
Trustees' fees		37,920			27,427			22,294			30,013
Insurance expense		20,940			8,560			2,721			13,531
Interest expense		712			1,015			38			37,579
Other		80,428			85,542			38,556			73,507
Total expenses		19,127,002			7,218,605			2,108,184			14,180,245
Fee waivers and/or expense reimbursements by investment manager and administrator		(117,858	)		(216,624	)		(449,830	)		(547,182	)
Net expenses		19,009,144			7,001,981			1,658,354			13,633,063
Net investment income (loss)		19,770,158			5,484,005			4,247,376			433,607
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments (net of foreign tax expense of $0; $0; $0; $0; $0; $92,340; $0 and $1,955, respectively)		80,751,625			34,017,237			(1,091,329	)		35,691,574
Futures contracts		—			—			—			(3,140,235	)
Options and swaptions written		—			—			—			2,538,168
Investments sold short		(13,853,129	)		—			—			(10,373,544	)
Swap agreements		—			—			—			(400,980	)
Forward foreign currency contracts		(42,454	)		(5,442	)		25,298			(9,398,160	)
Foreign currency transactions		(104,180	)		(316,291	)		(62,943	)		(100,668	)
Net realized gain (loss)		66,751,862			33,695,504			(1,128,974	)		14,816,155
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $0; $0; $0; $0; $0; $314,411; $0 and 0, respectively)		(16,259,727	)		(31,603,338	)		2,074,653			(12,829,488	)
Futures contracts		—			—			—			630,438
Options and swaptions written		—			—			—			(439,687	)
Investments sold short		12,607,544			—			—			301,027
Swap agreements		—			—			—			1,615,829
Forward foreign currency contracts		(740	)		—			—			5,711,001
Translation of other assets and liabilities denominated in foreign currency		(132,416	)		(12,351	)		(4,715	)		(7,596	)
Change in net unrealized appreciation (depreciation)		(3,785,339	)		(31,615,689	)		2,069,938			(5,018,476	)
Net realized and unrealized gain		62,966,523			2,079,815			940,964			9,797,679
Net increase in net assets resulting from operations	$	82,736,681		$	7,563,820		$	5,188,340		$	10,231,286

See accompanying notes to financial statements.
291

PACE Select Advisors Trust

Statement of changes in net assets

	PACE Government Money Market Investments						PACE Mortgaged-Backed Securities Fixed Income Investments						PACE Intermediate Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,						For the years ended July 31,
	2018			2017			2018			2017			2018			2017
From operations:
Net investment income	$	1,702,668		$	227,818		$	8,858,207		$	7,437,310		$	8,518,545		$	6,415,882
Net realized gain (loss)		6			(1,112	)		(5,849,972	)		(603,111	)		(4,674,086	)		71,869
Change in net unrealized appreciation (depreciation)		—			—			(6,809,594	)		(4,894,805	)		(8,570,269	)		(2,560,430	)
Net increase (decrease) in net assets resulting from operations		1,702,674			226,706			(3,801,359	)		1,939,394			(4,725,810	)		3,927,321
Dividends and distributions to shareholders from:
Net investment income–Class A		—			—			(961,787	)		(999,111	)		(337,935	)		(248,850	)
Net investment income–Class C		—			—			(248,183	)		(241,527	)		(19,206	)		(12,274	)
Net investment income–Class Y		—			—			(1,190,592	)		(1,357,824	)		(7,635	)		(6,037	)
Net investment income–Class P		(1,702,668	)		(227,818	)		(10,787,361	)		(10,920,203	)		(8,822,909	)		(6,505,074	)
Net realized gains		—			—			—			—			—			(53,263	)
Net realized gains–Class C		—			—			—			—			—			(4,338	)
Net realized gains–Class Y		—			—			—			—			—			(1,117	)
Net realized gains–Class P		—			—			—			—			—			(1,190,266	)
Total dividends and distributions to shareholders		(1,702,668	)		(227,818	)		(13,187,923	)		(13,518,665	)		(9,187,685	)		(8,021,219	)
From beneficial interest transactions:
Proceeds from shares sold		153,320,074			279,769,071			71,821,639			90,902,809			61,354,338			60,949,841
Cost of shares redeemed		(165,625,042	)		(263,332,595	)		(119,862,443	)		(156,678,233	)		(79,892,545	)		(103,374,812	)
Shares issued on reinvestment of dividends and distributions		1,513,589			173,450			12,034,990			12,331,064			8,264,039			7,226,182
Net increase (decrease) in net assets from beneficial interest transactions		(10,791,379	)		16,609,926			(36,005,814	)		(53,444,360	)		(10,274,168	)		(35,198,789	)
Net increase (decrease) in net assets		(10,791,373	)		16,608,814			(52,995,096	)		(65,023,631	)		(24,187,663	)		(39,292,687	)
Net assets:
Beginning of year		199,585,359			182,976,545			445,611,772			510,635,403			392,581,722			431,874,409
End of year	$	188,793,986		$	199,585,359		$	392,616,676		$	445,611,772		$	368,394,059		$	392,581,722
Accumulated undistributed (distributions in excess of) net investment income	$	—		$	—		$	480,551		$	521,882		$	1,411,682		$	1,236,003

292

PACE Select Advisors Trust

	PACE Strategic Fixed Income Investments						PACE Municipal Fixed Income Investments
	For the years ended July 31,						For the years ended July 31,
	2018			2017			2018			2017
From operations:
Net investment income	$	22,808,487		$	23,923,226		$	10,256,019		$	10,389,220
Net realized gain (loss)		(5,240,815	)		(6,935,149	)		545,692			804,680
Change in net unrealized appreciation (depreciation)		(23,273,166	)		(2,379,364	)		(9,714,421	)		(12,678,000	)
Net increase (decrease) in net assets resulting from operations		(5,705,494	)		14,608,713			1,087,290			(1,484,100	)
Dividends and distributions to shareholders from:
Net investment income–Class A		(383,426	)		(373,634	)		(1,101,076	)		(1,196,328	)
Net investment income–Class C		(164,449	)		(213,828	)		(174,754	)		(186,374	)
Net investment income–Class Y		(44,283	)		(57,890	)		(2,149	)		(2,088	)
Net investment income–Class P		(23,346,881	)		(25,022,010	)		(8,984,515	)		(8,998,907	)
Net realized gains		—			(212,312	)		(58,589	)		(361,045	)
Net realized gains–Class C		—			(152,383	)		(10,998	)		(70,658	)
Net realized gains–Class Y		—			(30,485	)		(118	)		(500	)
Net realized gains–Class P		—			(13,137,303	)		(421,544	)		(2,468,971	)
Total dividends and distributions to shareholders		(23,939,039	)		(39,199,845	)		(10,753,743	)		(13,284,871	)
From beneficial interest transactions:
Proceeds from shares sold		109,826,434			111,384,315			48,856,462			52,483,400
Cost of shares redeemed		(153,633,513	)		(174,065,722	)		(71,525,103	)		(81,616,612	)
Shares issued on reinvestment of dividends and distributions		21,980,495			36,180,494			9,034,151			11,312,647
Net increase (decrease) in net assets from beneficial interest transactions		(21,826,584	)		(26,500,913	)		(13,634,490	)		(17,820,565	)
Net increase (decrease) in net assets		(51,471,117	)		(51,092,045	)		(23,300,943	)		(32,589,536	)
Net assets:
Beginning of year		831,390,074			882,482,119			379,552,544			412,142,080
End of year	$	779,918,957		$	831,390,074		$	356,251,601		$	379,552,544
Accumulated undistributed (distributions in excess of) net investment income	$	9,890,110		$	8,560,371		$	—		$	2,516

See accompanying notes to financial statements.
293

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Global Fixed Income Investments						PACE High Yield Investments						PACE Large Co Value Equity Investments
	For the years ended July 31,						For the years ended July 31,						For the years ended July 31,
	2018			2017			2018			2017			2018			2017
From operations:
Net investment income	$	4,734,954		$	6,320,428		$	20,100,060		$	23,237,420		$	22,382,483		$	22,375,751
Net realized gain		5,150,779			(24,334,285	)		7,397,332			8,621,540			76,189,933			102,752,134
Change in net unrealized appreciation (depreciation)		(16,215,019	)		(10,024,777	)		(16,646,939	)		11,962,946			18,114,204			73,532,988
Net increase (decrease) in net assets resulting from operations		(6,329,286	)		(28,038,634	)		10,850,453			43,821,906			116,686,620			198,660,873
Dividends and distributions to shareholders from:
Net investment income–Class A		—			(698,459	)		(208,373	)		(234,072	)		(1,490,821	)		(1,794,574	)
Net investment income–Class C		—			(41,628	)		(123,408	)		(149,979	)		(59,827	)		(87,986	)
Net investment income–Class Y		—			(54,336	)		(29,010	)		(36,967	)		(265,210	)		(323,059	)
Net investment income–Class P		—			(8,442,767	)		(19,994,007	)		(22,930,243	)		(18,285,278	)		(21,042,472	)
Net realized gains–Class A		—			—			—			—			(8,009,384	)		(3,142,416	)
Net realized gains–Class C		—			—			—			—			(828,457	)		(329,787	)
Net realized gains–Class Y		—			—			—			—			(1,190,186	)		(489,234	)
Net realized gains–Class P		—			—			—			—			(82,958,088	)		(32,190,594	)
Return of capital–Class A		(488,837	)		(295,590	)		—			—			—			—
Return of capital–Class C		(22,988	)		(12,799	)		—			—			—			—
Return of capital–Class Y		(39,668	)		(22,046	)		—			—			—			—
Return of capital–Class P		(6,308,471	)		(3,682,347	)		—			—			—			—
Total dividends and distributions to shareholders		(6,859,964	)		(13,249,972	)		(20,354,798	)		(23,351,261	)		(113,087,251	)		(59,400,122	)
From beneficial interest transactions:
Proceeds from shares sold		45,352,964			58,371,399			36,001,719			56,193,257			84,980,768			100,350,237
Cost of shares redeemed		(79,605,170	)		(148,124,325	)		(75,275,294	)		(134,944,631	)		(213,881,391	)		(253,996,261	)
Shares issued on reinvestment of dividends and distributions		6,312,446			12,200,509			18,703,014			21,521,712			106,234,784			55,848,030
Net increase (decrease) in net assets from beneficial interest transactions		(27,939,760	)		(77,552,417	)		(20,570,561	)		(57,229,662	)		(22,665,839	)		(97,797,994	)
Net increase (decrease) in net assets		(41,129,010	)		(118,841,023	)		(30,074,906	)		(36,759,017	)		(19,066,470	)		41,462,757
Net assets:
Beginning of year		446,613,703			565,454,726			384,014,890			420,773,907			1,344,026,038			1,302,563,281
End of year	$	405,484,693		$	446,613,703		$	353,939,984		$	384,014,890		$	1,324,959,568		$	1,344,026,038
Accumulated undistributed (distributions in excess of) net investment income	$	(2,948,467	)	$	(37,835,408	)	$	2,364,833		$	779,282		$	12,294,327		$	10,520,659

294

PACE Select Advisors Trust

	PACE Large Co Growth Equity Investments						PACE Small/Medium Co Value Equity Investments
	For the years ended July 31,						For the years ended July 31,
	2018			2017			2018			2017
From operations:
Net investment income	$	302,949		$	3,879,364		$	2,580,596		$	4,313,901
Net realized gain		202,013,107			107,429,870			25,891,079			67,191,426
Change in net unrealized appreciation (depreciation)		36,043,130			85,272,003			36,843,694			5,245,663
Net increase (decrease) in net assets resulting from operations		238,359,186			196,581,237			65,315,369			76,750,990
Dividends and distributions to shareholders from:
Net investment income–Class A		—			(53,501	)		(19,006	)		(240,797	)
Net investment income–Class C		—			—			—			(35,921	)
Net investment income–Class Y		(16,901	)		(48,062	)		(704	)		(5,472	)
Net investment income–Class P		(1,303,992	)		(4,211,251	)		(1,236,385	)		(7,324,442	)
Net realized gains–Class A		(4,492,312	)		(1,344,842	)		(1,942,489	)		(483,160	)
Net realized gains–Class C		(337,739	)		(118,699	)		(554,561	)		(133,716	)
Net realized gains–Class Y		(1,382,122	)		(402,707	)		(31,899	)		(10,874	)
Net realized gains–Class P		(121,930,288	)		(36,392,528	)		(54,355,494	)		(13,555,466	)
Return of capital–Class A		—			—			—			—
Return of capital–Class C		—			—			—			—
Return of capital–Class Y		—			—			—			—
Return of capital–Class P		—			—			—			—
Total dividends and distributions to shareholders		(129,463,354	)		(42,571,590	)		(58,140,538	)		(21,789,848	)
From beneficial interest transactions:
Proceeds from shares sold		73,887,591			100,602,806			39,600,056			46,350,974
Cost of shares redeemed		(245,103,947	)		(236,697,202	)		(87,821,671	)		(108,673,345	)
Shares issued on reinvestment of dividends and distributions		122,702,402			40,489,153			54,891,264			20,535,489
Net increase (decrease) in net assets from beneficial interest transactions		(48,513,954	)		(95,605,243	)		6,669,649			(41,786,882	)
Net increase (decrease) in net assets		60,381,878			58,404,404			13,844,480			13,174,260
Net assets:
Beginning of year		1,332,889,361			1,274,484,957			525,627,189			512,452,929
End of year	$	1,393,271,239		$	1,332,889,361		$	539,471,669		$	525,627,189
Accumulated undistributed (distributions in excess of) net investment income	$	77,940		$	108,076		$	1,666,136		$	35,794

See accompanying notes to financial statements.
295

PACE Select Advisors Trust

Statement of changes in net assets (concluded)

	PACE Small/Medium Co Growth Equity Investments						PACE International Equity Investments						PACE International Emerging Markets Equity Investments
	For the years ended July 31,						For the years ended July 31,						For the years ended July 31,
	2018			2017			2018			2017			2018			2017
From operations:
Net investment income (loss)	$	(2,757,936	)	$	(2,388,905	)	$	19,770,158		$	21,191,293		$	5,484,005		$	5,570,515
Net realized gain (loss)		70,275,617			36,174,906			66,751,862			35,383,737			33,695,504			12,937,450
Change in net unrealized appreciation (depreciation)		42,104,817			42,237,611			(3,785,339	)		108,403,807			(31,615,689	)		62,374,624
Net increase (decrease) in net assets resulting from operations		109,622,498			76,023,612			82,736,681			164,978,837			7,563,820			80,882,589
Dividends and distributions to shareholders from:
Net investment income–Class A		—			—			(590,355	)		(572,185	)		(39,712	)		(30,175	)
Net investment income–Class C		—			—			(24,291	)		(22,364	)		(4,341	)		(1,193	)
Net investment income–Class Y		—			—			(316,169	)		(318,588	)		(96,566	)		(75,310	)
Net investment income–Class P		—			—			(24,378,517	)		(20,728,400	)		(5,530,760	)		(4,085,462	)
Net realized gains–Class A		(1,297,698	)		—			—			—			—			—
Net realized gains–Class C		(198,913	)		—			—			—			—			—
Net realized gains–Class Y		(5,347	)		—			—			—			—			—
Net realized gains–Class P		(25,626,125	)		—			—			—			—			—
Total dividends and distributions to shareholders		(27,128,083	)		—			(25,309,332	)		(21,641,537	)		(5,671,379	)		(4,192,140	)
From beneficial interest transactions:
Proceeds from shares sold		33,327,231			44,322,542			120,993,437			183,012,794			52,628,267			67,086,338
Cost of shares redeemed		(90,679,821	)		(94,477,371	)		(169,203,401	)		(166,846,663	)		(78,225,424	)		(87,148,727	)
Shares issued on reinvestment of dividends and distributions		25,873,218			700			23,629,324			20,182,585			5,347,076			3,965,359
Net increase (decrease) in net assets from beneficial interest transactions		(31,479,372	)		(50,154,129	)		(24,580,640	)		36,348,716			(20,250,081	)		(16,097,030	)
Net increase (decrease) in net assets		51,015,043			25,869,483			32,846,709			179,686,016			(18,357,640	)		60,593,419
Net assets:
Beginning of year		495,322,642			469,453,159			1,152,436,615			972,750,599			468,131,204			407,537,785
End of year	$	546,337,685		$	495,322,642		$	1,185,283,324		$	1,152,436,615		$	449,773,564		$	468,131,204
Accumulated undistributed (distributions in excess of) net investment income	$	(3	)	$	(1,762,888	)	$	10,996,433		$	13,975,215		$	5,046,086		$	5,513,473

296

PACE Select Advisors Trust

	PACE Global Real Estate Securities Investments						PACE Alternative Strategies Investments
	For the years ended July 31,						For the years ended July 31,
	2018			2017			2018			2017
From operations:
Net investment income (loss)	$	4,247,376		$	3,628,686		$	433,607		$	(3,464,048	)
Net realized gain (loss)		(1,128,974	)		5,865,431			14,816,155			12,715,954
Change in net unrealized appreciation (depreciation)		2,069,938			(9,851,290	)		(5,018,476	)		5,516,030
Net increase (decrease) in net assets resulting from operations		5,188,340			(357,173	)		10,231,286			14,767,936
Dividends and distributions to shareholders from:
Net investment income–Class A		(13,326	)		(17,802	)		—			—
Net investment income–Class C		(4,396	)		(10,900	)		—			—
Net investment income–Class Y		(1,142	)		(938	)		—			—
Net investment income–Class P		(5,497,154	)		(6,046,507	)		—			—
Net realized gains–Class A		(1,863	)		—			—			—
Net realized gains–Class C		(870	)		—			—			—
Net realized gains–Class Y		(147	)		—			—			—
Net realized gains–Class P		(706,670	)		—			—			—
Total dividends and distributions to shareholders		(6,225,568	)		(6,076,147	)		—			—
From beneficial interest transactions:
Proceeds from shares sold		15,638,497			17,169,512			85,248,055			110,510,485
Cost of shares redeemed		(23,801,441	)		(27,668,849	)		(134,906,601	)		(193,020,289	)
Shares issued on reinvestment of dividends and distributions		5,806,661			5,652,218			—			—
Net increase (decrease) in net assets from beneficial interest transactions		(2,356,283	)		(4,847,119	)		(49,658,546	)		(82,509,804	)
Net increase (decrease) in net assets		(3,393,511	)		(11,280,439	)		(39,427,260	)		(67,741,868	)
Net assets:
Beginning of year		141,001,399			152,281,838			669,057,998			736,799,866
End of year	$	137,607,888		$	141,001,399		$	629,630,738		$	669,057,998
Accumulated undistributed (distributions in excess of) net investment income	$	1,104,185		$	979,609		$	(11,442,213	)	$	(6,810,171	)

See accompanying notes to financial statements.
297

PACE Select Advisors Trust

Statement of cash flows
For the year ended July 31, 2018

	PACE Large Co Value Equity Investments
Cash flows from operating activities
Net increase in net assets resulting from operations	$	116,686,620
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:
Purchases of long-term investments		(688,589,980	)
Purchases to cover investments sold short		(221,798,194	)
Proceeds from disposition of long-term investments		839,267,176
Sales of investments sold short		189,977,112
Net purchases from short-term investments		(9,084,623	)
Net realized (gains) from investments in securities		(98,147,896	)
Net realized losses from investments sold short		21,958,427
Net change in unrealized appreciation/depreciation of investments in securities		(18,944,387	)
Net change in unrealized appreciation/depreciation of investments sold short		830,183
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on investments sold short		1,251,098
Receivable for interest and dividends		239,322
Receivable for foreign tax reclaims		(3,181	)
Other assets		4,471
Increase (decrease) in liabilities:
Payable for cash collateral from securities loaned		2,354,454
Payable to affiliate		(14,519	)
Payable for dividends and interest on investments sold short		19,185
Payable to custodian		26,730
Accrued expenses and other liabilities		(195,255	)
Net cash provided from operating activities		135,836,743
Cash flows from financing activities
Proceeds from borrowings		6,086,013
Payments from borrowings		(6,086,013	)
Proceeds from shares sold		85,017,862
Cost of shares repurchased		(213,923,639	)
Dividends paid to shareholders		(6,852,467	)
Net cash used in financing activities		(135,758,244	)
Net increase in cash and foreign currency		78,499
Cash beginning of year		39,198
Cash end of year	$	117,697
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(106,234,784	)
Cash paid during the year for interest	$	1,746

See accompanying notes to financial statements.
298

PACE Select Advisors Trust

Statement of cash flows (concluded)
For the year ended July 31, 2018

	PACE International Equity Investments
Cash flows from operating activities
Net increase in net assets resulting from operations	$	82,736,681
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided from operating activities:
Purchases of long-term investments		(724,532,144	)
Purchases to cover investments sold short		(209,726,985	)
Proceeds from disposition of long-term investments		750,087,829
Sales of investments sold short		218,436,592
Net purchases from short-term investments		(26,858,196	)
Net realized (gains) from investments in securities		(80,751,625	)
Net realized losses from investments sold short		13,853,129
Net change in unrealized appreciation/depreciation of investments in securities		16,259,727
Net change in unrealized appreciation/depreciation of investments sold short		(12,607,544	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on investments sold short		7,112,290
Receivable for interest and dividends		(234,075	)
Receivable for foreign tax reclaims		(686,351	)
Other assets		837
Increase (decrease) in liabilities:
Payable for cash collateral from securities loaned		17,852,830
Payable for foreign withholding taxes and foreign capital gains taxes		3,685
Payable for bank loan		(1,528,972	)
Payable to affiliate		55,722
Payable for dividends and interest on investments sold short		22,413
Payable to custodian		(686	)
Accrued expenses and other liabilities		(191,269	)
Net cash provided from operating activities		49,303,888
Cash flows from financing activities
Proceeds from borrowings		7,309,975
Payments from borrowings		(7,309,975	)
Proceeds from shares sold		121,475,274
Cost of shares repurchased		(169,233,546	)
Dividends paid to shareholders		(1,680,008	)
Net cash used in financing activities		(49,438,280	)
Net decrease in cash and foreign currency		(134,392	)
Cash and foreign currency, beginning of year		1,033,926
Cash and foreign currency, end of year	$	899,534
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(23,629,324	)
Cash paid during the year for interest	$	712

See accompanying notes to financial statements.
299

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300

PACE Government Money Market Investments

Financial highlights

Selected financial data throughout each year is presented below:

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.008			0.001			0.0001			0.0001			0.0001
Net realized gains (losses)		0.0001			(0.000	)1		0.0001			—			0.0001
Net increase from operations		0.008			0.001			0.0001			0.0001			0.0001
Dividends from net investment income		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1		(0.000	)1
Distributions from net realized gains		—			—			(0.000	)1		—			(0.000	)1
Total dividends and distributions		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1		(0.000	)1
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.83	%		0.11	%		0.01	%		0.01	%		0.01	%3
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.89	%		0.95	%		0.96	%		0.93	%		0.91	%
Expenses after fee waivers and/or expense reimbursements		0.60	%		0.52	%		0.26	%		0.14	%		0.14	%
Net investment income		0.82	%		0.12	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (000's)	$	188,794		$	199,585		$	182,977		$	168,503		$	212,025

¹  Amount represents less than $0.0005 per share.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. The figures do not include program fees; results would be lower if these fees were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

³  In August 2013, UBS AM made a voluntary cash payment of $2,340 to the Portfolio in order to address a differential between the number of shares outstanding and the Portfolio's net assets. The differential was attributable to historical embedded capital losses that were experienced by the Portfolio over several years prior to credit crisis of 2008. Payment from investment advisor had no impact on the Portfolio's total investment return and represents less than $0.0005 per share.

See accompanying notes to financial statements.

301

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.85		$	13.15		$	12.96		$	12.82		$	12.62
Net investment income1		0.24			0.17			0.19			0.11			0.15
Net realized and unrealized gains (losses)		(0.38	)		(0.13	)		0.29			0.26			0.32
Net increase (decrease) from operations		(0.14	)		0.04			0.48			0.37			0.47
Dividends from net investment income		(0.37	)		(0.34	)		(0.29	)		(0.23	)		(0.27	)
Net asset value, end of year	$	12.34		$	12.85		$	13.15		$	12.96		$	12.82
Total investment return2		(1.12	)%		0.30	%		3.76	%		2.86	%		3.74	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.09	%3		1.08	%		1.07	%3		1.07	%		1.07	%
Expenses after fee waivers and/or expense reimbursements		0.97	%3		0.97	%		0.97	%3		0.97	%		0.97	%
Net investment income		1.88	%		1.33	%		1.47	%		0.87	%		1.17	%
Supplemental data:
Net assets, end of year (000's)	$	30,489		$	36,239		$	41,260		$	47,860		$	59,834
Portfolio turnover		887	%		1,255	%		1,383	%		1,360	%		1,117	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.86		$	13.16		$	12.96		$	12.82		$	12.62
Net investment income1		0.27			0.19			0.23			0.15			0.18
Net realized and unrealized gains (losses)		(0.38	)		(0.12	)		0.29			0.25			0.32
Net increase (decrease) from operations		(0.11	)		0.07			0.52			0.40			0.50
Dividends from net investment income		(0.40	)		(0.37	)		(0.32	)		(0.26	)		(0.30	)
Net asset value, end of year	$	12.35		$	12.86		$	13.16		$	12.96		$	12.82
Total investment return2		(0.87	)%		0.63	%		4.03	%		3.12	%		4.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.01	%3		0.99	%		0.89	%3		0.86	%		0.87	%
Expenses after fee waivers and/or expense reimbursements		0.72	%3		0.72	%		0.72	%3		0.72	%		0.72	%
Net investment income		2.12	%		1.49	%		1.73	%		1.13	%		1.42	%
Supplemental data:
Net assets, end of year (000's)	$	30,542		$	45,658		$	51,823		$	46,071		$	47,959
Portfolio turnover		887	%		1,255	%		1,383	%		1,360	%		1,117	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

302

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.87		$	13.17		$	12.97		$	12.84		$	12.63
Net investment income1		0.17			0.11			0.13			0.05			0.09
Net realized and unrealized gains (losses)		(0.37	)		(0.14	)		0.30			0.24			0.32
Net increase (decrease) from operations		(0.20	)		(0.03	)		0.43			0.29			0.41
Dividends from net investment income		(0.31	)		(0.27	)		(0.23	)		(0.16	)		(0.20	)
Net asset value, end of year	$	12.36		$	12.87		$	13.17		$	12.97		$	12.84
Total investment return2		(1.59	)%		(0.21	)%		3.32	%		2.27	%		3.29	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.56	%3		1.58	%		1.60	%3		1.59	%		1.59	%
Expenses after fee waivers and/or expense reimbursements		1.47	%3		1.47	%		1.47	%3		1.47	%		1.47	%
Net investment income		1.38	%		0.83	%		0.97	%		0.37	%		0.67	%
Supplemental data:
Net assets, end of year (000's)	$	9,674		$	10,926		$	12,299		$	12,887		$	13,958
Portfolio turnover		887	%		1,255	%		1,383	%		1,360	%		1,117	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.86		$	13.16		$	12.96		$	12.83		$	12.63
Net investment income1		0.27			0.21			0.22			0.15			0.18
Net realized and unrealized gains (losses)		(0.38	)		(0.14	)		0.30			0.24			0.32
Net increase (decrease) from operations		(0.11	)		0.07			0.52			0.39			0.50
Dividends from net investment income		(0.40	)		(0.37	)		(0.32	)		(0.26	)		(0.30	)
Net asset value, end of year	$	12.35		$	12.86		$	13.16		$	12.96		$	12.83
Total investment return2		(0.87	)%		0.55	%		4.10	%		3.04	%		4.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.93	%3		0.92	%		0.91	%3		0.91	%		0.90	%
Expenses after fee waivers and/or expense reimbursements		0.72	%3		0.72	%		0.72	%3		0.72	%		0.72	%
Net investment income		2.14	%		1.60	%		1.72	%		1.13	%		1.41	%
Supplemental data:
Net assets, end of year (000's)	$	321,912		$	352,789		$	405,253		$	422,604		$	435,063
Portfolio turnover		887	%		1,255	%		1,383	%		1,360	%		1,117	%

See accompanying notes to financial statements.

303

PACE Intermediate Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.34		$	12.45		$	12.36		$	12.33		$	12.20
Net investment income1		0.24			0.16			0.16			0.16			0.14
Net realized and unrealized gains (losses)		(0.42	)		(0.06	)		0.18			0.04			0.14
Net increase (decrease) from operations		(0.18	)		0.10			0.34			0.20			0.28
Dividends from net investment income		(0.26	)		(0.17	)		(0.17	)		(0.16	)		(0.15	)
Distributions from net realized gains		—			(0.04	)		(0.08	)		(0.01	)		—
Total dividends and distributions		(0.26	)		(0.21	)		(0.25	)		(0.17	)		(0.15	)
Net asset value, end of year	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Total investment return2		(1.43	)%		0.84	%		2.85	%		1.64	%		2.30	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.00	%3		1.01	%3		1.03	%3		1.03	%3		1.03	%
Expenses after fee waivers and/or expense reimbursements		0.93	%3		0.93	%3		0.93	%3		0.93	%3		0.93	%
Net investment income		1.97	%		1.32	%		1.31	%		1.26	%		1.18	%
Supplemental data:
Net assets, end of year (000's)	$	14,254		$	16,884		$	18,681		$	19,932		$	28,080
Portfolio turnover		537	%		437	%		284	%		476	%		827	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.34		$	12.45		$	12.36		$	12.33		$	12.20
Net investment income1		0.27			0.19			0.19			0.19			0.18
Net realized and unrealized gains (losses)		(0.42	)		(0.05	)		0.18			0.04			0.13
Net increase (decrease) from operations		(0.15	)		0.14			0.37			0.23			0.31
Dividends from net investment income		(0.29	)		(0.21	)		(0.20	)		(0.19	)		(0.18	)
Distributions from net realized gains		—			(0.04	)		(0.08	)		(0.01	)		—
Total dividends and distributions		(0.29	)		(0.25	)		(0.28	)		(0.20	)		(0.18	)
Net asset value, end of year	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Total investment return2		(1.20	)%		1.09	%		3.11	%		1.90	%		2.56	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.95	%3		0.93	%3		0.94	%3		0.86	%3		1.05	%
Expenses after fee waivers and/or expense reimbursements		0.68	%3		0.68	%3		0.68	%3		0.68	%3		0.68	%
Net investment income		2.23	%		1.57	%		1.56	%		1.51	%		1.43	%
Supplemental data:
Net assets, end of year (000's)	$	293		$	337		$	401		$	444		$	543
Portfolio turnover		537	%		437	%		284	%		476	%		827	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

304

PACE Intermediate Fixed Income Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.36		$	12.47		$	12.37		$	12.35		$	12.22
Net investment income1		0.18			0.10			0.10			0.09			0.08
Net realized and unrealized gains (losses)		(0.42	)		(0.06	)		0.19			0.04			0.14
Net increase (decrease) from operations		(0.24	)		0.04			0.29			0.13			0.22
Dividends from net investment income		(0.21	)		(0.11	)		(0.11	)		(0.10	)		(0.09	)
Distributions from net realized gains		—			(0.04	)		(0.08	)		(0.01	)		—
Total dividends and distributions		(0.21	)		(0.15	)		(0.19	)		(0.11	)		(0.09	)
Net asset value, end of year	$	11.91		$	12.36		$	12.47		$	12.37		$	12.35
Total investment return2		(1.94	)%		0.32	%		2.41	%		1.05	%		1.78	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.48	%3		1.52	%3		1.53	%3		1.53	%3		1.52	%
Expenses after fee waivers and/or expense reimbursements		1.43	%3		1.43	%3		1.43	%3		1.43	%3		1.43	%
Net investment income		1.47	%		0.81	%		0.81	%		0.76	%		0.68	%
Supplemental data:
Net assets, end of year (000's)	$	982		$	1,217		$	1,644		$	1,931		$	2,260
Portfolio turnover		537	%		437	%		284	%		476	%		827	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.34		$	12.45		$	12.36		$	12.33		$	12.20
Net investment income1		0.27			0.19			0.19			0.19			0.18
Net realized and unrealized gains (losses)		(0.42	)		(0.05	)		0.18			0.04			0.13
Net increase (decrease) from operations		(0.15	)		0.14			0.37			0.23			0.31
Dividends from net investment income		(0.29	)		(0.21	)		(0.20	)		(0.19	)		(0.18	)
Distributions from net realized gains		—			(0.04	)		(0.08	)		(0.01	)		—
Total dividends and distributions		(0.29	)		(0.25	)		(0.28	)		(0.20	)		(0.18	)
Net asset value, end of year	$	11.90		$	12.34		$	12.45		$	12.36		$	12.33
Total investment return2		(1.20	)%		1.09	%		3.11	%		1.90	%		2.56	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.81	%3		0.82	%3		0.83	%3		0.83	%3		0.82	%
Expenses after fee waivers and/or expense reimbursements		0.68	%3		0.68	%3		0.68	%3		0.68	%3		0.68	%
Net investment income		2.23	%		1.57	%		1.56	%		1.51	%		1.43	%
Supplemental data:
Net assets, end of year (000's)	$	352,865		$	374,144		$	411,148		$	403,358		$	417,011
Portfolio turnover		537	%		437	%		284	%		476	%		827	%

See accompanying notes to financial statements.

305

PACE Strategic Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.81		$	14.21		$	13.93		$	13.90		$	14.16
Net investment income1		0.35			0.36			0.37			0.35			0.37
Net realized and unrealized gain (losses)		(0.47	)		(0.15	)		0.38			0.01			0.11
Net increase (decrease) from operations		(0.12	)		0.21			0.75			0.36			0.48
Dividends from net investment income		(0.37	)		(0.39	)		(0.37	)		(0.33	)		(0.28	)
Distributions from net realized gains		—			(0.22	)		(0.10	)		—			(0.37	)
Return of capital		—			—			—			—			(0.09	)
Total dividends, distributions and return of capital		(0.37	)		(0.61	)		(0.47	)		(0.33	)		(0.74	)
Net asset value, end of year	$	13.32		$	13.81		$	14.21		$	13.93		$	13.90
Total investment return2		(0.89	)%		1.61	%		5.43	%		2.69	%		3.51	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.05	%		1.12	%		1.10	%3		1.07	%		1.06	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.01	%		1.06	%		1.01	%3		1.05	%		1.06	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.96	%		0.96	%		0.95	%		1.03	%		1.05	%
Net investment income		2.57	%		2.59	%		2.69	%		2.52	%		2.63	%
Supplemental data:
Net assets, end of year (000's)	$	13,652		$	13,605		$	13,480		$	13,699		$	44,465
Portfolio turnover		243	%		212	%		133	%		154	%		154	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.79		$	14.19		$	13.91		$	13.89		$	14.15
Net investment income1		0.38			0.39			0.39			0.37			0.40
Net realized and unrealized gains (losses)		(0.48	)		(0.15	)		0.38			0.02			0.12
Net increase (decrease) from operations		(0.10	)		0.24			0.77			0.39			0.52
Dividends from net investment income		(0.40	)		(0.42	)		(0.39	)		(0.37	)		(0.31	)
Distributions from net realized gains		—			(0.22	)		(0.10	)		—			(0.37	)
Return of capital		—			—			—			—			(0.10	)
Total dividends, distributions and return of capital		(0.40	)		(0.64	)		(0.49	)		(0.37	)		(0.78	)
Net asset value, end of year	$	13.29		$	13.79		$	14.19		$	13.91		$	13.89
Total investment return2		(0.71	)%		1.87	%		5.68	%		2.81	%		3.82	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.93	%		1.03	%		0.97	%3		0.93	%		0.93	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.76	%		0.81	%		0.87	%3		0.83	%		0.81	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.71	%		0.71	%		0.81	%		0.81	%		0.81	%
Net investment income		2.81	%		2.84	%		2.82	%		2.66	%		2.90	%
Supplemental data:
Net assets, end of year (000's)	$	1,370		$	1,599		$	2,283		$	2,543		$	3,158
Portfolio turnover		243	%		212	%		133	%		154	%		154	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

306

PACE Strategic Fixed Income Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.82		$	14.22		$	13.93		$	13.91		$	14.17
Net investment income1		0.28			0.29			0.30			0.28			0.30
Net realized and unrealized gain (losses)		(0.48	)		(0.15	)		0.39			0.01			0.11
Net increase (decrease) from operations		(0.20	)		0.14			0.69			0.29			0.41
Dividends from net investment income		(0.30	)		(0.32	)		(0.30	)		(0.27	)		(0.23	)
Distributions from net realized gains		—			(0.22	)		(0.10	)		—			(0.37	)
Return of capital		—			—			—			—			(0.07	)
Total dividends, distributions and return of capital		(0.30	)		(0.54	)		(0.40	)		(0.27	)		(0.67	)
Net asset value, end of year	$	13.32		$	13.82		$	14.22		$	13.93		$	13.91
Total investment return2		(1.43	)%		1.10	%		4.98	%		2.16	%		3.03	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/
recoupments, including interest expense		1.54	%		1.62	%		1.60	%3		1.54	%		1.53	%3
Expenses after fee waivers and/or expense reimbursements/
recoupments, including interest expense		1.51	%		1.56	%		1.51	%3		1.52	%		1.53	%3
Expenses after fee waivers and/or expense reimbursements/
recoupments, excluding interest expense		1.46	%		1.46	%		1.45	%		1.50	%		1.52	%
Net investment income		2.06	%		2.09	%		2.19	%		1.98	%		2.17	%
Supplemental data:
Net assets, end of year (000's)	$	6,594		$	8,177		$	10,418		$	11,752		$	15,143
Portfolio turnover		243	%		212	%		133	%		154	%		154	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.81		$	14.20		$	13.92		$	13.90		$	14.16
Net investment income1		0.38			0.39			0.40			0.38			0.40
Net realized and unrealized gains (losses)		(0.48	)		(0.14	)		0.38			0.01			0.11
Net increase (decrease) from operations		(0.10	)		0.25			0.78			0.39			0.51
Dividends from net investment income		(0.40	)		(0.42	)		(0.40	)		(0.37	)		(0.30	)
Distributions from net realized gains		—			(0.22	)		(0.10	)		—			(0.37	)
Return of capital		—			—			—			—			(0.10	)
Total dividends, distributions and return of capital		(0.40	)		(0.64	)		(0.50	)		(0.37	)		(0.77	)
Net asset value, end of year	$	13.31		$	13.81		$	14.20		$	13.92		$	13.90
Total investment return2		(0.71	)%		1.94	%		5.68	%		2.91	%		3.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.84	%		0.90	%		0.88	%3		0.82	%		0.81	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.76	%		0.81	%		0.79	%3		0.80	%		0.81	%3,4
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.71	%		0.71	%		0.72	%		0.78	%		0.81	%4
Net investment income		2.82	%		2.84	%		2.92	%		2.69	%		2.90	%
Supplemental data:
Net assets, end of year (000's)	$	758,303		$	808,009		$	856,301		$	893,373		$	889,402
Portfolio turnover		243	%		212	%		133	%		154	%		154	%

³  Includes interest expense representing less than 0.005%.

⁴  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.

307

PACE Municipal Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.08		$	13.55		$	13.14		$	13.19		$	12.91
Net investment income1		0.33			0.32			0.33			0.32			0.34
Net realized and unrealized gains (losses)		(0.32	)		(0.37	)		0.48			(0.05	)		0.38
Net increase (decrease) from operations		0.01			(0.05	)		0.81			0.27			0.72
Dividends from net investment income		(0.34	)		(0.32	)		(0.33	)		(0.32	)		(0.34	)
Distributions from net realized gains		(0.02	)		(0.10	)		(0.07	)		—			(0.10	)
Total dividends and distributions		(0.36	)		(0.42	)		(0.40	)		(0.32	)		(0.44	)
Net asset value, end of year	$	12.73		$	13.08		$	13.55		$	13.14		$	13.19
Total investment return2		0.03	%		(0.29	)%		6.26	%		2.07	%		5.64	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.91	%		0.92	%		0.92	%		0.92	%		0.92	%
Expenses after fee waivers and/or expense reimbursements		0.82	%		0.85	%		0.85	%		0.90	%3		0.90	%
Net investment income		2.58	%		2.47	%		2.49	%		2.42	%		2.59	%
Supplemental data:
Net assets, end of year (000's)	$	38,714		$	46,784		$	51,397		$	53,923		$	63,225
Portfolio turnover		19	%		14	%		15	%		21	%		30	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.08		$	13.56		$	13.15		$	13.20		$	12.92
Net investment income1		0.37			0.35			0.36			0.35			0.37
Net realized and unrealized gains (losses)		(0.32	)		(0.38	)		0.48			(0.05	)		0.38
Net increase (decrease) from operations		0.05			(0.03	)		0.84			0.30			0.75
Dividends from net investment income		(0.37	)		(0.35	)		(0.36	)		(0.35	)		(0.37	)
Distributions from net realized gains		(0.02	)		(0.10	)		(0.07	)		—			(0.10	)
Total dividends and distributions		(0.39	)		(0.45	)		(0.43	)		(0.35	)		(0.47	)
Net asset value, end of year	$	12.74		$	13.08		$	13.56		$	13.15		$	13.20
Total investment return2		0.34	%		(0.16	)%		6.49	%		2.32	%		5.89	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.71	%		0.71	%		0.72	%		0.70	%		0.72	%
Expenses after fee waivers and/or expense reimbursements		0.57	%		0.64	%		0.65	%		0.65	%		0.65	%
Net investment income		2.83	%		2.67	%		2.69	%		2.67	%		2.84	%
Supplemental data:
Net assets, end of year (000's)	$	65		$	91		$	70		$	81		$	83
Portfolio turnover		19	%		14	%		15	%		21	%		30	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.

³  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

308

PACE Municipal Fixed Income Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.08		$	13.55		$	13.14		$	13.19		$	12.91
Net investment income1		0.27			0.26			0.26			0.25			0.27
Net realized and unrealized gains (losses)		(0.32	)		(0.37	)		0.49			(0.05	)		0.38
Net increase (decrease) from operations		(0.05	)		(0.11	)		0.75			0.20			0.65
Dividends from net investment income		(0.28	)		(0.26	)		(0.27	)		(0.25	)		(0.27	)
Distributions from net realized gains		(0.02	)		(0.10	)		(0.07	)		—			(0.10	)
Total dividends and distributions		(0.30	)		(0.36	)		(0.34	)		(0.25	)		(0.37	)
Net asset value, end of year	$	12.73		$	13.08		$	13.55		$	13.14		$	13.19
Total investment return2		(0.42	)%		(0.80	)%		5.72	%		1.55	%		5.10	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.39	%		1.42	%		1.42	%		1.42	%		1.43	%
Expenses after fee waivers and/or expense reimbursements		1.32	%		1.35	%		1.35	%		1.40	%		1.40	%
Net investment income		2.08	%		1.96	%		1.98	%		1.92	%		2.09	%
Supplemental data:
Net assets, end of year (000's)	$	7,595		$	8,962		$	10,537		$	10,388		$	11,033
Portfolio turnover		19	%		14	%		15	%		21	%		30	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.08		$	13.56		$	13.15		$	13.19		$	12.91
Net investment income1		0.37			0.35			0.36			0.35			0.37
Net realized and unrealized gains (losses)		(0.32	)		(0.38	)		0.49			(0.04	)		0.38
Net increase (decrease) from operations		0.05			(0.03	)		0.85			0.31			0.75
Dividends from net investment income		(0.37	)		(0.35	)		(0.37	)		(0.35	)		(0.37	)
Distributions from net realized gains		(0.02	)		(0.10	)		(0.07	)		—			(0.10	)
Total dividends and distributions		(0.39	)		(0.45	)		(0.44	)		(0.35	)		(0.47	)
Net asset value, end of year	$	12.74		$	13.08		$	13.56		$	13.15		$	13.19
Total investment return2		0.34	%		(0.13	)%		6.51	%		2.39	%		5.90	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.67	%		0.67	%		0.67	%		0.67	%		0.68	%
Expenses after fee waivers and/or expense reimbursements		0.57	%		0.61	%		0.60	%		0.65	%		0.65	%
Net investment income		2.84	%		2.71	%		2.73	%		2.67	%		2.84	%
Supplemental data:
Net assets, end of year (000's)	$	309,878		$	323,715		$	350,137		$	345,157		$	334,999
Portfolio turnover		19	%		14	%		15	%		21	%		30	%

See accompanying notes to financial statements.

309

PACE Global Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.04		$	10.79		$	9.94		$	10.82		$	10.56
Net investment income1		0.09			0.11			0.14			0.16			0.19
Net realized and unrealized gains (losses)		(0.26	)		(0.61	)		1.00			(0.71	)		0.34
Net increase (decrease) from operations		(0.17	)		(0.50	)		1.14			(0.55	)		0.53
Dividends from net investment income		—			(0.18	)		(0.29	)		(0.23	)		(0.14	)
Return of capital		(0.14	)		(0.07	)		—			(0.10	)		(0.13	)
Total dividends and return of capital		(0.14	)		(0.25	)		(0.29	)		(0.33	)		(0.27	)
Net asset value, end of year	$	9.73		$	10.04		$	10.79		$	9.94		$	10.82
Total investment return2		(1.72	)%		(4.59	)%		11.77	%		(5.17	)%		5.08	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.27	%3		1.29	%3		1.28	%3		1.27	%3		1.28	%3
Expenses after fee waivers and/or expense reimbursements/recoupments		1.09	%3		1.10	%3		1.04	%3		1.17	%3		1.22	%3
Net investment income		0.93	%		1.11	%		1.33	%		1.56	%		1.79	%
Supplemental data:
Net assets, end of year (000's)	$	31,480		$	38,368		$	45,624		$	44,725		$	62,808
Portfolio turnover		221	%		199	%		38	%		40	%		46	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.00		$	10.75		$	9.91		$	10.79		$	10.54
Net investment income1		0.11			0.13			0.16			0.18			0.21
Net realized and unrealized gains (losses)		(0.26	)		(0.62	)		0.99			(0.71	)		0.33
Net increase (decrease) from operations		(0.15	)		(0.49	)		1.15			(0.53	)		0.54
Dividends from net investment income		—			(0.18	)		(0.31	)		(0.24	)		(0.14	)
Return of capital		(0.16	)		(0.08	)		—			(0.11	)		(0.15	)
Total dividends and return of capital		(0.16	)		(0.26	)		(0.31	)		(0.35	)		(0.29	)
Net asset value, end of year	$	9.69		$	10.00		$	10.75		$	9.91		$	10.79
Total investment return2		(1.51	)%		(4.45	)%		11.93	%		(5.00	)%		5.23	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.15	%3		1.13	%3		1.07	%3		1.09	%3		1.07	%3
Expenses after fee waivers and/or expense reimbursements		0.94	%3		0.94	%3		0.84	%3		1.00	%3,4		1.00	%3
Net investment income		1.08	%		1.28	%		1.54	%		1.72	%		2.01	%
Supplemental data:
Net assets, end of year (000's)	$	2,324		$	2,592		$	4,040		$	4,510		$	5,479
Portfolio turnover		221	%		199	%		38	%		40	%		46	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

⁴  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

310

PACE Global Fixed Income Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.04		$	10.79		$	9.95		$	10.82		$	10.57
Net investment income1		0.05			0.06			0.09			0.11			0.14
Net realized and unrealized gains (losses)		(0.27	)		(0.61	)		0.99			(0.70	)		0.33
Net increase (decrease) from operations		(0.22	)		(0.55	)		1.08			(0.59	)		0.47
Dividends from net investment income		—			(0.15	)		(0.24	)		(0.22	)		(0.12	)
Return of capital		(0.09	)		(0.05	)		—			(0.06	)		(0.10	)
Total dividends and return of capital		(0.09	)		(0.20	)		(0.24	)		(0.28	)		(0.22	)
Net asset value, end of year	$	9.73		$	10.04		$	10.79		$	9.95		$	10.82
Total investment return2		(2.18	)%		(5.04	)%		11.12	%		(5.55	)%		4.47	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.71	%3		1.77	%3		1.76	%3		1.76	%3		1.76	%3
Expenses after fee waivers and/or expense reimbursements/recoupments		1.57	%3		1.58	%3		1.52	%3		1.65	%3		1.70	%3
Net investment income		0.45	%		0.63	%		0.85	%		1.07	%		1.31	%
Supplemental data:
Net assets, end of year (000's)	$	2,327		$	2,639		$	3,160		$	2,994		$	4,559
Portfolio turnover		221	%		199	%		38	%		40	%		46	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.03		$	10.79		$	9.94		$	10.82		$	10.56
Net investment income1		0.11			0.13			0.15			0.18			0.21
Net realized and unrealized gains (losses)		(0.26	)		(0.63	)		1.01			(0.71	)		0.34
Net increase (decrease) from operations		(0.15	)		(0.50	)		1.16			(0.53	)		0.55
Dividends from net investment income		—			(0.18	)		(0.31	)		(0.23	)		(0.14	)
Return of capital		(0.16	)		(0.08	)		—			(0.12	)		(0.15	)
Total dividends and return of capital		(0.16	)		(0.26	)		(0.31	)		(0.35	)		(0.29	)
Net asset value, end of year	$	9.72		$	10.03		$	10.79		$	9.94		$	10.82
Total investment return2		(1.50	)%		(4.51	)%		11.99	%		(4.99	)%		5.31	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.09	%3		1.11	%3		1.08	%3		1.08	%3		1.10	%3
Expenses after fee waivers and/or expense reimbursements		0.90	%3		0.92	%3		0.85	%3		1.00	%3,4		1.00	%3
Net investment income		1.12	%		1.29	%		1.52	%		1.71	%		2.01	%
Supplemental data:
Net assets, end of year (000's)	$	369,353		$	403,015		$	512,631		$	502,122		$	526,312
Portfolio turnover		221	%		199	%		38	%		40	%		46	%

See accompanying notes to financial statements.

311

PACE High Yield Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.07		$	9.59		$	9.70		$	10.62		$	10.41
Net investment income1		0.53			0.54			0.54			0.54			0.56
Net realized and unrealized gains (losses)		(0.26	)		0.48			(0.11	)		(0.78	)		0.21
Net increase (decrease) from operations		0.27			1.02			0.43			(0.24	)		0.77
Dividends from net investment income		(0.53	)		(0.54	)		(0.47	)		(0.53	)		(0.56	)
Distributions from net realized gains		—			—			—			(0.15	)		—
Return of capital		—			—			(0.07	)		—			—
Total dividends, distributions and return of capital		(0.53	)		(0.54	)		(0.54	)		(0.68	)		(0.56	)
Net asset value, end of year	$	9.81		$	10.07		$	9.59		$	9.70		$	10.62
Total investment return2		2.76	%		10.93	%		4.88	%		(2.29	)%		7.59	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.22	%		1.25	%		1.26	%		1.26	%		1.26	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.06	%		1.07	%		1.08	%		1.25	%		1.26	%
Net investment income		5.29	%		5.43	%		5.84	%		5.20	%		5.28	%
Supplemental data:
Net assets, end of year (000's)	$	3,748		$	4,251		$	3,764		$	5,330		$	23,516
Portfolio turnover		63	%		91	%		103	%		57	%		20	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.10		$	9.62		$	9.73		$	10.66		$	10.44
Net investment income1		0.56			0.56			0.56			0.55			0.59
Net realized and unrealized gains (losses)		(0.25	)		0.48			(0.10	)		(0.78	)		0.22
Net increase (decrease) from operations		0.31			1.04			0.46			(0.23	)		0.81
Dividends from net investment income		(0.55	)		(0.56	)		(0.49	)		(0.55	)		(0.59	)
Distributions from net realized gains		—			—			—			(0.15	)		—
Return of capital		—			—			(0.08	)		—			—
Total dividends, distributions and return of capital		(0.55	)		(0.56	)		(0.57	)		(0.70	)		(0.59	)
Net asset value, end of year	$	9.86		$	10.10		$	9.62		$	9.73		$	10.66
Total investment return2		3.06	%		11.21	%		5.11	%		(2.13	)%		7.94	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.85	%		1.05	%		1.03	%		1.03	%		1.00	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.79	%		0.88	%		0.86	%		1.02	%		1.00	%
Net investment income		5.57	%		5.66	%		6.09	%		5.40	%		5.54	%
Supplemental data:
Net assets, end of year (000's)	$	534		$	518		$	874		$	1,119		$	1,692
Portfolio turnover		63	%		91	%		103	%		57	%		20	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

312

PACE High Yield Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.06		$	9.58		$	9.69		$	10.62		$	10.40
Net investment income1		0.48			0.49			0.49			0.48			0.51
Net realized and unrealized gains (losses)		(0.26	)		0.48			(0.10	)		(0.78	)		0.22
Net increase (decrease) from operations		0.22			0.97			0.39			(0.30	)		0.73
Dividends from net investment income		(0.48	)		(0.49	)		(0.43	)		(0.48	)		(0.51	)
Distributions from net realized gains		—			—			—			(0.15	)		—
Return of capital		—			—			(0.07	)		—			—
Total dividends, distributions and return of capital		(0.48	)		(0.49	)		(0.50	)		(0.63	)		(0.51	)
Net asset value, end of year	$	9.80		$	10.06		$	9.58		$	9.69		$	10.62
Total investment return2		2.27	%		10.39	%		4.38	%		(2.83	)%		7.20	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.69	%		1.74	%		1.75	%		1.73	%		1.72	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.56	%		1.57	%		1.57	%		1.72	%		1.72	%
Net investment income		4.79	%		4.95	%		5.36	%		4.71	%		4.82	%
Supplemental data:
Net assets, end of year (000's)	$	2,294		$	2,822		$	3,347		$	3,913		$	5,607
Portfolio turnover		63	%		91	%		103	%		57	%		20	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.09		$	9.61		$	9.72		$	10.65		$	10.43
Net investment income1		0.54			0.55			0.56			0.55			0.58
Net realized and unrealized gains (losses)		(0.25	)		0.49			(0.11	)		(0.78	)		0.23
Net increase (decrease) from operations		0.29			1.04			0.45			(0.23	)		0.81
Dividends from net investment income		(0.55	)		(0.56	)		(0.49	)		(0.55	)		(0.59	)
Distributions from net realized gains		—			—			—			(0.15	)		—
Return of capital		—			—			(0.07	)		—			—
Total dividends, distributions and return of capital		(0.55	)		(0.56	)		(0.56	)		(0.70	)		(0.59	)
Net asset value, end of year	$	9.83		$	10.09		$	9.61		$	9.72		$	10.65
Total investment return2		2.96	%		11.07	%		5.03	%		(2.14	)%		7.92	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.07	%		1.10	%		1.11	%		1.09	%		1.10	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.91	%		0.92	%		0.94	%		1.03	%		1.03	%
Net investment income		5.44	%		5.59	%		6.00	%		5.39	%		5.50	%
Supplemental data:
Net assets, end of year (000's)	$	347,364		$	376,424		$	412,789		$	428,061		$	431,812
Portfolio turnover		63	%		91	%		103	%		57	%		20	%

See accompanying notes to financial statements.

313

PACE Large Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	23.70		$	21.35		$	23.72		$	25.25		$	22.53
Net investment income1		0.35			0.33			0.34			0.23			0.30
Net realized and unrealized gains		1.73			2.99			0.11			1.34			2.92
Net increase from operations		2.08			3.32			0.45			1.57			3.22
Dividends from net investment income		(0.32	)		(0.35	)		(0.32	)		(0.30	)		(0.21	)
Distributions from net realized gains		(1.70	)		(0.62	)		(2.50	)		(2.80	)		(0.29	)
Total dividends and distributions		(2.02	)		(0.97	)		(2.82	)		(3.10	)		(0.50	)
Net asset value, end of year	$	23.76		$	23.70		$	21.35		$	23.72		$	25.25
Total investment return2		8.83	%		15.74	%		2.87	%		6.23	%		14.39	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments including dividend expense, interest expense and other borrowing costs for investments sold short		1.46	%		1.45	%		1.48	%		1.48	%		1.32	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.46	%		1.44	%		1.47	%		1.47	%		1.31	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.10	%		1.11	%		1.13	%		1.13	%		1.13	%
Net investment income		1.46	%		1.47	%		1.63	%		0.94	%		1.25	%
Supplemental data:
Net assets, end of year (000's)	$	111,759		$	117,223		$	111,716		$	124,198		$	155,480
Portfolio turnover		68	%		71	%		65	%		97	%		71	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	23.77		$	21.41		$	23.78		$	25.32		$	22.60
Net investment income1		0.41			0.39			0.40			0.29			0.36
Net realized and unrealized gains		1.73			3.00			0.11			1.35			2.91
Net increase from operations		2.14			3.39			0.51			1.64			3.27
Dividends from net investment income		(0.38	)		(0.41	)		(0.38	)		(0.38	)		(0.26	)
Distributions from net realized gains		(1.70	)		(0.62	)		(2.50	)		(2.80	)		(0.29	)
Total dividends and distributions		(2.08	)		(1.03	)		(2.88	)		(3.18	)		(0.55	)
Net asset value, end of year	$	23.83		$	23.77		$	21.41		$	23.78		$	25.32
Total investment return2		9.08	%		16.02	%		3.16	%		6.51	%		14.62	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements including dividend expense, interest expense and other borrowing costs for investments sold short		1.21	%		1.20	%		1.23	%		1.23	%		1.07	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.21	%		1.19	%		1.21	%		1.23	%		1.06	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.85	%		0.86	%		0.88	%		0.88	%		0.89	%
Net investment income		1.71	%		1.73	%		1.89	%		1.19	%		1.50	%
Supplemental data:
Net assets, end of year (000's)	$	17,206		$	17,451		$	17,870		$	19,593		$	19,765
Portfolio turnover		68	%		71	%		65	%		97	%		71	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

314

PACE Large Co Value Equity Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	23.71		$	21.36		$	23.69		$	25.23		$	22.53
Net investment income1		0.17			0.16			0.18			0.04			0.11
Net realized and unrealized gains		1.72			2.97			0.12			1.33			2.91
Net increase from operations		1.89			3.13			0.30			1.37			3.02
Dividends from net investment income		(0.12	)		(0.16	)		(0.13	)		(0.11	)		(0.03	)
Distributions from net realized gains		(1.70	)		(0.62	)		(2.50	)		(2.80	)		(0.29	)
Total dividends and distributions		(1.82	)		(0.78	)		(2.63	)		(2.91	)		(0.32	)
Net asset value, end of year	$	23.78		$	23.71		$	21.36		$	23.69		$	25.23
Total investment return2		8.00	%		14.80	%		2.11	%		5.44	%		13.43	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments including dividend expense, interest expense and other borrowing costs for investments sold short		2.20	%		2.23	%		2.26	%		2.25	%		2.10	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.20	%		2.21	%		2.25	%		2.25	%		2.09	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.84	%		1.89	%		1.91	%		1.90	%		1.92	%
Net investment income		0.73	%		0.70	%		0.85	%		0.17	%		0.47	%
Supplemental data:
Net assets, end of year (000's)	$	11,018		$	12,197		$	12,690		$	14,500		$	15,380
Portfolio turnover		68	%		71	%		65	%		97	%		71	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	23.66		$	21.31		$	23.68		$	25.24		$	22.52
Net investment income1		0.40			0.38			0.39			0.29			0.36
Net realized and unrealized gains		1.72			2.99			0.12			1.33			2.91
Net increase from operations		2.12			3.37			0.51			1.62			3.27
Dividends from net investment income		(0.37	)		(0.40	)		(0.38	)		(0.38	)		(0.26	)
Distributions from net realized gains		(1.70	)		(0.62	)		(2.50	)		(2.80	)		(0.29	)
Total dividends and distributions		(2.07	)		(1.02	)		(2.88	)		(3.18	)		(0.55	)
Net asset value, end of year	$	23.71		$	23.66		$	21.31		$	23.68		$	25.24
Total investment return2		9.06	%		16.03	%		3.17	%		6.48	%		14.62	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements including dividend expense, interest expense and other borrowing costs for investments sold short		1.23	%		1.22	%		1.24	%		1.24	%		1.08	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.22	%		1.20	%		1.23	%		1.23	%		1.07	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.87	%		0.88	%		0.89	%		0.88	%		0.90	%
Net investment income		1.69	%		1.70	%		1.87	%		1.19	%		1.49	%
Supplemental data:
Net assets, end of year (000's)	$	1,184,977		$	1,197,155		$	1,160,287		$	1,248,338		$	1,263,296
Portfolio turnover		68	%		71	%		65	%		97	%		71	%

See accompanying notes to financial statements.

315

PACE Large Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	25.18		$	22.37		$	26.24		$	25.75		$	23.52
Net investment income (loss)1		(0.06	)		0.02			(0.05	)		(0.15	)		0.07
Net realized and unrealized gains		4.55			3.54			0.10			3.70			4.39
Net increase from operations		4.49			3.56			0.05			3.55			4.46
Dividends from net investment income		—			(0.03	)		—			—			(0.04	)
Distributions from net realized gains		(2.61	)		(0.72	)		(3.92	)		(3.06	)		(2.19	)
Total dividends and distributions		(2.61	)		(0.75	)		(3.92	)		(3.06	)		(2.23	)
Net asset value, end of year	$	27.06		$	25.18		$	22.37		$	26.24		$	25.75
Total investment return2		18.72	%		16.50	%		0.73	%		14.60	%		19.60	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.14	%3		1.18	%3		1.19	%3		1.18	%3		1.18	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.14	%3		1.17	%3		1.18	%3		1.18	%3		1.18	%
Net investment income (loss)		(0.22	)%		0.07	%		(0.24	)%		(0.57	)%		0.28	%
Supplemental data:
Net assets, end of year (000's)	$	47,549		$	45,095		$	42,862		$	46,777		$	68,207
Portfolio turnover		41	%		40	%		33	%		48	%		40	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	26.12		$	23.19		$	26.98		$	26.39		$	24.06
Net investment income (loss)1		0.01			0.08			0.01			(0.09	)		0.14
Net realized and unrealized gains		4.74			3.66			0.12			3.80			4.48
Net increase from operations		4.75			3.74			0.13			3.71			4.62
Dividends from net investment income		(0.03	)		(0.09	)		—			(0.06	)		(0.10	)
Distributions from net realized gains		(2.61	)		(0.72	)		(3.92	)		(3.06	)		(2.19	)
Total dividends and distributions		(2.64	)		(0.81	)		(3.92	)		(3.12	)		(2.29	)
Net asset value, end of year	$	28.23		$	26.12		$	23.19		$	26.98		$	26.39
Total investment return2		19.03	%		16.73	%		1.04	%		14.89	%		19.86	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%3		0.92	%3		0.92	%3		0.92	%3		0.93	%
Expenses after fee waivers and/or expense reimbursements		0.88	%3		0.91	%3		0.91	%3		0.92	%3		0.93	%
Net investment income (loss)		0.05	%		0.33	%		0.02	%		(0.32	)%		0.53	%
Supplemental data:
Net assets, end of year (000's)	$	15,715		$	14,238		$	13,989		$	16,174		$	15,858
Portfolio turnover		41	%		40	%		33	%		48	%		40	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

316

PACE Large Co Growth Equity Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	20.80		$	18.73		$	22.79		$	22.91		$	21.29
Net investment loss1		(0.21	)		(0.13	)		(0.20	)		(0.31	)		(0.13	)
Net realized and unrealized gains		3.70			2.92			0.06			3.25			3.94
Net increase (decrease) from operations		3.49			2.79			(0.14	)		2.94			3.81
Distributions from net realized gains		(2.61	)		(0.72	)		(3.92	)		(3.06	)		(2.19	)
Net asset value, end of year	$	21.68		$	20.80		$	18.73		$	22.79		$	22.91
Total investment return2		17.79	%		15.55	%		(0.08	)%		13.67	%		18.54	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.93	%3		1.99	%3		2.00	%3		1.99	%3		2.00	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.93	%3		1.99	%3		1.99	%3		1.99	%3		2.03	%4
Net investment loss		(0.99	)%		(0.69	)%		(1.06	)%		(1.39	)%		(0.57	)%
Supplemental data:
Net assets, end of year (000's)	$	2,744		$	2,860		$	3,565		$	4,104		$	4,204
Portfolio turnover		41	%		40	%		33	%		48	%		40	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	25.94		$	23.03		$	26.83		$	26.26		$	23.95
Net investment income (loss)1		0.01			0.07			0.005			(0.08	)		0.14
Net realized and unrealized gains		4.70			3.64			0.12			3.77			4.46
Net increase from operations		4.71			3.71			0.12			3.69			4.60
Dividends from net investment income		(0.03	)		(0.08	)		—			(0.06	)		(0.10	)
Distributions from net realized gains		(2.61	)		(0.72	)		(3.92	)		(3.06	)		(2.19	)
Total dividends and distributions		(2.64	)		(0.80	)		(3.92	)		(3.12	)		(2.29	)
Net asset value, end of year	$	28.01		$	25.94		$	23.03		$	26.83		$	26.26
Total investment return2		19.03	%		16.75	%		1.01	%		14.88	%		19.87	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.90	%3		0.93	%3		0.93	%3		0.92	%3		0.93	%
Expenses after fee waivers and/or expense reimbursements		0.89	%3		0.92	%3		0.92	%3		0.92	%3		0.93	%
Net investment income (loss)		0.03	%		0.32	%		0.01	%		(0.32	)%		0.53	%
Supplemental data:
Net assets, end of year (000's)	$	1,327,262		$	1,270,696		$	1,214,069		$	1,359,224		$	1,289,577
Portfolio turnover		41	%		40	%		33	%		48	%		40	%

³  Includes interest expense representing less than 0.005%.

⁴  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

⁵  Amount represents less than $0.005 per share.

See accompanying notes to financial statements.

317

PACE Small/Medium Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	20.90		$	18.86		$	20.81		$	22.05		$	22.19
Net investment income1		0.07			0.13			0.07			0.11			0.05
Net realized and unrealized gains		2.49			2.75			0.08			1.41			2.67
Net increase from operations		2.56			2.88			0.15			1.52			2.72
Dividends from net investment income		(0.02	)		(0.28	)		(0.11	)		(0.03	)		(0.09	)
Distributions from net realized gains		(2.39	)		(0.56	)		(1.99	)		(2.73	)		(2.77	)
Total dividends and distributions		(2.41	)		(0.84	)		(2.10	)		(2.76	)		(2.86	)
Net asset value, end of year	$	21.05		$	20.90		$	18.86		$	20.81		$	22.05
Total investment return2		12.93	%		15.25	%		1.60	%		7.35	%		12.74	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.21	%		1.23	%3		1.24	%		1.24	%		1.24	%
Expenses after fee waivers and/or expense reimbursements		1.21	%		1.21	%3		1.24	%		1.24	%		1.24	%
Net investment income		0.34	%		0.66	%		0.41	%		0.53	%		0.24	%
Supplemental data:
Net assets, end of year (000's)	$	18,342		$	17,627		$	16,670		$	18,334		$	32,039
Portfolio turnover		60	%		102	%		74	%		66	%		86	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	21.71		$	19.55		$	21.48		$	22.73		$	22.79
Net investment income1		0.15			0.30			0.12			0.14			0.08
Net realized and unrealized gains		2.58			2.70			0.09			1.45			2.75
Net increase from operations		2.73			3.00			0.21			1.59			2.83
Dividends from net investment income		(0.05	)		(0.28	)		(0.15	)		(0.11	)		(0.12	)
Distributions from net realized gains		(2.39	)		(0.56	)		(1.99	)		(2.73	)		(2.77	)
Total dividends and distributions		(2.44	)		(0.84	)		(2.14	)		(2.84	)		(2.89	)
Net asset value, end of year	$	22.00		$	21.71		$	19.55		$	21.48		$	22.73
Total investment return2		13.26	%		15.35	%		1.81	%		7.47	%		12.84	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		0.89	%		1.13	%3		1.07	%		1.10	%		1.11	%
Expenses after fee waivers and/or expense reimbursements/recoupments		0.89	%		1.10	%3		1.07	%		1.10	%		1.13	%4
Net investment income		0.70	%		1.43	%		0.63	%		0.63	%		0.35	%
Supplemental data:
Net assets, end of year (000's)	$	232		$	297		$	697		$	998		$	912
Portfolio turnover		60	%		102	%		74	%		66	%		86	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

318

PACE Small/Medium Co Value Equity Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	17.58		$	15.99		$	17.99		$	19.52		$	20.00
Net investment loss1		(0.07	)		(0.01	)		(0.06	)		(0.05	)		(0.10	)
Net realized and unrealized gains		2.07			2.31			0.05			1.25			2.39
Net increase from operations		2.00			2.30			(0.01	)		1.20			2.29
Dividends from net investment income		—			(0.15	)		—			—			—
Distributions from net realized gains		(2.39	)		(0.56	)		(1.99	)		(2.73	)		(2.77	)
Total dividends and distributions		(2.39	)		(0.71	)		(1.99	)		(2.73	)		(2.77	)
Net asset value, end of year	$	17.19		$	17.58		$	15.99		$	17.99		$	19.52
Total investment return2		12.09	%		14.35	%		0.83	%		6.59	%		11.84	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.94	%		1.99	%3		2.01	%		1.98	%		2.00	%
Expenses after fee waivers and/or expense reimbursements		1.94	%		1.97	%3		2.01	%		1.98	%		2.00	%
Net investment income		(0.39	)%		(0.06	)%		(0.36	)%		(0.24	)%		(0.51	)%
Supplemental data:
Net assets, end of year (000's)	$	3,535		$	4,239		$	4,324		$	4,843		$	5,106
Portfolio turnover		60	%		102	%		74	%		66	%		86	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	21.47		$	19.35		$	21.30		$	22.54		$	22.63
Net investment income1		0.11			0.17			0.10			0.14			0.07
Net realized and unrealized gains		2.55			2.81			0.08			1.46			2.72
Net increase from operations		2.66			2.98			0.18			1.60			2.79
Dividends from net investment income		(0.05	)		(0.30	)		(0.14	)		(0.11	)		(0.11	)
Distributions from net realized gains		(2.39	)		(0.56	)		(1.99	)		(2.73	)		(2.77	)
Total dividends and distributions		(2.44	)		(0.86	)		(2.13	)		(2.84	)		(2.88	)
Net asset value, end of year	$	21.69		$	21.47		$	19.35		$	21.30		$	22.54
Total investment return2		13.07	%		15.41	%		1.77	%		7.49	%		12.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.07	%		1.09	%3		1.11	%		1.09	%		1.11	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.06	%		1.07	%3		1.11	%		1.09	%		1.16	%4
Net investment income		0.50	%		0.82	%		0.53	%		0.65	%		0.32	%
Supplemental data:
Net assets, end of year (000's)	$	517,363		$	503,464		$	490,762		$	525,959		$	510,377
Portfolio turnover		60	%		102	%		74	%		66	%		86	%

³  Includes interest expense representing less than 0.005%.

⁴  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.

319

PACE Small/Medium Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	16.79		$	14.34		$	20.45		$	19.72		$	21.42
Net investment loss1		(0.12	)		(0.09	)		(0.10	)		(0.14	)		(0.16	)
Net realized and unrealized gains (losses)		3.88			2.54			(2.23	)		3.90			1.34
Net increase (decrease) from operations		3.76			2.45			(2.33	)		3.76			1.18
Distributions from net realized gains		(1.01	)		—			(3.78	)		(3.03	)		(2.88	)
Net asset value, end of year	$	19.54		$	16.79		$	14.34		$	20.45		$	19.72
Total investment return2		23.29	%		17.09	%		(11.20	)%		20.82	%		4.92	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.20	%3		1.23	%		1.25	%4		1.24	%		1.25	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.19	%3		1.19	%		1.21	%4		1.21	%		1.25	%
Net investment loss		(0.66	)%		(0.61	)%		(0.64	)%		(0.70	)%		(0.77	)%
Supplemental data:
Net assets, end of year (000's)	$	24,749		$	22,681		$	21,912		$	28,386		$	40,210
Portfolio turnover		99	%		93	%		98	%		88	%		94	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	18.08		$	15.44		$	21.67		$	20.72		$	22.34
Net investment loss1		(0.02	)		(0.08	)		(0.09	)		(0.13	)		(0.15	)
Net realized and unrealized gains (losses)		4.21			2.72			(2.36	)		4.11			1.41
Net increase (decrease) from operations		4.19			2.64			(2.45	)		3.98			1.26
Distributions from net realized gains		(1.01	)		—			(3.78	)		(3.03	)		(2.88	)
Net asset value, end of year	$	21.26		$	18.08		$	15.44		$	21.67		$	20.72
Total investment return2		23.97	%		17.16	%		(11.11	)%		20.89	%		5.09	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.69	%3		1.24	%		1.09	%3,4		1.13	%		1.14	%
Expenses after fee waivers and/or expense reimbursements		0.67	%3		1.13	%		1.12	%3,4		1.11	%4		1.13	%
Net investment loss		(0.12	)%		(0.48	)%		(0.55	)%		(0.62	)%		(0.65	)%
Supplemental data:
Net assets, end of year (000's)	$	47		$	100		$	488		$	844		$	667
Portfolio turnover		99	%		93	%		98	%		88	%		94	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

320

PACE Small/Medium Co Growth Equity Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.10		$	11.27		$	17.11		$	17.07		$	19.02
Net investment loss1		(0.19	)		(0.17	)		(0.17	)		(0.24	)		(0.28	)
Net realized and unrealized gains (losses)		2.98			2.00			(1.89	)		3.31			1.21
Net increase (decrease) from operations		2.79			1.83			(2.06	)		3.07			0.93
Distributions from net realized gains		(1.01	)		—			(3.78	)		(3.03	)		(2.88	)
Net asset value, end of year	$	14.88		$	13.10		$	11.27		$	17.11		$	17.07
Total investment return2		22.33	%		16.24	%		(11.93	)%		19.93	%		4.16	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments		1.94	%3		2.00	%		2.02	%4		1.99	%		2.01	%
Expenses after fee waivers and/or expense reimbursements/recoupments		1.92	%3		1.96	%		1.98	%4		1.96	%		2.00	%
Net investment loss		(1.39	)%		(1.39	)%		(1.41	)%		(1.46	)%		(1.52	)%
Supplemental data:
Net assets, end of year (000's)	$	2,673		$	2,985		$	2,753		$	4,116		$	3,977
Portfolio turnover		99	%		93	%		98	%		88	%		94	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	17.82		$	15.21		$	21.40		$	20.49		$	22.13
Net investment loss1		(0.10	)		(0.08	)		(0.08	)		(0.13	)		(0.14	)
Net realized and unrealized gains (losses)		4.14			2.69			(2.33	)		4.07			1.38
Net increase (decrease) from operations		4.04			2.61			(2.41	)		3.94			1.24
Distributions from net realized gains		(1.01	)		—			(3.78	)		(3.03	)		(2.88	)
Net asset value, end of year	$	20.85		$	17.82		$	15.21		$	21.40		$	20.49
Total investment return2		23.46	%		17.16	%		(11.07	)%		20.93	%		5.04	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.06	%3		1.11	%		1.13	%4		1.10	%		1.12	%
Expenses after fee waivers and/or expense reimbursements		1.05	%3		1.07	%		1.09	%4		1.11	%4		1.13	%4
Net investment loss		(0.52	)%		(0.49	)%		(0.52	)%		(0.61	)%		(0.65	)%
Supplemental data:
Net assets, end of year (000's)	$	518,869		$	469,557		$	444,300		$	545,517		$	474,468
Portfolio turnover		99	%		93	%		98	%		88	%		94	%

³  Includes interest expense representing less than 0.005%.

⁴  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.

321

PACE International Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	16.23		$	14.19		$	15.04		$	15.60		$	13.96
Net investment income1		0.23			0.26			0.22			0.20			0.35
Net realized and unrealized gains (losses)		0.88			2.06			(0.87	)		(0.43	)		1.56
Net increase (decrease) from operations		1.11			2.32			(0.65	)		(0.23	)		1.91
Dividends from net investment income		(0.31	)		(0.28	)		(0.20	)		(0.33	)		(0.27	)
Net asset value, end of year	$	17.03		$	16.23		$	14.19		$	15.04		$	15.60
Total investment return2		6.88	%		16.71	%		(4.30	)%		(1.38	)%		13.78	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments including dividend expense, interest expense and other borrowing costs for investments sold short		1.86	%3		1.79	%3		1.86	%3		1.78	%3		1.70	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.85	%3		1.76	%3		1.82	%3		1.75	%3		1.68	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.31	%		1.37	%		1.38	%		1.37	%		1.37	%
Net investment income		1.37	%		1.77	%		1.61	%		1.31	%		2.33	%
Supplemental data:
Net assets, end of year (000's)	$	31,165		$	31,113		$	29,788		$	33,882		$	57,389
Portfolio turnover		78	%		81	%		80	%		79	%		86	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	16.17		$	14.14		$	15.00		$	15.59		$	13.95
Net investment income1		0.28			0.30			0.26			0.25			0.40
Net realized and unrealized gains (losses)		0.89			2.05			(0.88	)		(0.44	)		1.55
Net increase (decrease) from operations		1.17			2.35			(0.62	)		(0.19	)		1.95
Dividends from net investment income		(0.36	)		(0.32	)		(0.24	)		(0.40	)		(0.31	)
Net asset value, end of year	$	16.98		$	16.17		$	14.14		$	15.00		$	15.59
Total investment return2		7.24	%		17.04	%		(4.09	)%		(1.09	)%		14.10	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments including dividend expense, interest expense and other borrowing costs for investments sold short		1.59	%3		1.51	%3		1.56	%3		1.51	%3		1.42	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.58	%3		1.48	%3		1.53	%3		1.48	%3		1.40	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.04	%		1.09	%		1.09	%		1.10	%		1.09	%
Net investment income		1.63	%		2.04	%		1.86	%		1.64	%		2.63	%
Supplemental data:
Net assets, end of year (000's)	$	13,966		$	14,726		$	15,900		$	19,150		$	22,915
Portfolio turnover		78	%		81	%		80	%		79	%		86	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

322

PACE International Equity Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	15.89		$	13.88		$	14.72		$	15.29		$	13.68
Net investment income1		0.10			0.14			0.11			0.09			0.23
Net realized and unrealized gains (losses)		0.87			2.02			(0.86	)		(0.43	)		1.53
Net increase (decrease) from operations		0.97			2.16			(0.75	)		(0.34	)		1.76
Dividends from net investment income		(0.19	)		(0.15	)		(0.09	)		(0.23	)		(0.15	)
Net asset value, end of year	$	16.67		$	15.89		$	13.88		$	14.72		$	15.29
Total investment return2		6.12	%		15.78	%		(5.10	)%		(2.14	)%		12.93	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments including dividend expense, interest expense and other borrowing costs for investments sold short		2.62	%3		2.58	%3		2.65	%3		2.58	%3		2.51	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.61	%3		2.55	%3		2.62	%3		2.55	%3		2.49	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		2.07	%		2.16	%		2.17	%		2.16	%		2.18	%
Net investment income		0.60	%		0.95	%		0.83	%		0.62	%		1.52	%
Supplemental data:
Net assets, end of year (000's)	$	1,988		$	2,047		$	2,230		$	2,744		$	2,919
Portfolio turnover		78	%		81	%		80	%		79	%		86	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	16.13		$	14.11		$	14.97		$	15.56		$	13.92
Net investment income1		0.28			0.31			0.26			0.25			0.40
Net realized and unrealized gains (losses)		0.88			2.03			(0.88	)		(0.44	)		1.54
Net increase (decrease) from operations		1.16			2.34			(0.62	)		(0.19	)		1.94
Dividends from net investment income		(0.36	)		(0.32	)		(0.24	)		(0.40	)		(0.30	)
Net asset value, end of year	$	16.93		$	16.13		$	14.11		$	14.97		$	15.56
Total investment return2		7.14	%		17.08	%		(4.09	)%		(1.11	)%		14.12	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments including dividend expense, interest expense and other borrowing costs for investments sold short		1.59	%3		1.51	%3		1.58	%3		1.52	%3		1.45	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.58	%3		1.48	%3		1.54	%3		1.49	%3		1.43	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.03	%		1.09	%		1.10	%		1.10	%		1.11	%
Net investment income		1.66	%		2.10	%		1.90	%		1.69	%		2.63	%
Supplemental data:
Net assets, end of year (000's)	$	1,138,165		$	1,104,550		$	924,833		$	1,016,420		$	1,025,757
Portfolio turnover		78	%		81	%		80	%		79	%		86	%

³  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

323

PACE International Emerging Markets Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.59		$	11.41		$	11.81		$	13.56		$	12.29
Net investment income1		0.13			0.13			0.09			0.09			0.14
Net realized and unrealized gains (losses)		0.03			2.14			(0.46	)		(1.78	)		1.17
Net increase (decrease) from operations		0.16			2.27			(0.37	)		(1.69	)		1.31
Dividends from net investment income		(0.14	)		(0.09	)		(0.03	)		(0.06	)		(0.04	)
Net asset value, end of year	$	13.61		$	13.59		$	11.41		$	11.81		$	13.56
Total investment return2		1.11	%		19.95	%		(3.08	)%		(12.50	)%		10.71	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.72	%3		1.80	%3		1.90	%3		1.77	%3		1.80	%
Expenses after fee waivers and/or expense reimbursements		1.70	%3		1.75	%3		1.80	%3		1.67	%3		1.69	%
Net investment income		0.89	%		1.06	%		0.86	%		0.67	%		1.14	%
Supplemental data:
Net assets, end of year (000's)	$	3,811		$	4,076		$	3,931		$	4,707		$	17,200
Portfolio turnover		65	%		65	%		65	%		63	%		74	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.70		$	11.51		$	11.97		$	13.82		$	12.53
Net investment income1		0.17			0.16			0.12			0.15			0.18
Net realized and unrealized gains (losses)		0.03			2.15			(0.47	)		(1.84	)		1.18
Net increase (decrease) from operations		0.20			2.31			(0.35	)		(1.69	)		1.36
Dividends from net investment income		(0.17	)		(0.12	)		(0.11	)		(0.16	)		(0.07	)
Net asset value, end of year	$	13.73		$	13.70		$	11.51		$	11.97		$	13.82
Total investment return2		1.41	%		20.21	%		(2.80	)%		(12.30	)%		10.94	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.45	%3		1.54	%3		1.63	%3		1.53	%3		1.55	%
Expenses after fee waivers and/or expense reimbursements		1.45	%3		1.50	%3		1.54	%3		1.44	%3		1.44	%
Net investment income		1.15	%		1.30	%		1.14	%		1.15	%		1.37	%
Supplemental data:
Net assets, end of year (000's)	$	7,419		$	7,795		$	7,923		$	8,767		$	11,978
Portfolio turnover		65	%		65	%		65	%		63	%		74	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

324

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	12.53		$	10.52		$	10.93		$	12.61		$	11.48
Net investment income1		0.02			0.03			0.01			0.03			0.04
Net realized and unrealized gains (losses)		0.02			1.99			(0.42	)		(1.68	)		1.09
Net increase (decrease) from operations		0.04			2.02			(0.41	)		(1.65	)		1.13
Dividends from net investment income		(0.04	)		(0.01	)		—			(0.03	)		—
Net asset value, end of year	$	12.53		$	12.53		$	10.52		$	10.93		$	12.61
Total investment return2		0.41	%		19.04	%		(3.75	)%		(13.17	)%		9.93	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		2.45	%3		2.55	%3		2.65	%3		2.50	%3		2.55	%
Expenses after fee waivers and/or expense reimbursements		2.45	%3		2.50	%3		2.55	%3		2.41	%3		2.44	%
Net investment income		0.12	%		0.29	%		0.12	%		0.21	%		0.37	%
Supplemental data:
Net assets, end of year (000's)	$	1,182		$	1,355		$	1,337		$	1,661		$	2,079
Portfolio turnover		65	%		65	%		65	%		63	%		74	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	13.63		$	11.45		$	11.91		$	13.75		$	12.47
Net investment income1		0.16			0.16			0.12			0.16			0.18
Net realized and unrealized gains (losses)		0.03			2.14			(0.47	)		(1.85	)		1.17
Net increase (decrease) from operations		0.19			2.30			(0.35	)		(1.69	)		1.35
Dividends from net investment income		(0.17	)		(0.12	)		(0.11	)		(0.15	)		(0.07	)
Net asset value, end of year	$	13.65		$	13.63		$	11.45		$	11.91		$	13.75
Total investment return2		1.42	%		20.18	%		(2.82	)%		(12.33	)%		10.86	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.50	%3		1.59	%3		1.69	%3		1.56	%3		1.64	%
Expenses after fee waivers and/or expense reimbursements		1.45	%3		1.50	%3		1.60	%3		1.47	%3		1.53	%
Net investment income		1.14	%		1.33	%		1.10	%		1.18	%		1.37	%
Supplemental data:
Net assets, end of year (000's)	$	437,363		$	454,178		$	394,346		$	417,751		$	450,438
Portfolio turnover		65	%		65	%		65	%		63	%		74	%

See accompanying notes to financial statements.

325

PACE Global Real Estate Securities Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	7.69		$	8.03		$	7.51		$	7.33		$	6.52
Net investment income1		0.21			0.17			0.13			0.16			0.10
Net realized and unrealized gains (losses)		0.06			(0.21	)		0.58			0.02			0.83
Net increase (decrease) from operations		0.27			(0.04	)		0.71			0.18			0.93
Dividends from net investment income		(0.27	)		(0.30	)		(0.19	)		—			(0.12	)
Distributions from net realized gains		(0.04	)		—			—			—			—
Total dividends and distributions		(0.31	)		(0.30	)		(0.19	)		—			(0.12	)
Net asset value, end of year	$	7.65		$	7.69		$	8.03		$	7.51		$	7.33
Total investment return2		3.50	%		(0.15	)%		9.86	%		2.46	%		14.56	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.50	%3		1.54	%3		1.65	%		1.59	%		1.59	%
Expenses after fee waivers and/or expense reimbursements		1.45	%3		1.46	%3		1.45	%		1.45	%		1.45	%
Net investment income		2.82	%		2.28	%		1.79	%		2.21	%		1.55	%
Supplemental data:
Net assets, end of year (000's)	$	370		$	458		$	373		$	363		$	5,692
Portfolio turnover		73	%		98	%		75	%		102	%		53	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	7.42		$	7.76		$	7.28		$	7.35		$	6.53
Net investment income1		0.22			0.19			0.14			0.14			0.12
Net realized and unrealized gains (losses)		0.07			(0.21	)		0.56			0.05			0.84
Net increase (decrease) from operations		0.29			(0.02	)		0.70			0.19			0.96
Dividends from net investment income		(0.30	)		(0.32	)		(0.22	)		(0.26	)		(0.14	)
Distributions from net realized gains		(0.04	)		—			—			—			—
Total dividends and distributions		(0.34	)		(0.32	)		(0.22	)		(0.26	)		(0.14	)
Net asset value, end of year	$	7.37		$	7.42		$	7.76		$	7.28		$	7.35
Total investment return2		3.68	%		0.19	%		10.13	%		2.59	%		15.00	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.53	%3		1.58	%3		1.59	%		1.56	%		1.63	%
Expenses after fee waivers and/or expense reimbursements		1.20	%3		1.21	%3		1.20	%		1.20	%		1.20	%
Net investment income		3.08	%		2.58	%		2.07	%		1.83	%		1.79	%
Supplemental data:
Net assets, end of year (000's)	$	137,069		$	140,262		$	151,565		$	148,096		$	145,067
Portfolio turnover		73	%		98	%		75	%		102	%		53	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

326

PACE Global Real Estate Securities Investments

Financial highlights (continued)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	7.35		$	7.69		$	7.21		$	7.29		$	6.48
Net investment income1		0.16			0.12			0.08			0.06			0.05
Net realized and unrealized gains (losses)		0.05			(0.21	)		0.56			0.06			0.83
Net increase (decrease) from operations		0.21			(0.09	)		0.64			0.12			0.88
Dividends from net investment income		(0.19	)		(0.25	)		(0.16	)		(0.20	)		(0.07	)
Distributions from net realized gains		(0.04	)		—			—			—			—
Total dividends and distributions		(0.23	)		(0.25	)		(0.16	)		(0.20	)		(0.07	)
Net asset value, end of year	$	7.33		$	7.35		$	7.69		$	7.21		$	7.29
Total investment return2		2.84	%		(0.96	)%		9.11	%		1.58	%		13.77	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		2.20	%3		2.22	%3		2.26	%		2.24	%		2.30	%
Expenses after fee waivers and/or expense reimbursements		2.20	%3		2.21	%3		2.20	%		2.20	%		2.20	%
Net investment income		2.23	%		1.63	%		1.11	%		0.79	%		0.78	%
Supplemental data:
Net assets, end of year (000's)	$	168		$	252		$	319		$	340		$	272
Portfolio turnover		73	%		98	%		75	%		102	%		53	%

See accompanying notes to financial statements.

327

PACE Alternative Strategies Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

Class A

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.71		$	10.49		$	11.10		$	10.62		$	10.21
Net investment loss1		(0.02	)		(0.07	)		(0.06	)		(0.08	)		(0.09	)
Net realized and unrealized gains (losses)		0.16			0.29			(0.32	)		0.56			0.70
Net increase (decrease) from operations		0.14			0.22			(0.38	)		0.48			0.61
Dividends from net investment income		—			—			(0.23	)		—			(0.20	)
Net asset value, end of year	$	10.85		$	10.71		$	10.49		$	11.10		$	10.62
Total investment return2		1.21	%		2.19	%		(3.47	)%		4.52	%		5.99	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.36	%		2.26	%		2.02	%		1.93	%		1.97	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.27	%		2.17	%		1.95	%		1.88	%		1.99	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.76	%		1.75	%		1.79	%		1.81	%		1.88	%3
Net investment loss		(0.16	)%		(0.71	)%		(0.53	)%		(0.74	)%		(0.89	)%
Supplemental data:
Net assets, end of year (000's)	$	7,208		$	8,702		$	9,800		$	7,408		$	77,331
Portfolio turnover		346	%		292	%		221	%		165	%		114	%

Class Y

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.65		$	10.42		$	11.12		$	10.71		$	10.30
Net investment income (loss)1		0.01			(0.06	)		(0.02	)		(0.05	)		(0.07	)
Net realized and unrealized gains (losses)		0.16			0.29			(0.31	)		0.56			0.70
Net increase (decrease) from operations		0.17			0.23			(0.33	)		0.51			0.63
Dividends from net investment income		—			—			(0.37	)		(0.10	)		(0.22	)
Net asset value, end of year	$	10.82		$	10.65		$	10.42		$	11.12		$	10.71
Total investment return2		1.41	%		2.40	%		(2.99	)%		4.82	%		6.18	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense and other borrowing costs for investments sold short		2.11	%		2.06	%		1.69	%		1.72	%		1.74	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.02	%		1.96	%		1.62	%		1.68	%3		1.75	%3
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.51	%		1.57	%		1.48	%		1.60	%		1.63	%3
Net investment income (loss)		0.09	%		(0.54	)%		(0.17	)%		(0.43	)%		(0.65	)%
Supplemental data:
Net assets, end of year (000's)	$	544		$	646		$	1,926		$	2,449		$	4,629
Portfolio turnover		346	%		292	%		221	%		165	%		114	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

328

PACE Alternative Strategies Investments

Financial highlights (concluded)

Class C

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.05		$	9.93		$	10.66		$	10.29		$	9.90
Net investment loss1		(0.09	)		(0.15	)		(0.13	)		(0.14	)		(0.16	)
Net realized and unrealized gains (losses)		0.15			0.27			(0.30	)		0.53			0.67
Net increase (decrease) from operations		0.06			0.12			(0.43	)		0.39			0.51
Dividends from net investment income		—			—			(0.30	)		(0.02	)		(0.12	)
Net asset value, end of year	$	10.11		$	10.05		$	9.93		$	10.66		$	10.29
Total investment return2		0.40	%		1.41	%		(4.08	)%		3.81	%		5.18	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		3.07	%		3.02	%		2.75	%		2.67	%		2.71	%
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.99	%		2.92	%		2.68	%		2.60	%		2.70	%
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		2.49	%		2.51	%		2.52	%		2.52	%		2.58	%
Net investment loss		(0.92	)%		(1.47	)%		(1.27	)%		(1.37	)%		(1.60	)%
Supplemental data:
Net assets, end of year (000's)	$	6,101		$	9,363		$	12,398		$	9,385		$	6,346
Portfolio turnover		346	%		292	%		221	%		165	%		114	%

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	10.61		$	10.38		$	11.09		$	10.69		$	10.27
Net investment income (loss)1		0.01			(0.05	)		(0.03	)		(0.04	)		(0.07	)
Net realized and unrealized gains (losses)		0.16			0.28			(0.31	)		0.55			0.71
Net increase (decrease) from operations		0.17			0.23			(0.34	)		0.51			0.64
Dividends from net investment income		—			—			(0.37	)		(0.11	)		(0.22	)
Net asset value, end of year	$	10.78		$	10.61		$	10.38		$	11.09		$	10.69
Total investment return2		1.32	%		2.41	%		(3.13	)%		4.79	%		6.27	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including dividend expense and other borrowing costs for investments sold short		2.13	%		2.04	%		1.77	%		1.69	%		1.74	%4
Expenses after fee waivers and/or expense reimbursements/recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.04	%		1.94	%		1.69	%		1.62	%		1.74	%3,4
Expenses after fee waivers and/or expense reimbursements/recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.53	%		1.52	%		1.53	%		1.54	%		1.62	%3
Net investment income (loss)		0.08	%		(0.48	)%		(0.30	)%		(0.38	)%		(0.64	)%
Supplemental data:
Net assets, end of year (000's)	$	615,778		$	650,347		$	712,676		$	782,683		$	611,399
Portfolio turnover		346	%		292	%		221	%		165	%		114	%

³  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

⁴  The ratios after and before fee waivers and/or expense reimbursements by and recoupments to manager are the same since the recoupments to manager represent less than 0.01%.

See accompanying notes to financial statements.

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Notes to financial statements

Organization and significant accounting policies

PACE Select Advisors Trust (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), currently offering multiple series representing separate investment portfolios. The Trust is a Delaware statutory trust organized under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest at par value of $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies: PACE Government Money Market Investments, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (each a "Portfolio" and collectively, the "Portfolios"). Each of the Portfolios is classified as a diversified investment company for purposes of the 1940 Act.

UBS Asset Management (Americas) Inc. ("UBS AM") serves as the investment manager and administrator for the Portfolios and also as the investment advisor for PACE Government Money Market Investments and a portion of PACE Alternative Strategies Investments' assets. Subject to the approval and oversight of the Portfolios' Board of Trustees (the "Board"), UBS AM selects and oversees other investment subadvisors, who provide advisory services for the other Portfolios. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as principal underwriter for the Portfolios. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Each Portfolio currently offers Class A, Class Y, and Class P shares, with the exception of PACE Government Money Market Investments, which currently offers Class P shares only, and PACE Global Real Estate Securities Investments, which, effective January 25, 2018, only offers Class A, and Class P shares. Each class represents interests in the same assets of the applicable Portfolio and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges and certain transfer agency and related services expenses. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class Y and Class P shares have no service or distribution plan. The Portfolios' Class P shares currently are available for purchase only to participants in the PACE^SM Select Advisors Program and certain other advisory programs offered through select sponsors, except that PACE Government Money Market Investments shares are also available to participants in the PACE^SM Multi Advisor Program.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolios may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

PACE Government Money Market Investments attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to

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enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share. In addition, by operating as a "government money market fund", the Portfolio is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Portfolio's Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolios' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In October 2016, the SEC adopted new rules and forms, and amendments to certain then current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X require standardized, enhanced disclosure about derivatives in investment company financial statements, and change the rules governing the form and content of such financial statements. The amendments to Regulation S-X took effect on August 1, 2017. Management has assessed the impact of these regulatory developments and the changes are incorporated within the financial statements.

In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): "Premium Amortization On Purchased Callable Debt Securities" ("ASU 2017-08"). The update provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. ASU 2017-08 will be effective for annual periods beginning after December 15, 2018. Management is currently assessing the potential impact of these changes to future financial statements.

The following is a summary of significant accounting policies:

Investment transactions, investment income and expenses—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded net of withholding taxes on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Portfolio, using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend-eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Foreign currency translation—The books and records of the Portfolios are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities

331

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Notes to financial statements

and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included in the Statement of operations.

The Portfolios do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Portfolios do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

Concentration of risk—Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which some Portfolios in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

The ability of the issuers of debt securities held by the Portfolios to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investments in bonds with ratings of BB (Standard & Poor's Financial Services LLC or Fitch Ratings, Inc.) or Ba (Moody's Investors Service, Inc.) or below (commonly referred to as "high yield" bonds), or deemed of equivalent quality, have an increased risk of defaulting or otherwise being unable to honor a financial obligation. These securities are considered to be predominantly speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.

Valuation of investments

Each Portfolio generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. A Portfolio calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Portfolios do not price their shares, on most national holidays and Good Friday. To the extent that a Portfolio's assets are traded in other markets on days when the NYSE is not open, the value of a Portfolio's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern Time, a Portfolio's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Portfolio calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), PACE Government Money Market Investments has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements

332

PACE Select Advisors Trust

Notes to financial statements

that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", PACE Government Money Market Investments values its investments at amortized cost unless the Portfolio's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

Each Portfolio (other than PACE Government Money Market Investments) calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio's net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

Certain Portfolios may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at "fair value," that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period. Transfers between Level 1 and Level 2, if any, are disclosed near the end of each Portfolio's Portfolio of investments.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Portfolios' use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

333

PACE Select Advisors Trust

Notes to financial statements

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Portfolios' custodian.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

OTC swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the counterparty clearing houses.

The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee ("VC") (formerly UBS AM Global Valuation Committee or GVC) the responsibility for making fair value determinations with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances, securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Portfolio's Portfolio of investments.

334

PACE Select Advisors Trust

Notes to financial statements

Investments

Real estate investment trusts—The Portfolios may invest in real estate investment trusts ("REITs"). Distributions from a REIT are initially recorded as dividend income and may subsequently be recharacterized by the REIT at the end of its tax year as a return of capital and/or capital gains. The Portfolio estimates the character of dividends received from REITs for financial reporting purposes based on the distribution history of each REIT. Once actual distribution characterizations are made available by the REITs, typically after calendar year end, the Portfolio updates its accounting and/or tax books and records.

Repurchase agreements—The Portfolios may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolios maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolios and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolio upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolios generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a Portfolio's investment strategies and limitations, may require the Portfolio to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolios may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Portfolio intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM and the applicable subadvisor to present minimal credit risks.

Each Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or subadvised by UBS AM in accordance with an exemptive order granted by the SEC pursuant to Section 17(d) of the 1940 Act and Rule 17d-1 thereunder. Under certain circumstances, the Portfolios may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Portfolios potentially exposed to a fee for uninvested cash held in a business account at a bank.

Reverse repurchase agreements—Certain Portfolios may enter into reverse repurchase agreements with qualified third party banks, securities dealers or their affiliates. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Portfolio enters into a reverse repurchase agreement, the Portfolio establishes and maintains a segregated account with the Portfolio's custodian containing liquid securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement. At the period ended July 31, 2018, there were no reverse repurchase agreements outstanding.

335

PACE Select Advisors Trust

Notes to financial statements

Securities traded on to-be-announced basis—Certain Portfolios may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio, normally 15 to 45 days later. Beginning on the date the Portfolio enters into a TBA transaction, cash, US government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations, and their current value is determined in the same manner as for other securities.

Treasury roll transactions—Certain Portfolios may enter into treasury roll transactions. In a treasury roll transaction, a Portfolio sells a Treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price and date. The Portfolio receives cash from the sale of the Treasury security to use for other investment purposes. For US GAAP purposes, a treasury roll transaction is accounted for as a secured borrowing and not as a purchase and sale. The difference between the sale price and repurchase price represents net interest income or net interest expense reflective of an agreed upon rate between the Portfolio and the counterparty over the term of the borrowing. The Portfolio will benefit from the transaction if the income earned on the investment purchased with the cash received in the treasury roll transaction exceeds the interest expense incurred by the Portfolio. If the interest expense exceeds the income earned, the Portfolio's net investment income and dividends to shareholders may be adversely impacted.

Treasury roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase may decline below the agreed upon repurchase price of those securities. During the period ended July 31, 2018, only PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments and PACE Strategic Fixed Income Investments utilized treasury roll transactions.

The table below represents the remaining contractual maturity as of July 31, 2018, of the treasury roll transactions accounted for as secured borrowings.

PACE Mortgage-Backed Securities Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	7,796,041	$	—	$	—	$	7,796,041

PACE Strategic Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	39,415,071	$	—	$	34,767,439	$	74,182,510

Mortgage-backed securities—Certain Portfolios may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

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Notes to financial statements

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

Asset-backed securities—Certain Portfolios may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

Loan assignments and participations—Certain Portfolios may invest in secured or unsecured fixed or floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity and one or more financial institutions ("Lenders") which may be in the form of participations ("Participations") in Loans or assignments ("Assignments") of all or a portion of Loans from third parties. A Portfolio may invest in multiple series or tranches of a Loan, which may have varying terms and carry different associated risks. Participations typically result in a Portfolio having a contractual relationship only with the Lender, not with the borrower. A Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Portfolio generally has no direct right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set-off against the borrower, and a Portfolio may not directly benefit from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the selling Lender, the Portfolio may be treated as a general creditor of that Lender and may not benefit from any set-off between the Lender and the borrower. A Portfolio will acquire Participations only if its subadvisor

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determines that the selling Lender is creditworthy. When a Portfolio purchases Assignments from Lenders, it acquires direct rights against the borrower on the Loan. In an Assignment, the Portfolio is entitled to receive payments directly from the borrower and, therefore, does not depend on the selling bank to pass these payments onto the Portfolio. However, because Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by a Portfolio as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

Short sales "against the box"—Each Portfolio (other than PACE Government Money Market Investments and PACE Municipal Fixed Income Investments) may engage in short sale transactions of securities it owns or has the right to acquire at no added cost through conversion or exchange of other securities it owns (short sales "against the box"). A Portfolio might make a short sale "against the box" to hedge against market risks when its subadvisor believes that the price of a security may decline, thereby causing a decline in the value of a security owned by the Portfolio or a security convertible into or exchangeable for a security owned by the Portfolio.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. Any loss in the Portfolio's long position after the short sale should be reduced by a corresponding gain in the short position. Conversely, any gain in the long position after the short sale should be reduced by a corresponding loss in the short position. When a Portfolio sells short, it establishes a margin account with the broker effecting the short sale and deposits collateral with the broker. In addition, the Portfolio maintains, in a segregated account with its custodian, the securities that could be used to cover the short sale. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expense, in connection with opening, maintaining and closing short sales "against the box". These dividends and interest are booked as an expense or liability to the Portfolio.

Uncovered short sales—PACE Mortgage-Backed Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), PACE Large Co Value Equity Investments, PACE International Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments may engage in short sale transactions in which the Portfolio sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security, and the Portfolio will realize a gain if the security declines in price between those same dates. Each Portfolio segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Portfolio.

Because a Portfolio's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Portfolio's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Portfolio's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Portfolio. In addition, PACE Large Co Value Equity Investments and PACE International Equity Investments may invest the proceeds received upon the initial sale of the security, resulting in leverage and increasing each Portfolio's return and loss potential. PACE Large Co Value Equity Investments and PACE International Equity Investments may also engage in short sale transactions that are effected through their custodian

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and may deliver cash received in connection with its securities lending activity to the custodian as collateral to secure the short sale transactions.

For the year ended July 31, 2018, PACE Global Real Estate Securities Investments did not engage in uncovered short sale transactions.

Restricted securities—The Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Portfolio's portfolio footnotes.

Derivative instruments

Purchased options—Certain Portfolios may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Portfolio pays a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Option writing—Certain Portfolios may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

When a Portfolio writes a call or a put option, an amount equal to the premium received by the Portfolio is included on the Portfolio's Statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Portfolio has written either expires on its stipulated expiration date or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option, which a Portfolio has written, is exercised, the Portfolio recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received. If a put option, which a Portfolio has written, is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Portfolio purchases upon exercise of the option.

In writing an option, a Portfolio bears the market risk of an unfavorable change in the price of the derivative instrument, security, or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a derivative instrument, security or currency at a price different from current market value.

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In the normal course of trading activities, the Portfolios trade and hold certain fair valued derivative contracts that constitute guarantees. Such contracts include written put options, where the Portfolios would be obligated to purchase securities at specified prices (i.e. the options are exercised by the counterparties). The maximum payout for these contracts is limited to the number of put option contracts written and the related strike prices, respectively. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event. At July 31, 2018, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, and PACE Alternative Strategies Investments had maximum payout amounts of approximately $8,405,350, $8,551,339, $5,986,000, and $13,156,105 respectively, relating to written put option contracts.

Futures contracts—Certain Portfolios may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or realized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Portfolio is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Portfolio, depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts, payments may be made or received at settlement. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Using futures contracts involves various market risks, including interest rate and equity risk. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Portfolio will not achieve the anticipated benefits of the futures contract or may realize a loss.

Forward foreign currency contracts—Certain Portfolios may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Portfolios. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Portfolios on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar or each other.

Swap agreements—Certain Portfolios may engage in swap agreements, including, but not limited to, interest rate, credit default, total return and variance swap agreements. A Portfolio expects to enter into these transactions to preserve a return or spread on a particular investment or to hedge a portion of the portfolio's duration,

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to protect against any increase in the price of securities the Portfolio anticipates purchasing at a later date, to gain exposure to certain markets in the most economical way possible or in an attempt to enhance income or gains.

The Portfolios accrue for interim payments on swap agreements on a daily basis, with the net amount recorded within unrealized appreciation or depreciation of swap agreements. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap agreements, in addition to realized gain/loss recorded upon the termination of swap agreements on the Statement of operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

Certain Portfolios may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or other credit event of the referenced obligation. As a buyer, the Portfolio would make periodic payments to the counterparty, and the Portfolio would receive payments only upon the occurrence of a default or credit event. If no default or credit event occurs, the Portfolio will lose its periodic stream of payments over the term of the contract. However, if a default or a credit event does occur, the Portfolio typically would receive full notional value for the referenced obligation that may have little or no value. As a seller, the Portfolio would receive periodic payments from the counterparty, and the Portfolio would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Portfolio will gain the periodic stream of payments it received over the term of the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Portfolio typically would pay full notional value for the referenced obligation that may have little or no value. Credit default swap agreements may involve greater risks than if the Portfolio had invested in the referenced obligation directly and are subject to general market risk, liquidity risk and credit risk.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swap agreements on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swap agreements on credit indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging market country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other

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obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swap agreements on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement, which may exceed the amount of the value reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of the period end for which a Portfolio is the seller of protection are disclosed under the sections "Credit default swap agreements on credit indices—sell protection" and "Credit default swap agreements on corporate and sovereign issues—sell protection" in the Portfolios of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into, if any, by a Portfolio for the same referenced entity or entities.

Total return swap agreements involve commitments to pay or receive interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty, respectively. Total return swap agreements are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Total return swap agreements are subject to general market risk, liquidity risk, counterparty risk, interest rate risk, credit risk and the risk that there may be unfavorable changes in the underlying investments or instruments.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a "fixed rate" or volatility strike price payment for the "floating rate" or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the realized price variance of the underlying asset is less than the strike price. As a payer of the realized price variance the Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Portfolio will be different than if it had used ordinary portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Portfolio's risk of loss will consist of the net amount of interest or other payments that the Portfolio is contractually entitled to receive. Therefore, the Portfolio would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Certain clearinghouses offer clearing for limited types of derivatives transactions, such as interest rate and credit default swap agreements. Centrally cleared swap agreements must be transacted through a futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty. The performance of a centrally cleared swap transaction is effectively guaranteed by a central clearinghouse, thereby reducing the Portfolio's exposure

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to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. Centrally cleared swap agreements, if any, are reported on the Statement of assets and liabilities based on variation margin received or paid, if any.

Derivatives by underlying risk—Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Under US GAAP, investment companies do not qualify for hedge accounting. Accordingly, even though a Portfolio's investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of disclosure under US GAAP.

The volume of derivatives as disclosed in each Portfolio's Portfolio of investments is representative of the volume of derivatives outstanding during the period ended July 31, 2018.

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Portfolios may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts that are in a net liability position that contain these triggers can be found in the Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of July 31, 2018 is reflected in the Statement of assets and liabilities.

At July 31, 2018, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	213,526	$	—	$	—	$	—	$	213,526
Swap agreements		2,805,936		—		—		—		2,805,936
Total value	$	3,019,462	$	—	$	—	$	—	$	3,019,462

Liability derivatives²

	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
PACE Mortgage-Backed Securities Fixed Income Investments
Futures contracts	$	(11,838	)	$	—	$	—	$	—	$	(11,838	)
Options and swaptions written		(68,170	)		—		—		—		(68,170	)
Swap agreements		(125,311	)		—		—		—		(125,311	)
Total value	$	(205,319	)	$	—	$	—	$	—	$	(205,319	)

Table footnotes begin on page 350

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During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
PACE Mortgage-Backed Securities Fixed Income Investments
Net realized gain (loss)3
Futures contracts	$	7,878		$	—	$	—	$	—	$	7,878
Options and swaptions purchased		(315,806	)		—		—		—		(315,806	)
Options and swaptions written		709,903			—		—		—		709,903
Swap agreements		844,280			—		—		—		844,280
Total net realized gain (loss)	$	1,246,255		$	—	$	—	$	—	$	1,246,255
Net change in unrealized appreciation (depreciation)4
Futures contracts	$	(11,838	)	$	—	$	—	$	—	$	(11,838	)
Options and swaptions purchased		224,084			—		—		—		224,084
Options and swaptions written		36,572			—		—		—		36,572
Swap agreements		1,725,121			—		—		—		1,725,121
Net change in appreciation (depreciation)	$	1,973,939		$	—	$	—	$	—	$	1,973,939

At July 31, 2018, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Intermediate Fixed Income Investments
Futures contracts	$	96,274	$	—	$	—	$	—	$	96,274
Forward foreign currency contracts		—		102,170		—		—		102,170
Options and swaptions purchased		769,497		50,186		—		12,084		831,767
Swap agreements		202,592		—		14,621		—		217,213
Total value	$	1,068,363	$	152,356	$	14,621	$	12,084	$	1,247,424

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
PACE Intermediate Fixed Income Investments
Futures contracts	$	(173,876	)	$	—		$	—	$	—	$	(173,876	)
Forward foreign currency contracts		—			(44,247	)		—		—		(44,247	)
Options and swaptions written		(1,242,957	)		(36,975	)		—		—		(1,279,932	)
Swap agreements		(329,832	)		—			—		—		(329,832	)
Total value	$	(1,746,665	)	$	(81,222	)	$	—	$	—	$	(1,827,887	)

Table footnotes begin on page 350

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During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total
PACE Intermediate Fixed Income Investments
Net realized gain (loss)3
Futures contracts	$	(1,711,970	)	$	—		$	—	$	—		$	(1,711,970	)
Forward foreign currency contracts		—			(616,737	)		—		—			(616,737	)
Options and swaptions purchased		(31,640	)		(1,594,391	)		—		—			(1,626,031	)
Options and swaptions written		(14,569	)		1,593,063			—		—			1,578,494
Swap agreements		68,353			—			251,645		—			319,998
Total net realized gain (loss)	$	(1,689,826	)	$	(618,065	)	$	251,645	$	—		$	(2,056,246	)
Net change in unrealized appreciation (depreciation)4
Futures contracts	$	(70,776	)	$	—		$	—	$	—		$	(70,776	)
Forward foreign currency contracts		—			19,437			—		—			19,437
Options and swaptions purchased		22,682			42,175			—		(8,571	)		56,286
Options and swaptions written		(17,853	)		(2,188	)		—		—			(20,041	)
Swap agreements		(168,899	)		—			6,171		—			(162,728	)
Net change in appreciation (depreciation)	$	(234,846	)	$	59,424		$	6,171	$	(8,571	)	$	(177,822	)

At July 31, 2018, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Strategic Fixed Income Investments
Futures contracts	$	295,397	$	3,879	$	—	$	—	$	299,276
Forward foreign currency contracts		—		2,240,966		—		—		2,240,966
Options and swaptions purchased		210,839		—		—		—		210,839
Swap agreements		3,181,535		—		3,744,129		—		6,925,664
Total value	$	3,687,771	$	2,244,845	$	3,744,129	$	—	$	9,676,745

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
PACE Strategic Fixed Income Investments
Futures contracts	$	(1,870,467	)	$	(11,031	)	$	—		$	—	$	(1,881,498	)
Forward foreign currency contracts		—			(2,282,093	)		—			—		(2,282,093	)
Options and swaptions written		(251,665	)		(46,274	)		—			—		(297,939	)
Swap agreements		(1,002,138	)		—			(723,216	)		—		(1,725,354	)
Total value	$	(3,124,270	)	$	(2,339,398	)	$	(723,216	)	$	—	$	(6,186,884	)

Table footnotes begin on page 350

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During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
PACE Strategic Fixed Income Investments
Net realized gain (loss)3
Futures contracts	$	(7,504,780	)	$	(78,991	)	$	—	$	—	$	(7,583,771	)
Forward foreign currency contracts		—			(2,088,152	)		—		—		(2,088,152	)
Options and swaptions purchased		(3,709	)		(14	)		—		—		(3,723	)
Options and swaptions written		253,653			934,594			—		—		1,188,247
Swap agreements		2,403,925			—			1,697,805		—		4,101,730
Total net realized gain (loss)	$	(4,850,911	)	$	(1,232,563	)	$	1,697,805	$	—	$	(4,385,669	)
Net change in unrealized appreciation (depreciation)4
Futures contracts	$	(2,567,038	)	$	19,010		$	—	$	—	$	(2,548,028	)
Forward foreign currency contracts		—			330,680			—		—		330,680
Options and swaptions purchased		50,308			—			—		—		50,308
Options and swaptions written		(159,159	)		(204,742	)		—		—		(363,901	)
Swap agreements		775,472			—			505,719		—		1,281,191
Net change in appreciation (depreciation)	$	(1,900,417	)	$	144,948		$	505,719	$	—	$	(1,249,750	)

At July 31, 2018, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Global Fixed Income Investments
Futures contracts	$	145,433	$	—	$	—	$	—	$	145,433
Forward foreign currency contracts		—		667,645		—		—		667,645
Total value	$	145,433	$	667,645	$	—	$	—	$	813,078

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
PACE Global Fixed Income Investments
Futures contracts	$	(75,231	)	$	—		$	—	$	—	$	(75,231	)
Forward foreign currency contracts		—			(701,469	)		—		—		(701,469	)
Total value	$	(75,231	)	$	(701,469	)	$	—	$	—	$	(776,700	)

Table footnotes begin on page 350

346

PACE Select Advisors Trust

Notes to financial statements

During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
PACE Global Fixed Income Investments
Net realized gain (loss)3
Futures contracts	$	916,795		$	—		$	—	$	—	$	916,795
Forward foreign currency contracts		—			532,718			—		—		532,718
Total net realized gain (loss)	$	916,795		$	532,718		$	—	$	—	$	1,449,513
Net change in unrealized appreciation (depreciation)4
Futures contracts	$	(236,118	)	$	—		$	—	$	—	$	(236,118	)
Forward foreign currency contracts		—			(146,599	)		—		—		(146,599	)
Net change in appreciation (depreciation)	$	(236,118	)	$	(146,599	)	$	—	$	—	$	(382,717	)

At July 31, 2018, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	43,532	$	—	$	—	$	43,532

Liability derivatives²

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	(553,581	)	$	—	$	—	$	(553,581	)

During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE High Yield Investments
Net realized gain (loss)3
Forward foreign currency contracts	$	—	$	1,630,248	$	—	$	—	$	1,630,248
Net change in unrealized appreciation (depreciation)4
Forward foreign currency contracts	$	—	$	2,913,935	$	—	$	—	$	2,913,935

Table footnotes begin on page 350

347

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2018, the Portfolio had the following derivatives categorized by underlying risk:

Liability derivatives²

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE International Equity Investments
Forward foreign currency contracts	$	—	$	(740	)	$	—	$	—	$	(740	)

During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE International Equity Investments
Net realized gain (loss)3
Forward foreign currency contracts	$	—	$	(42,454	)	$	—	$	—	$	(42,454	)
Net change in unrealized appreciation (depreciation)4
Forward foreign currency contracts	$	—	$	(740	)	$	—	$	—	$	(740	)

During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk		Total
PACE International Emerging Markets Equity Investments
Net realized gain (loss)3
Forward foreign currency contracts	$	—	$	(5,442	)	$	—	$	—	$	(5,442	)

During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Global Real Estate Securities Investments
Net realized gain (loss)3
Forward foreign currency contracts	$	—	$	25,298	$	—	$	—	$	25,298

Table footnotes begin on page 350

348

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2018, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
PACE Alternative Strategies Investments
Futures contracts	$	389,771	$	—	$	—	$	502,671	$	892,442
Forward foreign currency contracts		—		13,906,633		—		—		13,906,633
Options and swaptions purchased		4,668,266		399,808		—		2,775,753		7,843,827
Swap agreements		1,239,350		—		467,371		2,068,569		3,775,290
Total value	$	6,297,387	$	14,306,441	$	467,371	$	5,346,993	$	26,418,192

Liability derivatives²

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
PACE Alternative Strategies Investments
Futures contracts	$	(298,323	)	$	—		$	—		$	(624,680	)	$	(923,003	)
Forward foreign currency contracts		—			(11,616,599	)		—			—			(11,616,599	)
Options and swaptions written		(218,189	)		(7,293	)		—			(726,699	)		(952,181	)
Swap agreements		(1,198,304	)		—			(612,483	)		(2,200,374	)		(4,011,161	)
Total value	$	(1,714,816	)	$	(11,623,892	)	$	(612,483	)	$	(3,551,753	)	$	(17,502,944	)

During the period ended July 31, 2018, net realized gains (losses) and net change in unrealized appreciation (depreciation) from derivatives were as follows:

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
PACE Alternative Strategies Investments
Net realized gain (loss)3
Futures contracts	$	(1,131,041	)	$	—		$	—		$	(2,009,194	)	$	(3,140,235	)
Forward foreign currency contracts		—			(9,398,160	)		—			—			(9,398,160	)
Options and swaptions purchased		(907,688	)		(2,773,804	)		—			(711,217	)		(4,392,709	)
Options and swaptions written		1,301,547			381,726			—			854,895			2,538,168
Swap agreements		(198,537	)		—			1,426,622			(1,629,069	)		(400,984	)
Total net realized gain (loss)	$	(935,719	)	$	(11,790,238	)	$	1,426,622		$	(3,494,585	)	$	(14,793,920	)
Net change in unrealized appreciation (depreciation)4
Futures contracts	$	598,173		$	—		$	—		$	32,265		$	630,438
Forward foreign currency contracts		—			5,711,001			—			—			5,711,001
Options and swaptions purchased		(459,719	)		(779,083	)		—			1,412,332			173,530
Options and swaptions written		(14,919	)		64,819			—			(489,587	)		(439,687	)
Swap agreements		775,139			—			(451,448	)		1,292,138			1,615,829
Net change in appreciation (depreciation)	$	898,674		$	4,996,737		$	(451,448	)	$	2,247,148		$	7,691,111

Table footnotes begin on page 350

349

PACE Select Advisors Trust

Notes to financial statements

¹  In the Statement of assets and liabilities, options and swaptions purchased are shown within investments, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation on forward foreign currency contracts. Futures contracts are reported using cumulative appreciation on futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²  In the Statement of assets and liabilities, options and swaptions written are shown within options and swaptions written, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized depreciation on forward foreign currency contracts. Futures contracts are reported using cumulative depreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

³  The net realized gain (loss) is shown in the Statement of operations in net realized gains (losses) from futures, options and swaptions written, swap agreements and forward foreign currency contracts. The net realized gain (loss) on options and swaptions purchased is shown in the Statement of operations in net realized gains (losses) from investments.

⁴  The net change in unrealized appreciation/depreciation is shown in the Statement of operations in net change in unrealized appreciation/depreciation of futures, options and swaptions written, swap agreements and forward foreign currency contracts. The net change in unrealized appreciation/depreciation of options and swaptions purchased is shown in the Statement of operations in net change in unrealized appreciation/depreciation of investments.

Offsetting of certain derivatives—The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

At July 31, 2018, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Futures contracts1	$	—		$	(11,838	)
Options and swaptions purchased		213,526			—
Options and swaptions written		—			(68,170	)
Swap agreements1		2,805,936			(125,311	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		3,019,462			(205,319	)
Derivatives not subject to MNA or similar agreements		(2,805,317	)		112,125
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	214,145		$	(93,194	)

350

PACE Select Advisors Trust

Notes to financial statements

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Mortgage-Backed Securities Fixed Income Investments

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2			Net amount of assets
BNP	$	3,067		$	—		$	—		$	3,067
CITI		94,006			(26,180	)		(67,826	)		—
JPMCB		4,906			(4,906	)		—			—
MSCI		112,166			—			(63,000	)		49,166
Total	$	214,145		$	(31,086	)	$	(130,826	)	$	52,233
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2			Net amount of liabilities
CITI	$	(26,180	)	$	26,180		$	—		$	—
CSI		(23	)		—			—			(23	)
DB		(6,113	)		—			—			(6,113	)
GSI		(9,226	)		—			—			(9,226	)
JPMCB		(51,652	)		4,906			—			(46,746	)
Total	$	(93,194	)	$	31,086		$	—		$	(62,108	)

At July 31, 2018, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Intermediate Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Forward foreign currency contracts	$	102,170		$	(44,247	)
Futures contracts1		96,274			(173,876	)
Options and swaptions purchased		831,767			—
Options and swaptions written		—			(1,279,932	)
Swap agreements1		217,213			(329,832	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		1,247,424			(1,827,887	)
Derivatives not subject to MNA or similar agreements		(298,866	)		503,708
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	948,558		$	(1,324,179	)

Table footnotes begin on page 356

351

PACE Select Advisors Trust

Notes to financial statements

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Intermediate Fixed Income Investments

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2			Net amount of assets
ANZ	$	15,026		$	—		$	—		$	15,026
BOA		496,633			(217,360	)		(230,000	)		49,273
CSI		49,541			(32,541	)		(17,000	)		—
GS		284,926			(284,926	)		—			—
HSBC		30,265			(9,135	)		—			21,130
JPMCB		66,973			(51,995	)		(14,978	)		—
RBS		5,194			—			—			5,194
Total	$	948,558		$	(595,957	)	$	(261,978	)	$	90,623
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2			Net amount of liabilities
BOA	$	(217,360	)	$	217,360		$	—		$	—
CSI		(32,541	)		32,541			—			—
GS		(985,044	)		284,926			—			(700,118	)
HSBC		(9,135	)		9,135			—			—
JPMCB		(51,995	)		51,995			—			—
NTC		(28,104	)		—			—			(28,104	)
Total	$	(1,324,179	)	$	595,957		$	—		$	(728,222	)

At July 31, 2018, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Strategic Fixed Income Investments

Derivative Financial Instruments:	Assets			Liability
Forward foreign currency contracts	$	2,240,966		$	(2,282,093	)
Futures contracts1		299,276			(1,881,498	)
Options and swaptions purchased		210,839			—
Options and swaptions written		—			(297,939	)
Swap agreements1		6,925,664			(1,725,354	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		9,676,745			(6,186,884	)
Derivatives not subject to MNA or similar agreements		(7,215,637	)		3,589,372
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	2,461,108		$	(2,597,512	)

Table footnotes begin on page 356

352

PACE Select Advisors Trust

Notes to financial statements

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Strategic Fixed Income Investments

Counterparty	Gross amount of assets			Instruments and derivatives available for offset			Collateral received			Net amount of assets
BB	$	12,559		$	(12,559	)	$	—		$	—
BNP		250,025			(102,832	)		—			147,193
BOA		510,666			(83,259	)		(270,000	)		157,407
CITI		118,517			(118,517	)		—			—
CSI		16,266			(16,266	)		—			—
DB		22,630			(22,630	)		—			—
GSB		73,907			(73,907	)		—			—
GSI		525,276			(525,276	)		—			—
JPMCB		794,330			(330,307	)		(400,000	)		64,023
MSCI		136,932			(136,932	)		—			—
Total	$	2,461,108		$	(1,422,485	)	$	(670,000	)	$	368,623
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged			Net amount of liabilities
BB	$	(182,127	)	$	12,559		$	—		$	(169,568	)
BNP		(102,832	)		102,832			—			—
BOA		(83,259	)		83,259			—			—
CITI		(602,901	)		118,517			—			(484,384	)
CSI		(67,796	)		16,266			—			(51,530	)
DB		(185,635	)		22,630			—			(163,005	)
GSB		(110,813	)		73,907			—			(36,906	)
GSI		(684,705	)		525,276			—			(159,429	)
HSBC		(98,365	)		—			—			(98,365	)
JPMCB		(330,307	)		330,307			—			—
MSCI		(148,772	)		136,932			—			(11,840	)
Total	$	(2,597,512	)	$	1,422,485		$	—		$	(1,175,027	)

Table footnotes begin on page 356

353

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2018, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Global Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Forward foreign currency contracts	$	667,645		$	(701,469	)
Futures contracts1		145,433			(75,231	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		813,078			(776,700	)
Derivatives not subject to MNA or similar agreements		(813,078	)		776,700
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

At July 31, 2018, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE High Yield Investments

Derivative Financial Instruments:	Assets			Liabilities
Forward foreign currency contracts	$	43,532		$	(553,581	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		43,532			(553,581	)
Derivatives not subject to MNA or similar agreements		(43,532	)		553,581
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

At July 31, 2018, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE International Equity Investments

Derivative Financial Instruments:	Assets		Liabilities
Forward foreign currency contracts	$	—	$	(740	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		—		(740	)
Derivatives not subject to MNA or similar agreements		—		740
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—	$	—

Table footnotes begin on page 356

354

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2018, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Alternative Strategies Investments

Derivative Financial Instruments:	Assets			Liabilities
Forward foreign currency contracts	$	13,906,633		$	(11,616,599	)
Futures contracts1		892,442			(923,003	)
Options and swaptions purchased		7,843,827			—
Options and swaptions written		—			(952,181	)
Swap agreements1		3,775,290			(4,011,161	)
Total gross amount of derivative assets and liabilities in the Statement of Assets and Liabilities		26,418,192			(17,502,944	)
Derivatives not subject to MNA or similar agreements		(4,744,671	)		2,535,394
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	21,673,521		$	(14,967,550	)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

PACE Alternative Strategies Investments

Counterparty	Gross amount of assets		Financial instruments and derivatives available for offset			Collateral received2			Net amount of assets
ANZ	$	446,025	$	(313,065	)	$	(132,960	)	$	—
BB		1,760,924		(1,760,924	)		—			—
BNP		1,324,444		(1,108,861	)		—			215,583
BOA		350,661		(43,884	)		—			306,777
CITI		4,043,627		(2,398,046	)		—			1,645,581
DB		854,231		(395,919	)		—			458,312
GS		3,251,659		(378,351	)		—			2,873,308
GSI		3,434,774		(2,270,919	)		—			1,163,855
JPMCB		3,064,889		(2,975,908	)		(21,647	)		67,334
MSCI		1,836,421		(1,610,614	)					225,807
SG		1,305,866		(898,196	)		—			407,670
Total	$	21,673,521	$	(14,154,687	)	$	(154,607	)	$	7,364,227

Table footnotes begin on page 356

355

PACE Select Advisors Trust

Notes to financial statements

Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged2		Net amount of liabilities
ANZ	$	(313,065	)	$	313,065	$	—	$	—
BB		(2,573,787	)		1,760,924		—		(812,863	)
BNP		(1,108,861	)		1,108,861		—		—
BOA		(43,884	)		43,884		—		—
CITI		(2,398,046	)		2,398,046		—		—
DB		(395,919	)		395,919		—		—
GS		(378,351	)		378,351		—		—
GSI		(2,270,919	)		2,270,919		—		—
JPMCB		(2,975,908	)		2,975,908		—		—
MSCI		(1,610,614	)		1,610,614		—		—
SG		(898,196	)		898,196		—		—
Total	$	(14,967,550	)	$	14,154,687	$	—	$	(812,863	)

¹  Includes cumulative appreciation/depreciation of futures contracts and centrally cleared swaps, at value as reported in the futures contracts and centrally cleared swaps tables in the Portfolio of investments, but only the unpaid variation margin is reported within the Statement of assets and liabilities within variation margin on futures contracts and centrally cleared swap agreements, respectively.

²  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

Investment management and administration fees and other transactions with affiliates

The Trust has entered into an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, each Portfolio paid UBS AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of July 31, 2018:

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Government Money Market Investments	0.350%
PACE Mortgage-Backed Securities Fixed Income Investments	0.650% up to $250 million 0.600% above $250 million up to $500 million 0.575% above $500 million up to $750 million 0.550% above $750 million up to $1 billion 0.525% above $1 billion
PACE Intermediate Fixed Income Investments	0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion
PACE Strategic Fixed Income Investments	0.650% up to $250 million 0.600% above $250 million up to $500 million 0.575% above $500 million up to $750 million 0.550% above $750 million up to $1 billion 0.525% above $1 billion up to $1.25 billion 0.500% above $1.25 billion
PACE Municipal Fixed Income Investments	0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion

356

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Notes to financial statements

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE Global Fixed Income Investments	0.750% up to $500 million 0.725% above $500 million up to $1 billion 0.700% above $1 billion
PACE High Yield Investments	0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion
PACE Large Co Value Equity Investments	0.800% up to $250 million 0.770% above $250 million up to $500 million 0.730% above $500 million up to $1 billion 0.700% above $1 billion
PACE Large Co Growth Equity Investments	0.800% up to $500 million 0.775% above $500 million up to $1 billion 0.750% above $1 billion up to $1.5 billion 0.725% above $1.5 billion up to $2 billion 0.700% above $2 billion
PACE Small/Medium Co Value Equity Investments	0.800% up to $500 million 0.775% above $500 million
PACE Small/Medium Co Growth Equity Investments	0.800% up to $500 million 0.775% above $500 million
PACE International Equity Investments	0.900% up to $500 million 0.875% above $500 million up to $1 billion 0.850% above $1 billion up to $1.5 billion 0.825% above $1.5 billion up to $2 billion 0.800% above $2 billion
PACE International Emerging Markets Equity Investments	1.100% up to $500 million 1.075% above $500 million up to $1 billion 1.050% above $1 billion up to $1.5 billion 1.025% above $1.5 billion up to $2 billion 1.000% above $2 billion
PACE Global Real Estate Securities Investments	0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion
PACE Alternative Strategies Investments	1.400% up to $500 million 1.350% above $500 million up to $1 billion 1.300% above $1 billion up to $1.5 billion 1.275% above $1.5 billion up to $2 billion 1.250% above $2 billion

Under separate Subdvisory Agreements, with the exception of PACE Government Money Market Investments, UBS AM (not the Portfolios) pays the following investment subadvisors a fee from the investment management and administration fees which UBS AM receives, which is accrued daily and paid monthly:

Portfolio	Investment subadvisor
PACE Mortgage-Backed Securities Fixed Income Investments	Pacific Investment Management Company LLC
PACE Intermediate Fixed Income Investments	BlackRock Financial Management, Inc.
PACE Strategic Fixed Income Investments	Pacific Investment Management Company LLC Neuberger Berman Investment Advisers LLC

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Notes to financial statements

Portfolio	Investment subadvisor
PACE Municipal Fixed Income Investments	Standish Mellon Asset Management Company LLC
PACE Global Fixed Income Investments	J.P. Morgan Investment Management Inc.
PACE High Yield Investments	Nomura Corporate Research and Asset Management, Inc.
PACE Large Co Value Equity Investments	Los Angeles Capital Management and Equity Research, Inc. River Road Asset Management, LLC Pzena Investment Management, LLC Boston Partners Global Investors Inc.
PACE Large Co Growth Equity Investments	Jackson Square Partners, LLC J.P. Morgan Investment Management Inc. Mar Vista Investment Partners, LLC
PACE Small/Medium Co Value Equity Investments	Kayne Anderson Rudnick Investment Management, LLC Sapience Investments, LLC Systematic Financial Management, L.P. Huber Capital Management LLC
PACE Small/Medium Co Growth Equity Investments	LMCG Investments, LLC Riverbridge Partners, LLC Timpani Capital Management LLC
PACE International Equity Investments	Robert W. Baird & Co. Incorporated Los Angeles Capital Management and Equity Research, Inc. Mondrian Investment Partners Ltd.
PACE International Emerging Markets Equity Investments	LMCG Investments, LLC Mondrian Investment Partners Ltd. William Blair & Company LLC
PACE Global Real Estate Securities Investments	Brookfield Investment Management Inc.
PACE Alternative Strategies Investments1	Analytic Investors, LLC AQR Capital Management LLC Aviva Investors America LLC First Quadrant L.P. PCJ Investment Counsel Ltd. Sirios Capital Management, L.P. Standard Life Investments (Corporate Funds) Limited Principal Global Investors, LLC Kettle Hill Capital Management, LLC

¹  UBS Asset Management (Americas) Inc. has the authority to allocate a portion of the Portfolio's assets to unaffiliated actively- and passively-managed pooled investment vehicles and index futures.

At July 31, 2018, the Portfolios owe UBS AM for investment management and administration fees, net of fee waivers/expense reimbursements and/or recoupments as follows:

Portfolio	Amounts due to UBS AM
PACE Government Money Market Investments	$	33,942
PACE Mortgage-Backed Securities Fixed Income Investments		162,080
PACE Intermediate Fixed Income Investments		159,945
PACE Strategic Fixed Income Investments		384,140
PACE Municipal Fixed Income Investments		147,285
PACE Global Fixed Income Investments		224,626
PACE High Yield Investments		235,249
PACE Large Co Value Equity Investments		824,746
PACE Large Co Growth Equity Investments		923,900

358

PACE Select Advisors Trust

Notes to financial statements

Portfolio	Amounts due to UBS AM
PACE Small/Medium Co Value Equity Investments	$	381,246
PACE Small/Medium Co Growth Equity Investments		382,379
PACE International Equity Investments		877,045
PACE International Emerging Markets Equity Investments		435,619
PACE Global Real Estate Securities Investments		69,197
PACE Alternative Strategies Investments		698,555

UBS AM had entered into a written fee waiver agreement with PACE Mortgage-Backed Securities Fixed Income Investments, under which UBS AM was contractually obligated to waive its management fees to the extent necessary to reflect the lower subadvisory fees paid by UBS AM to Pacific Investment Management Company LLC. This waiver will not be subject to future recoupment and was terminated effective December 1, 2017.

UBS AM had agreed to lower its management fee so that the annual fee rate for management services (but not the administrative services) for PACE Global Fixed Income Investments Portfolios did not exceed the following rate: $0 to $500 million—0.600%; in excess of $500 million up to $1 billion—0.575%; and over $1 billion—0.550%. UBS AM had further voluntarily waived its fees in the following amounts for PACE Global Fixed Income Investments and PACE High Yield Investments: 0.100% and 0.100%, respectively, through November 30, 2017. These management fee waivers will not be subject to future recoupment and were terminated effective December 1, 2017.

For the year ended July 31, 2018, UBS AM was contractually obligated to waive as follows:

	Management fees waived
PACE Mortgage-Backed Securities Fixed Income Investments	$	66,473
PACE Global Fixed Income Investments		221,199
PACE High Yield Investments		127,272

Additionally, PACE Alternative Strategies Investments and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is contractually obligated to waive its management fees to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures. The fee waiver agreement may be terminated by the Portfolio's Board at any time and also will be terminated automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. For the year ended July 31, 2018, UBS AM was contractually obligated to waive $447,757 in investment management and administration fees. This management fee waiver will not be subject to future recoupment.

With respect to the following Portfolios, UBS AM voluntarily waived its management fees to the extent necessary to reflect lower subadvisory fees paid. This management fee waiver will not be subject to future recoupment and was terminated effective December 1, 2017. For the year ended July 31, 2018, UBS AM voluntarily waived fees of:

Portfolio	Management fees waived
PACE Intermediate Fixed Income Investments	$	15,714
PACE High Yield Investments		222,726
PACE Large Co Value Equity Investments		56,044
PACE Large Co Growth Equity Investments		33,676
PACE Small/Medium Co Growth Equity Investments		72,219
PACE International Equity Investments		117,858
PACE Alternative Strategies Investments		99,425

359

PACE Select Advisors Trust

Notes to financial statements

Additionally, with respect to PACE Government Money Market Investments, UBS AM may voluntarily waive fees and/or reimburse expenses from time to time in the event that the Portfolio's yield falls below a certain level. Once started, there is no guarantee that UBS AM would continue to voluntarily waive an additional portion of its fees and/or reimburse expenses. This management fee waiver will not be subject to future recoupment. For the year ended July 31, 2018, UBS AM did not voluntarily waive and/or reimburse expenses for PACE Government Money Market Investments for that purpose.

UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, relating to short sales, and expenses attributable to investment in other companies, interest, taxes, brokerage commissions and extraordinary expenses) through November 30, 2018 at a level not to exceed the amounts in the table below.

Each Portfolio will repay UBS AM for any such waived fees/reimbursed expenses during a three-year period following July 31, 2015, to the extent that ordinary operating expenses (with certain exclusions such as dividend expense, borrowing costs and interest expense) are otherwise below the applicable expense cap in effect at the time the fees or expenses were waived/reimbursed. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2021, and recoupments for the year ended July 31, 2018 were as follows:

Portfolio	Class A expense cap			Class C expense cap			Class Y expense cap			Class P expense cap			Fee waivers/ expense reimbursements		Recoupments
PACE Government Money Market Investments		N/A			N/A			N/A			0.60	%	$	409,180	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		0.97	%		1.47	%		0.72	%		0.72			819,644		—
PACE Intermediate Fixed Income Investments		0.93			1.43			0.68			0.68			465,244		—
PACE Strategic Fixed Income Investments		0.96			1.46			0.71			0.71			646,500		—
PACE Municipal Fixed Income Investments		0.82			1.32			0.57			0.57			350,329		—
PACE Global Fixed Income Investments1		1.06			1.54			0.90			0.87			559,285		—
PACE High Yield Investments1		1.06			1.56			0.88			0.91			231,301		—
PACE Large Co Value Equity Investments1		1.14			1.89			0.89			0.89			—		—
PACE Large Co Growth Equity Investments1		1.18			1.93			0.93			0.93			—		—
PACE Small/Medium Co Value Equity Investments1		1.29			2.04			1.04			1.04			63,558		—
PACE Small/Medium Co Growth Equity Investments1		1.33			2.08			1.08			1.08			—		—
PACE International Equity Investments1		1.35			2.10			1.10			1.10			—		—
PACE International Emerging Markets Equity Investments		1.70			2.45			1.45			1.45			216,624		—
PACE Global Real Estate Securities Investments		1.45			2.20			1.202			1.20			449,830		—
PACE Alternative Strategies Investments		1.88			2.63			1.63			1.63			—		—

¹  Expense caps in the table above became effective December 1, 2017. Prior to December 1, 2017, expense caps were as follows:

Portfolio	Class A expense cap			Class C expense cap			Class Y expense cap			Class P expense cap
PACE Global Fixed Income Investments		1.25	%		1.75	%		1.00	%		1.00	%
PACE High Yield Investments		1.28			1.78			1.03			1.03
PACE Large Co Value Equity Investments		1.27			2.02			1.02			1.02
PACE Large Co Growth Equity Investments		1.30			2.05			1.05			1.05
PACE Small/Medium Co Value Equity Investments		1.41			2.16			1.16			1.16
PACE Small/Medium Co Growth Equity Investments		1.38			2.13			1.13			1.13
PACE International Equity Investments		1.55			2.30			1.30			1.30

²  Class Y closed as of January 25, 2018.

360

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2018, the following Portfolios had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2019		Expires July 31, 2020		Expires July 31, 2021
PACE Government Money Market Investments	$	1,786,903	$	706,786	$	670,937	$	409,180
PACE Mortgage-Backed Fixed Income Investments—Class A		84,395		26,932		23,641		33,822
PACE Mortgage-Backed Fixed Income Investments—Class C		25,787		10,225		7,603		7,959
PACE Mortgage-Backed Fixed Income Investments—Class Y		267,916		59,611		105,223		103,082
PACE Mortgage-Backed Fixed Income Investments—Class P		1,874,024		617,442		581,801		674,781
PACE Intermediate Fixed Income Investments—Class A		39,081		16,399		12,254		10,428
PACE Intermediate Fixed Income Investments—Class C		3,203		1,604		1,058		541
PACE Intermediate Fixed Income Investments—Class Y		2,782		1,065		881		836
PACE Intermediate Fixed Income Investments—Class P		1,502,204		555,469		493,296		453,439
PACE Strategic Fixed Income Investments—Class A		13,766		—		8,002		5,764
PACE Strategic Fixed Income Investments—Class C		8,113		—		5,921		2,192
PACE Strategic Fixed Income Investments—Class Y		6,663		—		4,185		2,478
PACE Strategic Fixed Income Investments—Class P		1,447,611		—		811,545		636,066
PACE Municipal Fixed Income Investments—Class A		39,809		—		—		39,809
PACE Municipal Fixed Income Investments—Class C		5,769		—		—		5,769
PACE Municipal Fixed Income Investments—Class Y		109		—		—		109
PACE Municipal Fixed Income Investments—Class P		304,642		—		—		304,642
PACE Global Fixed Income Investments—Class A		43,394		—		—		43,394
PACE Global Fixed Income Investments—Class C		2,295		—		—		2,295
PACE Global Fixed Income Investments—Class Y		3,952		—		—		3,952
PACE Global Fixed Income Investments—Class P		509,644		—		—		509,644
PACE High Yield Investments—Class A		2,186		—		—		2,186
PACE High Yield Investments—Class C		694		—		—		694
PACE High Yield Investments—Class P		228,596		—		—		228,596
PACE Small/Medium Co Value Equity Investments—Class P		63,558		—		—		63,558
PACE Small/Medium Co Growth Equity Investments—Class Y		144		—		144		—
PACE International Emerging Markets Equity Investments A		2,617		—		1,829		788
PACE International Emerging Markets Equity Investments C		610		—		610		—
PACE International Emerging Markets Equity Investments Y		2,846		—		2,637		209
PACE International Emerging Markets Equity Investments P		571,729		—		355,968		215,761
PACE Global Real Estate Securities Investments—Class A		1,245		682		365		198
PACE Global Real Estate Securities Investments—Class C		222		182		40		—
PACE Global Real Estate Securities Investments—Class Y		691		556		79		56
PACE Global Real Estate Securities Investments—Class P		1,519,126		545,960		523,554		449,612

For the year ended July 31, 2018, the Portfolios listed below paid broker commissions to affiliates of the investment manager as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within cost of investments, and the Statement of operations within net realized gains (losses) from, and/or net change in unrealized appreciation/depreciation of investments and/or futures.

361

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Notes to financial statements

Affiliated broker	PACE Large Co Growth Equity Investments		PACE Small/ Medium Co Value Equity Investments		PACE International Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
UBS AG	$	—	$	—	$	1,046	$	3,029	$	78	$	114
UBS Securities Asia Ltd.		—		—		3,052		2,839		—		—
UBS Securities LLC		85		7,230		—		253		—		—
UBS Securities Pte Ltd.		—		—		—		3,913		—		—
UBS Limited		—		—		12,949		—		41		14
UBS Financial Services Inc.		—		—		—		—		—		12,337

Service and distribution plans

UBS AM (US) is the principal underwriter of each Portfolio's shares. The Portfolios (with the exception of PACE Government Money Market Investments, which only offers Class P shares) have adopted service and/or distribution plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act for Class A and Class C shares. The Plans govern payments made for the expenses incurred in the service and/or distribution of Class A and Class C shares. Annual fees under the Plans as a percentage of the average daily net assets of each representative class of each of the Portfolios are as follows:

	Class A			Class C
Portfolio	Service fees			Service fees			Distribution fees1
PACE Mortgage-Backed Securities Fixed Income Investments		0.25	%		0.25	%		0.50	%
PACE Intermediate Fixed Income Investments		0.25			0.25			0.50
PACE Strategic Fixed Income Investments		0.25			0.25			0.50
PACE Municipal Fixed Income Investments		0.25			0.25			0.50
PACE Global Fixed Income Investments		0.25			0.25			0.50
PACE High Yield Investments		0.25			0.25			0.50
PACE Large Co Value Equity Investments		0.25			0.25			0.75
PACE Large Co Growth Equity Investments		0.25			0.25			0.75
PACE Small/Medium Co Value Equity Investments		0.25			0.25			0.75
PACE Small/Medium Co Growth Equity Investments		0.25			0.25			0.75
PACE International Equity Investments		0.25			0.25			0.75
PACE International Emerging Markets Equity Investments		0.25			0.25			0.75
PACE Global Real Estate Securities Investments		0.25			0.25			0.75
PACE Alternative Strategies Investments		0.25			0.25			0.75

¹  Effective July 12, 2018, the distribution fee for Class C shares was terminated.

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A and Class C shares.

362

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2018, certain Portfolios owed UBS AM (US) service and distribution fees, and for the period ended July 31, 2018, certain Portfolios were informed by UBS AM (US) that it had earned sales charges as follows:

Portfolio	Service and distribution fees owed		Sales charges earned by distributor
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	6,516	$	—
PACE Mortgage-Backed Securities Fixed Income Investments—Class C		3,517		—
PACE Intermediate Fixed Income Investments—Class A		3,043		378
PACE Intermediate Fixed Income Investments—Class C		357		—
PACE Strategic Fixed Income Investments—Class A		2,897		1,095
PACE Strategic Fixed Income Investments—Class C		2,390		—
PACE Municipal Fixed Income Investments—Class A		8,260		137
PACE Municipal Fixed Income Investments—Class C		2,799		—
PACE Global Fixed Income Investments—Class A		6,701		—
PACE Global Fixed Income Investments—Class C		841		—
PACE High Yield Investments—Class A		795		6,368
PACE High Yield Investments—Class C		828		—
PACE Large Co Value Equity Investments—Class A		23,461		1,014
PACE Large Co Value Equity Investments—Class C		4,753		3
PACE Large Co Growth Equity Investments—Class A		10,167		552
PACE Large Co Growth Equity Investments—Class C		1,206		—
PACE Small/Medium Co Value Equity Investments—Class A		3,911		2,511
PACE Small/Medium Co Value Equity Investments—Class C		1,559		—
PACE Small/Medium Co Growth Equity Investments—Class A		5,485		182
PACE Small/Medium Co Growth Equity Investments—Class C		1,208		116
PACE International Equity Investments—Class A		6,549		—
PACE International Equity Investments—Class C		860		2,713
PACE International Emerging Markets Equity Investments—Class A		804		1,937
PACE International Emerging Markets Equity Investments—Class C		517		—
PACE Global Real Estate Securities Investments—Class A		81		3
PACE Global Real Estate Securities Investments—Class C		75		—
PACE Alternative Strategies Investments—Class A		1,558		10,315
PACE Alternative Strategies Investments—Class C		2,684		23

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolios pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolios' transfer agent, and is compensated for these services by BNY Mellon, not the Portfolios.

UBS Financial Services Inc. has voluntarily agreed to waive a portion of the fee that it would otherwise have received from BNY Mellon with respect to PACE Government Money Market Investments so that BNY Mellon would correspondingly reduce the fees it would have charged to that Portfolio. Given that UBS AM has voluntarily undertaken to reduce its fees and/or reimburse expenses to keep the Portfolio's yield at or above a certain level, and that such amount exceeds the reduction in BNY Mellon's fees, the net effect of BNY Mellon's pass through of the waiver by UBS Financial Services Inc. is to partially reduce the amount that UBS AM would have otherwise voluntarily waived/reimbursed. For the period ended July 31, 2018, the amount of the reduction in transfer agency and related services fees charged by BNY Mellon to the Portfolio was $186,859 which reflected an equal amount of compensation that was voluntarily waived by UBS Financial Services Inc. Voluntary fee waiver/expense reimbursement arrangements may end at any time.

363

PACE Select Advisors Trust

Notes to financial statements

For the period ended July 31, 2018, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

Portfolio	Delegated services fees earned
PACE Government Money Market Investments	$	341,720
PACE Mortgage-Backed Securities Fixed Income Investments		378,213
PACE Intermediate Fixed Income Investments		342,269
PACE Strategic Fixed Income Investments		458,250
PACE Municipal Fixed Income Investments		71,070
PACE Global Fixed Income Investments		420,147
PACE High Yield Investments		348,164
PACE Large Co Value Equity Investments		522,368
PACE Large Co Growth Equity Investments		504,714
PACE Small/Medium Co Value Equity Investments		490,752
PACE Small/Medium Co Growth Equity Investments		490,937
PACE International Equity Investments		489,067
PACE International Emerging Markets Equity Investments		450,190
PACE Global Real Estate Securities Investments		355,644
PACE Alternative Strategies Investments		264,884

Securities lending

Each Portfolio may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured by cash, U.S. government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, U.S. government securities, and irrevocable letters of credit securing the loan falls below 100% for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, U.S. government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

Each Portfolio will regain ownership of loaned securities to exercise certain beneficial rights; however, each Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Institutional U.S. Government Money Market Fund, which is included in each Portfolio's Portfolio of investments. State Street Bank and Trust Company serves as the Portfolios' lending agent.

In addition, PACE Large Co Value Equity Investments, PACE International Equity Investments and PACE Alternative Strategies Investments participate in State Street's enhanced custody program. Through this program, State Street is capable of facilitating the Portfolios' short selling activity at a lower cost. A portion of the cash collateral received in connection with the Portfolios' securities lending activity is pledged back to State Street for the financing of short sales. This amount is shown as cash collateral on investments sold short in the Statement of assets and liabilities.

At July 31, 2018, the following Portfolios had securities on loan at value, cash collateral and non-cash collateral as follows:

Portfolio	Value of securities on loan		Cash collateral		Non-cash collateral*		Total collateral		Security types held as non-cash collateral
PACE Intermediate Fixed Income Investments	$	12,638,687	$	12,098,990	$	787,025	$	12,886,015	US Treasury Notes and US Treasury Bills
PACE Strategic Fixed Income Investments		8,428,681		8,610,323		—		8,610,323

364

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Notes to financial statements

Portfolio	Value of securities on loan		Cash collateral		Non-cash collateral*		Total collateral		Security types held as non-cash collateral
PACE Global Fixed Income Investments	$	5,154,378	$	4,661,150	$	623,985	$	5,285,135	US Treasury Notes and US Treasury Bills
PACE High Yield Investments		40,949,792		37,901,428		3,893,692		41,795,120	US Treasury Notes and US Treasury Bills
PACE Large Co Value Equity Investments**		98,240,574		17,577,403		81,653,181		99,230,584	US Treasury Notes and US Treasury Bills
PACE Large Co Growth Equity Investments		46,233,042		9,167,476		37,613,936		46,781,412	US Treasury Notes and US Treasury Bills
PACE Small/Medium Co Value Equity Investments		64,071,439		25,616,918		40,047,862		65,664,780	US Treasury Notes and US Treasury Bills
PACE Small/Medium Co Growth Equity Investments		97,129,800		24,656,399		73,652,939		98,309,338	US Treasury Notes and US Treasury Bills
PACE International Equity Investments**		46,107,649		41,777,229		5,997,241		47,774,470	US Treasury Notes and US Treasury Bills
PACE International Emerging Markets Equity Investments		11,006,368		5,422,498		5,766,857		11,189,355	US Treasury Notes and US Treasury Bills
PACE Global Real Estate Securities Investments		1,241,664		971,695		298,654		1,270,349	US Treasury Notes and US Treasury Bills

*  These securities are held for the benefit of the Portfolio's custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

**  This Portfolio participates in the enhanced custody program which permits self-borrow transactions that does not require any collateral for the securities on loan under those transactions.

The table below represents the disaggregation at July 31, 2018 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Portfolios or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

	Type of securities loaned				Total gross amount of recognized liabilities for
Portfolio	Equity securities		Corporate bonds		securities lending transactions
PACE Intermediate Fixed Income Investments	$	—	$	12,886,015	$	12,886,015
PACE Strategic Fixed Income Investments		—		8,610,323		8,610,323
PACE Global Fixed Income Investments		—		5,285,135		5,285,135
PACE High Yield Investments		494,173		41,300,947		41,795,120
PACE Large Co Value Equity Investments		99,230,584		—		99,230,584
PACE Large Co Growth Equity Investments		46,781,412		—		46,781,412
PACE Small/Medium Co Value Equity Investments		65,664,780		—		65,664,780
PACE Small/Medium Co Growth Equity Investments		98,309,338		—		98,309,338
PACE International Equity Investments		47,774,470		—		47,774,470
PACE International Emerging Markets Equity Investments		11,189,355		—		11,189,355
PACE Global Real Estate Securities Investments		1,270,349		—		1,270,349

Bank line of credit

With the exception of PACE Government Money Market Investments, the Portfolios participate with other Portfolios managed, advised or subadvised by UBS AM in a $125 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of a participating Portfolio at the request of shareholders and other temporary or emergency purposes.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. Each Portfolio covered by the Committed Credit Facility has agreed to pay commitment fees on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the Portfolios in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of Portfolios and the

365

PACE Select Advisors Trust

Notes to financial statements

other 50% of the allocation is based on utilization. For the period ended July 31, 2018, the following Portfolios had borrowings as follows:

Portfolio	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
PACE Intermediate Fixed Income Investments	$	564,340		1	$	45		2.841	%
PACE Strategic Fixed Income Investments		256,275		5		92		2.581
PACE Large Co Value Equity Investments		1,149,554		22		1,746		2.648
PACE Large Co Growth Equity Investments		1,508,435		9		843		2.234
PACE Small/Medium Co Growth Equity Investments		823,927		11		617		2.801
PACE International Equity Investments		1,064,881		9		712		2.490
PACE International Emerging Markets Equity Investments		1,133,171		13		1,015		2.480
PACE Global Real Estate Securities Investments		529,978		1		38		2.575
PACE Alternative Strategies Investments		637,481		4		276		2.590

Commission recapture program

Certain Portfolios participate in a brokerage commission recapture program. These Portfolios have established commission recapture arrangements with certain participating brokers or dealers. If a Portfolio's investment subadvisor chooses to execute a transaction through a participating broker subject to best price and execution, the broker will rebate a portion of the commission back to the Portfolio. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Portfolio. For the period ended July 31, 2018, the following Portfolios recorded recaptured commissions which are reflected in the Statement of operations within the net realized gains (losses) from investments:

Portfolio	Amount
PACE Large Co Value Equity Investments	$	41,867
PACE Large Co Growth Equity Investments		44,673
PACE Small/Medium Co Value Equity Investments		113,617
PACE Small/Medium Co Growth Equity Investments		39,214
PACE International Equity Investments		29,350
PACE International Emerging Markets Equity Investments		12,978
PACE Global Real Estate Securities Investments		9,055
PACE Alternative Strategies Investments		22,193

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Portfolios may conduct transactions, resulting in him being an interested trustee of the Portfolios. The Portfolios have been informed that Professor Feldberg's role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm's ability to provide best execution of the transactions. For the period ended July 31, 2018, the following Portfolios paid brokerage commissions to Morgan Stanley in the amounts as follows:

PACE Large Co Value Equity Investments	$	27,442
PACE Large Co Growth Equity Investments		28,957
PACE Small/Medium Co Value Equity Investments		4,291
PACE International Equity Investments		37,122
PACE International Emerging Markets Equity Investments		17,646
PACE Global Real Estate Securities Investments		18,006
PACE Alternative Strategies Investments		117,633

366

PACE Select Advisors Trust

Notes to financial statements

For the period ended July 31, 2018, the following Portfolios purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having aggregate values as follows:

PACE Government Money Market Investments	$	7,978,864
PACE Mortgage-Backed Securities Fixed Income Investments		1,794,188,359
PACE Intermediate Fixed Income Investments		2,704,805,834
PACE Strategic Fixed Income Investments		3,295,711,269
PACE Municipal Fixed Income Investments		12,920,168
PACE Global Fixed Income Investments		39,913,158
PACE High Yield Investments		29,445,876
PACE Alternative Strategies Investments		235,938,394

Morgan Stanley received compensation in connection with these trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Purchases and sales of securities

For the period ended July 31, 2018, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

Portfolio	Purchases		Sales
PACE Mortgage-Backed Securities Fixed Income Investments (long transactions)	$	6,553,256,058	$	6,544,893,346
PACE Intermediate Fixed Income Investments		2,325,483,299		2,342,171,171
PACE Strategic Fixed Income Investments		2,339,323,612		2,209,366,205
PACE Municipal Fixed Income Investments		69,330,031		78,186,678
PACE Global Fixed Income Investments		902,785,898		937,460,582
PACE High Yield Investments		224,479,296		242,061,793
PACE Large Co Value Equity Investments (long transactions)		684,417,774		825,620,418
PACE Large Co Value Equity Investments (short transactions)		219,391,746		192,355,702
PACE Large Co Growth Equity Investments		550,053,454		720,157,845
PACE Small/Medium Co Value Equity Investments		306,796,937		342,585,521
PACE Small/Medium Co Growth Equity Investments		507,989,699		582,079,455
PACE International Equity Investments (long transactions)		722,310,435		745,816,162
PACE International Equity Investments (short transactions)		201,600,483		210,813,886
PACE International Emerging Markets Equity Investments		305,611,606		328,382,326
PACE Global Real Estate Securities Investments		100,184,806		103,169,206
PACE Alternative Strategies Investments (long transactions)		705,063,012		737,457,974
PACE Alternative Strategies Investments (short transactions)		369,222,556		358,587,321

367

PACE Select Advisors Trust

Notes to financial statements

Shares of beneficial interest

There are an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Portfolios, except PACE Government Money Market Investments, which transacts at $1.00 per share, were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		11,209		$	141,197			82		$	1,037
Shares repurchased		(417,067	)		(5,278,244	)		(82,429	)		(1,043,958	)
Dividends reinvested		56,477			709,946			16,317			205,181
Net decrease		(349,381	)	$	(4,427,101	)		(66,030	)	$	(837,740	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		976,592		$	12,341,074			4,698,193		$	59,338,331
Shares repurchased		(2,148,967	)		(27,134,005	)		(6,854,914	)		(86,406,236	)
Dividends reinvested		94,635			1,190,388			789,889			9,929,475
Net decrease		(1,077,740	)	$	(13,602,543	)		(1,366,832	)	$	(17,138,430	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		24,803		$	324,266			280		$	3,652
Shares repurchased		(399,286	)		(5,151,214	)		(100,310	)		(1,298,023	)
Dividends reinvested		57,294			738,418			15,145			195,472
Net decrease		(317,189	)	$	(4,088,530	)		(84,885	)	$	(1,098,899	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,828,107		$	23,584,420			5,185,379		$	66,990,471
Shares repurchased		(2,320,771	)		(30,067,977	)		(9,322,519	)		(120,161,019	)
Dividends reinvested		105,340			1,357,824			778,507			10,039,350
Net decrease		(387,324	)	$	(5,125,733	)		(3,358,633	)	$	(43,131,198	)

PACE Intermediate Fixed Income Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		72,324		$	885,654			6,183		$	76,173
Shares repurchased		(262,231	)		(3,189,347	)		(23,414	)		(282,187	)
Dividends reinvested		19,628			237,150			1,173			14,171
Net decrease		(170,279	)	$	(2,066,543	)		(16,058	)	$	(191,843	)

368

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			4,968,101		$	60,392,511
Shares repurchased		(3,294	)		(39,556	)		(6,300,333	)		(76,381,455	)
Dividends reinvested		632			7,635			662,674			8,005,083
Net decrease		(2,662	)	$	(31,921	)		(669,558	)	$	(7,983,861	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		39,571		$	483,060			13,098		$	159,408
Shares repurchased		(188,733	)		(2,316,132	)		(47,437	)		(581,631	)
Dividends reinvested		17,024			208,555			936			11,478
Net decrease		(132,138	)	$	(1,624,517	)		(33,403	)	$	(410,745	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		42		$	511			4,914,065		$	60,306,862
Shares repurchased		(5,535	)		(67,833	)		(8,186,664	)		(100,409,216	)
Dividends reinvested		584			7,153			571,153			6,998,996
Net decrease		(4,909	)	$	(60,169	)		(2,701,446	)	$	(33,103,358	)

PACE Strategic Fixed Income Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		289,126		$	4,001,147			6,196		$	85,534
Shares repurchased		(269,135	)		(3,698,466	)		(111,814	)		(1,519,101	)
Dividends reinvested		20,280			274,749			8,996			121,882
Net increase (decrease)		40,271		$	577,430			(96,622	)	$	(1,311,685	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,026		$	13,858			7,768,303		$	105,725,895
Shares repurchased		(17,230	)		(233,064	)		(10,912,777	)		(148,182,882	)
Dividends reinvested		3,274			44,283			1,591,281			21,539,581
Net decrease		(12,930	)	$	(174,923	)		(1,553,193	)	$	(20,917,406	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		138,847		$	1,902,451			32,769		$	448,558
Shares repurchased		(135,375	)		(1,857,529	)		(192,885	)		(2,652,160	)
Dividends reinvested		32,977			446,367			19,054			257,504
Net increase (decrease)		36,449		$	491,289			(141,062	)	$	(1,946,098	)

369

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		36,268		$	490,502			7,895,823		$	108,542,804
Shares repurchased		(87,754	)		(1,206,837	)		(12,264,489	)		(168,349,196	)
Dividends reinvested		6,535			88,375			2,613,274			35,388,248
Net decrease		(44,951	)	$	(627,960	)		(1,755,392	)	$	(24,418,144	)

PACE Municipal Fixed Income Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		27,191		$	352,054			110		$	1,429
Shares repurchased		(628,875	)		(8,121,868	)		(97,639	)		(1,266,374	)
Dividends reinvested		64,074			824,458			8,939			115,030
Net decrease		(537,610	)	$	(6,945,356	)		(88,590	)	$	(1,149,915	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			3,762,685		$	48,502,979
Shares repurchased		(1,943	)		(25,186	)		(4,816,449	)		(62,111,675	)
Dividends reinvested		57			735			628,926			8,093,928
Net decrease		(1,886	)	$	(24,451	)		(424,838	)	$	(5,514,768	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		22,482		$	292,349			1,477		$	19,532
Shares repurchased		(321,637	)		(4,209,887	)		(106,756	)		(1,392,164	)
Dividends reinvested		84,731			1,097,789			13,137			169,983
Net decrease		(214,424	)	$	(2,819,749	)		(92,142	)	$	(1,202,649	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,674		$	34,577			3,997,284		$	52,136,942
Shares repurchased		(894	)		(11,634	)		(5,850,419	)		(76,002,927	)
Dividends reinvested		36			469			774,501			10,044,406
Net increase (decrease)		1,816		$	23,412			(1,078,634	)	$	(13,821,579	)

PACE Global Fixed Income Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		6,240		$	62,798			4		$	38
Shares repurchased		(631,775	)		(6,324,717	)		(25,490	)		(255,245	)
Dividends reinvested		39,201			390,648			1,833			18,252
Net decrease		(586,334	)	$	(5,871,271	)		(23,653	)	$	(236,955	)

370

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,397		$	13,969			4,521,816		$	45,276,159
Shares repurchased		(24,553	)		(245,594	)		(7,276,687	)		(72,779,614	)
Dividends reinvested		3,927			38,983			588,671			5,864,563
Net decrease		(19,229	)	$	(192,642	)		(2,166,200	)	$	(21,638,892	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		42,161		$	428,440			1,827		$	19,490
Shares repurchased		(528,768	)		(5,288,643	)		(36,049	)		(360,691	)
Dividends reinvested		80,054			784,718			4,329			42,300
Net decrease		(406,553	)	$	(4,075,485	)		(29,893	)	$	(298,901	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		20,528		$	199,642			5,805,630		$	57,723,827
Shares repurchased		(144,767	)		(1,457,720	)		(14,325,980	)		(141,017,271	)
Dividends reinvested		7,667			75,266			1,151,793			11,298,225
Net decrease		(116,572	)	$	(1,182,812	)		(7,368,557	)	$	(71,995,219	)

PACE High Yield Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		54,048		$	536,960			18,013		$	179,406
Shares repurchased		(107,968	)		(1,084,727	)		(71,222	)		(708,775	)
Dividends reinvested		13,566			134,816			6,655			66,146
Net decrease		(40,354	)	$	(412,951	)		(46,554	)	$	(463,223	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		3,525,583		$	35,285,353
Shares repurchased		—		—		(7,348,836	)		(73,481,792	)
Dividends reinvested		2,909		29,010		1,854,734			18,473,042
Net increase (decrease)		2,909	$	29,010		(1,968,519	)	$	(19,723,397	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		187,204		$	1,834,110			25,004		$	244,734
Shares repurchased		(172,758	)		(1,691,398	)		(101,939	)		(1,003,120	)
Dividends reinvested		15,426			152,398			8,203			80,939
Net increase (decrease)		29,872		$	295,110			(68,732	)	$	(677,447	)

371

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		158		$	1,582			5,454,783		$	54,112,831
Shares repurchased		(43,448	)		(430,252	)		(13,245,821	)		(131,819,861	)
Dividends reinvested		3,735			36,967			2,146,838			21,251,408
Net decrease		(39,555	)	$	(391,703	)		(5,644,200	)	$	(56,455,622	)

PACE Large Co Value Equity Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		16,448		$	390,273			3,645		$	87,808
Shares repurchased		(621,424	)		(14,808,493	)		(88,430	)		(2,109,149	)
Dividends reinvested		363,578			8,562,250			33,684			797,625
Net decrease		(241,398	)	$	(5,855,970	)		(51,101	)	$	(1,223,716	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		5,878		$	138,904			3,555,141		$	84,363,783
Shares repurchased		(79,280	)		(1,900,484	)		(8,241,539	)		(195,063,264	)
Dividends reinvested		61,245			1,444,783			4,066,047			95,430,125
Net decrease		(12,157	)	$	(316,797	)		(620,351	)	$	(15,269,356	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		97,416		$	2,116,816			8,839		$	199,165
Shares repurchased		(578,984	)		(13,129,356	)		(105,269	)		(2,343,246	)
Dividends reinvested		195,073			4,430,117			16,545			377,559
Net decrease		(286,495	)	$	(6,582,423	)		(79,885	)	$	(1,766,522	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		13,076		$	299,723			4,321,121		$	97,734,533
Shares repurchased		(149,139	)		(3,392,757	)		(10,383,085	)		(235,130,902	)
Dividends reinvested		35,514			807,218			2,219,766			50,233,136
Net decrease		(100,549	)	$	(2,285,816	)		(3,842,198	)	$	(87,163,233	)

PACE Large Co Growth Equity Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		15,496		$	408,750			852		$	17,589
Shares repurchased		(216,995	)		(5,684,237	)		(27,024	)		(572,662	)
Dividends reinvested		167,775			4,180,943			15,249			305,897
Net decrease		(33,724	)	$	(1,094,544	)		(10,923	)	$	(249,176	)

372

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		3,475		$	94,002			2,728,091		$	73,367,250
Shares repurchased		(45,596	)		(1,246,826	)		(8,855,088	)		(237,600,222	)
Dividends reinvested		53,891			1,399,023			4,534,804			116,816,539
Net increase (decrease)		11,770		$	246,199			(1,592,193	)	$	(47,416,433	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		35,214		$	797,762			4,805		$	89,015
Shares repurchased		(221,741	)		(5,017,890	)		(63,737	)		(1,191,712	)
Dividends reinvested		61,879			1,318,013			6,142			108,599
Net decrease		(124,648	)	$	(2,902,115	)		(52,790	)	$	(994,098	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		5,931		$	139,872			4,297,217		$	99,576,157
Shares repurchased		(84,723	)		(1,997,979	)		(9,795,290	)		(228,489,621	)
Dividends reinvested		20,433			450,768			1,762,289			38,611,773
Net decrease		(58,359	)	$	(1,407,339	)		(3,735,784	)	$	(90,301,691	)

PACE Small/Medium Co Value Equity Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		17,544		$	356,801			6,058		$	98,840
Shares repurchased		(78,526	)		(1,625,174	)		(72,326	)		(1,197,996	)
Dividends reinvested		89,152			1,775,917			30,827			503,716
Net increase (decrease)		28,170		$	507,544			(35,441	)	$	(595,440	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,848,682		$	39,144,415
Shares repurchased		(4,642	)		(99,668	)		(4,010,485	)		(84,898,833	)
Dividends reinvested		1,506			31,275			2,563,645			52,580,356
Net increase (decrease)		(3,136	)	$	(68,393	)		401,842		$	6,825,938

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		22,524		$	442,534			5,365		$	97,193
Shares repurchased		(94,015	)		(1,933,931	)		(43,473	)		(721,678	)
Dividends reinvested		31,163			647,548			8,801			154,544
Net decrease		(40,328	)	$	(843,849	)		(29,307	)	$	(469,941	)

373

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		380		$	8,190			2,186,330		$	45,803,057
Shares repurchased		(23,076	)		(475,970	)		(5,020,452	)		(105,541,766	)
Dividends reinvested		737			15,893			924,407			19,717,504
Net decrease		(21,959	)	$	(451,887	)		(1,909,715	)	$	(40,021,205	)

PACE Small/Medium Co Growth Equity Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		6,286		$	115,013			1,315		$	17,899
Shares repurchased		(159,548	)		(2,857,000	)		(62,678	)		(834,272	)
Dividends reinvested		68,619			1,175,452			13,101			171,628
Net decrease		(84,643	)	$	(1,566,535	)		(48,262	)	$	(644,745	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,750,390		$	33,194,319
Shares repurchased		(3,589	)		(73,821	)		(4,551,648	)		(86,914,728	)
Dividends reinvested		289			5,347			1,342,869			24,520,791
Net decrease		(3,300	)	$	(68,474	)		(1,458,389	)	$	(29,199,618	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		21,537		$	307,658			27,464		$	324,342
Shares repurchased		(198,619	)		(2,997,232	)		(43,816	)		(506,314	)
Dividends reinvested		—			—			—			—
Net decrease		(177,082	)	$	(2,689,574	)		(16,352	)	$	(181,972	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		262		$	4,401			2,716,804		$	43,686,141
Shares repurchased		(26,378	)		(409,960	)		(5,593,573	)		(90,563,865	)
Dividends reinvested		—			—			46			700
Net decrease		(26,116	)	$	(405,559	)		(2,876,723	)	$	(46,877,024	)

PACE International Equity Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		14,058		$	241,691			5,447		$	90,193
Shares repurchased		(133,104	)		(2,263,205	)		(16,335	)		(276,772	)
Dividends reinvested		31,358			531,517			1,325			22,082
Net decrease		(87,688	)	$	(1,489,997	)		(9,563	)	$	(164,497	)

374

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		11,514		$	195,044			7,124,780		$	120,466,509
Shares repurchased		(117,890	)		(1,999,327	)		(9,729,905	)		(164,664,097	)
Dividends reinvested		18,530			312,609			1,352,532			22,763,116
Net decrease		(87,846	)	$	(1,491,674	)		(1,252,593	)	$	(21,434,472	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		36,409		$	535,552			1,730		$	25,008
Shares repurchased		(256,375	)		(3,739,739	)		(35,061	)		(487,060	)
Dividends reinvested		37,580			519,732			1,452			19,766
Net decrease		(182,386	)	$	(2,684,455	)		(31,879	)	$	(442,286	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		22,403		$	335,300			12,384,069		$	182,116,934
Shares repurchased		(259,024	)		(3,739,939	)		(10,880,708	)		(158,879,925	)
Dividends reinvested		22,854			314,477			1,407,765			19,328,610
Net increase (decrease)		(213,767	)	$	(3,090,162	)		2,911,126		$	42,565,619

PACE International Emerging Markets Equity Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		49,453		$	730,319			2,591		$	34,410
Shares repurchased		(72,272	)		(1,038,785	)		(16,939	)		(219,728	)
Dividends reinvested		2,470			34,896			267			3,484
Net decrease		(20,349	)	$	(273,570	)		(14,081	)	$	(181,834	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		25,185		$	365,023			3,588,386		$	51,498,515
Shares repurchased		(61,174	)		(867,540	)		(5,291,813	)		(76,099,371	)
Dividends reinvested		6,786			96,566			368,348			5,212,130
Net decrease		(29,203	)	$	(405,951	)		(1,335,079	)	$	(19,388,726	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		15,192		$	181,698			—		$	—
Shares repurchased		(61,822	)		(732,375	)		(18,856	)		(203,093	)
Dividends reinvested		2,482			26,782			92			915
Net decrease		(44,148	)	$	(523,895	)		(18,764	)	$	(202,178	)

375

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		20,151		$	245,755			5,624,189		$	66,658,885
Shares repurchased		(145,722	)		(1,715,451	)		(7,063,584	)		(84,497,808	)
Dividends reinvested		6,934			75,304			357,626			3,862,358
Net decrease		(118,637	)	$	(1,394,392	)		(1,081,769	)	$	(13,976,565	)

PACE Global Real Estate Securities Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		2,857		$	21,301			—		$	—
Shares repurchased		(15,793	)		(119,785	)		(12,022	)		(87,735	)
Dividends reinvested		1,778			13,616			716			5,266
Net decrease		(11,158	)	$	(84,868	)		(11,306	)	$	(82,469	)

	Class Y*						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,160,408		$	15,617,196
Shares repurchased		(4,239	)		(31,230	)		(3,253,350	)		(23,562,691	)
Dividends reinvested		174			1,289			785,141			5,786,490
Net decrease		(4,065	)	$	(29,941	)		(307,801	)	$	(2,159,005	)

*  Class Y was fully redeemed as of January 25, 2018.

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		24,369		$	187,585			10,552		$	79,994
Shares repurchased		(13,227	)		(99,468	)		(19,433	)		(137,938	)
Dividends reinvested		1,996			14,210			1,594			10,900
Net increase (decrease)		13,138		$	102,327			(7,287	)	$	(47,044	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,146		$	8,282			2,337,461		$	16,893,651
Shares repurchased		(484	)		(3,514	)		(3,790,450	)		(27,427,929	)
Dividends reinvested		136			938			820,141			5,626,170
Net increase (decrease)		798		$	5,706			(632,848	)	$	(4,908,108	)

PACE Alternative Strategies Investments
For the year ended July 31, 2018:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		62,177		$	679,328			2,456		$	24,990
Shares repurchased		(210,542	)		(2,286,869	)		(330,601	)		(3,363,213	)
Net decrease		(148,365	)	$	(1,607,541	)		(328,145	)	$	(3,338,223	)

376

PACE Select Advisors Trust

Notes to financial statements

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,305		$	25,051			7,832,097		$	84,518,686
Shares repurchased		(12,642	)		(137,763	)		(11,977,868	)		(129,118,756	)
Net decrease		(10,337	)	$	(112,712	)		(4,145,771	)	$	(44,600,070	)

For the year ended July 31, 2017:

	Class A						Class C
	Shares			Amount			Shares			Amount
Shares sold		113,582		$	1,184,373			56,144		$	555,670
Shares repurchased		(234,713	)		(2,474,229	)		(373,423	)		(3,711,389	)
Dividends reinvested		—			—			—			—
Net decrease		(121,131	)	$	(1,289,856	)		(317,279	)	$	(3,155,719	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		8,528		$	89,460			10,350,762		$	108,680,982
Shares repurchased		(132,701	)		(1,380,661	)		(17,743,826	)		(185,454,010	)
Dividends reinvested		—			—			—			—
Net decrease		(124,173	)	$	(1,291,201	)		(7,393,064	)	$	(76,773,028	)

Federal tax status

Each of the Portfolios intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid during the fiscal years ended July 31, 2018 and July 31, 2017 were as follows:

	2018								2017
Portfolio	Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital		Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital
PACE Government Money Market Investments	$	—	$	1,702,668	$	—	$	—	$	—	$	227,818	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		—		13,187,923		—		—		—		13,518,665		—		—
PACE Intermediate Fixed Income Investments		—		9,187,685		—		—		—		8,021,219		—		—
PACE Strategic Fixed Income Investments		—		23,939,039		—		—		—		32,945,823		6,254,022		—
PACE Municipal Fixed Income Investments		10,258,435		4,059		491,249		—		10,386,704		92,505		2,805,662		—
PACE Global Fixed Income Investments		—		—		—		6,859,964		—		9,237,190		—		4,012,782
PACE High Yield Investments		—		20,354,798		—		—		—		23,351,261		—		—
PACE Large Co Value Equity Investments		—		28,848,195		84,239,056		—		—		23,248,091		36,152,031		—
PACE Large Co Growth Equity Investments		—		8,069,886		121,393,468		—		—		4,312,814		38,258,776		—

377

PACE Select Advisors Trust

Notes to financial statements

	2018								2017
Portfolio	Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital		Tax- exempt income		Ordinary income		Long term realized capital gains		Return of capital
PACE Small/Medium Co Value Equity Investments	$	—	$	31,579,718	$	26,560,820	$	—	$	—	$	16,268,383	$	5,521,465	$	—
PACE Small/Medium Co Growth Equity Investments		—		1,103,205		26,024,878		—		—		—		—		—
PACE International Equity Investments		—		25,309,332		—		—		—		21,641,537		—		—
PACE International Emerging Markets Equity Investments		—		5,671,379		—		—		—		4,192,140		—		—
PACE Global Real Estate Securities Investments		—		6,006,803		218,765		—		—		6,076,147		—		—

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at July 31, 2018 were as follows:

Portfolio	Cost of investments		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on investments
PACE Government Money Market Investments	$	193,312,361	$	—	$	—		$	—
PACE Mortgage-Backed Securities Fixed Income Investments		639,989,756		5,950,388		(12,421,448	)		(6,471,060	)
PACE Intermediate Fixed Income Investments		387,649,832		1,361,100		(7,772,285	)		(6,411,185	)
PACE Strategic Fixed Income Investments		1,059,864,694		18,389,540		(34,682,043	)		(16,292,503	)
PACE Municipal Fixed Income Investments		350,869,329		6,474,667		(2,944,843	)		3,529,824
PACE Global Fixed Income Investments		455,006,272		8,773,036		(14,548,538	)		(5,775,502	)
PACE High Yield Investments		391,190,591		7,501,432		(12,177,815	)		(4,676,383	)
PACE Large Co Value Equity Investments		1,168,504,986		231,089,979		(55,520,585	)		175,569,394
PACE Large Co Growth Equity Investments		1,011,347,061		400,265,194		(8,426,098	)		391,839,096
PACE Small/Medium Co Value Equity Investments		486,379,414		94,378,844		(14,557,689	)		79,821,155
PACE Small/Medium Co Growth Equity Investments		452,958,883		120,722,505		(7,866,329	)		112,856,176
PACE International Equity Investments		1,126,352,823		155,880,177		(61,972,312	)		93,907,865
PACE International Emerging Markets Equity Investments		417,184,885		65,739,892		(27,912,301	)		37,827,591
PACE Global Real Estate Securities Investments		141,914,894		2,629,385		(3,873,254	)		(1,243,869	)
PACE Alternative Strategies Investments		565,665,699		45,750,829		(39,065,200	)		6,685,629

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax deferral of losses on wash sales, tax treatment of certain derivatives, mark-to-market of passive foreign investment companies and non-taxable special dividends.

378

PACE Select Advisors Trust

Notes to financial statements

At July 31, 2018, the components of accumulated earnings (deficit) on a tax basis were as follows:

Portfolio	income		Undistributed ordinary capital gains		Accumulated Undistributed long-term other losses			realized capital and (depreciation)			Unrealized appreciation Total
PACE Government Money Market Investments	$	107,862	$	—	$	(1,106	)	$	—		$	106,756
PACE Mortgage-Backed Securities Fixed Income Investments		394,225		—		(23,321,878	)		(6,441,796	)		(29,369,449	)
PACE Intermediate Fixed Income Investments		1,470,128		—		(5,615,885	)		(6,409,076	)		(10,554,833	)
PACE Strategic Fixed Income Investments		1,480,361		—		(20,394,443	)		(16,410,552	)		(35,324,634	)
PACE Municipal Fixed Income Investments		149,560		390,310		—			3,529,824			4,069,694
PACE Global Fixed Income Investments		—		—		(7,739,979	)		(5,807,658	)		(13,547,637	)
PACE High Yield Investments		2,586,809		—		(5,646,601	)		(4,685,682	)		(7,745,474	)
PACE Large Co Value Equity Investments		9,498,516		81,633,769		(3,454,440	)		175,569,390			263,247,235
PACE Large Co Growth Equity Investments		12,096,863		157,719,120		—			391,839,107			561,655,090
PACE Small/Medium Co Value Equity Investments		13,055,554		11,378,317		—			79,821,152			104,255,023
PACE Small/Medium Co Growth Equity Investments		19,224,526		38,421,535		—			112,856,174			170,502,235
PACE International Equity Investments		15,320,294		—		(2,509,189	)		93,833,443			106,644,548
PACE International Emerging Markets Equity Investments		5,433,086		—		(31,762,140	)		37,143,885			10,814,831
PACE Global Real Estate Securities Investments		3,058,912		—		(2,891,737	)		(1,231,539	)		(1,064,364	)
PACE Alternative Strategies Investments		—		—		(10,798,233	)		6,631,335			(4,166,898	)

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Portfolios after December 22, 2010, may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. Post-enactment loss incurred that will be carried forward indefinitely are as follows:

Portfolio	Short-term		Long-term		Total
PACE Government Money Market Investments	$	1,106	$	—	$	1,106
PACE Mortgage-Backed Securities Fixed Income Investments		10,077,104		13,233,061		23,310,165
PACE Intermediate Fixed Income Investments		3,973,510		1,602,485		5,575,995
PACE Strategic Fixed Income Investments		20,382,141		—		20,382,141
PACE Global Fixed Income Investments		7,258,048		—		7,258,048
PACE High Yield Investments		—		5,646,601		5,646,601
PACE International Emerging Markets Equity Investments		31,762,140		—		31,762,140
PACE Global Real Estate Securities Investments		—		2,891,737		2,891,737

During the fiscal year, the following Portfolios utilized capital loss carryforwards to offset current year realized gains:

	Capital loss carryforwards utilized
PACE Government Money Market Investments	$	6
PACE High Yield Investments		8,237,365
PACE International Equity Investments		61,970,961
PACE International Emerging Markets Equity Investments		32,477,503
PACE Alternative Strategies Investments		28,469,411

379

PACE Select Advisors Trust

Notes to financial statements

During the fiscal year ended July 31, 2018, the following Portfolios had expired capital loss carryforwards not utilized:

	Capital loss carryforwards expired
PACE Global Fixed Income Investments	$	7,784,695
PACE International Equity Investments		60,069,744
PACE Alternative Strategies Investments		7,271,957

Qualified late year losses are deemed to arise on the first business day of a Portfolio's next taxable year. For the year ended July 31, 2018, the following Portfolio incurred, and elected to defer losses of the following:

	Late year ordinary		Post-October capital losses
Portfolio	losses		Short-term		Long-term
PACE Alternative Strategies Investments	$	9,771,070	$	—	$	—

At July 31, 2018, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Portfolios' net assets as follows:

Portfolio	Accumulated net investment income/ (distributions in excess of)			Accumulated net realized gain/loss			Beneficial interest
PACE Mortgage-Backed Securities Fixed Income Investments	$	4,288,385		$	(4,288,385	)	$	—
PACE Intermediate Fixed Income Investments		844,819			(844,819	)		—
PACE Strategic Fixed Income Investments		2,460,291			(2,460,291	)		—
PACE Municipal Fixed Income Investments		3,959			(3,959	)		—
PACE Global Fixed Income Investments		30,151,987			1,442,631			(31,594,618	)
PACE High Yield Investments		1,840,289			(1,840,289	)		—
PACE Large Co Value Equity Investments		(507,679	)		507,679			—
PACE Large Co Growth Equity Investments		987,808			(987,808	)		—
PACE Small/Medium Co Value Equity Investments		305,841			(305,841	)		—
PACE Small/Medium Co Growth Equity Investments		4,520,821			(4,520,821	)		—
PACE International Equity Investments		2,560,392			57,509,352			(60,069,744	)
PACE International Emerging Markets Equity Investments		(280,013	)		280,013			—
PACE Global Real Estate Securities Investments		1,393,218			(1,393,218	)		—
PACE Alternative Strategies Investments		(5,065,649	)		21,529,653			(16,464,004	)

These differences are primarily due to tax treatment of foreign currency and futures transactions, net operating losses, paydown gains and losses, distributions in excess of net investment income, disposition of PFIC investments, swap adjustments, REIT adjustments, tax character of distributions and adjustments for certain debt obligations.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolios have conducted an analysis and concluded as of July 31, 2018, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. As of July 31, 2018, PACE International Emerging Markets Equity Investments has recognized a liability of $682,295 related to uncertain tax positions which is included in deferred foreign capital gain taxes payable in the Statement of assets and liabilities. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended

380

PACE Select Advisors Trust

Notes to financial statements

July 31, 2018, the Portfolios did not incur any interest or penalties. Capital gains realized by the Portfolios on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes will be paid by the Portfolios.

Each of the tax years in the four year period ended July 31, 2018, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Subsequent events

At the recommendation of UBS Asset Management (Americas) Inc., each Portfolio's investment advisor, the Board of Trustees of the Trust approved the closure of Class C of each Fund and the automatic conversion of Class C shares of each Fund into Class A shares of the same Portfolio (the "Conversion").

Effective on July 12, 2018 (the "Closure Date"), the Portfolios ceased offering Class C shares. New or additional investments into Class C shares, including investments through an automatic investment plan, were not permitted after the Closure Date.

On or about October 12, 2018 (the "Conversion Date"), all outstanding Class C shares of each Portfolio will be automatically converted into Class A shares of the same Portfolio. From the Closure Date to the Conversion Date (the "Conversion Period"), the 12b-1 distribution fees (currently, 0.50% of average net assets for PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments and PACE High Yield Investments, and 0.75% of average net assets for all other Portfolios) and any contingent deferred sales charges applicable to Class C shares will be waived; 12b-1 service fees (currently, 0.25% of average net assets) will continue to be assessed. During the Conversion Period, automatic reinvestment of Class C share dividend and capital gain distributions will continue and existing shareholders may exchange their Class C shares of the Portfolios for Class C shares of other UBS Family Funds (as defined in the Prospectus), as permitted by existing exchange privileges. Upon the conversion of Class C shares into Class A shares, each Class C shareholder will own Class A shares having an aggregate value equal to the aggregate value of Class C shares held by that shareholder as of the close of business on the Conversion Date. Any contingent deferred sales charges applicable to Class C shares will be waived in connection with the conversion to Class A shares, and the 12b-1 service fee currently applicable to Class A shares will then apply to the converted shares. It is anticipated that the conversion of Class C shares into Class A shares will be tax-free for federal income tax purposes.

The Conversion will occur without any action being necessary from shareholders.

Effective August 1, 2018, PACE Intermediate Fixed Income Investments lowered its expense cap so that the Portfolio's ordinary total operating expenses of each class (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 0.91% for Class A, 1.41% for Class C and 0.66% for both Class Y and Class P. Effective August 1, 2018, PACE Global Fixed Income Investments lowered its expense cap so that the Portfolio's ordinary total operating expenses of each class (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.03% for Class A, 1.51% for Class C, 0.87% for Class Y and 0.84% for Class P. In addition, effective August 1, 2018, PACE Large Co Growth Equity Investments lowered its expense cap so that the Portfolio's ordinary total operating expenses of each class (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed 1.13% for Class A, 1.88% for Class C and 0.88% for both Class Y and Class P.

381

PACE Select Advisors Trust

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of
PACE Select Advisors Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of PACE Select Advisors Trust (the "Trust"), (comprising PACE Government Money Market Investments, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (collectively referred to as the "Funds")), including the portfolios of investments, as of July 31, 2018, and the related statements of operations and cash flows (for PACE Large Co Value Equity Investments and PACE International Equity Investments) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising The PACE Select Advisors Trust at July 31, 2018, the results of their operations and their cash flows (for PACE Large Co Value Equity Investments and PACE International Equity Investments) for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York
September 28, 2018

382

PACE Select Advisors Trust

Tax information (unaudited)

We are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise you in writing as to the federal tax status of distributions received by shareholders during the fiscal year. Accordingly, the percentage of ordinary dividends paid that qualify for the dividends received deduction for corporate shareholders and the amount of foreign tax credit to be passed through to shareholders are as follows:

Portfolio	Dividends received deduction		Foreign tax credit
PACE High Yield Investments	$	2,151	$	—
PACE Large Co Value Equity Investments		27,683,896		—
PACE Large Co Growth Equity Investments		5,744,088		—
PACE Small/Medium Co Value Equity Investments		6,680,018		—
PACE Small/Medium Co Growth Equity Investments		87,495		—
PACE International Equity Investments		—		2,442,075
PACE International Emerging Markets Equity Investments		43,613		1,491,833
PACE Global Real Estate Securities Investments		33,126		—

Also, for the fiscal year ended July 31, 2018, the foreign source income for information reporting purposes for PACE International Equity Investments and PACE International Emerging Markets Equity Investments is $32,668,158 and $13,085,535, respectively.

For the taxable year ended July 31, 2018, the Portfolios designate the amounts below as the maximum amount that may be considered qualified dividend income for individual shareholders.

Portfolio	Maximum amount considered qualified dividend income
PACE High Yield Investments	$	2,183
PACE Large Co Value Equity Investments		28,852,476
PACE Large Co Growth Equity Investments		5,962,917
PACE Small/Medium Co Value Equity Investments		6,840,739
PACE Small/Medium Co Growth Equity Investments		88,929
PACE International Equity Investments		27,751,407
PACE International Emerging Markets Equity Investments		7,163,212
PACE Global Real Estate Securities Investments		332,449

Dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income. Some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders should not use the above information to prepare their tax returns. Since each Portfolio's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2018. Such notification, which will reflect the amount to be used by calendar year taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in February 2019. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in each of the Portfolios.

383

PACE Select Advisors Trust

General information (unaudited)

Monthly and quarterly portfolio holdings disclosure

Each Portfolio will file its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Portfolios' Forms N-Q are available on the SEC's Web site at http://www.sec.gov. The Portfolios' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551 8090. Additionally, you may obtain copies of Forms N-Q from the Portfolios upon request by calling 1-800-647 1568.

In addition, PACE Government Money Market Investments discloses, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. In addition, at this location, you will find a link to more detailed Portfolio information appearing in filings with the SEC on Form N-MFP.

Proxy voting policies, procedures and record

You may obtain a description of each Portfolio's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a Portfolio voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting a Portfolio directly at 1-800-647 1568, online on a Portfolio's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

384

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 17-18, 2018, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the continuance of the investment management and administration agreement (the "Investment Management and Administration Agreement") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, on behalf of each series of the Trust (each a "Portfolio" and together the "Portfolios"), and, for those Portfolios with subadvisors/sub-manager(s), the subadvisory/sub-management agreements for the Portfolios. (Throughout this discussion, each subadvisor/sub-manager to a Portfolio is referred to as a "Subadvisor" and each subadvisory/sub-management agreement is referred to as a "Subadvisory Agreement.") In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM and the Portfolios' Subadvisors, as well as the management, subadvisory, administrative and distribution arrangements for the Portfolios. The board reviewed and discussed with management the materials initially provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of management, subadvisory/sub-management, administration and distribution agreements.

In its consideration of the approval of the Investment Management and Administration Agreement and the Subadvisory Agreements, the board considered the following factors:

Nature, extent and quality of the services under the Investment Management and Administration Agreement and the Subadvisory Agreements—The board received and considered information regarding the nature, extent and quality of management services provided to the Portfolios by UBS AM and, for those Portfolios with Subadvisor(s), subadvisory services provided by each Subadvisor during the past year. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Portfolios and the resources devoted to, and the record of compliance with, each Portfolio's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Portfolio's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Portfolios. The board noted the complexity of this process for the Portfolios, given their broad range of investment strategies. The board noted that UBS AM provided extensive oversight of the Subadvisors for the Portfolios and reported to the board at each regular meeting on the Subadvisors' performance and compliance with applicable requirements and made recommendations with respect to Subadvisor changes (both in terms of the allocation of Portfolio assets to Subadvisors and their hiring and termination) from time to time based on the performance of the Subadvisors and other relevant factors. The board's evaluation of the services provided by UBS AM and the Subadvisors 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 AM's investment management and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including (i) maintaining and monitoring its own and the Portfolios' expanded compliance programs and (ii) hiring and replacing Subadvisors, monitoring current Subadvisors (including adjusting their Portfolio asset allocations) and coordinating strategies among Subadvisors to continue to optimize the implementation and effectuation of the Portfolios' investment strategies. It also was noted that the Investment Management and Administration Agreement under consideration had been approved by shareholders at a special meeting of shareholders of the Trust held in 2008.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Portfolios and had previously met with and received information regarding the person(s) or portfolio management team from each Subadvisor and/or UBS AM primarily responsible for the day-to-day management of each Portfolio. The board recognized that several senior personnel at UBS AM report to the board regularly,

385

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

and that at each regular meeting the board receives a detailed report from UBS AM on each Portfolio's performance and receives more extensive information periodically from each Subadvisor. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $174 billion in assets under management as of March 31, 2018 and was part of the UBS Asset Management Division, which had approximately $831 billion in assets under management worldwide as of March 31, 2018. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Portfolios under the Investment Management and Administration Agreement as well as under the Subadvisory Agreements.

Management and subadvisory fees and expense ratios—For each Portfolio, the board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Portfolio to UBS AM in light of the nature, extent and quality of the services provided by UBS AM pursuant to the Investment Management and Administration Agreement. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangements for each Portfolio (if any) and considered the actual fee rate (after taking any waivers and reimbursements into account) (the "Actual Management Fee") payable by the Portfolio. The board considered whether UBS AM had entered into one or more fee waiver and/or expense reimbursement agreements with a Portfolio under which UBS AM was contractually obligated to waive its management fees and/or reimburse the Portfolio so that the total ordinary operating expenses of certain or all classes of that Portfolio through November 30, 2018 (excluding dividend expense, borrowing costs, interest expense relating to short sales, expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions and extraordinary expenses) would not exceed specified limits for each class (or, with respect to certain Portfolios, an agreement to waive a portion of its management fee). The board also considered that each Portfolio with such a fee waiver/reimbursement agreement had agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Portfolio can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense caps. Moreover, the board considered that, in addition to continuing to waive certain fees and/or reimbursing certain expenses as in past years, UBS AM also offered specific new expense caps for certain Portfolios as discussed below. Additionally, the board received and considered information comparing each Portfolio's Contractual Management Fee, Actual Management Fee and overall expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group"). The board also received from Broadridge comparative data on a supplemental expense group of subadvised peers (which may include certain of the subadvised peers contained within the primary Expense Group) (the "Supplemental Expense Group"). A discussion of the board's considerations with respect to each Portfolio's fees is set forth below.

In connection with its consideration of each Portfolio's management fees, the board also received information on UBS AM's standard institutional account fees for accounts of a similar investment type to each of the Portfolios. The board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Portfolios, versus those accounts and the differences in the levels of services required by the Portfolios and those accounts. The board also received information on fees charged to other mutual funds managed by UBS AM. The board observed that it had received certain information regarding fees, compensation from other similar funds, and economies of scale from certain Subadvisors as part of the summary of each Subadvisor's responses to requests for due diligence materials in connection with the board's annual reconsideration of the Subadvisory Agreements; however, the board also observed that the compensation paid to a Subadvisor is paid by UBS AM, not by the particular Portfolio, and, accordingly,

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PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

that the retention of a Subadvisor generally does not increase the fees otherwise incurred by a Portfolio's shareholders (unless a management fee waiver level was affected by a subadvisory fee increase or a reallocation of assets).

Portfolio performance—For each Portfolio, the board received and considered (a) annualized total return information of the Portfolio compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended April 30, 2018, and (b) annualized performance information for each year in the ten-year period ended April 30, 2018. Although the board received information for the ten-year and since inception periods, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of a Portfolio with the funds included in its Performance Universe. The board also considered UBS AM's statement that while management believed that the Broadridge peer groups were useful in evaluating Portfolio expenses relative to peers, they were less useful in evaluating performance, as in many cases they were broad-based and consisted of funds that did not necessarily have similar investment parameters to the applicable Portfolio. The board also noted that it had received information throughout the year at periodic intervals with respect to each Portfolio's performance, in most cases with respect to certain benchmark indices, including with respect to each Subadvisor's performance. Further discussion of the board's considerations with respect to each Portfolio's performance is set forth below.

Advisor profitability—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to each Portfolio. The board also received profitability information with respect to the UBS New York fund complex as a whole. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Portfolios. A Subadvisor's profitability in providing services to a Portfolio was not a significant factor considered by the board, as the subadvisory fees are paid by UBS AM, not by the relevant Portfolio.

Economies of scale—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Portfolios' assets grew, whether the Portfolios have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Portfolios. The board considered whether economies of scale in the provision of services to the Portfolios were being passed along to the shareholders. The board noted that each Portfolio's Contractual Management Fee contained breakpoints, with the exception of PACE Government Money Market Investments. The board also noted that as of April 30, 2018, with the exception of PACE International Emerging Markets Equity Investments, PACE Global Fixed Income Investments, PACE Global Real Estate Securities Investments and PACE High Yield Investments, for those Portfolios having breakpoints, each Portfolio's asset level exceeded at least its first breakpoint. Accordingly, the board determined that actual economies of scale existed for those Portfolios whose assets had reached the first breakpoint level and potential economies of scale existed for those Portfolios whose assets had not yet reached their first breakpoint level. The board also noted that to the extent a Portfolio's assets have increased over time, it has realized other economies of scale as certain expenses, such as fees for trustees, auditor and legal fees and printing and postage, become a smaller percentage of overall assets. The board also took note of the relationship between any breakpoints in a subadvisory fee and the breakpoints in fees paid by the Portfolios to UBS AM.

Generally, in light of UBS AM's profitability data, the Actual Management Fees, the Contractual Management Fees, the breakpoints currently in place for the Portfolios and the current assets of the Portfolios, the board believed that UBS AM's sharing of potential and current economies of scale with the Portfolios was acceptable.

Other benefits to UBS AM and the Subadvisors—The board was informed by management that the Subadvisors' relationships with the Portfolios were limited to their provision of subadvisory services to these Portfolios, and that therefore, management believed that the Subadvisors and their affiliates did not receive tangible ancillary benefits as a result of the Subadvisors' relationships with the Portfolios, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the equity Portfolios (which

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PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

also would potentially benefit such Portfolios) and possible limited benefits to certain affiliates of a Subadvisor, such as broker-dealers (e.g., an affiliate's execution of portfolio transactions subject to detailed restrictions in SEC rules and board oversight procedures). The board recognized that certain Subadvisors could receive intangible benefits from their association with the Trust, such as increased name recognition or publicity from being selected as Subadvisors to the Trust after an extensive review process. Similarly, a Portfolio could benefit from having a Subadvisor with an established or well-regarded reputation. In light of the costs of providing investment management, administrative and other services to the Portfolios and UBS AM's ongoing commitment to the Portfolios, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In the discussions that follow, reference is made to the "median" in the Broadridge Expense Group, Supplemental Expense Group and Broadridge Performance Universe categories. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. Broadridge information is calculated on a share class basis. References appearing below relate to Class A shares; the board also had information relevant to other share classes (e.g., Class P shares) during its considerations.

PACE Large Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of J.P. Morgan Investment Management Inc. ("J.P. Morgan"), Jackson Square Partners, LLC and Mar Vista Investment Partners, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. It was noted that the Portfolio's recent performance had improved and, for the one-year period, was closer to the median.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted that the Portfolio's total expenses, although above the median, were reasonably close to the Expense Group median (within two basis points (that is, hundredths of a percentage point)—i.e., 0.02%) within a tightly-ranged peer group. Management also noted that, compared to the Supplemental Expense Group, consisting of five other subadvised funds, the Portfolio's Actual Management Fee was more closely aligned with its peers, and the Portfolio's total expenses were below the median. Management stated that the Portfolio's total expenses were lower than those of the only other multi-managed fund in the Supplemental Expense Group. Management also noted the downward trend in the Portfolio's total expenses over the last year, and proposed to voluntarily lower the Portfolio's expense cap by five basis points (i.e., 0.05%).

PACE Large Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Boston Partners Global Investors, Inc., Los Angeles Capital Management and Equity Research, Inc. ("Los Angeles Capital"), Pzena Investment Management, LLC and River Road Asset Management, LLC, the board, including the Independent Trustees, also considered the following factors:

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PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the three-, five- and ten-year periods, but slightly below the Performance Universe median for the one-year period and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management explained that the Portfolio's total expenses, although above the median, were reasonably close to the Expense Group median (within two basis points—i.e., 0.02%). It was noted that, compared to the Supplemental Expense Group, consisting of four other subadvised funds, the Portfolio's Contractual Management Fee and Actual Management Fee were more closely aligned with its peers, and the Portfolio's Actual Management Fee and total expenses were at or below the median. Management also noted the downward trend in the Portfolio's total expenses over the last year.

PACE Small/Medium Co Growth Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of LMCG Investments, LLC ("LMCG"), Riverbridge Partners, LLC and Timpani Capital Management LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. It was noted that the Portfolio's recent performance had improved and, for the one-year period, was closer to the median.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were below the median in the Portfolio's Expense Group, as well as the Supplemental Expense Group, for the comparison periods utilized in the Broadridge report.

PACE Small/Medium Co Value Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Huber Capital Management LLC, Kayne Anderson Rudnick Investment Management, LLC, Sapience Investments, LLC and Systematic Financial Management, L.P., the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management stated that the Portfolio was classified under the Broadridge Small Cap Core category, as there is not a Broadridge small/medium cap value category. Management noted that small cap companies outperformed small-mid cap value companies by a wide margin during the one-year period, and that within the small-mid cap universe, growth companies largely outperformed value companies during the same period. Management also noted that one of the Portfolio's Subadvisors was a significant detractor to Portfolio performance and underperformed due to stock selection.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were below the median in the Portfolio's Expense Group, as well as below or at the median in the Supplemental Expense Group, for the comparison periods utilized in the Broadridge report.

389

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

PACE International Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Chautauqua Capital Management—a division of Robert W. Baird & Co. Incorporated, Los Angeles Capital and Mondrian Investment Partners Limited ("Mondrian"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception, with performance being reasonably close to the median for the three- and five-year periods. Management explained that although the Portfolio's benchmark is a large cap core index, the Portfolio was classified under the Broadridge International Multi-Cap Growth category due to a bias in small-mid cap portfolio holdings over the last year. Management noted that the Portfolio also had a smaller concentration of growth companies than other funds in the category and that, as growth companies outperformed value companies during the one-year period, the Fund under-performed within the category.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management explained that the Portfolio's total expenses, although above the median, were reasonably close to the Expense Group median (within two basis points—i.e., 0.02%). Management explained the composition of the Expense Group changed during the comparison periods, which resulted in the Fund's Actual Management Fee moving above the median while the Fund's Contractual Management Fee remained reasonably close to the Expense Group median (within three basis points—i.e., 0.03%). Management also noted that, with respect to the Supplemental Expense Group, the Portfolio's total expenses were below the median, notwithstanding that the managers of all of the other subadvised funds utilize only one subadvisor.

PACE International Emerging Markets Equity Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of LMCG, Mondrian and William Blair Investment Management, LLC, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management noted that the Portfolio's recent performance had improved and, for the one-year period, was closer to the median.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were at the median and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted that the variance in the Portfolio's total expenses relative to the Expense Group median was primarily attributable to non-management fee expenses, including custody fees. Management explained that the Portfolio's custody costs were historically asset-based, but that starting in April 2018, those costs became calculated primarily on a transaction-basis and that, all else remaining constant, custody costs of the Portfolio are reasonably expected to decrease. Management further noted that the Portfolio's expense cap has declined 45 basis points (i.e., 0.45%). since 2014 while the Expense Group median remained within a five basis point (i.e., 0.05%) range over the same period.

390

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

PACE Alternative Strategies Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Analytic Investors, LLC, AQR Capital Management, LLC, Aviva Investors Americas LLC, First Quadrant L.P., Kettle Hill Capital Management, LLC, PCJ Investment Counsel Ltd., Principal Global Investors, LLC doing business as Macro Currency Group, Sirios Capital Management, L.P. and Standard Life Investments (Corporate Funds) Limited, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the five-year period, but the Portfolio's performance was below the Performance Universe median for the one-, three- and ten-year periods and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were below the median and its Actual Management Fee was slightly above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. With respect to the Supplemental Expense Group, the Portfolio's Actual Management Fee was at the median, while its Contractual Management Fee and total expenses were below the median.

PACE Global Real Estate Securities Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Brookfield Investment Management Inc., the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three- and ten-year periods and since inception, but the Portfolio's performance was above the Performance Universe median for the five-year period. Management noted that, during the one-year period, the Portfolio's value focus resulted in underperformance against the Performance Universe, which had rewarded funds with a growth focus.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below the median (lowest Actual Management Fee in the Expense Group) and its total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Similarly, the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were at or below each of their respective medians in the Supplemental Expense Group. Management explained that the Portfolio's total expenses, although above the median, were reasonably close to the Expense Group median (within five basis points—i.e., 0.05%). Management explained that the Portfolio's higher transfer agent fees are the main driver of the Portfolio's higher total expenses, which are a result of the large number of shareholder accounts with smaller account sizes within the Portfolio.

PACE Mortgage-Backed Securities Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Pacific Investment Management Company LLC ("PIMCO"), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five-year and ten-year periods, but above the Performance Universe median since inception. Management noted that that the Portfolio is managed as a higher-quality offering with a small exposure to non-investment grade securities compared to the Performance Universe.

391

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

Management also noted it believes the Portfolio outperformed expectations in a market environment where funds with greater exposure to lower-quality, non-agency securities significantly outperformed funds with a greater exposure to higher-quality agency securities.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median (with the Portfolio's Contractual Management Fee the highest in the Expense Group) for the comparison periods utilized in the Broadridge report. Management noted that the Portfolio's Contractual Management Fee was reasonably close to the Supplemental Expense Group median (within three basis points—i.e., 0.03%) and the Portfolio's Actual Management Fee and total expenses were at or below the Supplemental Expense Group medians. It was noted that, compared to the Supplemental Expense Group, the Portfolio's Contractual Management Fee and Actual Management Fee were more closely aligned to its peers.

PACE High Yield Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Nomura Corporate Research and Asset Management Inc. ("NCRAM") and Nomura Asset Management Singapore Limited (the latter being a sub-manager to NCRAM for Asia), the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, five- and ten-year periods and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were above the median in the Portfolio's Expense Group (with the Portfolio's Contractual Management Fee the highest in the Expense Group) and its total expenses were at the median for the comparison periods utilized in the Broadridge report. Management explained that the Actual Management Fee, although above the median, was reasonably close to the Expense Group median (within four basis points—i.e., 0.04%). Management noted the downward trend in the Portfolio's total expenses over the last few years.

PACE Intermediate Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with BlackRock Financial Management, Inc., the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. Management noted that poorly-timed portfolio positioning detracted from the Portfolio's performance during the one-year period. With regard to the comparability of longer-term performance, management noted that the Fund's benchmark changed in April 2017 and the duration of the Portfolio was generally about two years less than the average duration of the Performance Universe before April 2017. Management explained that during the recent period of prolonged historically low interest rates, the Portfolio has produced lower returns versus longer-duration peers.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management explained that the Portfolio's Actual Management Fee, although above the median, was reasonably close to the

392

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

Expense Group median (within six basis points—i.e., 0.06%). Management explained that the Portfolio's high transfer agent fees are the main driver of the Portfolio's higher total expenses, which are a result of the large number of shareholder accounts with smaller account sizes within the Portfolio. Management proposed to voluntarily lower the Portfolio's expense cap by two basis points (i.e., 0.02%).

PACE Global Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with J.P. Morgan, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-year period, but was below the Performance Universe median for the three-, five- and ten-year periods and since inception.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median (with the Portfolio's Contractual Management Fee and Actual Management Fee the highest in the Expense Group) for the comparison periods utilized in the Broadridge report. Management noted that the Portfolio's Actual Management Fee was reasonably close to the Expense Group median (within seven basis points—i.e., 0.07%). Management also noted that as of December 1, 2016, the Portfolio changed its name, investment strategy and performance benchmark, which resulted in the Portfolio being reclassified under the Global Income category. Management explained that the Expense Group composition of comparable funds has changed considerably as a result of the Portfolio's strategy change. Management noted that the Broadridge materials do not fully reflect the expense limitation agreement which brings the Portfolio's total expenses to only eight basis points (i.e., 0.08%) above the Expense Group median. Management noted that the Actual Management Fee currently in effect is only five basis points (i.e., 0.05%) above the Expense Group median. Management proposed to voluntarily lower the Portfolio's expense cap by three basis points (i.e., 0.03%).

PACE Municipal Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with BNY Mellon Asset Management North America Corporation, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was at the Performance Universe median for the five-year period, but below the Performance Universe median for the one-, three and ten-year periods and since inception, although for the three- and ten-year periods, the Portfolio's performance was within one basis point (i.e., 0.01%) and four basis points (i.e., 0.04%), respectively, of the median. Management explained that the Portfolio is managed as a higher-quality offering and was underweight to BBB-rated securities and overweight to A-rated securities relative to its peers during the one-year period. Management stated that this led the Portfolio to underperform, as BBB-rated municipal bonds produced a total return more than twice the return of A-rated municipal bonds. Management stated that it believes the Portfolio performed consistent with management expectations given its higher-quality focus relative to Performance Universe peer funds.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted the downward trend in the Portfolio's expenses and explained that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses, although all above the respective median, were reasonably close

393

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

to the Expense Group median (within two basis points—i.e., 0.02%, two basis points—i.e., 0.02% and five basis points—i.e., 0.05%, respectively).

PACE Strategic Fixed Income Investments

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Neuberger Berman Investment Advisers LLC and PIMCO, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the three- and ten-year periods and since inception and below the Performance Universe median for the one- and five-year periods.

Management and subadvisory fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted the Portfolio's total expenses have become more closely aligned with its peer group over the last few years. Management noted that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were similar to or lower than the only other fund utilizing multiple subadvisors in its Supplemental Expense Group (which consisted of seven other subadvised funds, five of which utilize affiliated subadvisors). Management further noted the downward trend in the Portfolio's total expenses, and explained that slightly higher transfer agency and non-management expenses contribute to the Portfolio's overall higher total expense ratio.

PACE Government Money Market Investments

In approving the Investment Management and Administration Agreement, the board, including the Independent Trustees, also considered the following factors:

Portfolio performance—The comparative Broadridge information showed that the Portfolio's performance was at or above the Performance Universe median for the one-, three-, five- and ten-year periods and since inception. The board noted that the Portfolio's above median performance included periods during which the Portfolio was managed as a prime money market fund, in contrast to the government money market funds in the Portfolio's Performance Universe.

Management fees and expense ratios—The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and its Actual Management Fee were below the median, and its total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. Management noted that the Portfolio's total expenses were reasonably close to the Expense Group median (within 3 basis points—i.e., 0.03%). Management explained that the Portfolio's higher total expenses relative to its Expense Group were in part due to higher transfer agency expenses relative to peers, reflective of the smaller average size of Portfolio shareholder accounts.

Conclusion

Based on its review and, in certain instances, management's explanations upon further questioning, the board concluded that each Portfolio's investment performance was satisfactory or acceptable and that each management fee and subadvisory fee, as proposed by management after questions and/or suggestions posed by the board, was reasonable in light of the nature, extent and quality of the services provided to the Portfolio under the applicable Investment Management and Administration Agreement and Subadvisory Agreement or Subadvisory Agreements, respectively.

394

PACE Select Advisors Trust

Board approvals of investment management and administration agreement and subadvisory agreements (unaudited)

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Management and Administration Agreement for each Portfolio and, for those Portfolios with Subadvisors, the Subadvisory Agreement(s). No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Management and Administration Agreement or, for the subadvised Portfolios, the Subadvisory Agreement(s). The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Management and Administration Agreement and the Subadvisory Agreements in private sessions with their independent legal counsel at which no representatives of UBS AM or the Subadvisors were present.

395

PACE Select Advisors Trust

Supplemental information (unaudited)

Board of Trustees & Officers

The Trust is governed by a Board of Trustees which oversees the Portfolios' operations. Each Trustee serves an indefinite term of office. Officers are appointed by the trustees and serve at the pleasure of the Board. The table below shows, for each trustee and officer, his or her name, address and age, the position held with the Trust, the length of time served as a trustee or officer of the Trust, the trustee's or officer's principal occupations during the last five years, the number of portfolios in the UBS fund complex overseen by the trustee or for which a person served as an officer, and other directorships held by the trustee.

The Trust's Statement of Additional Information contains additional information about the trustees and is available, without charge, upon request by calling 1-800-647 1568.

Interested Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Meyer Feldberg2; 76 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Trustee	Since 2001 (Trustee); Since November 2017 (Chairman of the Board of Trustees)	Professor Feldberg is Dean Emeritus and Professor of Leadership and Ethics at Columbia Business School, although on an extended leave of absence. He is also a senior advisor to Morgan Stanley (financial services) (since 2005). Professor Feldberg also served as president of New York City Global Partners (an organization located in part of the Office of the Mayor of the City of New York that promoted interaction with other cities around the world) (2007-2014). Prior to 2004, he was Dean and Professor of Management and Ethics of the Graduate School of Business at Columbia University (since 1989). From 1992 to 2016, Professor Feldberg was a director of Macy's, Inc. (operator of department stores). From 1997 to 2017, Professor Feldberg was a director of Revlon, Inc. (cosmetics).	Professor Feldberg is a director or trustee of 12 investment companies (consisting of 50 portfolios) for which UBS Asset Management (Americas) Inc. ("UBS AM") or one of its affiliates serves as investment advisor or manager.	Professor Feldberg is also a director of the New York City Ballet.

396

PACE Select Advisors Trust

Supplemental information (unaudited)

Independent Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Alan S. Bernikow; 77 207 Benedict Ave. Staten Island, NY 10314	Trustee	Since 2005	Mr. Bernikow is retired. Previously, he was deputy chief executive officer at Deloitte & Touche (international accounting and consulting firm). From 2003 to March 2017, Mr. Bernikow was also a director of Destination XL Group, Inc. (menswear) (and served as a member of its nominating and corporate governance committee).	Mr. Bernikow is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Bernikow is also a director of Revlon, Inc. (cosmetics) (and serves as the chair of its audit committee and as the chair of the compensation committee), the lead director of Mack-Cali Realty Corporation (real estate investment trust) (and serves as the chair of its audit committee). He is also a director of FCB Financial Holdings, Inc. (banking) (and serves as the chair of its audit committee and member of the nominating and governance committee and compensation committee).
Richard R. Burt; 71 McLarty Associates 900 17th Street Washington, D.C. 20006	Trustee	Since 2001	Mr. Burt is a managing director to McLarty Associates (a consulting firm) (since 2007). He was chairman of IEP Advisors (international investments and consulting firm) until 2009.	Mr. Burt is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Burt is also a director of The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc. (and serves as a member of each such fund's audit, nominating and governance committee).
Bernard H. Garil; 78 6754 Casa Grande Way Delray Beach, FL 33446	Trustee	Since 2005	Mr. Garil is retired (since 2001). He was a managing director at PIMCO Advisory Services (from 1999 to 2001) where he served as president of closed-end funds and vice-president of the variable insurance product funds advised by OpCap Advisors (until 2001).	Mr. Garil is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Garil is also a director of OFI Global Trust Company (commercial trust company), The Leukemia and Lymphoma Society (voluntary health organization) and a trustee for the Brooklyn College Foundation, Inc. (charitable foundation).

397

PACE Select Advisors Trust

Supplemental information (unaudited)

Independent Trustees (concluded):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Heather R. Higgins; 58 c/o Keith A. Weller Assistant Fund Secretary UBS Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019	Trustee	Since 2005	Ms. Higgins is the president and director of The Randolph Foundation (charitable foundation) (since 1991). Ms. Higgins also serves (or has served) on the boards of several non-profit charitable groups, including the Independent Women's Forum (chairman) and the Philanthropy Roundtable (vice chairman). She also serves on the board of the Hoover Institution (from 2001 to 2007 and since 2009).	Ms. Higgins is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	None

398

PACE Select Advisors Trust

Supplemental information (unaudited)

Officers:

Name, address and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Rose Ann Bubloski*; 50	Vice President and Assistant Treasurer	Since 2011	Ms. Bubloski is a director (since 2012) (prior to which she was an associate director (from 2008 to 2012)) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. Ms. Bubloski is vice president and assistant treasurer of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Mark E. Carver*; 55	President	Since 2010	Mr. Carver is a managing director and head of product development and management for UBS AM—Americas region (since 2008). In this role, he oversees product development and management for both wholesale and institutional businesses. He is a member of the Americas Management Committee (since 2008) and the Regional Operating Committee (since 2008). Mr. Carver is president of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Franklin P. Dickson*; 40	Vice President	Since November 2017	Mr. Dickson is an associate director (since 2015) and tax compliance manager (since October 2017) (prior to which he was a product controller (from 2015 to 2017) of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. From 2013 through 2015, Mr. Dickson was fund administration and compliance manager for U.S. Bancorp Fund Services, LLC, and from April 2008 through June 2013, Mr. Dickson was vice president, client service manager at BNY Mellon Asset Servicing. Mr. Dickson is a vice president of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Mark F. Kemper**; 60	Vice President and Secretary	Since 2004	Mr. Kemper is a managing director and general counsel of UBS AM—Americas region (since 2006 and 2004 respectively). He has been secretary of UBS AM—Americas region (since 2004), and assistant secretary of UBS Asset Management Trust Company (since 1993). Mr. Kemper is vice president and secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager. Mr. Kemper is employed by UBS Business Solutions US LLC (since January 2017).
Joanne M. Kilkeary*; 50	Vice President, Treasurer and Principal Accounting Officer	Since 1999 (Vice President); since October 2017 (Treasurer and Principal Accounting Officer)	Ms. Kilkeary is an executive director (since 2013) (prior to which she was a director) (from 2008 to 2013)) and head of regulatory, tax, audit and board governance for product control and investment support (since October 2017) (prior to which she was a senior manager of registered fund product control of UBS AM—Americas region (from 2004 to 2017)). Ms. Kilkeary is a vice president and assistant treasurer of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
William Lawlor**; 31	Vice President and Assistant Secretary	Since May 2018	Mr. Lawlor is a director and associate general counsel with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region since 2013. Prior to joining UBS AM—Americas region, Mr. Lawlor attended Kent College of Law, where he graduated in 2013. Mr. Lawlor is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Mabel Lung***; 60	Vice President	Since May 2016	Ms. Lung is a managing director and portfolio manager, Multi-Component Portfolios, of UBS AM—Americas region which she joined in 1995. Ms. Lung is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.

399

PACE Select Advisors Trust

Supplemental information (unaudited)

Officers (continued):

Name, address and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Nancy D. Osborn*; 52	Vice President and Assistant Treasurer	Since 2007	Mrs. Osborn is a director (since 2010) (prior to which she was an associate director) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region (since 2006). Mrs. Osborn is a vice president and assistant treasurer of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Frank S. Pluchino***, 59	Chief Compliance Officer	Since November 2017	Mr. Pluchino is an executive director with UBS AM—Americas region and is also the chief compliance officer of UBS Hedge Fund Solutions LLC (since 2010). Mr. Pluchino serves as chief compliance officer of 15 investment companies (consisting of 69 portfolios) for which UBS AM or one of its affiliates serves as investment advisor or manager.
Robert Sabatino**; 45	Vice President	Since 2001	Mr. Sabatino is a managing director (since 2010) (prior to which he was an executive director) (from 2007 to 2010)), global head of liquidity portfolio management (since 2015), head of US taxable money markets (from 2009 to 2015), and portfolio manager of UBS AM—Americas region in the short duration fixed income group (since 2001). Mr. Sabatino is a vice president of three investment companies (consisting of 27 portfolios) for which UBS AM serves as investment advisor or manager.
Eric Sanders*; 52	Vice President and Assistant Secretary	Since 2005	Mr. Sanders is a director and associate general counsel with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region (since 2005). Mr. Sanders is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Philip Stacey**; 33	Vice President and Assistant Secretary	Since May 2018	Mr. Stacey is a director and associate general counsel with UBS Business Solutions US LLC (Since January 2017) and also with UBS AM—Americas region since 2015. Prior to joining UBS AM—Americas region. Mr. Stacey was a legal associate with the Chicago-based investment manager HFR Asset Management, LLC from 2009 through 2015. Mr. Stacey is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Gina M. Toth***; 54	Vice President	Since May 2016	Ms. Toth is an executive director and portfolio manager in the Multi-Manager Solutions team of UBS AM—Americas region (since 2013). Prior to joining UBS AM—Americas region, Ms. Toth was a senior portfolio manager at Alliance Bernstein (from 1993 to 2012). Ms. Toth is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.
David Walczak**; 35	Vice President	Since 2016	Mr. Walczak is an executive director (since 2016), head of US taxable money markets (since 2015) and portfolio manager of UBS AM—Americas region. Mr. Walczak is a vice president of three investment companies (consisting of 41 portfolios) for which UBS AM serves as investment advisor or manager.

400

PACE Select Advisors Trust

Supplemental information (unaudited)

Officers (concluded):

Name, address and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Keith A. Weller*; 57	Vice President and Assistant Secretary	Since 2000	Mr. Weller is an executive director and senior associate general counsel with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region (since 2005) and has been an attorney with affiliated entities since 1995. Mr. Weller is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.

¹  Each trustee holds office for an indefinite term. Officers are appointed by the trustees and serve at the pleasure of the Board.

²  Professor Feldberg is deemed an "interested person" of the Trust as defined in the Investment Company Act of 1940, as amended, because he is a senior advisor to Morgan Stanley, a financial services firm with which the Trust may conduct transactions.

*  This person's business address is 1285 Avenue of the Americas, New York, New York 10019-6028.

**  This person's business address is One North Wacker Drive, Chicago, Illinois 60606.

***  This person's business address is 787 Seventh Avenue, New York, New York 10019.

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Trustees

Meyer Feldberg
Chairman

Alan S. Bernikow

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Principal Officers

Mark E. Carver
President

Mark F. Kemper
Vice President and Secretary

Joanne M. Kilkeary
Vice President, Treasurer and
Principal Accounting Officer

Robert Sabatino
Vice President

Investment Manager and
Administrator

UBS Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

Principal Underwriter

UBS Asset Management (US) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

This report is not to be used in connection with the offering of shares of the Portfolios unless accompanied or preceded by an effective prospectus.

©UBS 2018. All rights reserved.
UBS Asset Management (Americas) Inc.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, NY 10019-6028

S003

PACE^® Government Money Market Investments

Annual Report  | July 31, 2018

PACE Government Money Market Investments

Performance

The seven-day current yield for the Portfolio as of July 31, 2018 was 1.36% (after fee waivers/expense reimbursements).¹ For more information on the Portfolio's performance, refer to "Yields and characteristics at a glance" on page 6. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share.

Advisor's Comments

The Fed continued to normalize monetary policy during the reporting period. For example, the Fed raised rates in December 2017, March 2018 and June 2018. With its last rate hike, the federal funds rate moved to a range between 1.75% and 2.00%. In addition, the Fed began reducing its balance sheet in October 2017. For the remainder of 2018, the Fed currently expects to make two additional 0.25% rate hikes, while continuing to pare its balance sheet. While the yields on a wide range of short-term investments moved higher over the period, yields still remain low

PACE Select Advisors Trust – PACE Government Money Market Investments

Investment Advisor:

UBS Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

The Portfolio is a money market mutual fund and seeks to maintain a stable price of $1.00 per share, although it may be possible to lose money by investing in this Portfolio. The Portfolio invests in a diversified portfolio of high-quality money market instruments of governmental issuers. Security selection is based on the assessment of relative values and changes in market and economic conditions.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

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PACE Government Money Market Investments

by historical comparison. As a result, the Portfolio's yield remained low during the reporting period.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the 12-month review period. When the reporting period began, the Portfolio had a WAM of 40 days. This was decreased to 22 days at the end of the reporting period.

A number of adjustments were made to the Portfolio's sector and issuer positioning during the 12-month period. We increased the Portfolio's exposure to US government and agency obligations and reduced its allocation to repurchase agreements. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.)

We thank you for your continued support and welcome any comments or questions you may have. For any additional information on the UBS family of funds,* please contact your financial advisor, or visit us at www.ubs.com/am-us.

Sincerely,

Mark E. Carver President PACE Select Advisors Trust Managing Director UBS Asset Management (Americas) Inc.	Robert Sabatino Portfolio Manager, PACE Government Money Market Investments Managing Director, UBS Asset Management (Americas) Inc.

*  Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectus for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

2

PACE Government Money Market Investments

This letter is intended to assist shareholders in understanding how the Fund performed during the 12 month period ended July 31, 2018. The views and opinions in the letter were current as of September 15, 2018. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

3

PACE Government Money Market Investments

Understanding your Portfolio's expenses (unaudited)

As a shareholder of the Portfolio, you incur two types of costs: (1) on-going program fees; and (2) ongoing Portfolio costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, February 1, 2018 to July 31, 2018.

Actual expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

4

PACE Government Money Market Investments

Understanding your Portfolio's expenses (unaudited) (concluded)

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any program fees. Therefore, the second line in the table is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if program fees were included, your costs would have been higher.

	Beginning account value February 1, 2018		Ending account value July 31, 2018		Expenses paid during period1 02/01/18 to 07/31/18		Expense ratio during the period
Actual	$	1,000.00	$	1,005.50	$	2.98		0.60	%
Hypothetical (5% annual return before expenses)		1,000.00		1,021.82		3.01		0.60

¹  Expenses are equal to the Portfolio's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

5

PACE Government Money Market Investments

Yields and characteristics at a glance—July 31, 2018
(unaudited)

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	1.36	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	1.37
Seven-day current yield before fee waivers and/or expense reimbursements1	1.35
Seven-day effective yield before fee waivers and/or expense reimbursements1	1.35
Weighted average maturity2	22 days
Portfolio composition3
US government and agency obligations	80.6	%
Repurchase agreements	21.8
Other assets less liabilities	(2.4	)
Total	100.0	%

You could lose money by investing in PACE Government Money Market Investments. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, the portfolio cannot guarantee it will do so. An investment in PACE Government Money Market Investments is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. PACE Government Money Market Investments' sponsor has no legal obligation to provide financial support to PACE Government Money Market Investments, and you should not expect that the portfolio's sponsor will provide financial support to PACE Government Money Market Investments at any time.

Not FDIC insured. May lose value. No bank guarantee.

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Portfolio's net assets as of the date indicated. The Portfolio is actively managed and its composition will vary over time.

6

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government and agency obligations—80.57%
Federal Farm Credit Bank
1 mo. USD LIBOR – 0.085%,
1.987%, due 08/30/181	$	1,000,000	$	999,958
Federal Home Loan Bank
1.850%, due 08/01/182		2,000,000		2,000,000
1.850%, due 08/03/182		1,000,000		999,897
1.850%, due 08/07/182		3,000,000		2,999,075
1.860%, due 08/14/182		2,000,000		1,998,657
1.879%, due 08/08/182		2,000,000		1,999,269
1.890%, due 08/06/182		4,000,000		3,998,950
1.890%, due 08/08/182		2,000,000		1,999,265
1.890%, due 08/28/182		1,000,000		998,583
1.893%, due 08/22/182		3,000,000		2,996,687
1.895%, due 08/07/182		1,000,000		999,684
1.895%, due 08/10/182		2,000,000		1,999,053
1.895%, due 08/24/182		3,000,000		2,996,368
1.899%, due 08/01/182		2,000,000		2,000,000
1.900%, due 08/08/182		2,000,000		1,999,261
1.900%, due 08/15/182		2,000,000		1,998,522
1.900%, due 08/20/182		1,000,000		998,997
1.910%, due 08/15/182		1,000,000		999,257
1.910%, due 08/24/182		1,000,000		998,780
1.910%, due 08/30/182		5,000,000		4,992,307
1.915%, due 08/16/182		1,000,000		999,202
1.915%, due 08/17/182		2,000,000		1,998,298
1.915%, due 09/13/182		3,000,000		2,993,138
1.915%, due 09/14/182		3,000,000		2,992,978
1.917%, due 08/31/182		3,000,000		2,995,208
1.918%, due 08/15/182		1,000,000		999,254
1.918%, due 09/26/182		2,000,000		1,994,033
1.919%, due 08/29/182		2,000,000		1,997,015
1.929%, due 09/19/182		1,000,000		997,374
1.930%, due 09/07/182		2,000,000		1,996,033

7

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government and agency obligations—(continued)
1.950%, due 10/04/182	$	1,000,000	$	996,533
1.984%, due 10/26/182		1,000,000		995,261
1.989%, due 10/24/182		4,000,000		3,981,436
1.995%, due 10/17/182		2,000,000		1,991,466
2.008%, due 10/31/182		2,000,000		1,989,848
2.060%, due 12/11/182		3,000,000		2,977,340
1 mo. USD LIBOR – 0.070%,
1.994%, due 08/25/181		1,000,000		1,000,232
1 mo. USD LIBOR – 0.070%,
2.002%, due 08/28/181		1,300,000		1,300,000
1 mo. USD LIBOR – 0.080%,
1.993%, due 08/17/181		1,250,000		1,250,000
1 mo. USD LIBOR – 0.080%,
2.002%, due 08/19/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.080%,
2.020%, due 08/04/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.085%,
2.005%, due 08/03/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.090%,
1.996%, due 08/06/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.095%,
1.986%, due 08/21/181		1,200,000		1,200,000
1 mo. USD LIBOR – 0.100%,
1.979%, due 08/18/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.100%,
1.981%, due 08/21/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.105%,
1.965%, due 08/26/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.105%,
1.976%, due 08/22/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.105%,
1.981%, due 08/19/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.110%,
1.963%, due 08/17/181		1,500,000		1,500,000

8

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government and agency obligations—(continued)
1 mo. USD LIBOR – 0.115%,
1.954%, due 08/24/181	$	2,000,000	$	2,000,000
1 mo. USD LIBOR – 0.115%,
1.949%, due 08/24/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.115%,
1.964%, due 08/18/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.115%,
1.967%, due 08/19/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.115%,
1.975%, due 08/03/181		1,000,000		1,000,044
1 mo. USD LIBOR – 0.115%,
1.985%, due 08/04/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.120%,
1.952%, due 08/28/181		1,000,000		999,999
1 mo. USD LIBOR – 0.125%,
1.956%, due 08/21/181		3,000,000		3,000,129
1 mo. USD LIBOR – 0.125%,
1.947%, due 08/16/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.125%,
1.952%, due 08/27/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.125%,
1.961%, due 08/20/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.130%,
1.956%, due 08/10/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.130%,
1.942%, due 08/16/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.130%,
1.943%, due 08/17/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.130%,
1.951%, due 08/22/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.130%,
1.952%, due 08/01/181		4,000,000		4,000,000
1 mo. USD LIBOR – 0.130%,
1.967%, due 08/08/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.135%,
1.932%, due 08/12/181		1,000,000		1,000,000

9

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government and agency obligations—(continued)
1 mo. USD LIBOR – 0.135%,
1.937%, due 08/16/181	$	3,000,000	$	2,999,999
1 mo. USD LIBOR – 0.135%,
1.937%, due 08/28/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.135%,
1.937%, due 08/28/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.135%,
1.965%, due 08/05/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.140%,
1.927%, due 08/12/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.140%,
1.924%, due 08/25/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.140%,
1.932%, due 08/16/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.140%,
1.960%, due 08/05/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.145%,
1.927%, due 08/29/181		2,000,000		2,000,000
1 mo. USD LIBOR – 0.145%,
1.927%, due 08/15/181		1,000,000		1,000,000
1 mo. USD LIBOR – 0.150%,
1.922%, due 08/16/181		3,000,000		3,000,000
1 mo. USD LIBOR – 0.155%,
1.912%, due 08/12/181		1,000,000		1,000,000
3 mo. USD LIBOR – 0.210%,
2.125%, due 10/26/181		2,000,000		1,999,848
3 mo. USD LIBOR – 0.340%,
1.991%, due 10/10/181		2,000,000		2,000,000
3 mo. USD LIBOR – 0.340%,
2.002%, due 10/24/181		1,000,000		1,000,000
3 mo. USD LIBOR – 0.160%,
2.170%, due 08/24/181		1,000,000		1,001,287
US Treasury Bill
1.809%, due 08/09/182		3,000,000		2,998,816

10

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

	Face amount		Value
US government and agency obligations—(concluded)
US Treasury Note
3 mo. Treasury money market yield + 0.170%,
2.180%, due 08/01/181	$	1,000,000	$	1,000,020
Total US government and agency obligations (cost—$152,117,361)				152,117,361
Repurchase agreements—21.82%
Repurchase agreement dated 07/31/18 with Fixed Income Clearing Corp., 0.350% due 08/01/18, collateralized by $210,000 US Treasury Note, 2.000% due 04/30/24; (value—$201,091); proceeds: $195,002		195,000		195,000
Repurchase agreement dated 07/31/18 with Goldman Sachs & Co., 1.890% due 08/01/18, collateralized by $3,548,000 Federal National Mortgage Association obligations, 6.625% to 7.250% due 05/15/30 to 11/15/30, $4,645,900 US Treasury Inflation Index Bond, 2.500% due 01/15/29 and $45,270,404 US Treasury Bond STRIPs, zero coupon due 02/15/23 to 02/15/42; (value—$41,820,012); proceeds: $41,002,153		41,000,000		41,000,000
Total repurchase agreements (cost—$41,195,000)				41,195,000
Total investments (cost—$193,312,361 which approximates cost for federal income tax purposes)—102.39%				193,312,361
Liabilities in excess of other assets—(2.39)%				(4,518,375	)
Net assets—100.00%			$	188,793,986

11

PACE Government Money Market Investments

Portfolio of investments—July 31, 2018

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of July 31, 2018 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	152,117,361	$	—	$	152,117,361
Repurchase agreements		—		41,195,000		—		41,195,000
Total	$	—	$	193,312,361	$	—	$	193,312,361

At July 31, 2018, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

¹  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

²  Rate shown is the discount rate at the date of purchase unless otherwise noted.

Portfolio acronyms

LIBOR  London Interbank Offered Rate

STRIP  Separate Trading of Registered Interest and Principal of Securities

See accompanying notes to financial statements
12

PACE Government Money Market Investments

Statement of assets and liabilities—July 31, 2018

Assets:
Investments, at value (cost—$152,117,361)	$	152,117,361
Repurchase agreements, at value (cost—$41,195,000)		41,195,000
Total investments in securities, at value (cost—$193,312,361)		193,312,361
Cash		800
Receivable for interest		67,093
Receivable for shares of beneficial interest sold		250,379
Other assets		10,803
Total assets		193,641,436
Liabilities:
Payable for investments purchased		3,983,881
Payable for shares of beneficial interest repurchased		442,752
Dividends payable to shareholders		108,454
Payable to affiliate		33,942
Payable to custodian		204
Accrued expenses and other liabilities		278,217
Total liabilities		4,847,450
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	188,795,684
Accumulated net realized loss		(1,698	)
Net assets	$	188,793,986
Shares outstanding		188,794,482
Net asset value	$	1.00

See accompanying notes to financial statements
13

PACE Government Money Market Investments

Statement of operations

	For the year ended July 31, 2018
Investment income:
Interest	$	2,952,689
Expenses:
Investment management and administration fees		729,181
Transfer agency and related services fees		858,725
Professional services		113,675
Reports and notices to shareholders		34,178
State registration fees		29,364
Trustees' fees		21,157
Custody and accounting fees		12,057
Insurance expense		3,724
Other expense		43,999
		1,846,060
Fee waivers and/or expense reimbursements by investment manager and administrator		(596,039	)
Net expenses		1,250,021
Net investment income		1,702,668
Net realized gain		6
Net increase in net assets resulting from operations	$	1,702,674

See accompanying notes to financial statements
14

PACE Government Money Market Investments

Statement of changes in net assets

	For the years ended July 31,
	2018			2017
From operations:
Net investment income	$	1,702,668		$	227,818
Net realized gain (loss)		6			(1,112	)
Net increase in net assets resulting from operations		1,702,674			226,706
Dividends to shareholders from:
Net investment income		(1,702,668	)		(227,818	)
Net increase (decrease) in net assets from beneficial interest transactions		(10,791,379	)		16,609,926
Net increase (decrease) in net assets		(10,791,373	)		16,608,814
Net assets:
Beginning of year		199,585,359			182,976,545
End of year	$	188,793,986		$	199,585,359
Accumulated undistributed net investment income	$	—		$	—

See accompanying notes to financial statements
15

PACE Government Money Market Investments

Financial highlights

Selected financial data throughout each year is presented below:

Class P

	Years ended July 31,
	2018			2017			2016			2015			2014
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income		0.008			0.001			0.0001			0.0001			0.0001
Net realized gains (losses)		0.0001			(0.000	)1		0.0001			—			0.0001
Net increase from operations		0.008			0.001			0.0001			0.0001			0.0001
Dividends from net investment income		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1		(0.000	)1
Distributions from net realized gains		—			—			(0.000	)1		—			(0.000	)1
Total dividends and distributions		(0.008	)		(0.001	)		(0.000	)1		(0.000	)1		(0.000	)1
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.83	%		0.11	%		0.01	%		0.01	%		0.01	%3
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.89	%		0.95	%		0.96	%		0.93	%		0.91	%
Expenses after fee waivers and/or expense reimbursements		0.60	%		0.52	%		0.26	%		0.14	%		0.14	%
Net investment income		0.82	%		0.12	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (000's)	$	188,794		$	199,585		$	182,977		$	168,503		$	212,025

¹  Amount represents less than $0.0005 per share.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. The figures do not include program fees; results would be lower if these fees were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

³  In August 2013, UBS AM made a voluntary cash payment of $2,340 to the Portfolio in order to address a differential between the number of shares outstanding and the Portfolio's net assets. The differential was attributable to historical embedded capital losses that were experienced by the Portfolio over several years prior to credit crisis of 2008. Payment from investment advisor had no impact on the Portfolio's total investment return and represents less than $0.0005 per share.

See accompanying notes to financial statements
16

PACE Government Money Market Investments

Notes to financial statements

Organization and significant accounting policies

PACE Government Money Market Investments (the "Portfolio") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of PACE Select Advisors Trust (the "Trust"), an open-end management investment company organized as a Delaware statutory trust under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest, par value $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies. The financial statements for the other series of the Trust are not included herein. Shares of the Portfolio currently are available only to participants in the PACE^SM Select Advisors Program and the PACE^SM Multi Advisor Program.

UBS Asset Management (Americas) Inc. ("UBS AM") serves as the investment manager, investment advisor and administrator for the Portfolio. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolio may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

17

PACE Government Money Market Investments

Notes to financial statements

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolio's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In October 2016, the SEC adopted new rules and forms, and amendments to certain then current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X require standardized, enhanced disclosure about derivatives in investment company financial statements, and change the rules governing the form and content of such financial statements. The amendments to Regulation S-X took effect on August 1, 2017. Management has assessed the impact of these regulatory developments, and the changes are incorporated within the financial statements.

In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): "Premium Amortization On Purchased Callable Debt Securities" ("ASU 2017-08"). The update provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. ASU 2017-08 will be effective for annual periods beginning after December 15, 2018. Management is currently assessing the potential impact of these changes to future financial statements.

The following is a summary of significant accounting policies:

Valuation of investments—Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), the Portfolio has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a

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PACE Government Money Market Investments

Notes to financial statements

"government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", the Portfolio values its investments at amortized cost unless the Portfolio's Board of Trustees (the "Board") determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of the Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Portfolio's Portfolio of investments.

Constant net asset value per share—The Portfolio attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share.

Liquidity fee and/or redemption gates—By operating as a "government money market fund," the Portfolio is exempt from requirements that permit the imposition of a liquidity fee and/or

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PACE Government Money Market Investments

Notes to financial statements

temporary redemption gates. While the Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

Repurchase agreements—The Portfolio may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolio maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolio and its counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolio upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolio generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 of the 1940 Act or a Portfolio's investment strategies and limitations may require the Portfolio to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolio may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Portfolio intends to enter into

20

PACE Government Money Market Investments

Notes to financial statements

repurchase agreements only in transactions with counterparties believed by UBS AM to present minimal credit risks.

The Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or subadvised by UBS AM. Under certain circumstances, the Portfolio may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Portfolio potentially exposed to a fee for uninvested cash held in a business account at a bank.

Investment transactions and investment income—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Concentration of risk—The ability of the issuers of debt securities held by the Portfolio to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investment management and administration fees and other transactions with affiliates

The Portfolio's Board has approved an investment management and administration contract ("Management Contract") with UBS AM. In

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PACE Government Money Market Investments

Notes to financial statements

accordance with the Management Contract, the Portfolio pays UBS AM an investment management and administration fee, which is accrued daily and paid monthly, at an annual rate of 0.35% of the Portfolio's average daily net assets. At July 31, 2018, UBS AM is owed $33,942 from the Portfolio, representing investment management and administration fees net of fee waivers/expense reimbursements.

UBS AM has contractually undertaken to waive a portion of the Portfolio's investment management and administration fees and/or reimburse a portion of the Portfolio's other expenses, when necessary, to maintain the total ordinary annual operating expenses (excluding borrowing costs and interest expense, if any) through November 30, 2018 at a level not to exceed 0.60%. For the period ended July 31, 2018, UBS AM waived $409,180 in investment management and administration fees. The Portfolio will make a payment to UBS AM for any previously waived fees/reimbursed expenses during the following three fiscal years to the extent that operating expenses are otherwise below the expense cap.

At July 31, 2018, the Portfolio had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

Fee waivers/expense reimbursements subject to repayment		Expires July 31, 2019		Expires July 31, 2020		Expires July 31, 2021
$	1,786,903	$	706,786	$	670,937	$	409,180

No amount was repaid back to UBS AM in the past year.

UBS AM may voluntarily waive fees and/or reimburse expenses from time to time in the event that the Portfolio's yield falls below a certain level. Once started, there is no guarantee that UBS AM would continue to voluntarily waive an additional portion of its fees and/or reimburse expenses. This management fee waiver will not be subject to future recoupment. For the period ended July 31, 2018, UBS AM did not voluntarily waived and/or reimbursed expenses for that purpose.

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PACE Government Money Market Investments

Notes to financial statements

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Portfolio may conduct transactions, resulting in him being an interested trustee of the Portfolio. The Portfolio has been informed that Professor Feldberg's role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm's ability to provide best execution of the transactions.

During the period ended July 31, 2018, the Portfolio purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley, having an aggregate value of $7,978,864. Morgan Stanley received compensation in connection with these trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the Portfolio's investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolio pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolio's transfer agent, and is compensated for these services by BNY Mellon, not the Portfolio.

UBS Financial Services Inc. has voluntarily agreed to waive a portion of the fee that it would otherwise have received from BNY Mellon with respect to PACE Government Money Market Investments so that BNY Mellon would correspondingly reduce the fees it would have charged to that Portfolio. For the year ended July 31, 2018, the amount of the reduction in transfer agency and related services fees charged by BNY Mellon to the Portfolio was $186,859, which reflected an equal amount of compensation that was voluntarily waived by UBS Financial

23

PACE Government Money Market Investments

Notes to financial statements

Services Inc. Voluntary fee waiver/expense reimbursement arrangements may be amended or end at any time.

For the period ended July 31, 2018, UBS Financial Services Inc. received from BNY Mellon, not the Portfolio, $341,720 of the total transfer agency and related services fees paid by the Portfolio to BNY Mellon.

Shares of beneficial interest

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

	Years ended July 31,
	2018			2017
Shares sold		153,320,074			279,769,071
Shares repurchased		(165,625,042	)		(263,332,595	)
Dividends reinvested		1,513,589			173,450
Net increase (decrease) in shares outstanding		(10,791,379	)		16,609,926

Federal tax status

The Portfolio intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Portfolio during the fiscal years ended July 31, 2018 and July 31, 2017 was ordinary income in the amount of $1,702,668 and $227,818, respectively.

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PACE Government Money Market Investments

Notes to financial statements

At July 31, 2018, the components of accumulated earnings on a tax basis were undistributed ordinary income of $107,862 and accumulated realized capital and other losses of $1,106.

There were no reclassifications arising from permanent "book/tax" differences for the fiscal year ended July 31, 2018.

Under the Regulated Investment Company Modernization Act of 2010 (The "Act"), net capital losses recognized by the portfolio after December 22, 2010, may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. At July 31, 2018, the Portfolio had post-enactment short-term capital loss carryforwards of $(1,106). During the current fiscal year, the Portfolio utilized $6 of capital loss carryforwards to offset current year realized gains.

ASC 740-10 "Income-Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolio has analyzed and concluded as of July 31, 2018, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Portfolio recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended July 31, 2018, the Portfolio did not incur any interest or penalties.

Each of the tax years in the four year period ended July 31, 2018, remains subject to examination by the Internal Revenue Service and state taxing authorities.

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PACE Government Money Market Investments

Report of Ernst & Young LLP, independent
registered public accounting firm

To the Shareholders and the Board of
Trustees of PACE Government Money Market Investments

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PACE Government Money Market Investments (the "Fund") (one of the funds constituting PACE Select Advisors Trust), including the portfolio of investments, as of July 31, 2018, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting PACE Select Advisors Trust) at July 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over

26

PACE Government Money Market Investments

Report of Ernst & Young LLP, independent
registered public accounting firm

financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York
September 28, 2018

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PACE Government Money Market Investments

General information (unaudited)

Monthly and quarterly portfolio holdings disclosure

The Portfolio will file its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Portfolio's Forms N-Q are available on the SEC's Web site at http://www.sec.gov. The Portfolio's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC 0330. Additionally, you may obtain copies of Forms N-Q from the Portfolio upon request by calling 1-800-647 1568.

In addition, the Portfolio discloses, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. In addition, at this location, you will find a link to more detailed Portfolio information appearing in filings with the SEC on Form N-MFP.

Proxy voting policies, procedures and record

You may obtain a description of the Portfolio's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Portfolio voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Portfolio directly at 1-800-647 1568, online on the Portfolio's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on SEC's Web site (http://www.sec.gov).

Other tax information

Pursuant to sections 871(k)(1)(C)(i) and 871(k)(2)(C)(i) of the Internal Revenue Code, the Portfolio designates $1,702,668 of ordinary income distributions paid as qualified interest income.

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PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 17-18, 2018, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the continuance of the investment management and administration agreement (the "Investment Management and Administration Agreement") between UBS Asset Management (Americas) Inc. ("UBS AM") and the Trust, on behalf of PACE Government Money Market Investments (the "Portfolio"). In preparing for the meeting, the Independent Trustees had requested and received extensive information from UBS AM to assist them, including information about UBS AM, as well as the management, administrative and distribution arrangements for the Portfolio. The board reviewed and discussed with management the materials initially provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session to review the disclosure that had been made to them. At these sessions the Independent Trustees were joined by their independent legal counsel. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of management, administration and distribution agreements.

In its consideration of the approval of the Investment Management and Administration Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Investment Management and Administration Agreement—The board received and considered information regarding the nature, extent and quality of management services provided to the Portfolio by UBS AM. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Portfolio and the resources devoted to, and the record of compliance with, the Portfolio's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services

29

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

rendered by UBS AM concerning the management of the Portfolio's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Portfolio. The board's evaluation of the services provided by UBS 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 AM's investment management and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including maintaining and monitoring its own and the Portfolio's expanded compliance programs.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Portfolio and had previously met with and received information regarding the persons primarily responsible for the day-to-day management of the Portfolio. The board recognized that several senior personnel at UBS AM report to the board regularly, and that at each regular meeting the board receives a detailed report from UBS AM on the Portfolio's performance. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $174 billion in assets under management as of March 31, 2018 and was part of the UBS Asset Management Division, which had approximately $831 billion in assets under management worldwide as of March 31, 2018. The board also was cognizant of, and considered, the regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided)

30

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

to the Portfolio under the Investment Management and Administration Agreement.

Management fees and expense ratios—The board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Portfolio to UBS AM in light of the nature, extent and quality of the services provided by UBS AM pursuant to the Investment Management and Administration Agreement. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangement for the Portfolio and considered the actual fee rate (after taking any waivers and reimbursements into account) (the "Actual Management Fee") payable by the Portfolio. The board considered that UBS AM had entered into a fee waiver and/or expense reimbursement agreement with the Portfolio under which UBS AM was contractually obligated to waive its management fees and/or reimburse the Portfolio so that the total ordinary operating expenses of the Portfolio through November 30, 2018 (excluding certain miscellaneous items) would not exceed a specified limit. The board also considered that the Portfolio had agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Portfolio can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense cap. Additionally, the board received and considered information comparing the Portfolio's Contractual Management Fee, Actual Management Fee and overall expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group").

In connection with its consideration of the Portfolio's management fees, the board also received information on UBS AM with respect to fees paid by institutional or separate accounts; however, in management's view, such fee information was not very relevant to the Portfolio because, among other reasons, separately managed and institutional accounts with a "cash" mandate (a) were not subject to all of the constraints of Rule 2a-7 under the 1940 Act to which the Portfolio is subject and (b) do not involve the management responsibilities attendant to the operation of a 1940 Act regulated

31

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

fund, and, therefore, were not totally comparable. The board also received information on fees charged to other mutual funds managed by UBS AM.

The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and its Actual Management Fee, were below the median, and its total expenses were above the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. (Below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the Expense Group.) Management noted that the Portfolio's total expenses were reasonably close to the Expense Group median (within 3 basis points—i.e., 0.03%). Management explained that the Portfolio's higher total expenses relative to its Expense Group were in part due to higher transfer agency expenses relative to peers, reflective of the smaller average size of Portfolio shareholder accounts.

In light of the foregoing, the board determined that the proposed contractual management fee payable by the Portfolio to UBS AM was reasonable in light of the nature, extent and quality of services expected to be provided to the Portfolio under the Investment Management and Administration Agreement.

Portfolio performance—The board received and considered (a) annualized total return information of the Portfolio compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended April 30, 2018, and (b) annualized performance information for each year in the ten-year period ended April 30, 2018. Although the board received information for the ten-year and since inception periods, in its analysis, it generally placed greater emphasis on the one-, three- and five-year periods. The board was provided with a description of the methodology Broadridge used to determine the similarity of the Portfolio with the funds included in its Performance Universe. The

32

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

board also noted that it had received information throughout the year at periodic intervals with respect to the Portfolio's performance.

The comparative Broadridge information showed that the Portfolio's performance was at or above the median for the one-, three-, five- and ten-year periods and since inception. (Below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median.) The board noted that the Portfolio's above median performance included periods during which the Portfolio was managed as a prime money market fund, in contrast to the government money market funds in the Portfolio's Performance Universe. Based on its review of the Portfolio, the board concluded that the Portfolio's investment performance was acceptable.

Advisor profitability—The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to the Portfolio. The board also received profitability information with respect to the UBS New York fund complex as a whole. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Portfolio.

Economies of scale—The board received and considered information from management regarding whether UBS AM realized economies of scale as the Portfolio's assets grew, whether the Portfolio has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale for the Portfolio. The board considered whether economies of scale in the provision of services to the Portfolio were being passed along to the shareholders. The board noted that the Portfolio's Contractual Management Fee did not contain breakpoints. However, the board also noted that to the extent the Portfolio's assets increase over time, it will realize economies of scale as certain expenses, such as fees for trustees, auditor and legal fees and printing and postage, become a smaller percentage of overall assets.

33

PACE Government Money Market Investments

Board approval of investment managment and administration agreement (unaudited)

In light of UBS AM's profitability data, the Actual Management Fee, the Contractual Management Fee and the current assets of the Portfolio, the board believed that UBS AM's sharing of potential and current economies of scale with the Portfolio was acceptable.

Other benefits to UBS AM—The board considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Portfolio, including the opportunity to offer additional products and services to Portfolio shareholders. In light of the costs of providing investment management, administrative and other services to the Portfolio and UBS AM's ongoing commitment to the Portfolio, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Management and Administration Agreement for the Portfolio. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Management and Administration Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Management and Administration Agreement in private sessions with their independent legal counsel at which no representatives of UBS AM were present.

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PACE Government Money Market Investments

Supplemental information (unaudited)

Board of Trustees & Officers

The Trust is governed by a Board of Trustees which oversees the Portfolios' operations. Each Trustee serves an indefinite term of office. Officers are appointed by the trustees and serve at the pleasure of the Board. The table below shows, for each trustee and officer, his or her name, address and age, the position held with the Trust, the length of time served as a trustee or officer of the Trust, the trustee's or officer's principal occupations during the last five years, the number of portfolios in the UBS fund complex overseen by the trustee or for which a person served as an officer, and other directorships held by the trustee.

The Trust's Statement of Additional Information contains additional information about the trustees and is available, without charge, upon request by calling 1-800-647 1568.

35

PACE Government Money Market Investments

Supplemental information (unaudited)

Interested Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years
Meyer Feldberg2; 76 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Trustee	Since 2001 (Trustee); Since November 2017 (Chairman of the Board of Trustees)	Professor Feldberg is Dean Emeritus and Professor of Leadership and Ethics at Columbia Business School, although on an extended leave of absence. He is also a senior advisor to Morgan Stanley (financial services) (since 2005). Professor Feldberg also served as president of New York City Global Partners (an organization located in part of the Office of the Mayor of the City of New York that promoted interaction with other cities around the world) (2007-2014). Prior to 2004, he was Dean and Professor of Management and Ethics of the Graduate School of Business at Columbia University (since 1989). From 1992 to 2016, Professor Feldberg was a director of Macy's, Inc. (operator of department stores). From 1997 to 2017, Professor Feldberg was a director of Revlon, Inc. (cosmetics).

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PACE Government Money Market Investments

Supplemental information (unaudited)

Name, address, and age	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Meyer Feldberg2; 76 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Professor Feldberg is a director or trustee of 12 investment companies (consisting of 50 portfolios) for which UBS Asset Management (Americas) Inc. ("UBS AM") or one of its affiliates serves as investment advisor or manager.	Professor Feldberg is also a director of the New York City Ballet.

37

PACE Government Money Market Investments

Supplemental information (unaudited)

Independent Trustees:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years
Alan S. Bernikow; 77 207 Benedict Ave. Staten Island, NY 10314	Trustee	Since 2005	Mr. Bernikow is retired. Previously, he was deputy chief executive officer at Deloitte & Touche (international accounting and consulting firm). From 2003 to March 2017, Mr. Bernikow was also a director of Destination XL Group, Inc. (menswear) (and served as a member of its nominating and corporate governance committee).
Richard R. Burt; 71 McLarty Associates 900 17th Street Washington, D.C. 20006	Trustee	Since 2001	Mr. Burt is a managing director to McLarty Associates (a consulting firm) (since 2007). He was chairman of IEP Advisors (international investments and consulting firm) until 2009.
Bernard H. Garil; 78 6754 Casa Grande Way Delray Beach, FL 33446	Trustee	Since 2005	Mr. Garil is retired (since 2001). He was a managing director at PIMCO Advisory Services (from 1999 to 2001) where he served as president of closed-end funds and vice-president of the variable insurance product funds advised by OpCap Advisors (until 2001).

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PACE Government Money Market Investments

Supplemental information (unaudited)

Name, address, and age	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Alan S. Bernikow; 77 207 Benedict Ave. Staten Island, NY 10314	Mr. Bernikow is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Bernikow is also a director of Revlon, Inc. (cosmetics) (and serves as the chair of its audit committee and as the chair of the compensation committee), the lead director of Mack-Cali Realty Corporation (real estate investment trust) (and serves as the chair of its audit committee). He is also a director of FCB Financial Holdings, Inc. (banking) (and serves as the chair of its audit committee and member of the nominating and governance committee and compensation committee).
Richard R. Burt; 71 McLarty Associates 900 17th Street Washington, D.C. 20006	Mr. Burt is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Burt is also a director of The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc. (and serves as a member of each such fund's audit, nominating and governance committee).
Bernard H. Garil; 78 6754 Casa Grande Way Delray Beach, FL 33446	Mr. Garil is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	Mr. Garil is also a director of OFI Global Trust Company (commercial trust company), The Leukemia and Lymphoma Society (voluntary health organization) and a trustee for the Brooklyn College Foundation, Inc. (charitable foundation).

39

PACE Government Money Market Investments

Supplemental information (unaudited)

Independent Trustees (concluded):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years
Heather R. Higgins; 58 c/o Keith A. Weller Assistant Fund Secretary UBS Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019	Trustee	Since 2005	Ms. Higgins is the president and director of The Randolph Foundation (charitable foundation) (since 1991). Ms. Higgins also serves (or has served) on the boards of several non-profit charitable groups, including the Independent Women's Forum (chairman) and the Philanthropy Roundtable (vice chairman). She also serves on the board of the Hoover Institution (from 2001 to 2007 and since 2009).

40

PACE Government Money Market Investments

Supplemental information (unaudited)

Name, address, and age	Number of portfolios in fund complex overseen by Trustee	Other directorships held by Trustee
Heather R. Higgins; 58 c/o Keith A. Weller Assistant Fund Secretary UBS Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY 10019	Ms. Higgins is a director or trustee of 7 investment companies (consisting of 45 portfolios) for which UBS AM serves as investment advisor or manager.	None

41

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers:

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Rose Ann Bubloski*; 50	Vice President and Assistant Treasurer	Since 2011	Ms. Bubloski is a director (since 2012) (prior to which she was an associate director (from 2008 to 2012)) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. Ms. Bubloski is vice president and assistant treasurer of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Mark E. Carver*; 55	President	Since 2010	Mr. Carver is a managing director and head of product development and management for UBS AM—Americas region (since 2008). In this role, he oversees product development and management for both wholesale and institutional businesses. He is a member of the Americas Management Committee (since 2008) and the Regional Operating Committee (since 2008). Mr. Carver is president of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.

42

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Franklin P. Dickson*; 40	Vice President	Since November 2017	Mr. Dickson is an associate director (since 2015) and tax compliance manager (since October 2017) (prior to which he was a product controller (from 2015 to 2017) of product control and investment support (previously named registered fund product control) of UBS AM—Americas region. From 2013 through 2015, Mr. Dickson was fund administration and compliance manager for U.S. Bancorp Fund Services, LLC, and from April 2008 through June 2013, Mr. Dickson was vice president, client service manager at BNY Mellon Asset Servicing. Mr. Dickson is a vice president of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.

43

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Mark F. Kemper**; 60	Vice President and Secretary	Since 2004	Mr. Kemper is a managing director and general counsel of UBS AM—Americas region (since 2006 and 2004 respectively). He has been secretary of UBS AM—Americas region (since 2004), and assistant secretary of UBS Asset Management Trust Company (since 1993). Mr. Kemper is vice president and secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager. Mr. Kemper is employed by UBS Business Solutions US LLC (since January 2017).
Joanne M. Kilkeary*; 50	Vice President, Treasurer and Principal Accounting Officer	Since 1999 (Vice President); since October 2017 (Treasurer and Principal Accounting Officer)	Ms. Kilkeary is an executive director (since 2013) (prior to which she was a director) (from 2008 to 2013)) and head of regulatory, tax, audit and board governance for product control and investment support (since October 2017) (prior to which she was a senior manager of registered fund product control of UBS AM—Americas region (from 2004 to 2017)). Ms. Kilkeary is a vice president and assistant treasurer of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.

44

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
William Lawlor**; 31	Vice President and Assistant Secretary	Since May 2018	Mr. Lawlor is a director and associate general counsel with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region since 2013. Prior to joining UBS AM—Americas region, Mr. Lawlor attended Kent College of Law, where he graduated in 2013. Mr. Lawlor is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Mabel Lung***; 60	Vice President	Since May 2016	Ms. Lung is a managing director and portfolio manager, Multi-Component Portfolios, of UBS AM—Americas region which she joined in 1995. Ms. Lung is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.
Nancy D. Osborn*; 52	Vice President and Assistant Treasurer	Since 2007	Mrs. Osborn is a director (since 2010) (prior to which she was an associate director) and a senior manager of product control and investment support (previously named registered fund product control) of UBS AM—Americas region (since 2006). Mrs. Osborn is a vice president and assistant treasurer of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.

45

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Frank S. Pluchino***, 59	Chief Compliance Officer	Since November 2017	Mr. Pluchino is an executive director with UBS AM—Americas region and is also the chief compliance officer of UBS Hedge Fund Solutions LLC (since 2010). Mr. Pluchino serves as chief compliance officer of 15 investment companies (consisting of 69 portfolios) for which UBS AM or one of its affiliates serves as investment advisor or manager.
Robert Sabatino**; 45	Vice President	Since 2001	Mr. Sabatino is a managing director (since 2010) (prior to which he was an executive director) (from 2007 to 2010)), global head of liquidity portfolio management (since 2015), head of US taxable money markets (from 2009 to 2015), and portfolio manager of UBS AM—Americas region in the short duration fixed income group (since 2001). Mr. Sabatino is a vice president of three investment companies (consisting of 27 portfolios) for which UBS AM serves as investment advisor or manager.
Eric Sanders*; 52	Vice President and Assistant Secretary	Since 2005	Mr. Sanders is a director and associate general counsel with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region (since 2005). Mr. Sanders is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.

46

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (continued):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Philip Stacey**; 33	Vice President and Assistant Secretary	Since May 2018	Mr. Stacey is a director and associate general counsel with UBS Business Solutions US LLC (Since January 2017) and also with UBS AM—Americas region since 2015. Prior to joining UBS AM—Americas region. Mr. Stacey was a legal associate with the Chicago-based investment manager HFR Asset Management, LLC from 2009 through 2015. Mr. Stacey is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.
Gina M. Toth***; 54	Vice President	Since May 2016	Ms. Toth is an executive director and portfolio manager in the Multi-Manager Solutions team of UBS AM—Americas region (since 2013). Prior to joining UBS AM—Americas region, Ms. Toth was a senior portfolio manager at Alliance Bernstein (from 1993 to 2012). Ms. Toth is a vice president of one investment company (consisting of 15 portfolios) for which UBS AM serves as investment advisor or manager.
David Walczak**; 35	Vice President	Since 2016	Mr. Walczak is an executive director (since 2016), head of US taxable money markets (since 2015) and portfolio manager of UBS AM—Americas region. Mr. Walczak is a vice president of three investment companies (consisting of 41 portfolios) for which UBS AM serves as investment advisor or manager.

47

PACE Government Money Market Investments

Supplemental information (unaudited)

Officers (concluded):

Name, address, and age	Position(s) held with Trust	Term of office1 and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Keith A. Weller*; 57	Vice President and Assistant Secretary	Since 2000	Mr. Weller is an executive director and senior associate general counsel with UBS Business Solutions US LLC (since January 2017) and also with UBS AM—Americas region (since 2005) and has been an attorney with affiliated entities since 1995. Mr. Weller is a vice president and assistant secretary of 10 investment companies (consisting of 64 portfolios) for which UBS AM serves as investment advisor or manager.

  ¹  Each trustee holds office for an indefinite term. Officers are appointed by the trustees and serve at the pleasure of the Board.

  ²  Professor Feldberg is deemed an "interested person" of the Trust as defined in the Investment Company Act of 1940, as amended, because he is a senior advisor to Morgan Stanley, a financial services firm with which the Trust may conduct transactions.

  *  This person's business address is 1285 Avenue of the Americas, New York, New York 10019-6028.

  **  This person's business address is One North Wacker Drive, Chicago, Illinois 60606.

  ***  This person's business address is 787 Seventh Avenue, New York, New York 10019.

48

Trustees

Meyer Feldberg
Chairman

Alan S. Bernikow

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Principal Officers

Mark E. Carver
President

Mark F. Kemper
Vice President and Secretary

Joanne M. Kilkeary
Vice President, Treasurer and Principal Accounting Officer

Robert Sabatino
Vice President

Investment Manager and
Administrator

UBS Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

Principal Underwriter

UBS Asset Management (US) Inc.
1285 Avenue of the Americas
New York, New York 10019-6028

This report is not to be used in connection with the offering of shares of the Portfolio unless accompanied or preceded by an effective prospectus.

© UBS 2018. All rights reserved.
UBS Asset Management (Americas), Inc.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

S026

Item 2.  Code of Ethics.

The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.  (The registrant has designated the code of ethics adopted pursuant to Sarbanes-Oxley as a “Code of Conduct” to lessen the risk of confusion with its separate code of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended.)

Item 3.  Audit Committee Financial Expert.

The registrant’s Board has determined that the following person serving on the registrant’s Audit Committee is an “audit committee financial expert” as defined in item 3 of Form N-CSR:  Alan S. Bernikow.  Mr. Bernikow is independent as defined in item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a)Audit Fees:

For the fiscal years ended July 31, 2018 and July 31, 2017, the aggregate Ernst & Young LLP (EY) audit fees for professional services rendered to the registrant were approximately $973,597 and $956,102, respectively.

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b)Audit-Related Fees:

In each of the fiscal years ended July 31, 2018 and July 31, 2017, the aggregate audit-related fees billed by EY for services rendered to the registrant that are reasonably related to the performance of the audits of the financial statements, but not reported as audit fees, were approximately $42,826 and $42,826, respectively.

Fees included in the audit-related fees category are those associated with the reading and providing of comments on the 2018 and 2017 semiannual financial statements.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(c)Tax Fees:

In each of the fiscal years ended July 31, 2018 and July 31, 2017, the aggregate tax fees billed by EY for professional services rendered to the registrant were approximately $470,773 and $275,795, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant’s tax division except those services related to the audits.  This category comprises fees for review of tax compliance, tax return preparation and excise tax calculations.

There were no tax fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(d)All Other Fees:

In each of the fiscal years ended July 31, 2018 and July 31, 2017, there were no fees billed by EY for products and services, other than the services reported in Item 4(a)-(c) above, rendered to the registrant.

There were no “all other fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e)(1)  Audit Committee Pre-Approval Policies and Procedures:

The registrant’s Audit Committee (“audit committee”) has adopted an “Audit Committee Charter” (the “charter”).  The charter contains the audit committee’s pre-approval policies and procedures.  Reproduced below is an excerpt from the charter regarding pre-approval policies and procedures:

The [audit] Committee shall:

…

2.Pre-approve (a) all audit and permissible non-audit services(1) to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to UBS AM and any Covered Service Providers, if the engagement relates directly to the operations and financial reporting of the Fund. In carrying out this responsibility, the Committee shall seek periodically from UBS AM and from the independent auditors a list of such audit and permissible non-audit services that can be expected to be rendered to the Fund, UBS AM or any Covered Service Providers by the Fund’s independent auditors, and an estimate of the fees sought to be paid in connection with such services. The Committee has delegated its responsibility to pre-approve any such audit and permissible non-audit services not exceeding $100,000 (excluding reasonable out-of-pocket expenses) on an annual basis to the Chairperson. All such pre-approvals will be reported to the full Committee on a quarterly basis at the Committee’s next regularly scheduled meeting after the pre-approval. The Committee may not delegate to management its responsibility to pre-approve services to be performed by the independent auditor. Requests or applications to provide services that require specific pre-approval by the Committee or the

Chairperson will be submitted by both the Fund’s independent auditors and the Fund’s Treasurer or other designated Fund officer and must include a joint statement as to whether, in their view, the request or application is consistent with SEC rules on auditor independence. From year to year, the Committee shall report to the Board whether this system of pre-approval has been effective and efficient or whether this Charter should be amended to allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than UBS AM or the Fund’s officers).

(1) The Committee will not approve non-audit services that the Committee believes may taint the independence of the auditors.  Currently, permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund.  Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.  Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, UBS AM and any service providers controlling, controlled by or under common control with UBS AM that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors (during the fiscal year in which the permissible non-audit services are provided) by (a) the Fund, (b) its investment adviser and (c) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e) (2)Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2018 and July 31, 2017 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2018 and July 31, 2017 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

Tax Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2018 and July 31, 2017 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2018 and July 31, 2017 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

All Other Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2018 and July 31, 2017 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2018 and July 31, 2017 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

(f)For the fiscal year ended July 31, 2018, if greater than 50%, specify the percentage of hours spent on the audit of the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of E&Y. According to E&Y, such amount was below 50%; therefore, disclosure item not applicable for this filing.

(g)For the fiscal years ended July 31, 2018 and July 31, 2017, the aggregate fees billed by EY of $710,839 and $378,621, respectively, for non-audit services rendered on behalf of the registrant (“covered”), its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser (“non-covered”) that provides ongoing services to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

	2018		2017
Covered Services	$	513,599	$	318,621
Non-Covered Services	197,240		60,000

(h)The registrant’s audit committee was not required to consider whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any

sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6.  Investments.

(a)Included as part of the report to shareholders filed under Item 1 of this form.

(b)Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.  Submission of Matters to a Vote of Security Holders.

The registrant’s Board has established a Nominating and Corporate Governance Committee.  The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.  In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Asset Management, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Mark Kemper, Secretary, and indicate on the envelope “Nominating and Corporate Governance Committee.”  The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 11.  Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b)The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant

Item 13.  Exhibits.

(a)(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a “Code of Conduct”) is filed herewith as Exhibit EX-99.CODE ETH.

(a)(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a)(3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons — not applicable to the registrant.

(a)(4) Change in the registrants independent public accountant — not applicable

Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.

(b)Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended, is attached hereto as Exhibit EX-99.IRANNOTICE.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PACE Select Advisors Trust
By:	/s/ Igor Lasun
	Igor Lasun
	President
Date:	October 9, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Igor Lasun
	Igor Lasun
	President
Date:	October 9, 2018
By:	/s/ Joanne M. Kilkeary
	Joanne M. Kilkeary
	Vice President, Treasurer and Principal Accounting Officer
Date:	October 9, 2018